MarketAxess (MKTX) Goldman Sachs U.S. Financial Services Conference summary

Competitive advantages, technology transformation, and strategic positioning

• Global network expanded to over 2,100 institutional investors and dealers, with 13,000 active traders and 1,000+ international firms, supporting growth in emerging markets.

• Over 1,000 unique liquidity providers, including ETF market makers and systematic hedge funds, participate in Open Trading, with 22% of volume responded to by non-dealers and 33% initiated by dealers.

• Proprietary AI-powered trading data and analytics generate over 400 million price responses annually, driving automation and trading solutions, with $8.9 trillion in inquiries in 2025, up 14% from 2024.

• Investments in market signal and portfolio construction data, workflow tools, and AI-driven analytics enhance decision-making and product stickiness.

• X-Pro platform and automation suite upgrades support global portfolio trading and analytics, with further enhancements and targeted RFQ offerings planned for 2026.

Financial performance, targets, and growth roadmap

• Non-U.S. credit revenue grew at a 15% CAGR from 2020 to 2024, now representing about 50% of total revenue, with total revenue growing at a 4% CAGR and a 42% operating margin in 2024.

• Announced average annual revenue growth target of 8%-9% through 2028, aiming for double-digit growth by exit, and annual margin expansion of 75-125 basis points from 2026 to 2028.

• Increased authorized share repurchase to $505 million, with $300 million in accelerated buybacks.

• U.S. credit business, previously declining, is targeted for renewed growth via client-initiated, block, global PT, and dealer-initiated channels, with incremental U.S. credit growth expected to rise from 20% to 35% of total by year three.

• Margin expansion supported by productivity improvements, workflow streamlining, and AI-driven efficiencies.

Product innovation, market positioning, and channel strategies

• Launched Closing Auction protocol to address indexation and demand for closing prices in fixed income, integrating X-Pro and Pragma matching engine technology, with strong buy- and sell-side engagement and broader rollout planned for 2026.

• Automation suite and block trading volumes in U.S. credit are growing at double digits, with block trading up 34% and PT market share up 410 basis points.

• Dealer-initiated market up 40 basis points, supported by new Mid-X solution and Targeted axes.

• Data revenue growth is balanced between direct sales and embedding data in trading solutions to enhance platform stickiness.

• Strategic focus on global protocols, unified technology platform, and expansion into global credit products, including emerging markets and Eurobonds, delivers operating efficiencies and competitive moats.