MarketAxess (MKTX) Morgan Stanley US Financials Conference 2026 summary

Market environment and client behavior

• Record trading volumes achieved despite significant volatility and geopolitical events in Q1, with robust portfolio trading and automation adoption globally.

• New issuance reached record levels, driven by high demand for funding AI infrastructure and data centers, with expectations for continued strength into 2026.

• Automation and portfolio trading tools played a critical role in supporting turnover and client demand.

Strategic growth plans and revenue drivers

• Three-year plan targets 8%-9% average annual revenue growth and 75-125 bps annual operating margin expansion.

• U.S. credit is expected to contribute about 20% of incremental growth in year one, ramping to 35% by year three.

• Investments in block trading, portfolio trading, and international EM business are key growth drivers.

Technology, automation, and AI initiatives

• Automation is expanding beyond small trades to larger block sizes, with both clients and dealers increasing automated trade sizes.

• AI is enhancing productivity, accelerating product delivery, and improving data analytics for portfolio construction and execution recommendations.

• AI-driven pricing (CP+) is now a benchmark in U.S. credit and EM, with further enhancements planned.