The company reports 11% revenue growth in Q4 and substantial gains in 2023.
The new platform and volume growth drove positive results.
Richard McVey, the Founder and Executive Chairman of MarketAxess. Source: YouTube
The electronic
trading platform MarketAxess Holdings Inc. announced today (Wednesday) its
financial results for the fourth quarter (Q4) and the full 2023. The company
reported solid revenue growth of almost 11%, along with higher trading volumes
across several products and regions.
MarketAxess Reports Solid
Growth in Q4 and Full 2023 Results
Total
revenues for the fourth quarter rose 10.9% year-over-year (YoY) to $197.2
million. This includes revenues from the acquisition of Pragma and a positive
impact from foreign currency fluctuations. Net income increased 18% to $69.6
million, while diluted EPS was up 16.5% to $1.84.
For 2023,
MarketAxess posted a YoY increase of 5% in total revenues to $753 million. Net
income rose 3% to $258 million and diluted EPS grew 3% to $6.85. Also, the results were visibly better than in Q3 2023.
Source: MarketAxess
“In 2023,
we made significant strides in enhancing our client franchise, increasing
client engagement with MarketAxess X-Pro, our new trading platform, and
delivering solid growth in ADV across new product areas and regions,” commented
Chris Concannon, the CEO of MarketAxess.
The growth
was driven by record revenues in information services, an increase of 14.6% in the quarter,
as well as post-trade services revenues, that improved 24.1%. MarketAxess benefited
from solid volume increases internationally, with average daily trading volume
(ADV) from emerging markets and Eurobonds rising 10.8%.
Municipal
bonds ADV hit a record high in the quarter, climbing 7.8% YoY. Portfolio
trading volumes reached record levels, jumping 35.8% from the prior year. The ADV for
the last quarter was significantly boosted by results from November when it
reached an all-time high with $303 billion in credit trading volume in a single
month. December’s results did not disappoint investors’ expectations.
Future Outlook
In terms of
outlook, MarketAxess provided full-year 2024 revenue guidance for the recent
acquisition of Pragma in the mid-single digit percentage range compared to
Pragma's Q4 2023 revenue base. The company expects total expenses for 2024
between $480 million and $500 million, including Pragma operating expenses
estimated at $33-35 million.
“We are
entering 2024 with a more favorable backdrop for fixed-income, and our client
franchise has never been stronger,” the CEO added. “We are focused on realizing
the full potential of the investments we have made to drive continued growth in
the quarters ahead.”
Overall,
MarketAxess delivered a positive quarter to finish 2023, with higher trading
volumes across several products and geographies. The company saw strong
adoption of its new trading platform MarketAxess X-Pro and continues working to
drive growth from its investments.
In an announcement by MarketAxess in November 2023, the company revealed that Christopher Gerosa, the Chief Financial Officer, will leave his position on 31 January 2024. Gerosa plans to move into a new position at a technology solutions company that serves the commercial banking industry.
The electronic
trading platform MarketAxess Holdings Inc. announced today (Wednesday) its
financial results for the fourth quarter (Q4) and the full 2023. The company
reported solid revenue growth of almost 11%, along with higher trading volumes
across several products and regions.
MarketAxess Reports Solid
Growth in Q4 and Full 2023 Results
Total
revenues for the fourth quarter rose 10.9% year-over-year (YoY) to $197.2
million. This includes revenues from the acquisition of Pragma and a positive
impact from foreign currency fluctuations. Net income increased 18% to $69.6
million, while diluted EPS was up 16.5% to $1.84.
For 2023,
MarketAxess posted a YoY increase of 5% in total revenues to $753 million. Net
income rose 3% to $258 million and diluted EPS grew 3% to $6.85. Also, the results were visibly better than in Q3 2023.
Source: MarketAxess
“In 2023,
we made significant strides in enhancing our client franchise, increasing
client engagement with MarketAxess X-Pro, our new trading platform, and
delivering solid growth in ADV across new product areas and regions,” commented
Chris Concannon, the CEO of MarketAxess.
The growth
was driven by record revenues in information services, an increase of 14.6% in the quarter,
as well as post-trade services revenues, that improved 24.1%. MarketAxess benefited
from solid volume increases internationally, with average daily trading volume
(ADV) from emerging markets and Eurobonds rising 10.8%.
Municipal
bonds ADV hit a record high in the quarter, climbing 7.8% YoY. Portfolio
trading volumes reached record levels, jumping 35.8% from the prior year. The ADV for
the last quarter was significantly boosted by results from November when it
reached an all-time high with $303 billion in credit trading volume in a single
month. December’s results did not disappoint investors’ expectations.
Future Outlook
In terms of
outlook, MarketAxess provided full-year 2024 revenue guidance for the recent
acquisition of Pragma in the mid-single digit percentage range compared to
Pragma's Q4 2023 revenue base. The company expects total expenses for 2024
between $480 million and $500 million, including Pragma operating expenses
estimated at $33-35 million.
“We are
entering 2024 with a more favorable backdrop for fixed-income, and our client
franchise has never been stronger,” the CEO added. “We are focused on realizing
the full potential of the investments we have made to drive continued growth in
the quarters ahead.”
Overall,
MarketAxess delivered a positive quarter to finish 2023, with higher trading
volumes across several products and geographies. The company saw strong
adoption of its new trading platform MarketAxess X-Pro and continues working to
drive growth from its investments.
In an announcement by MarketAxess in November 2023, the company revealed that Christopher Gerosa, the Chief Financial Officer, will leave his position on 31 January 2024. Gerosa plans to move into a new position at a technology solutions company that serves the commercial banking industry.
Damian Chmiel is a Senior Analyst & Editor at Finance Magnates with more than 15 years of experience in the CFD and online trading industry. Active as both a trader and journalist since 2010, he focuses on broker coverage, fintech innovation, and regulatory developments across Europe, the Middle East, and Asia.
His work includes interviews with C-level leaders at major brokerages and fintech platforms, as well as co-authoring Finance Magnates’ quarterly industry benchmarking reports. Damian’s reporting is data-driven, market-aware, and grounded in direct industry engagement. His analysis and commentary have also been cited by external media outlets, including Investing.com, Binance, The Asset, Stockhead, and Dispatch.
Education:
MA in Finance and Accounting, Cracow University of Economics
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This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
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Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
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As crypto and CFD trading continue to expand across Africa, access to advanced tools and market insights remains uneven. This session explores how AI and blockchain can bridge that gap by empowering informal traders and underserved communities to participate more effectively in digital financial markets. The discussion will focus on practical applications of technology to improve accessibility, education, and investment outcomes in both formal and informal sectors.
In this discussion, we will explore:
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-Addressing access barriers: infrastructure, education, and affordability in underserved communities
-Opportunities for brokers and platforms to tap into the informal trading economy
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In this discussion, we will explore:
-The role of AI in democratizing access to trading tools, insights, and strategy development
-How crypto and blockchain can enable broader participation beyond traditional financial systems
-Addressing access barriers: infrastructure, education, and affordability in underserved communities
-Opportunities for brokers and platforms to tap into the informal trading economy
As crypto and CFD trading continue to expand across Africa, access to advanced tools and market insights remains uneven. This session explores how AI and blockchain can bridge that gap by empowering informal traders and underserved communities to participate more effectively in digital financial markets. The discussion will focus on practical applications of technology to improve accessibility, education, and investment outcomes in both formal and informal sectors.
In this discussion, we will explore:
-The role of AI in democratizing access to trading tools, insights, and strategy development
-How crypto and blockchain can enable broader participation beyond traditional financial systems
-Addressing access barriers: infrastructure, education, and affordability in underserved communities
-Opportunities for brokers and platforms to tap into the informal trading economy
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In this discussion, we will explore:
-The role of AI in democratizing access to trading tools, insights, and strategy development
-How crypto and blockchain can enable broader participation beyond traditional financial systems
-Addressing access barriers: infrastructure, education, and affordability in underserved communities
-Opportunities for brokers and platforms to tap into the informal trading economy
As crypto and CFD trading continue to expand across Africa, access to advanced tools and market insights remains uneven. This session explores how AI and blockchain can bridge that gap by empowering informal traders and underserved communities to participate more effectively in digital financial markets. The discussion will focus on practical applications of technology to improve accessibility, education, and investment outcomes in both formal and informal sectors.
In this discussion, we will explore:
-The role of AI in democratizing access to trading tools, insights, and strategy development
-How crypto and blockchain can enable broader participation beyond traditional financial systems
-Addressing access barriers: infrastructure, education, and affordability in underserved communities
-Opportunities for brokers and platforms to tap into the informal trading economy
