ESG Report  
2020

3
2
ESG REPORT
ESG REPORT
2
Table of contents
Message from Rick McVey, CEO of MarketAxess 	
4 
About MarketAxess	
6
Sustainability at MarketAxess	
8
Governance	
9
•	
Board structure and Board diversity	
9
•	
Effectively monitoring and managing risk	
10
•	
Corporate governance best practices	
11
•	
Lead Independent Director 	
13
•	
Board refreshment and tenure	
13
•	
Stakeholder engagement	
13
•	
Corporate policies 	
14
•	
Business continuity 	
16
•	
Participating in policy forums on strengthening capital markets 	
17
•	
Alignment to United Nations Sustainable Development Goals and Women’s Empowerment Principles 	 17
Culture	
18
•	
People by the numbers	
18
•	
Defining, articulating, and celebrating our unique and winning culture 	
18
•	
Employee health and safety, engagement, and retention	
20
•	
Training and development	
28
•	
Other benefits and perks	
29
•	
Human rights	
30
•	
Community and philanthropic involvement 	
30
Climate	
34
•	
Green Bonds update 2020	
37
•	
Hudson Yards	
38
•	
Data centers	
38
•	
Other initiatives 	
39
Customer focus	
39
•	
Leading the technology transformation of global bond markets 	
40
•	
Recognition for MarketAxess innovation	
42
About this report	
44
SASB Appendix	
46

5
4
ESG REPORT
ESG REPORT
Our focus remains on the four pillars for our vision of corporate citizenship:
•	
An enduring commitment to high standards of governance. We believe the touchstones of responsible leadership 
are integrity and fairness. In 2020, we continued to strengthen our board of directors with new members who value 
the interests of all our stakeholders—clients, employees, investors and business partners. We benefit greatly from 
having board members who bring proven leadership to our ESG efforts.
•	
Helping communities become more resilient. We expanded our support in 2020 to organizations that are on the 
frontline of addressing the impact of the COVID-19 pandemic, particularly the immediate challenge of food insecurity. 
To address community resilience over the long term, we established the MarketAxess Charitable Foundation, whose 
mission is to work with organizations that support underserved communities, with an emphasis on youth education, 
diversity, equity, and inclusion.
•	
Building a strong, diverse workforce. We believe a strong culture built on accountability and mutual respect has 
been a significant factor in our success, and will continue to be even more so in the future. This year’s report details 
the initiatives we’ve taken to sustain our culture and ensure its continued vitality as we grow. Diversity, equity, and 
inclusion must remain a priority if we are to continue to be prosperous over the long term, and our management 
team is working hard to strengthen this important part of our ESG program.
•	
Adopting sound sustainability practices across our business operations. We are in the process of improving 
our ability to measure our company’s impact in areas such as climate, waste, and water use. As an initial part of that 
effort, we are reporting for 2020 against metrics outlined by the Sustainability Accounting Standards Board (SASB) for 
the first time for the following sectors: Security & Commodity Exchanges, Professional & Commercial Services, and 
Software & IT Services.
On the environment, it’s worth noting that MarketAxess already plays an important role in 
addressing the growing investor interest in bonds financing climate-friendly projects. With an 
estimated 20.3% US market share of trading in corporate and municipal green bonds in 2020, 
MarketAxess ranks as the largest corporate and municipal green bond marketplace, with 2020 
trading volume up 42% in this category alone. We believe our role in the secondary market for these 
issues is poised to grow, given forecasts that global green bond issuance will reach $400-$500 billion 
this year, up from about $270 billion in 2019.
Looking ahead to the remainder of 2021, I want to  
thank all our employees for their continued, active 
engagement in our ESG journey. In doing so, they are 
building a stronger, more dynamic company for everyone  
at MarketAxess, for our clients, and for our shareholders— 
one that can be a positive force in global markets as well  
as in our communities.
—Rick McVey
Message from Rick McVey, CEO of MarketAxess
Few periods in recent history have tested the values of our society and its institutions more 
directly than 2020, a year marked by the COVID-19 pandemic’s disruptions to our daily 
lives, impassioned calls for social justice, and contentious political events. In this challenging 
environment, I am proud to say, the MarketAxess community held fast to its core values.  
We can look back on 2020 as a year in which we deepened our commitment to our company’s 
purpose, to the importance of respecting one another, and to addressing the needs of  
our communities. 
It’s clear we made significant advances in realizing our purpose: To open global markets and 
create more opportunities for the companies, individuals and institutions who depend on them. 
These advances continued—even gathered momentum—in the unsettled conditions of 2020. 
The importance of our purpose was driven home during the onset of the pandemic and a global 
recession in early 2020. Our clients—the people who make global markets work hour-by-hour, 
day-to-day—were struggling to deal with high levels of market volatility as they worked remotely 
without their usual office and communications support. MarketAxess teams around the globe 
rose to the challenge, working tirelessly in those stressful days to make sure that more than 
10,000 of our users had the electronic access and support they needed to keep doing their 
essential jobs from their homes. 
In addressing these challenges in close collaboration with our clients, MarketAxess and its 
technology proved to be a critical factor in sustaining global capital flows and helping markets 
continue to function smoothly. As a result, clients came to rely on our global network in even 
greater numbers than before the COVID-19 pandemic.
Our dedication to our purpose has never been more important than it is now. With the 
pandemic’s impact still weighing on the world economy, it is critically important that financial 
institutions, companies and investors of all stripes have efficient access to global markets in 
ways that help them navigate through volatile periods and achieve their financial objectives. 
Going forward, the fixed income markets will continue to play an important role in restoring the 
global economy to robust growth, which in turn creates the jobs and income needed to improve 
the quality of life and renew our communities.
In this, our second annual report on our ESG journey, we provide a detailed update on our 
company’s progress. This report highlights new initiatives we undertook in 2020 and additional 
perspectives on our progress. We are pleased to have made strides in important areas, but, as 
with most companies and institutions, we recognize that we have much more work to do in 
critical areas.

7
6
ESG REPORT
ESG REPORT
Nasdaq: MKTX 
Headquarters: New York, NY 
Purpose
To open global markets creating more opportunities for the companies, 
institutions, and individuals who depend on them.
Values 
Open markets create more opportunity for all: At its heart, our network and technology 
create more open, connected markets—making broader participation possible. That  
increases equality and opportunity by removing barriers to interaction among different types  
of market participants. The more open markets are, the deeper, more efficient, and more  
resilient they become.
We live for making markets work better for clients: In business for two decades,  
our drive to invent—and re-invent—solutions of value to clients accelerates every day.  
We have a relentless drive to find the best answer. That spirit shows up in a constant flow  
of fresh ideas and the bold pursuit of taking on our clients’ toughest challenges.
Imagination precedes innovation: Before innovation, someone had the imagination to see 
beyond the tried-and-true and to redefine the problem. We place a high value on these sparks 
of imagination as the beginnings of real innovation.
Collaboration works: We prize authentic collaboration—not group think. We know great  
ideas often come from unexpected sources. When team members, clients and partners from 
different backgrounds, perspectives, and expertise come together in true collaboration, the 
possibilities are endless.
Progress requires persistence: Rarely is the first answer to a complex problem the best one or 
the only one. In the process of improving the way the markets work, our teams test and retest 
ideas. We keep pushing until we get the right answer—not just any answer.
About MarketAxess

9
8
ESG REPORT
ESG REPORT
Sustainability at MarketAxess
Sustainability can be defined as a business’ commitment to advancing economic prosperity 
while improving the world in which it operates. Our commitment to sustainability and corporate 
responsibility is in line with our goal of applying our ingenuity, innovative technology, and 
electronic network, to make global credit markets work better for the people who depend on 
them. In pursuing this commitment, we embrace our responsibility as a corporate citizen to 
ensure that our global activities positively impact our communities and our environment.
MarketAxess launched its ESG program in 2019 after taking into consideration the views of our stakeholders, 
including employees, investors, clients, and regulators. Under the oversight of the Nominating and Corporate 
Governance Committee of our Board, we formed an internal Sustainability and ESG (Environmental, Social 
and Governance) Committee comprised of senior management representatives from our Human Resources, 
Legal, Investor Relations, and Marketing Departments. The Committee focuses on the issues that most 
concerned our stakeholders. We also consider recommendations from the Global Reporting Initiative and 
Sustainability Accounting Standards Board (SASB). For this year’s report, we are reporting against metrics 
outlined by SASB for the following sectors: Security & Commodity Exchanges, Professional & Commercial 
Services, and Software & IT Services.
We are in the early stages of our sustainability journey. At this point, we are evaluating and measuring our 
impacts across three key pillars: governance, culture, and climate. We seek to learn from this process and 
to integrate more sustainability-driven ideas and principles across the organization in the coming years, 
building on the progress established in 2019.
Governance
Our Board believes good governance is good business. Strong, effective corporate governance 
is the foundation upon which MarketAxess has built our reputation with clients, investors, 
and regulators. Our clients rely on us for the daily execution of thousands of trades reflecting 
confidential and proprietary trading strategies. Our electronic network must operate around the 
globe in compliance with local regulations.
For these reasons, we hold ourselves to high standards of ethical business conduct in accordance with 
applicable laws, rules, and regulations. In line with that commitment, the Board has adopted a Code of 
Conduct setting ethical guidelines for company employees, officers, and directors. These guidelines help 
MarketAxess employees recognize and address ethical issues, establish mechanisms to report unethical 
conduct, and set policies and procedures to foster a culture of honesty and accountability.
Board structure and Board diversity
Our Board of Directors takes an active role in setting and maintaining high standards of governance and 
sound management practices across the company’s activities. It advises and counsels management in the 
long-term strategy of the company and its stockholders. Through its committees, which meet regularly, 
the Board is engaged in business strategy, risk oversight, financial reporting, executive compensation, 
succession planning, and corporate responsibility.
The Board regularly reviews our corporate governance policies and practices. We believe that our overall 
governance structure effectively serves the interest of our stockholders. Learn more about our committee 
structure here. 
The Nominating and Corporate Governance Committee assists the Board in identifying and attracting highly 
qualified individuals to serve as directors. Its mandate includes actively monitoring the Board’s skill sets and 
diversity, so it is in a position to address needs that may arise. This committee also developed and maintains 
corporate governance guidelines, oversees the annual evaluation of the Board and its committees, and 
oversees our ESG strategy and initiatives.
We recognize the importance of Board independence. Eighty-five percent of all Board members, or 11 out 
of 13 directors, are independent in accordance with the requirements of the NASDAQ Global Select Market, 
on which our common stock is listed, and applicable securities rules and regulations. Each person serving 
as a director must devote time and attention to meetings and committee responsibilities. Each of our Board 
committees is governed by written charters that outline specific roles and responsibilities. Each committee 
also consists of at least three independent directors.
The company recognizes and embraces that having a diverse Board enhances the effectiveness in fulfilling 
its oversight role and the company’s performance. The company’s Board Diversity Statement cites diversity 
at the Board level as an essential element in the attainment of its strategic objectives and in achieving 
sustainable and balanced strategic advice. In designing the Board’s composition, diversity is considered 
from several aspects, including gender, age, race, ethnicity, nationality, cultural and educational background, 
professional experience, skills, knowledge, and length of service. In any formal search for Board candidates, 
the Nominating and Corporate Governance Committee includes, and requests that any search firm that it 
engages include, qualified candidates with a diversity of race/ethnicity and gender in the initial pool from 
which our Nominating and Governance Committee selects director candidates.

11
10
ESG REPORT
ESG REPORT
The ultimate decision on all Board nominations is based on merit and the contributions that the selected 
candidates will bring to the Board, having due regard for the benefits of diversity. In 2020, Kourtney 
Gibson, President of Loop Capital Markets, was elected to the Board, increasing the number of our women 
directors from three to four. We plan to continue to refresh our Board of Directors to ensure that it remains 
composed of high-functioning, qualified, and diverse members able to keep their commitments to Board 
service and support our strategic growth and sustainability.
Effectively monitoring and managing risk
Executive management and the MarketAxess Board of Directors cooperate to oversee mechanisms that 
protect our technologies and the customers who rely on us. Our Board and the Board Risk Committee 
oversee the MarketAxess executive management team in its efforts to define the risks facing the company, 
formulate risk management policies and procedures, and manage risk exposures on an ongoing basis. We 
have a Global Chief Risk Officer who prepares updates and reports for the global management team and  
the Board and assists in developing programs to identify and control risks.
Corporate governance best practices
The following list highlights our corporate governance best practices:
No dual class of stock or controlling shareholder
Annual election of all directors by a majority vote standard
11 of 13 directors are independent in accordance with Nasdaq standards
Lead Independent Director with defined powers and duties
Average director tenure of 7.34 years
Four women on the Board (30%) 
No supermajority vote provisions in charter or bylaws 
Shareholder right to act by written consent
Succession planning program is in place for senior management
Annual self-evaluations are conducted for the Board and Board Committees
Board and committee meetings receive excellent attendance
No hedging or pledging of MarketAxess Stock
Stock Ownership Guidelines

13
12
ESG REPORT
ESG REPORT
Lead Independent Director
The independent directors of our Board have appointed one 
of the independent directors to serve as Lead Independent 
Director. The Lead Independent Director has specific 
responsibilities, including (i) coordinating the activities of the 
other Independent Directors, (ii) serving as a liaison between the 
Chairman and the Independent Directors, (iii) approving meeting 
agendas for the Board, and (iv) approving meeting schedules to 
assure there is sufficient time to discuss all agenda items.
Board refreshment and tenure
Given the complexity of our various businesses, we believe 
that it is in the best interest of our stockholders to ensure 
that our Board continues to evolve and remains composed 
of high-functioning, qualified, and diverse members able to 
keep their commitments to Board service. However, our Board 
believes strict limits on the number of terms a director may 
serve is not currently in the best interests of our company 
and its stockholders as this may cause the loss of experience, 
institutional knowledge, and expertise important to the 
operation of the Board. Directors who have served on the  
Board for an extended period can provide valuable insight  
into the operations and future of the company based on  
their experience with an understanding of the company’s  
history and objectives. 
In line with this view, the Nominating and Corporate Governance 
Committee will consider the tenure, as well as the qualifications 
and recent performance, of each incumbent director and the 
needs of the Board, as a whole, before recommending the 
nomination of that director for an additional term. Specific 
attention will be given to incumbent directors with greater than 
nine years of Board service. Today, seven (54%) of our directors 
have been on our board for five or less years.
Stakeholder engagement
MarketAxess has a strong stockholder engagement program. 
In meetings with our largest shareholders in 2020, we received 
input on a range of topics including: Executive compensation 
programs, Board and management diversity, Board and 
committee refreshment and evaluation, human capital 
management, carbon footprint analysis, and other ESG issues 
that are material to our business. We will take our investor 
feedback into account as we develop our work in these areas. 
We will continue to provide updates on our progress through 
our engagement program, regular SEC reports, and ESG reports.
Global  
corporate  
policies
Corporate Governance  
Guidelines
Code of Conduct
Slavery & Human  
Trafficking Statement
Anti-Bribery and  
Corruption Policy
Privacy Policy
Personal Trading Policy
Whistleblower Policy
Vendor Risk Management  
and Procurement Policy
Political Contributions  
and Lobbying Policy
Human and Labor  
Rights Policy
Message from the Board of Directors
To our stakeholders: 
MarketAxess has an enviable record of growth over its 21-year history. That success has given 
the company an increasingly important role in the fixed income market, by far the world’s largest 
capital market and, by extension, in the global economy. 
Our board is working with management to ensure the company continues to exercise its growing 
leadership role in ways that create value for all its stakeholders and society at large. It is clear to 
us all that the quality of corporate citizenship will become an even more critical element in the 
success of global companies in the years ahead. High standards of corporate citizenship align 
our interests with those of our clients, generate tangible shareholder value, attract the best and 
brightest to work for our company, and improve the quality of life in our communities.
Our commitment to the company’s ESG journey is rooted in the benefits that MarketAxess already 
creates by opening up and improving the resilience of global markets through its expanding 
network of global institutions. MarketAxess’ network and technology have vastly improved its 
clients’ opportunities to access liquidity when they need it, while simultaneously reducing trading 
and operational costs.   
Ultimately, these savings accrue to the benefit of our clients’ customers—the many governments, 
large corporations, small businesses, and insurance plans representing millions of individuals 
and families—who rely on a vast array of fixed income investments to achieve their financial 
objectives. Lowering the cost of guiding and managing these investments means investors 
retain more of their returns. And more resilient markets help ensure that they can access their 
investments when they need to. 
Our ESG journey starts with a strong record of 
governance. As our global team has grown, our company 
has significantly strengthened a culture that fosters 
accountability, innovation, and organizational agility. 
Management has a clear plan for strengthening our 
connections with communities and gaining a better 
understanding of the impact of our business on the 
environment. Diversity, equity, and inclusion are always 
a priority, one which we know will require a substantial, 
focused effort in the years ahead.
The board congratulates the entire MarketAxess team  
for the commitment they have shown to our ESG journey.  
We look forward to another year of significant progress  
in 2021.
— Richie Prager

15
14
ESG REPORT
ESG REPORT
Corporate policies
MarketAxess was created to make a positive difference  
in the global credit markets. Likewise, we believe 
MarketAxess should make a positive impact wherever it 
can—to the benefit of its employees, clients, vendors, and 
local communities. We believe good corporate citizenship 
pays dividends as our employees and business partners 
prefer to work for, or with, a company that cares about its 
social responsibility.
Our Board and management team sets the tone from  
the top in establishing our ethical culture. We have adopted 
the following policies intended to set ethical standards  
for our employees and business partners. These policies 
also ensure we operate in compliance with applicable labor 
laws, financial regulations, and other standards that apply  
to our businesses.
Code of Conduct and Code of Ethics
Our conflict of interest procedures are designed to ensure 
that customers are our primary focus. We maintain a Code 
of Conduct for all employees, officers and directors, and 
a Code of Ethics for the Chief Executive Officer and Senior 
Financial Officers. Both policies prohibit conflicts of interest 
and provide guidelines for promoting a customer-friendly 
culture of honesty and accountability.
Anti-Bribery and Corruption Policy 
The US and UK are two of our key markets. The Foreign 
Corrupt Practices Act (FCPA) in the US prohibits bribery of 
government officials, and the UK Bribery Act prohibits all 
bribery of both government officials and private individuals. 
For this reason, we have adopted a global Anti-Bribery and 
Corruption Policy that is applicable to all our worldwide 
subsidiaries and prohibits facilitation payments. The Policy 
is also applicable to third parties or business partners 
that work with MarketAxess, such as suppliers, external 
consultants, and joint venture partners. For these parties, 
we require relevant due diligence to be conducted. We 
train and monitor our employees to ensure compliance 
with regulations across all markets where we operate. Our 
senior management is responsible for promoting the ABC 
Policy and for ensuring that a culture of integrity is fostered 
and maintained by all employees.
Upholding Human Rights
Our commitment to operating in an ethical and lawful manner includes protecting the dignity and human 
rights of our employees. We established a Human and Labor Rights Policy in 2020 to memorialize our 
support of human rights and individuals’ rights in the workplace. MarketAxess has approved a Slavery and 
Human Trafficking Statement as part of our commitment to ensure that there is no modern slavery or 
human trafficking in any part of our business, including in our third-party vendors. 
The company strives to provide a safe work environment in which employees treat each other with courtesy 
and respect and resolve any differences in a professional, non-abusive, and non-threatening manner. 
In addition, our Code of Conduct requires that all employees respect every individual and value our 
differences—in thought, style, sexual orientation, gender identity, race, ethnicity, culture, and experience.
Anti-Money Laundering Compliance Program
Through our Open Trading™ protocols, our clients can execute bond trades in an all-to-all trading 
environment in which MarketAxess acts as the matched principal counterparty. These Open Trading 
protocols improve market liquidity by allowing all participants to interact in an all-to-all trading  
environment, thereby increasing the number of potential counterparties. In connection with our Open 
Trading™ functionality, however, the way in which we conduct our business as a counterparty to  
thousands of trades per day is as important as our financial performance. Through our Anti-Money 
Laundering (AML) function, we are committed to meeting regulations governing identification 
(authentication); detecting and reporting suspicious transactions; and developing, updating, and  
delivering internal policies, procedures, and controls.
We examine our AML strategy and objectives on a continuing basis to ensure that it fulfills the regulatory 
requirements of a global platform. Our Open Trading on-boarding begins with robust client on-boarding 
processes and “know your customer” procedures and continues throughout the lifetime of the client 
relationship with annual monitoring, credit reviews, and diligence updates. Our various AML Officers oversee 
our policies and ensure that all employees receive appropriate training on an annual basis.
Vendor Risk Management
We engage with third-party service providers for a wide range of products and services—including logistics, 
information technology, consulting, marketing, and professional services. While such relationships aim to 
benefit MarketAxess in various ways, including minimizing costs and improving performance, the use of third 
parties to support our business involves risks that must be properly managed. We have adopted a Vendor 
Risk Management and Procurement Policy that establishes our expectations when engaging with a third-
party service provider, including requiring a criticality assessment and a review of regulatory and compliance 
status. The criticality assessment is designed to protect employee and client confidentiality and data and to 
ensure they have adequate systemic controls and pose no financial risk.
Whistleblower Policy
MarketAxess has a Whistleblower Policy that encourages the reporting of any kind of issue or concern 
without fear of discrimination, harassment, and/or retaliation. Matters can be raised via a hotline, web or 
mail. These procedures are open to anyone—employees, shareholders, clients, suppliers, vendors, and 
others—to anonymously report suspected wrongdoing. Reports made via the anonymous whistleblower 
escalation mechanisms are simultaneously forwarded to the Chairperson of the MarketAxess Audit 
Committee as well as the company’s General Counsel for investigation.
Q&A 
Vishesh Padnani,  
Product Owner
Tell us about your work on the  
Culture Scrum. 
My work on the Culture Scrum has been 
extremely exciting and challenging. My focus has 
been working with other members to determine 
how MarketAxess can get more involved in its 
philanthropic efforts by working with inspiring and 
dedicated non-profit organizations. Our group 
is identifying non-profit partners that align with 
our core values and emphasize opportunities 
where our employees can offer their time and 
experience. For example, in January 2021, we took 
part in a panel event in which a few employees 
talked to high school students about a day in 
their lives at MarketAxess, how the pandemic has 
changed their day-to-day work activities, and what 
skills and experiences helped them reach this 
point in their careers.
What have you found rewarding about 
working on the Culture Scrum? Were  
there any challenges or difficulties in 
supporting this initiative while everyone  
is working remotely?
The most rewarding part about working on 
the Culture Scrum has been collaborating with 
intelligent people who are dedicated to making a 
difference. Many of my colleagues have achieved 
success in their careers, and they’re still driven 
to make a difference in the community. Initially, 
we had to establish an evaluation process for 
partnering with specific non-profits, and it was 
often difficult to hash out ideas remotely. 
ESG REPORT

17
16
ESG REPORT
ESG REPORT
Our success would not be possible without the support and trust of our clients. We commit to our customers 
that we will act with integrity and handle sensitive customer information responsibly. We maintain a Privacy 
Policy that outlines our collection and protection of personal data and includes terms that apply to us for 
certain types of data under the European Union's General Data Protection Regulation (GDPR).
In 2020, we provided key support to our customers who were homebound due to COVID-19 pandemic 
mitigation measures, lacking their usual office and desk support. Our client service teams arranged remote, 
secure access to our web-enabled technology for more than 10,000 individual users to help them stay 
engaged with the market without any interruption to the trading infrastructure we provide to the financial 
markets. Our employees were able to seamlessly transition to a work from home environment through the 
focus and diligence of our technology teams, helping to protect the health and well-being of themselves, 
their colleagues, their families, and their communities. As a result of the efforts and dedication of our 
employees, we were able to provide trading technology to the global credit markets and support our clients 
in a substantial and meaningful way during significant market disruption and uncertainty.
Participating in policy forums and strengthening capital markets 
MarketAxess collaborates with industry organizations around the world to exchange ideas, lend expertise, 
and stay informed about issues facing our industry. In addition, Rick McVey, our Chairman and CEO, is a 
member of the SEC’s Fixed Income Market Structure Advisory Committee (FIMSAC), established to provide 
the SEC with diverse perspectives on the structure and operations of the US fixed income markets, as well as 
advice and recommendations on matters related to fixed income market structure.
Alignment to United Nations Sustainable Development Goals and  
Women’s Empowerment Principles
MarketAxess supports the UN Sustainable Development Agenda that is designed to provide global prosperity 
by 2030 through 17 specific goals. We align our community involvement activities with SDG #4 on Quality 
Education and #8 on Decent Work and Economic Growth:
•	
SDG 4—Quality Education: Ensure inclusive and equitable quality education and promote lifelong learning  
opportunities for all. Through its support of the Doe Fund, The New York State Education Department, Cristo Rey  
and EMPower, MarketAxess is committed to ensuring access to education for all. In addition, we offer team  
members ongoing education opportunities including internal training programs and workshops. 
•	
SDG 8—Decent Work and Economic Growth: Through its volunteerism and community engagement  
programs, MarketAxess promotes access to economic opportunity, education, and housing. In addition, we  
support Échale a tu Casa, which is a social producer of housing and community infrastructure that contributes  
to the development of communities.
In 2020, MarketAxess signed the UN Women’s Empowerment Principles (WEPs), reflecting our  
commitment to advance gender equality in our workplace, marketplace, and our community. The WEPs 
guide businesses on how to promote gender equality and empower women. Jointly established by the UN 
Global Compact and UN Women, the WEPs are underpinned by international labor standards, human  
rights, and by the recognition that businesses have an important role in promoting gender equality and 
women’s empowerment.
Political Contributions and Lobbying Policy
We believe that financial regulation is a critical public policy 
issue and is committed to engaging in the public policy 
process. Therefore, we exercise our fundamental right 
and responsibility to participate in the political process 
through political contributions and lobbying. This includes 
protecting and promoting the interests of our shareholders 
and carefully considering the needs and concerns of 
our stakeholders. We also believe that transparency 
and accountability are important aspects of corporate 
political activity. The Political Contributions and Lobbying 
Policy provides guidance for our political contribution 
and lobbying efforts and for disclosing such political 
contributions and lobbying efforts to the public.
Business Continuity
As a matter of public policy, regulatory bodies in the US 
and the rest of the world are charged with safeguarding 
the integrity of the securities and other financial markets 
and with protecting the interests of investors participating 
in those markets. Our active broker-dealer and regulated 
venue subsidiaries fall within the scope of their regulations, 
and we are regularly in contact with our regulators to 
ensure our compliance with relevant laws and to address 
policy issues with respect to the fixed income markets.
We have a firm-wide business continuity plan and  
business continuity playbooks for each department. These 
tools guide the firm in promptly responding to business 
interruptions resulting in the loss of access to people, 
facilities, technology, or critical third-party vendors, and 
in restoring the services provided to customers within a 
reasonable timeframe. 
Information security is fundamental to our business. We 
maintain a designated Information Security function which 
manages the safeguarding of information. We also maintain 
an Information Security Policy Statement intended to 
provide assurances to customers in relation to our security 
systems, controls, and policies. 
Q&A 
Vishesh Padnani,  
Product Owner, continued
However, because everyone was committed to the  
cause and overall mission of our Culture Scrum, 
we were able to quickly adjust and make  
significant progress.
We understand your personal background 
has contributed to your appreciation for  
the MarketAxess Charitable Foundation. 
Can you tell us more?
I attended a specialized high school that provided 
free engineering education to students. In 
addition to our interactions with teachers, we 
were able to learn from professionals and be 
exposed to industry environments and the latest 
industry trends. These experiences gave me the 
clarity that I needed to understand what I was 
really interested in and what I wanted to pursue 
professionally. One of our first partnerships 
through the MarketAxess Charitable Foundation 
has been with The Urban Assembly Gateway 
School for Technology, a high school in Manhattan 
that also specializes in technology education. 
The Culture Scrum helped identify the school 
as aligning with our core principles, and the 
MarketAxess Charitable Foundation is helping 
provide the resources to create and sustain the 
partnership. While the Foundation is important for 
the opportunities it gives our employees, I know 
firsthand that these opportunities can also have a 
meaningful, long-term impact on other individuals 
involved, like students.
What makes for a successful employee at 
MarketAxess?
A successful employee at MarketAxess is a 
great team player who is willing to adapt to any 
situation. MarketAxess is continuously shifting 
paradigms in the industry. Even as the company 
grows, there’s no playbook for success, but that’s 
what makes it exciting to work here. We face new 
and unique challenges every day, but being able 
to work together effectively and adjust on the fly 
are essential qualities for success.
ESG REPORT

19
18
ESG REPORT
ESG REPORT
Defining, articulating, and celebrating our unique and winning culture 
One of the most significant drivers of the success of our company over the last 20 years is our 
unique culture. And while “Culture” does not appear as a line item on our corporate balance 
sheet, at MarketAxess, we recognize our culture as a prized asset. In 2020, we made great 
strides in our efforts to institutionalize our culture to ensure all leaders, individuals, and teams 
across the company are embracing and embedding our culture in all that they do. 
As part of the goal of becoming an even greater place 
to work, management committed to increasing our 
investment in our culture by identifying the attributes 
that best represent the MarketAxess ideal culture. 
Culture is a strategic driver of our business. For 
a company’s culture to flourish, it requires input, 
collaboration, and co-creation from the people it is 
supporting. For this reason, the MarketAxess Culture 
Scrum was launched in late 2019. Developed as both 
an advisory team and a working group, the scrum is a 
cross-functional, multi-level and cross-regional team 
of culture carriers—role models who embody our 
desired cultural attributes—that identify, discuss, and 
plan tangible ways to promote and drive our desired 
culture throughout the company.
The Culture Scrum analyzed the findings of our recent 
employee engagement survey and bespoke interviews 
with people across the company. The result of this 
work is entitled We Are MarketAxess—10 attributes 
that describe our culture: 
What is culture?	
•	
Why we exist, who we are, who we serve, and  
how we behave and treat one another. 
•	
Our ambitions as a company, a team, and  
as individuals.
•	
The expectations of our leaders for how we 
succeed, and our expectations of how leaders lead.
•	
Our attitude, our drive, and our desire to succeed. 
Culture
Culture Scrum objectives: 
•	
Promote employee understanding of the Purpose, Culture & Values across all geographies  
and how they apply.
•	
Empower employees to own and drive our defined Purpose, Culture & Values. 
•	
Develop tangible improvements in key areas identified in the Employee Engagement Survey and  
Diversity & Inclusion survey. 
•	
Review new HR initiatives and programs to provide insight into how employees will view them.
•	
Advise senior management on how certain cultural communications and initiatives will be  
perceived by employees.
We Are MarketAxess
1.	
We are proud of what we do. 
•	 We are a positive force. 
•	 We make global markets work better for all. 
•	 We create more opportunities for individuals 
institutions, and communities. 
2.	 We have fire in the belly. 
•	 It’s the fire that launched us. 
•	 It’s the fire that keeps us curious. 
•	 It’s the fire that never lets us be satisfied. 
3.	 We work hard. We have fun. 
•	 We are individuals who thrive as a team and 
inspire each other. 
•	 We’re not afraid to have fun. 
4.	 We are inclusive. 
•	 We embrace each other’s differences. 
•	 We treat each other with respect  
and humanity. 
5.	 We make transparency our currency. 
•	 We are open. We are authentic. 
•	 We are allergic to layers. We are empowered to 
speak out. 
•	 We use the truth to help us do better. 
•	 Leadership is earned. 
6.	 We give creativity oxygen.
•	 We believe ideas can come from  
anyone and anywhere. 
•	 We listen, test, and ask “what if?”
•	 We understand that creative risk is essential to 
growth, and that sometimes you need  
to fail to succeed. 	 
7.	 We think client first.
•	 We treat our clients with transparency  
and respect. 
•	 Everything we have achieved, and will achieve, 
we do in collaboration with our clients. 
8.	 We get it done. 
•	 Everyone takes initiative. 
•	 We step up, take on responsibility, and we  
all own it. 
9.	 We are changemakers. 
•	 Change fuels us. 
•	 We engage change as an opportunity to make 
things better. 
10.	 We think globally.
•	 We come from everywhere in the world and that 
helps us be anywhere in the world. 
People by the numbers
Employee headcount: 606 worldwide as  
of year-end 2020
•	
333 employees in NYC
•	
41 employees in other US offices
•	
209 employees in London and other  
European offices
•	
20 employees in Asia
•	
3 employees in Brazil
Women in leadership roles
•	
30% on Board of Directors
•	
18% in Global Management Team

21
20
ESG REPORT
ESG REPORT
Health and Safety
Like workers across all industries, our employees have faced 
new work arrangements as well as concerns about childcare 
and health as a result of working from home and, more broadly, 
the pandemic. Due to these challenges, the company increased 
the wellness reimbursements to employees and broadened our 
definition of “wellness.” 
For example, we amended our program to permit the 
reimbursement of ergonomic home office furniture and home 
exercise equipment. In addition, through our partnership 
with Bright Horizons, our employees have access to elder 
care, nannies and digital pre-school, each of which would be 
reimbursable under our amended wellness program. We also 
offer our New York employees a complementary membership 
with The Health Center at Hudson Yards. Our employees’ 
physical, financial, and work/life well-being are considered in  
all our global programs. 
As of the date of this report, almost all of our employees are 
still working from home. Employees who are required to be 
on-site do so on a rotational basis. Where regulations permit, 
all other employees have access to our offices, on a voluntary 
basis, for purposes of convenience. Proper protocols, including 
wearing face coverings, social distancing and spacing between 
workstations are required in all locations. We have committed 
to continuing remote work until local health organizations have 
deemed it safe to return to offices and more communal settings. 
During fiscal year 2020, despite the COVID-19 pandemic, we 
increased our number of employees by 79, or 15.0%.
Employee health and safety,  
engagement, and retention
The health and safety of our employees is of 
paramount importance to the company.  
Thus, following the rapid spread of the COVID-19 
pandemic across the US and Europe in March 
2020, we moved quickly to enable remote 
working for all our employees. Our over 300  
New York employees and consultants 
transitioned from working at our state-of-the-art 
Hudson Yards headquarters to working from 
their homes while our employees in London  
and in smaller locations followed shortly 
thereafter. The company’s efforts to keep 
our employees safe and healthy are detailed 
throughout this report.
In addition to safety, we value employee engagement and 
retention. Research by Mercer Sirota, a leading human 
capital consulting firm, shows that three core needs—
achieving something meaningful, working collaboratively 
with others, and being fairly and respectfully treated—
create engagement. With the sudden shift to a remote work 
environment, 2020 brought unprecedented challenges and 
change that pushed us to provide for these core needs in 
unplanned and new ways.
Q&A 
Julie Sheffet,  
Chief Human Resources Officer
What led you to a career in HR? 
I’m a firm believer that great talent makes a  
great company. HR is an exciting, ever changing 
discipline responsible for attracting, motivating, and 
developing great talent. It’s very rewarding to help 
people grow and develop, and provide opportunities 
for people to explore and leverage their unique 
strengths so they can reach their career aspirations.
From your perspective, how has the role of 
HR evolved in recent years?
Everyone talks about the technology revolution, 
but in the workplace, there has been an equally 
profound talent and HR evolution. HR is still 
responsible for attracting and retaining the best 
talent, but we also need to help create and reinforce 
the culture and company purpose and share the 
compelling story of what sets the company apart 
from others. HR is now an important culture and 
purpose carrier; each new employee, who shares our 
core values and is inspired by our common purpose, 
enhances our culture by bringing their unique 
perspectives and abilities. HR is responsible for 
fostering an inclusive environment that welcomes 
diversity and encourages employees to bring their 
full selves to work. 
Why is a diverse workforce so important? 
Without diversity, our community is not complete, 
solutions are not the best, and our purpose cannot 
be fully realized. Community is only complete when 
diversity is fully accepted and sought out. Working in 
a diversity-rich environment widens your perspective 
and provides exposure to different world cultures, 
traditions, practices and perspectives that will help 
ESG REPORT

23
22
ESG REPORT
ESG REPORT
Diversity, Equity, and Inclusion:  Being fairly and respectfully treated
The diverse backgrounds, experiences and perspectives of our people are one of our biggest strengths. We 
continually strive to make our workforce more diverse, inclusive, and supportive of all and the company 
is committed to improving our diversity at all levels of the organization, including senior management. To 
support and grow our diverse employee base, the company has engaged with our employees to understand 
how we can create an inclusive culture, empower our existing employees of all levels to take leadership roles 
in promoting diversity, and have increased our recruiting efforts of diverse candidates.
Engagement with employees
We launched our first employee engagement survey in 2019, seeking employee input on how to best  
develop our culture and enhance our programs. Following the success of our first survey, we committed to 
conduct periodic pulse surveys as a follow-up. 
We are encouraged by our employees’ engagement with the Black Lives Matter movement. And, as a 
result, we launched a global corporate diversity and inclusion initiative through Mind Gym, a firm that uses 
psychology and behavioral science to transform how people think, feel, and behave. We started this initiative 
with a survey designed to measure inclusion. We are proud that 92% of our workforce feels they are part 
of an inclusive organization where they can thrive and grow their careers. But, we learned that we must 
increase the sense of inclusion for 8% of our population. The survey results informed us of what we do well 
and where we have an opportunity for change, and in response, we launched our Reimagining Inclusion 
initiative, which began with a briefing for the senior leadership team and global workshops for all employees. 
These workshops, followed by smaller group meetings, will continue into 2021.
We have also initiated women’s events in New York, London, and Amsterdam, allowing women from various 
companies and walks of life to share experiences and advice.
Achieving something meaningful
In response to the COVID-19 pandemic and the desperate 
need for food in our communities, we quickly created 
partnerships with four organizations tackling the crisis head 
on: World Central Kitchen, City Harvest, City Harvest London 
and EMpower. Our senior leaders, Board of Directors, and 
employees were encouraged to make personal donations 
which were also matched by the company. We were pleased 
with our participation and together we donated over 
$330,000 to several charitable organizations that are doing 
impactful work to support those in need during this ongoing 
crisis. As a result of this, in New York, we helped to feed 
over 8,500 children and their families for an entire month 
through fundraising for City Harvest. We were honored 
that our hard-working team was also recognized with the 
Newcomer Fundraising Award. Our efforts put us among 
the top 25 fundraising teams for this year’s campaign.
Collaboration
Throughout the first few months of the pandemic, we 
understood the importance of continued collaboration, 
teamwork, and camaraderie and quickly realized that we 
could not over communicate. For example, we instituted 
regular town halls with consistent participation from our 
CEO and President and a rotation of guest speakers across 
the organization. Our technology team also deployed 
new collaboration and video conferencing software and 
we increased the usage of our internal intranet, adding 
resource pages related to the COVID-19 pandemic,  
working from home, and childcare. We also held  
workshops on productivity and home life balance and 
remained connected through virtual social events and  
our company-wide Slack account. 
Despite the remote work environment, we continued 
our summer internship program, providing learning and 
networking experiences for 32 global interns. Organized 
events and cross-functional group projects were moved to 
a virtual environment, thereby ensuring our interns had the 
benefit of the full internship experience.
In 2020, we hired approximately 140 new full-time 
employees. While remote on-boarding is not a substitute 
for on-site assimilation into our culture, we on-boarded our 
new hires by facilitating pre-hire introductions, assigning 
buddies, setting structure around the first days of meetings, 
and providing various in-house training sessions, including 
systems and product overviews.
ESG REPORT
Q&A 
Julie Sheffet,  
Chief Human Resources Officer, 
continued
us all to be better global citizens and expand our 
own thinking. Team diversity allows you to see 
problems and situations from multiple vantage 
points and arrive at the best solution by fully 
understanding the problem and generating more 
creative ideas. Diversity fuels better brainstorming 
as people from unique backgrounds with varied 
experiences have different interpretations, 
approaches, insights, thoughts, and conclusions.
We all need new ideas and perspectives to 
stimulate and inspire us. Together, our differences 
make a stronger, more interesting, more thought 
provoking, and more innovative community.
Please share any key insights about 
hiring people who will be successful at 
MarketAxess.
All employees at MarketAxess share a few key 
attributes: They are genuinely nice, down to earth 
people who are incredibly smart and passionate 
about what they do. They are roll-up your sleeves 
changemakers who are highly innovative, caring, 
hard-working and collaborative, and they operate 
with the utmost integrity, respect, professionalism, 
and transparency. Together these people create 
an incredibly positive culture.
What is your North Star goal in  
your new role?
Just as MarketAxess wants to open global 
markets and create more opportunities for the 
companies and individuals who depend on 
us, I want to create more opportunities for the 
employees who work at MarketAxess to grow and 
learn. Opportunities are not just about career 
advancement, they’re about helping people find 
meaning and passion in what they do. We want 
to create opportunities for employees to leverage 
their strengths and to provide them with insightful 
feedback to continue to grow and develop. We 
want to provide a creative and engaging culture 
that invests in our employees, helps them grow, 
and celebrates their success.

25
24
ESG REPORT
ESG REPORT
Employee leadership
Our employees of all levels have engaged in various 
activities to become champions and allies for diversity. For 
example, in late 2020, our employees launched Elevate, our 
employee resource group for Black and African American 
employees. Elevate is a community of members who 
empower, uplift, and celebrate each other’s achievements 
at MarketAxess. Elevate’s programming focuses on ensuring 
its members receive professional development by providing 
resources and opportunities to help its members succeed 
at our firm. They also focus on attracting and retaining 
Black and African American professionals. The group 
raises awareness around Black and African Americans 
by providing resources where employees can learn 
more about the topic, support each other and celebrate 
diversity. Elevate works with allies across the MarketAxess 
community and encourages allies to attend meetings and 
events to learn more about, and share experiences related 
to diversity, equity, and inclusion. Elevate meets with its 
members monthly. So far this year, Elevate has celebrated 
Black History Month and hosted several virtual events, 
including (1) a book recommendation discussion, where 
members brought literature that represents them, their 
culture, or a resource that has shaped their world view, (2) 
the first session of a virtual potluck spotlight series, where 
members showcased some of the innovative work that they 
are most proud of, and (3) a virtual movie night.
In addition, several of our female employees have received 
leading professional women awards. See “Customer 
Focus—Recognition for MarketAxess Innovation” below.
73% 
Male
27% 
Female
Global Gender Diversity(1)
US Racial Diversity(1)(2)
59% 
White
5% Black/African American
28% 
Asian
2% identified with another race or ethnicity
7% Hispanic/Latinx
Recruiting and retaining diverse employees 
To broaden our candidate pools, we use diverse hiring sources, including employee referrals, recruitment vendors, 
postings on diversity job boards and with diversity interest groups, and we attend various recruiting events. In January 
2020, we co-hosted a Women in FinTech event for over 100 women in conjunction with NYC FinTech Women at our  
Hudson Yards offices. Later in the year, we participated in two virtual Grace Hopper Celebration events: a conference  
and a career fair. 
We also focused our diversity recruiting efforts on university campuses. During the fall 2020 recruiting season, we hosted 
MarketAxess informational sessions, coffee chats, networking events, and mock-interviews, often focused on women and 
under-represented minority students. 
Below please find our current mix of employees. While we acknowledge there is room for more gender and racial diversity, 
as the above activities demonstrate, we continue to strive for a more diverse employee base.
While unwanted attrition has been in the single digits for several years, it fell over 20% in 2020. We attribute some  
of this to the initial effects of the pandemic, but we also believe our efforts this year have had a positive impact on 
employee satisfaction.
In addition, we host several ongoing internal initiatives for employees. 
ESG REPORT
1.	
Percentages shown represent employees other than Executive Management. See SASB Accounting Metric SV-PS-330a. 1 in the SASB Appendix
2.	
Total does not equal 100% due to rounding.

27
26
ESG REPORT
ESG REPORT
Riverside Chat goes virtual 
While work from home has limited our regular Riverside Chat series, we hosted a virtual session and Q&A 
with Michelle Gadsden-Williams, book author and Managing Director & Global Head of Diversity, Equity 
and Inclusion at BlackRock. Ms. Gadsden-Williams spoke with employees about her experience as a woman 
of color who has held senior-level positions in corporate America. She also answered questions about her 
award winning book, Climb: Taking Every Step with Conviction, Courage, and Calculated Risk to Achieve a Thriving 
Career and a Successful Life and provided advice regarding the challenges women face in business. A copy of 
Climb was given to all participants. 
Virtual Coffee Chats
Following the company’s transition to working from home,  MarketAxess kicked off a Virtual Coffee Chat 
series with Rick McVey, our Chairman and Chief Executive Officer and Chris Concannon, our President and 
Chief Operating Officer. Through these informal, virtual coffee outings, Rick and Chris met in small groups 
with every MarketAxess employee over the last year. It was an opportunity for our employees to hear from 
our company’s leaders in a more casual setting, ask questions, and meet colleagues from around the world 
who they may not work with on a daily basis. There was no set agenda for these meetings—they gave 
employees the opportunity to share their experiences with Rick and Chris, learn about current business 
updates, discuss our culture as well as what was working and what needed attention. MarketAxess will 
continue these meetings and make them a key part of the employee experience.
Family movie night
As part of our ongoing employee engagement efforts, we secured the viewing rights to the documentary 
John Lewis: Good Trouble and encouraged a family movie night. The film explores the Georgia 
representative’s 60-plus years of social activism and legislative action on civil rights, voting rights, gun 
control, health care reform, and immigration. As part of our partnership with the production company, our 
employees had access to a special recorded “talk back” session with Oprah Winfrey. 
Celebrating 20 years. Transforming global 
markets: Then. Now. Next. 
Our company reached our 20th anniversary in 2020 and 
while the pandemic curtailed our planned celebrations, 
we developed a celebratory external and internal 
campaign about our journey from a start-up in a Wall 
Street basement to becoming an S&P 500 company. We 
used this as an opportunity to acknowledge our short, but 
rich, history by highlighting stories from early employees. 
We captured key points in the history of our company 
in a digital timeline that has been integrated into our 
website, our intranet and shared via social media to help 
tell our company story.
Employees who celebrated 20 years of service received 
a special gift from the company. When we return to the 
office, we look forward to celebrating in person with our 
global team, clients, and other key partners that have 
contributed to our success over the years.

29
28
ESG REPORT
ESG REPORT
Other benefits and perks
Our headquarters at Hudson Yards in New York City was designed with input from our employees. From 
break-out spaces to standing desks, free snacks, lunch two days a week, and social events, the space was 
created to support the well-being of our employees. A similar set-up will be implemented in London as we 
expand our United Kingdom offices. Through the business programs at Hudson Yards, employees have 
access to on-site medical care, back-up child care, and elder care. Through our wellness stipend, we assist 
employees with the financial expense of these broad-reaching wellness initiatives.
We offer traditional benefits programs in all regions for healthcare-related wellness and financial wellness. 
In addition to medical and dental plans and disability programs, we offer various vehicles for saving for the 
future. From 401(k) and pension plan employer matches to online and on-site financial planning seminars 
sponsored by firms such as Fidelity Investments and Charles Schwab, we help our employees navigate their 
financial well-being. Except for the executive leadership team, most employees are eligible to participate 
in our Employee Stock Purchase Program (ESPP). Our ESPP provides a 20% match on shares purchased by 
participants every six months.
We offer competitive paid time off programs in all the regions where we employ staff. One of our unique 
programs is an additional two weeks of paid time off every time an employee reaches a 5-year tenure 
milestone. In the US, the time off policy includes up to two paid days a year for volunteering. In 2020, 
because of the pandemic, we modified our vacation carry-over programs for all our regions to provide more 
time-off flexibility to employees in 2021.
Training and development 
Investing in learning and development for our employees 
is crucial to our success and ability to attract and retain the 
best talent in our industry. We offer a variety of courses and 
learning opportunities across many different topics to all 
employees via online, on premises, and off-site training, as 
well as conferences. 
Over the past 2.5 years, we have developed a bespoke 
strategic leadership program for a select group of global 
senior managers. This curriculum focuses on tackling 
complex leadership and business issues and partnering on 
strategic initiatives. 
We completed the first pilot group of 12 leaders in October 
2019 and our second global cohort is well underway.  
The group is actively working with our CEO and President 
on two strategic projects that will be implemented within 
the company. Additionally, we have provided virtual 
MarketAxess-specific management training workshops in 
leadership fundamentals to a group of newer managers in 
the US, Europe, and Asia. 
Other on-site training initiatives for 2020 included providing 
online training and certifications for technologists via  
Pluralsight, contracting with outside vendors to provide 
training in capital markets, fixed income, sales effectiveness, 
and presentation training, as well as business writing classes. 
For employees pursuing a college degree or other outside 
degree programs, we also provide tuition assistance.
ESG REPORT
Q&A 
Nichola Hunter,  
Head of Rates and Lead  
of ESG Working Group
Tell us about your role as lead of the ESG 
working group at MarketAxess. 
I lead a cross-functional team responsible for 
the design, development, and implementation 
of MarketAxess’ ESG framework. ESG has been 
growing in significance and, following the launch 
of several different initiatives across the company, 
we saw a need to coordinate efforts, ensure 
consistent reporting, and identify any gaps. The 
ESG working group is focused on both corporate 
MarketAxess ESG initiatives and commercial 
initiatives that can support our clients’ ESG efforts.
What does it mean to you to be part of  
this team?
This is a great opportunity for me to broaden 
my ESG knowledge and to understand how 
MarketAxess can really make a difference 
internally and externally with our clients.

31
30
ESG REPORT
ESG REPORT
Help to fight hunger in our local communities
One of the starkest impacts of the COVID-19 pandemic 
has been the sheer volume of people who have 
struggled to put food on the table, for themselves and 
their families. In March 2020, and again in December 
2020, MarketAxess partnered with three food rescue 
organizations to help bring meals to those in need in our 
local communities in New York, London and Singapore.
Our donations to City Harvest, City Harvest London 
(a separate organization) and The Majulah Movement 
in Singapore have helped to put food trucks on the 
road, much needed support infrastructure and food 
distribution materials in place and, most importantly, 
food on hundreds of thousands of tables in the cities 
where we work and live. 
Our donations to World Central Kitchen also helped to 
feed front-line workers in New York, one of the hardest 
hit cities at the height of the crisis. 
With all these partners, it was not only MarketAxess, the 
company, who provided support, but also our people. 
“One of the defining moments of 2020 for me was spending time with the amazing WCK 
team at Hudson Yards. Helping to feed healthcare workers and first responders, it felt 
like, however small, I was able to make a positive impact in the fight against COVID-19.”  
— Karina Rousseau, New York 
Human rights
As an organization that relies on its human capital, we are 
proud to stand for global human rights for all. Our support 
of human rights is founded on the principles outlined in the 
Universal Declaration of Human Rights and are detailed in 
our new Human and Labor Rights Policy.
Community and philanthropic involvement
#marketaxesscares
In the last year, we have expanded our philanthropic and 
community partnerships and, in the fourth quarter of 2020, 
we established the MarketAxess Charitable Foundation, 
a non-profit, non-stock corporation incorporated in the 
state of Delaware. The Foundation’s mission is to work with 
organizations that support underserved communities, with 
an emphasis on youth education, equality, diversity, and 
inclusion. Our goal is to develop long-lasting relationships 
that provide opportunities for growth, both in terms of 
corporate involvement and employee participation. 
Volunteerism and philanthropy are a long-standing part 
of the MarketAxess culture, where we provide different 
opportunities for our employees to give back. We offer an 
employee match program of up to $2,000 per employee per 
year. In 2020, we were focused on the COVID-19 pandemic 
relief effort and through our company, employees, and our 
Board of Directors, we donated over $330,000 to several 
charitable organizations that are doing impactful work to 
support those in need during this ongoing crisis. 
Employees have access to InvolveSoft, a volunteering 
platform that matches departmental teams, organizations, 
and individuals with volunteer opportunities that are 
tailored to individual interests. Employees, clients, friends, 
and family can join volunteer activities. 
In 2020, volunteering has been impacted by lockdowns 
across our major office hubs. Like many, we’ve been unable 
to get our employees out into the community-building and 
infrastructure projects that we usually sponsor and instead 
focused on providing support and virtual volunteering to 
those in need during the COVID-19 crisis.
Q&A 
Nichola Hunter,  
Head of Rates and Lead 
of ESG Working Group, continued
How did you get interested in ESG, and 
are there issues you feel particularly 
passionate about? 
My interest in ESG started long before it became 
an increasingly mainstream acronym. Earlier in 
my career, I ran a high-performing team that was 
extremely diverse. Leading a team with a healthy 
gender and racial balance proved to me that 
diversity can underpin high performance in teams. 
Since then, I remain committed to diversity, equity 
and inclusion in the finance sector and take a 
keen interest in all things ‘Social’—the S of ESG. As 
ESG continues to evolve and investors increasingly 
make ESG a fundamental aspect of their strategies, 
I believe we all need to understand the issues that 
make up ESG and become more fluent in  
the space.
What role do you see for MarketAxess  
as a strong corporate citizen in the  
fintech space? 
Our role is twofold: First is to lead by example  
by focusing on our own ESG efforts, and second  
is to create opportunities for our clients to 
streamline their ESG efforts through the 
MarketAxess trading portal.
ESG REPORT

33
32
ESG REPORT
ESG REPORT
Of the 1.1 million students in New York City public 
schools, only 49% are graduating prepared for college or 
a career. PENCIL brings together business professionals, 
educators and students in over 500 NYC schools to 
open eyes, open minds and open doors via numerous 
hands-on initiatives and immersive programs.
Through their School Partnership program, MarketAxess 
has partnered with UA Gateway School for Technology 
to work with 25 of their 11th graders during the 2020-
2021 school year. The role of our MarketAxess team 
has been to help introduce the students to different 
careers and career development tools across the 
fintech sector. Our employees work with students on 
developing the necessary skills to successfully apply for 
internships, build networking skills, draft resumes, as 
well as discuss college advice and career paths. In 2021, 
we’ll also be hosting a range of virtual “Open Source” 
events, designed to offer advice, guidance, and practical 
skills on succeeding in the workplace. The sessions 
will range from topics like professionalism in a remote 
work environment, industry exploration, diversity, and 
inclusion in the workplace, and how to build a network. 
Since 2005, MarketAxess has partnered with the Cristo Rey New York High School as part of the school’s 
Corporate Work Study program, where students from underserved communities have the opportunity 
to gain exposure to different job functions and learn new skills in a corporate environment. With 2020 
presenting a unique challenge to giving students access to our work environment, we adapted accordingly. 
Instead, our annual interns have been mentored weekly by two members of our MarketAxess team in 
New York, giving them as much work experience, networking, and mentoring as possible as they ready 
themselves for college. 
Youth education
MarketAxess has partnered with EMpower for a number of years, and, in 2020, we extended the 
relationship to become an underwriter to EMpower in the UK. This means long-term financial commitment 
and leadership support for the foundation’s many grantee partner projects across the world. In addition, 
the firm supported two COVID-19 special appeals, helping to drive extra fundraising impact directly into the 
emerging markets communities hardest hit by the pandemic. 
EMpower is dedicated to helping provide educational, vocational and community support to at-risk and 
marginalised youth in emerging markets countries, particularly girls, young women, and non-binary youth. 
Gender equality and inclusion sit at the heart of everything they do. 
“This level of broad support and generosity from MarketAxess is extraordinary and we 
are very grateful. Most importantly, it will enable our partners to help young people 
cope with the extra adversity brought on by COVID-19 in their hard-hit communities.” 
— Cynthia Steele, President and CEO, EMpower 
Bronx Lacrosse is an academic and sports-based youth 
development program that uses lacrosse as a vehicle to 
build community, improve academic engagement and 
performance, and develop leadership and social-emotional 
skills. Since September 2020, five of the more energetic 
members of our MarketAxess New York team have been 
working with Bronx Lacrosse to mentor and tutor students 
each week.
IntoUniversity operates local learning centers for youth in 
the United Kingdom. At these centers, children and teens 
are provided with academic support sessions, mentoring, 
and employability-support programs. IntoUniveristy works 
with over 1,000 children and young people per year across 
the United Kingdom. The organization addresses the 
problem of educational inequality and social exclusion by 
supporting young people from disadvantaged backgrounds 
to aspire to and achieve their full potential. MarketAxess 
participated in their internship program in 2018 and 2019 
by taking on two students for three weeks within the Sales 
team. We are looking forward to expanding our relationship 
and support for IntoUniversity and their students by 
establishing a formal partnership and engaging in a wider 
range of initiatives, including mentoring and workshops.

34
ESG REPORT
Climate
Mindful of our environmental footprint, we 
make concentrated efforts to reduce our 
environmental impact. Due to the nature of 
our business, we do not manufacture or ship 
physical products that create or contribute 
to pollution. In our view, the most material 
environmental impacts we currently make is 
through air travel, and the operation of our 
leased office spaces and data centers. 
As we develop our environmental  
sustainability strategy, we are engaging  
with a consulting partner to measure and 
manage our carbon footprint, and help us  
put measurable goals in place, which we 
expect to introduce in the 2022 report.  
We are also evaluating a variety of climate- 
related standards against which it would be 
useful to report, such as CDP and TCFD, and 
will continue to deepen our commitment in 
this area in the coming years. 
20%
25%
30%
40
36
32
28
24
20
16
12
8
4
0
2018
2019
2020
15%
10%
0%
Green Bond Trading on MarketAxess
*Estimated MarketAxess share of corporate and municipal green bond
trading by dollar volume reported to TRACE
Estimated U.S. Market Share*
MarketAxess Global Green Bond Trading Volume $Bil
MarketAxess Global 
Trade Volume $Bil
Estimated U.S. 
Market Share*
Legend

36
ESG REPORT
37
ESG REPORT
Green Bonds update 2020
To support our clients’ sustainable investing strategies, we partner with the charitable organization, One  
Tree Planted, on a trading incentive program. Through our “Trading for Trees” program, five trees will be 
planted for every $1 million of green bond trades executed on the MarketAxess platform. In 2020, $27 billion 
in corporate and municipal green bond trading volume was executed globally on MarketAxess, an increase 
of 42% from 2019. In the US, where public data is available, MarketAxess ranks as the largest corporate and 
municipal green bond marketplace with an estimated market share of 20.3% in TRACE-reported corporate 
and municipal green bond volume.
The second year of our “Trading for Trees” initiative proved successful. Our clients’ green bond trading on the 
MarketAxess platform resulted in over 130,000 trees across five continents within eight countries, including 
India, Papua New Guinea, Canada, and New Zealand. In 2020, One Tree Planted created 1,498 jobs and 
planted over 2 million fruit trees to support almost 30,000 families in critical regions around the world.
This surpassed our initial estimate, showing growth of our clients’ sustainable investing strategies and  
our commitment to help provide them with the best functionality to support those strategies. We continue 
to incorporate new data and functionality into our trading technology that makes it easier for clients to 
identify and access liquidity in green bonds. “These initiatives underscore our commitment to a market that 
we believe will play an increasingly important role in protecting our environment,” said President  
Chris Concannon.
We are also incorporating new data and functionality into its trading technology that makes it easier for 
clients to identify and access liquidity in green bonds.

39
38
ESG REPORT
ESG REPORT
Q&A 
Mary Sedarat,  
Chief Marketing and  
Communications Officer,  
Global Head of Talent & Culture
As both the Chief Marketing & 
Communications Officer and Global Head 
of Talent & Culture, how do you approach 
employer branding for MarketAxess?  
Given my role in the company, and I am biased, 
of course, I believe MarketAxess is an incredible 
place to work. As a communicator, I want to tell 
the story about what it is like to work here and 
what differentiates us as an employer—and 
we have a great story to tell. The competition 
for attracting talent in our space is very strong 
and, just like the importance of marketing our 
technology solutions to potentical clients, we need 
a targeted approach to marketing our company 
to potential employees. It’s critical that we offer a 
strong culture so they want to stay and develop 
purposeful careers at MarketAxess.
What led to the launch of the Culture 
Scrum? And what was it like implementing 
this major initiative during a time of 
remote work?
I learned from working at a big company that  
went through many mergers that we should 
not take our culture for granted—it needs to be 
articulated, reinforced, and tended to, just like 
any other asset within the company. We are in 
an enviable position of having a winning culture 
versus one that needs to be turned around. We 
are fortunate to have a CEO, President, and Board  
of Directors who understand the value of a  
strong culture. 
Hudson Yards
In 2019, we moved our headquarters to 55 Hudson  
Yards—a high-rise building centered in Manhattan’s newest 
neighborhood. Our headquarters are now located in a 
LEED Gold-designed building that offers expansive views 
with floor to ceiling windows, maximizing the interior 
light. The building’s LEED Certification was a major factor 
in the decision to select 55 Hudson Yards as our new 
headquarters. As is common in the famous High Line 
district, the greenery that surrounds the building offers 
a stunning juxtaposition to the steel elements of the 
building, where indoor and outdoor environments coexist. 
Numerous features of our 55 Hudson Yards office are 
designed to reduce tenants’ carbon footprint, including 
water-efficient design, automatic lighting sensor controls 
and renewable energy use. Additionally, the building in 
which our London office is located is BREEAM-certified, 
which is the dominant sustainability assessment method  
for buildings in the UK. 
Data centers
Data centers can have a tremendous environmental impact 
due to the volumes of electricity required to operate. Two of 
our three US data centers have a LEED Certification rating 
level of Silver, meeting rigorous environmental and energy 
management systems standards.
Other initiatives 
Within our workplaces, we take great efforts to reduce 
our environmental impact through various initiatives. We 
provide reusable water bottles to all employees and make 
mugs and glasses available for use instead of disposable 
plastic bottles or paper cups. There are paper, plastic, and 
metal recycling stations throughout our offices. We use 
‘follow-me’ printer systems that require ID scans at printing 
stations to avoid wasting paper. To encourage greener 
commuting, we offer a pre-tax benefit account that can be 
used to pay for public mass transit, and our headquarters 
has indoor bicycle storage on-site. Additionally, our UK 
office offers a program called Cycle to Work for employees. 
For those who bike to work for their commute, the 
employee can purchase a bicycle with accessories up to a 
value of £1,000 inc. VAT from a list of independent cycle 
shops and repay the amount in 12 monthly installments 
taken from the employee pre-tax monthly salary.
Customer focus
MarketAxess fosters our customer relationships through 
more than 100 relationship manager employees stationed 
around the globe. We obtain customer feedback through 
our relationship managers and conduct customer 
satisfaction surveys periodically to optimize our service 
levels. Customer issues are recorded and investigated, 
and we maintain trade error policies designed to protect 
our Open Trading™ participants and enable us to manage 
the risks attendant in acting as a matched principal 
counterparty.
We are focused on developing superior fixed income 
e-trading solutions for institutional investor and dealer 
firms. We strive to develop technology that streamlines 
our customers’ trading experience, delivering products and 
services that benefit our customers and the fixed income 
market. We offer advantages over traditional fixed income 
trading methods that are shared by both institutional 
investors and dealers, including transparent pricing, an 
expanded liquidity pool, greater trading accuracy, and 
efficient risk monitoring and compliance.
ESG REPORT

40
ESG REPORT
41
ESG REPORT
Leading the technology 
transformation  
of global bond markets
Since its founding two decades ago, MarketAxess 
has led the way in delivering transformative 
technology that makes global bond markets 
more efficient and transparent. Our Open 
Trading™ marketplace has played a major role 
in this transformation by making it easier for 
all market participants to connect with a broad 
range of possible trading partners rather than a 
limited set of counterparties.
Open Trading makes it easier to execute trades and connect 
a global credit trading community, resulting in significant 
cost savings. Those cost savings ultimately benefit all 
investors—institutional as well as individual—by letting 
them retain more of their returns. In 2020, MarketAxess 
helped market participants save over $1 billion in 
transaction costs.
We are delivering the next generation of electronic tools for 
the global markets. Throughout 2020, we have developed 
new innovations including the Live Markets order book 
for active and newly issued bonds, as well as the Mid-X 
sessions-based auction protocol. Each of these pieces of 
functionality leverage artificial intelligence and deep data 
resources, including the award-winning Composite+™ 
pricing engine. We also ended 2020 with a significant 
annual increase in our estimated share of trading in the U.S. 
investment-grade and high-yield bond markets, retaining 
our leadership in electronic trading by a large margin.
We are deeply connected to the pulse of the market 
through our work with markets governing bodies,  
including the Securities and Exchange Commission. Our 
founder and CEO, Rick McVey, is an active member of the 
SEC’s Fixed Income Market Structure Advisory Committee 
(FIMSAC), including chair of the Technology and Electronic 
Trading Subcommittee and member of the Corporate  
Bond Transparency Subcommittee. Through this work,  
we are committed to improving market efficiency and 
greater transparency.
Q&A 
Mary Sedarat,  
Chief Marketing and  
Communications Officer,  
Global Head of Talent & Culture, 
continued
It was actually CEO Rick McVey’s idea to create a 
team of individuals from across the company to 
help direct and lead this effort, hence the  
Culture Scrum. 
It’s one thing to have the management team 
involved—and that is a must have—but it is much 
more meaningful to have a grassroots approach 
with our own people leading the charge. We were 
planning to roll out “We Are MarketAxess”—our 
culture defined by 10 core principles—in April, and 
then the pandemic hit. Like many, we thought 
it would pass by the summer and so decided to 
postpone the launch. In the summer, Rick pushed 
us to proceed with launching it, which reinforced 
for me that culture is more important than ever.
What, if anything, did the pandemic teach 
you about MarketAxess’ culture? 
The pandemic taught me that we need to trust  
our culture. We always believed that being 
together in the office is part of the magic, and 
it definitely makes a huge difference when you 
can see and talk to colleagues every day. But we 
experienced the translation of our culture when 
working from home. Collaboration, transparency, 
and a global mindset became ever more 
important and reinforced our commitment to 
these tenets of our culture. 
What do you see for the future of culture 
at MarketAxess? 
We have massive ambitions as a company. We are 
transforming the way the largest capital market in 
the world works and our culture and our values 
play a big role in realizing this aspiration.
MarketAxess estimated percent of FINRA U.S.  
Investment Grade and U.S. High-Yield TRACE volume
ESG REPORT
U.S. Investment Grade
U.S. High Yield

43
42
ESG REPORT
ESG REPORT
Recognition for MarketAxess innovation
In 2020, our commitment to our customers has been highlighted by the recognition we have 
received for innovations and contributions to the fixed income market.
Leading professional women awards
WatersTechnology  
Women in Technology & 
Data Awards 2021
Legal/Compliance Professional of the Year  
Miranda Morad 
Markets Media Women in 
Finance Awards—Europe 
Dealmaker of the Year  
Nichola Hunter
Markets Media Women in 
Finance Awards—US
Rising Star  
Liz Brand 
New York FinTech Women
Inspiring FinTech Female Leader  
Christine Nolan 
 
 
Product and service awards
Global Capital Bond Awards
Best Emerging Markets Bond Trading Platform
WatersTechnology Asia Awards 
Best Trading Network 
WatersTechnology Ranking Awards
Best AI Technology Provider: Composite+  
 
 
WatersTechnology  
Sell-Side Technology Awards
Best Sell-Side Trading Network 
WatersTechnology  
Buy-Side Technology Awards
Best Buy-Side AI Platform or Tool: Composite+  
Best Use of the Agile Methodology by a  
Technology Vendor: Live Markets 
WatersTechnology American Financial 
Technology Awards
Best Buy-Side AI Platform or Tool: Composite+  
Best Use of the Agile Methodology by a Technology 
Vendor: Live Markets

44
ESG REPORT
45
ESG REPORT
About this report
This Report covers the twelve-month period ended December 31, 2020 for MarketAxess Holdings Inc. and all of its 
subsidiaries. It also includes some of the activities of the MarketAxess Charitable Foundation, a charitable private 
foundation established by the company. This report does not address the performance or operations of our suppliers, 
contractors, or partners.
The Nominating and Governance Committee of the MarketAxess Holdings Inc. Board of Directors will oversee and  
periodically review and assess the company’s environmental, social, and governance strategy and initiatives as outlined 
in this Report and make recommendations to the company to further its ESG goals. The Nominating and Governance 
Committee has also reviewed this Report prior to its publication.
In addition, the company’s internal audit department will verify certain portions of this Report as part of its annual audit 
program. There was no external assurance from third parties with respect to the information in this report.
This report includes certain non-financial data and information which is subject to measurement uncertainties resulting 
from limitations inherent in the nature and the methods used for determining such data. The selection of different 
but acceptable measurement techniques can result in materially different measurements. The precision of different 
measurement techniques may also vary.
Many of the targets, goals, impacts, and programs described in this report are aspirational, and as such, no guarantees or 
promises are made that these goals and projects will be met or successfully executed.
For questions about MarketAxess’ ESG program, you can reach out to sustainability@marketaxess.com.
Cautionary Note Regarding Forward-Looking Statements
This ESG report includes “forward-looking statements” within the meaning of the US federal securities laws, 
including statements regarding our sustainability, ESG, and corporate responsibility targets, goals, strategies, 
impacts, programs, and other business plans, initiatives, and objectives. Forward-looking statements are 
any statements other than statements of historical fact. Forward-looking statements represent our current 
judgment about possible future events and are often identified by words like “aim,” “anticipate,” “appears,” 
“approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,”  “evaluate,” “expect,” “forecast,” 
“goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” 
“seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions. 
In making these statements we rely on assumptions and analysis based on our experience and perception of 
historical trends, current conditions, and expected future developments, as well as other factors we consider 
appropriate under the circumstances. We believe these judgments are reasonable, but these statements 
are not guarantees of any future events or financial results, and our actual results may differ materially due 
to a variety of important factors, both positive and negative, many of which are beyond our control. Factors 
that might cause such differences include, but are not limited to, challenges regarding the acceptance and 
implementation of our ESG initiatives, and a variety of economic, competitive, social, and regulatory factors, 
many of which are described in our Annual Report on Form 10-K for the year ended December 31, 2020 
and our subsequent filings with the US Securities and Exchange Commission and can be accessed at www.
marketaxess.com. We caution readers not to place undue reliance on forward-looking statements. Forward-
looking statements speak only as of the date they are made, and we undertake no obligation to update 
publicly or otherwise revise any forward-looking statements, whether as a result of new information, future 
events or other factors, except where we are expressly required to do so by law.

47
46
ESG REPORT
ESG REPORT
SASB Appendix
Security & Commodity Exchanges
ACCOUNTING METRIC
2020 DISCLOSURE
CODE
Percentage of trades 
generated from automated 
trading systems
For 2020, the percentage of automated trades was 4.8% of volume 
and 12.4% of trade count.
FN-EX-410a.2
Total amount of monetary 
losses as a result of legal 
proceedings associated 
with fraud, insider trading, 
anti-trust, anti-competitive 
behavior, market 
manipulation, malpractice, 
or other related financial 
industry laws or regulations
MarketAxess had zero monetary losses.
FN-EX-510a.1
Discussion of processes for 
identifying and assessing 
conflicts of interest
The Board of Directors has adopted a Code of Conduct that applies 
to all officers, directors, and employees, and a Code of Ethics for the 
Chief Executive Officer and Senior Financial Officers, which includes 
our Chief Financial Officer. 
The Code of Conduct clearly sets out the process by which conflicts of 
interest are identified, reported to, and managed by, the Compliance 
Department. Conflicts of interest are prohibited as a matter of 
Company policy and should, to the extent possible, be avoided. For 
additional information, please see our Code of Conduct and the Code 
of Ethics for the CEO and Senior Financial Officers on our website. 
In addition, the Nominating and Governance Committee of the Board 
of Directors is responsible for maintaining appropriate conflict of 
interest policies and procedures.
FN-EX-510a.2
(1) Number of significant 
market disruptions and (2) 
duration of downtime
Metric                                                                                                       
2020
FN-EX-550a.1
Number of significant market disruptions            
1
Duration of downtime    
1 hour
The disruption was attributable to a technology hardware issue, which 
has since been remediated through infrastructure improvements.
(1) Number of data 
breaches, (2) percentage 
involving personally 
identifiable information (PII), 
(3) number of customers 
affected
Except as required by law, MarketAxess does not disclose this 
information.
FN-EX-550a.2
Security & Commodity Exchanges
ACCOUNTING METRIC
2020 DISCLOSURE
CODE
Description of efforts to 
prevent technology errors, 
security breaches, and 
market disruptions
Executive management and the MarketAxess Board of Directors 
cooperate to oversee mechanisms that protect our technologies and 
the customers who rely on us. MarketAxess’ Board and the Board 
Risk Committee assist MarketAxess’ executive management team 
in its efforts to define the risks facing the company, formulate risk 
management policies and procedures, and manage risk exposures 
on an ongoing basis. MarketAxess has a Global Chief Risk Officer who 
prepares updates and reports for the global management team and 
the Board and assists in developing programs to identify and control 
risks.
For additional information, please see our Information Security 
Policy Statement on our website.
FN-EX-550a.3
Professional & Commercial Services
ACCOUNTING METRIC
2020 DISCLOSURE
CODE
Description of approach to 
identifying and addressing 
data security risks
MarketAxess prioritizes security throughout our platforms, operations, 
and software development. We make architectural, design, and 
implementation choices to structurally address security risks, such as 
logical and physical access controls, perimeter firewall protection and 
embedded security processes in our systems development lifecycle. 
Our cybersecurity program is based on the National Institute of 
Standards and Technology Cyber Security Framework, which consists 
of standards, guidelines, and best practices to manage cybersecurity-
related risks and promote the protection and resilience of critical 
infrastructure. Our Global Chief Information Security Officer leads a 
cybersecurity team in assessing, managing, and reducing the relevant 
risks with a goal to assure critical operations and continuous delivery 
of service. We constantly monitor connectivity and suspect events are 
escalated to our global risk and management teams.
For additional information, please see our Information Security 
Policy Statement on our website.
SV-PS-230a.1
Description of policies 
and practices relating 
to collection, usage, and 
retention of customer 
information
MarketAxess is committed to protecting the confidentiality of our 
customers. Our customer agreements include provisions addressing 
the usage and protection of customer confidential information. Please 
also see our Privacy Policy on our website, which provides a detailed 
description of our procedures for the collection and handling of 
personally identifiable information.
SV-PS-230a.2

49
48
ESG REPORT
ESG REPORT
Professional & Commercial Services
ACCOUNTING METRIC
2020 DISCLOSURE
CODE
Percentage of gender 
and racial/ethnic group 
representation for (1) 
executive management and 
(2) all other employees
Gender Representation 
as of December 31, 2020 
(Global)
Female
Male
SV-PS-330a.1
Board 
30.8%
69.2%
Executive  
Management
18.2%
81.8%
All Other Employees
27.0%
73.0%
Race/Ethnic 
Representation 
as of December 
31, 2020 (US)
Asian
Black or 
African 
American
Hispanic 
or Latino
White
Other
Board
0.0%
7.7%
0.0%
92.3%
0.0%
Executive  
Management 
0.0%
0.0%
0.0%
100.0%
0.0%
All Other 
Employees
28.1%
5.2%
6.6%
58.2%
1.9%
(1) Voluntary and (2) 
involuntary turnover rate 
for employees
Type of Separation
Turnover Rate (Percentage of 
Total Employees) 
SV-PS-330a.2
Voluntary
6.3%
Involuntary
2.8%
Professional & Commercial Services
ACCOUNTING METRIC
2020 DISCLOSURE
CODE
Employee engagement as a 
percentage
In 2019, MarketAxess completed our first employee engagement 
survey, conducted by Mercer | Sirota, in which 94% of our employees 
participated. Based on their responses, our overall employee 
engagement measured at 78%, slightly above the global average 
for financial services and high-tech companies as reported by 
Mercer | Sirota. To conduct this survey, we presented questions and 
statements to our employees related to the following eight categories: 
•	
Agility & Innovation 
•	
Confidence 
•	
Employee Experience
•	
Engagement 
•	
Immediate Manager Effectiveness 
•	
Performance Enablement 
•	
Senior Leadership Effectiveness 
•	
Strategic Focus 
Scoring for each question in the survey was based on a 1 to 6 scale, 
representing a five point scale of strongly agrees to strongly disagrees, 
with an additional option for Don’t Know / Not Applicable. There were 
also two open comment questions.
In 2020, MarketAxess completed a pulse survey, conducted by Mind 
Gym, focused on diversity, equity, and inclusion. The survey found 
that 92% of respondents felt that MarketAxess was an inclusive 
environment, with 87% of employees participating in the survey. 
The survey explored perceptions of how much employees feel they 
belong, how valued they feel for their unique qualities and the extent 
to which MarketAxess is equitable. These core constructs were 
measured at both the individual and organizational level. Leadership 
inclusiveness was also measured.
MarketAxess plans to conduct another employee engagement survey 
in 2021 and will report the results of such survey in its 2021 ESG 
Report. 
SV-PS-330a.3

51
50
ESG REPORT
ESG REPORT
Professional & Commercial Services
ACCOUNTING METRIC
2020 DISCLOSURE
CODE
Description of approach 
to ensuring professional 
integrity
The MarketAxess Code of Conduct sets out the standards we expect 
our employees to follow. It provides MarketAxess employees with 
guidelines for areas of ethical risk in order to foster a culture of 
honesty and accountability, including guidance to employees to 
help them recognize and deal with ethical issues and mechanisms 
to report unethical conduct. Conflicts of interest are prohibited as 
a matter of Company policy and should, to the extent possible, be 
avoided. It is the Company’s policy to make full, fair, accurate, timely, 
and understandable disclosure in the reports and documents that 
the Company files with, or submits to, the Securities and Exchange 
Commission and in other public communications made by the 
Company. We also conduct training for employees on the importance 
of confidentiality and all employees are required to maintain the 
confidentiality of all information entrusted to them. The Company 
maintains a hotline for employees, customers, suppliers, or other 
interested parties to report concerns or issues, anonymously and 
confidentially.
SV-PS-510a.1
Total amount of monetary 
losses as a result of legal 
proceedings associated with 
professional integrity
MarketAxess had zero monetary loses.
SV-PS-510a.2
Software & IT Services
ACCOUNTING METRIC
2020 DISCLOSURE
CODE
Total amount of monetary 
losses as a result of legal 
proceedings associated with 
user privacy
MarketAxess had zero monetary loses.
TC-SI-220a.3
(1) Number of law 
enforcement requests 
for user information, (2) 
number of users whose 
information was requested, 
(3) percentage resulting in 
disclosure
MaketAxess had zero law enforcement requests.
TC-SI-220a.4
Software & IT Services
ACCOUNTING METRIC 
2020 DISCLOSURE
CODE
Description of approach to 
identifying and addressing 
data security risks, 
including use of third-party 
cybersecurity standards
Please see our Information Security Policy Statement on our 
website.
MarketAxess’ Information Security Management Systems are 
compliant with ISO/IEC 27001:2013 standards. Our ISO/IEC  
27001:2013 certification is available on our website.
We have a Chief Information Security Officer (“CISO”) and a dedicated 
Security Team responsible for maintaining the security and integrity 
of our systems. The CISO provides regular reports to MarketAxess’ 
Global Management Team and the Board of Directors. The Security 
Team delivers training and education to our global employees 
regarding security best practices and employees are required to 
complete security awareness training annually. Also, the Security 
Team regularly engages third parties to conduct security assessments 
and penetration tests.
TC-SI-230a.2
Percentage of employees 
that are (1) foreign nationals 
and (2) located offshore
Type of Employee
Percentage of Total Employees
 TC-SI-330a.1
Foreign Nationals
4.8%
Located Offshore
37.6%
Total amount of monetary 
losses as a result of legal 
proceedings associated with 
anti-competitive behavior 
regulations
MarketAxess had zero monetary losses.
TC-SI-520a.1
Number of (1) performance 
issues and (2) service 
disruptions; (3) total 
customer downtime
Please see our response to FN-EX-550a.1 for service disruption and 
downtime information relevant to our business. 
TC-SI-550a.1

53
52
ESG REPORT
ESG REPORT
Software & IT Services
ACCOUNTING METRIC
2020 DISCLOSURE
CODE
Description of business 
continuity risks related to 
disruptions of operations
MarketAxess is committed to meeting client, regulatory, and 
stakeholder requirements and expectations, including in instances 
when business disruption occurs. Accordingly, MarketAxess maintains 
a Business Continuity Management Policy with frameworks for 
identifying, assessing, managing, monitoring, and reporting risks that 
could prevent MarketAxess from performing key operational activities; 
meeting client and regulatory obligations; and/or addressing activities 
that could significantly impact the integrity of the market. The 
Business Continuity Management Policy outlines the mandates and 
minimum requirements that business units must follow to plan for 
and respond to disruptive events. Business continuity is underpinned 
by processes and procedures to help ensure the stability of our 
technology environments. The disaster recovery procedures ensure 
compliance with client contracts and internal standards. Cybersecurity 
policies, protocols, and assessments are designed to protect sensitive 
information and enable effective response to cyber or security 
threats. Our programs are designed to create a resilient operating 
environment with preplanned response and recovery strategies in the 
event of business disruption. These strategies focus on safeguarding 
our people, assets, information, and clients. 
For more information on risks related to business continuity as well as 
the COVID-19 pandemic’s effect on the company’s business continuity, 
please see “Risk Factors—Technology, IT Systems and Cybersecurity 
Risks—Systems failures, interruptions, delays in service, catastrophic 
events and resulting interruptions in the availability of our trading 
platforms could materially harm our business and reputation” and 
“Management’s Discussion and Analysis—Critical Factors Affecting 
Our Industry and Our Company—Economic, Political and Market 
Factors” in our Annual Report on Form 10-K. The Company has also 
published a Business Continuity Plan Disclosure on our website. 
TC-SI-550a.2
Security & Commodity Exchanges
ACTIVITY METRIC
2020 DISCLOSURE
CODE
Average daily number  
of trades executed, by  
product or asset class
2020 Average Daily Trades
FN-EX-000.A
Total Credit
20,030
Total Rates
8,494
Grand Total
28,523
Average daily volume 
traded, by product or  
asset class
2020 Average Daily Volume
FN-EX-000.B
Total Credit 
$10.5 billion
Total Rates
$15.9 billion
Grand Total
$26.4 billion
MarketAxess publishes reports on our volumes on our website.
Professional and Commercial Services 
ACTIVITY METRIC
2020 DISCLOSURE
CODE
Number of employees by: 
(1) full-time and part-time, 
(2) temporary, and  
(3) contract
Type of Employee
Number of Employees
SV-PS-000.A
Full-time & Part-time
569
Temporary1
5
Contract2
7
Total
608
(1) Temporary employees are excluded from total employees in other 
employee statistics in this ESG Report. 
(2) Contract employees are fixed term contracted employees in the 
United Kingdom.

©2021 MarketAxess Holdings Inc. (the "Company"). MarketAxess Corporation and LiquidityEdge LLC are members of FINRA 
and SIPC. MarketAxess Canada Company is a member of IIROC. MarketAxess Europe Limited (04017160), MarketAxess 
Capital Limited (09777893), and MarketAxess Post-Trade Limited (01917944) are incorporated in England and Wales, and each 
authorised and regulated by the Financial Conduct Authority. MarketAxess NL B.V. (69592888) and MarketAxess Post-Trade 
B.V. (69597774) are incorporated in the Netherlands, and each licensed by the Autoriteit Financiale Markten. MarketAxess 
Singapore Pte. Limited (201702319R) is incorporated in Singapore and recognised by the Monetary Authority of Singapore. 
Trademarks of the Company or its subsidiaries include: MarketAxess, the MarketAxess logo, “Now you’re in the market”, 
Auto-X, Axess All, Axess IQ, Bid-Ask Spread Index (BASI), BondTicker, Composite+, Open Trading, and Trax. Proprietary and 
confidential information of the Company—all forms of copying prohibited. Further information on MarketAxess can be found 
on our website at marketaxess.com.
NYC HEADQUARTERS
55 Hudson Yards Floor 15
New York NY 10001  
United States of America	 	
T +1 212 813 6000
F +1 212 813 6390
HONG KONG
Unit 1802, 18F
Two Chinachem Central
26 Des Voeux Road, Central
Hong Kong, HK SAR China 
T + 65 6916 1300 
AMSTERDAM
Herengracht 280, 1016BX 
Amsterdam 
The Netherlands
T + 31 2088 88010 
 
SINGAPORE
10 Collyer Quay #40-00
Ocean Financial Centre
Singapore 049315
T + 65 6916 1300
LONDON
5 Aldermanbury Square
London EC2V 7HR 
United Kingdom
T + 44 (0)20 7709 3100 
F + 44 (0)20 7709 3101 
SÃO PAULO
Av. Pres. Juscelino Kubitschek
1455-4 andar - sala429 - Vila Olímpia
São Paulo - SP 03178-200 Brazil
T +55 11 3080 84000