# EDGAR Filing Document

**Accession Number:** 0001278021
**File Stem:** 0001193125-25-173982
**Filing Date:** 2025-8
**Character Count:** 47298
**Document Hash:** eb83cc6214e78adb18a5048d9b8a066b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-173982.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001193125-25-173982

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARKETAXESS HOLDINGS INC
- **CENTRAL INDEX KEY:** 0001278021
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 522230784
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34091
- **FILM NUMBER:** 251187371

**BUSINESS ADDRESS:**
- **STREET 1:** 55 HUDSON YARDS, 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-831-6000

**MAIL ADDRESS:**
- **STREET 1:** 55 HUDSON YARDS, 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKETAXESS HOLDING INC
- **DATE OF NAME CHANGE:** 20040129

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### Current Report

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): August 6, 2025

## MarketAxess Holdings Inc.

#### (Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-34091** | **52-2230784** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

#### 55 Hudson Yards

#### New York, New York 10001

#### (Address of principal executive offices, including zip code)
(212) 813-6000

#### (Registrant's telephone number, including area code)

#### Not applicable

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock, par value $0.003 per share | MKTX | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition**  |

---

On August 6, 2025, MarketAxess Holdings Inc. (the "Company") issued a press release announcing the Company's financial results for its second quarter ended June 30, 2025. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, the information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.

---

| | |
|:---|:---|
| **Item 8.01** | **Other Events**  |

---

On August 6, 2025, the Company also announced that its Board of Directors has declared a regular quarterly dividend to be paid to the holders of the outstanding shares of capital stock. A cash dividend of $0.76 per share of common stock outstanding will be paid on September 3, 2025 to stockholders of record as of the close of business on August 20, 2025.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits**  |

---

(d) Exhibits:

---

| | |
|:---|:---|
| 99.1 | [Press Release issued by MarketAxess Holdings Inc. on August 6, 2025.](d63555dex991.htm) |
| 104 | Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document). |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | MARKETAXESS HOLDINGS INC. | MARKETAXESS HOLDINGS INC. |
| Date: August 6, 2025 | By: | /s/ Ilene Fiszel Bieler |
|  | Name: | Ilene Fiszel Bieler |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g63555g0506232243857.jpg)

**MarketAxess Reports Second Quarter 2025 Financial Results** 

***11% Increase in Revenue to Record $219.5 Million; Strong Progress with New Initiatives to Drive Growth***

***Record Block Trading ADV, Record Total Portfolio Trading ADV and Strong Growth in Dealer-Initiated ADV***

***EPS of $1.91; $2.00 Excluding Notable Items<sup>1</sup>***

---

| | |
|:---|:---|
| NEW YORK \| August 6, 2025 - MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced financial results for the second quarter ended June 30, 2025.<br>**2Q25 select financial and operational highlights\***<br>• **11%** increase in total revenues to a **record $219.5 million**, including an approximately **$2.1 million** increase from the impact of foreign currency fluctuations.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Record** total commission revenue of **$191.8 million** increased **12%**, driven by **record** total credit commission revenue, up **10%**, and **record** total rates commission revenue, up **40%**.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Record** emerging markets **(+16%)**, **record** eurobonds **(+22%)** and **record** U.S. government bond **(+49%)** commission revenue.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Record** services revenue (combined information, post-trade and technology services revenue) of **$27.7 million**, up **7%**.<br>• Strong progress with our new initiatives across our **three strategic channels**:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***<u>Client-Initiated Channel</u>*** - strong growth in block trading average daily volume ("ADV") with **record** ADV across U.S. credit block trading **(+37%)**, emerging markets **(+27%)**, and eurobonds **(+100%)**.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***<u>Portfolio Trading Channel</u>*** - **69%** increase in total portfolio trading ADV to **record $1.5 billion**.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***<u>Dealer-Initiated Channel</u>*** - dealer-initiated ADV increased **40%** to **$1.8 billion**, including **record** levels of eurobonds activity.<br>• Total expenses of **$127.6 million** increased **10%**, including an approximately **$1.7 million** increase from the impact of foreign currency fluctuations. Total expenses excluding notable items<sup>1</sup> of **$123.6 million** increased **6%**.<br>• Diluted earnings-per-share ("EPS") of **$1.91** increased **11%**; EPS excluding notable items<sup>1</sup> of **$2.00** increased **16%**. <br>| **Chris Concannon, CEO of MarketAxess, commented:**<br>**"In the second quarter, we made significant strides in enhancing our client franchise, increasing client engagement with X-Pro, and delivering on our new initiatives across our client-initiated, portfolio trading and dealer-initiated channels. Strong progress with our new initiatives, combined with a favorable market backdrop, helped drive record levels of revenue and ADV across most product areas and regions in the quarter.**<br>**As we move through the back-half of 2025, we are focused on growing our targeted block trading solution in the client-initiated channel, continuing to enhance our portfolio trading solution for clients, and launching our new Mid-X solution in the dealer-initiated channel. Additionally, over the last several months, we have made several strategic hires in key roles that we believe will enhance our ability to drive growth.**<br>**We are executing our long-term strategy to drive growth, we are showing strong progress with our new initiatives, and we now have key leaders in place to help drive growth in 2025 and beyond."** |

---

*\** *All comparisons versus 2Q24* 

**Table 1: 2Q25 select financial results** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter** | **Quarter** | **Quarter** | **% Change** | **% Change** | **% Change** |  | **YTD** | **YTD** | **% Change** |
| **$ in millions, except per share data (unaudited)** | **2Q 2025** | **1Q 2025** | **2Q 2024** | **QoQ** |  | **YoY** |  | **YTD 2025** | **YTD 2024** | **YoY** |
|  ***Selected GAAP-basis financial results*** |  |  |  |  |  |  |  |  |  |  |
|  Revenues | $219 | $209 | $198 | 5 | % | 11 | % | $428 | $408 | 5 |
|  Expenses | 128 | 120 | 116 | 6 |  | 10 |  | 248 | 234 | 6 |
|  Net Income | 71 | 15 | 65 | NM |  | 10 |  | 86 | 138 | (37) |
|  Diluted EPS | 1.91 | 0.40 | 1.72 | NM |  | 11 |  | 2.31 | 3.64 | (37) |
|  Net Income Margin | 32.4% | 7.2% | 32.9% | NM |  | (50) |) bps | 20.1% | 33.7% | NM |
|  ***Selected GAAP-basis financial results ex-notable items (non-GAAP)<sup>1</sup>*** | ***Selected GAAP-basis financial results ex-notable items (non-GAAP)<sup>1</sup>*** | ***Selected GAAP-basis financial results ex-notable items (non-GAAP)<sup>1</sup>*** | ***Selected GAAP-basis financial results ex-notable items (non-GAAP)<sup>1</sup>*** | ***Selected GAAP-basis financial results ex-notable items (non-GAAP)<sup>1</sup>*** | ***Selected GAAP-basis financial results ex-notable items (non-GAAP)<sup>1</sup>*** | ***Selected GAAP-basis financial results ex-notable items (non-GAAP)<sup>1</sup>*** | ***Selected GAAP-basis financial results ex-notable items (non-GAAP)<sup>1</sup>*** | ***Selected GAAP-basis financial results ex-notable items (non-GAAP)<sup>1</sup>*** | ***Selected GAAP-basis financial results ex-notable items (non-GAAP)<sup>1</sup>*** | ***Selected GAAP-basis financial results ex-notable items (non-GAAP)<sup>1</sup>*** |
|  Revenues | 219 | 209 | 198 | 5 |  | 11 |  | 428 | 408 | 5 |
|  Expenses | 124 | 120 | 116 | 3 |  | 6 |  | 244 | 234 | 4 |
|  Net Income | 74 | 70 | 65 | 6 |  | 15 |  | 144 | 138 | 5 |
|  Diluted EPS | 2.00 | 1.87 | 1.72 | 7 |  | 16 |  | 3.87 | 3.64 | 6 |
|  ***Other Non-GAAP financial measures*** |  |  |  |  |  |  |  |  |  |  |
|  EBITDA² | 111 | 107 | 99 | 3 |  | 12 |  | 218 | 208 | 5 |
|  EBITDA Margin² | 50.5% | 51.5% | 50.0% | (100) |) bps | +50 | bps | 51.0% | 51.0% |  |

---

***NM - Not meaningful***

------

![LOGO](g63555g1105214747873.jpg)

**2Q25 overview of results** 

**Table 1A: Notable items<sup>1</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter** | **Quarter** | **Quarter** | **YTD** | **YTD** |
| **$ in millions, except per share data (unaudited)** | **2Q 2025** | **1Q 2025** | **2Q 2024** | **YTD 2025** | **YTD 2024** |
|  Repositioning charges | $4.0 | $— | $— | $4.0 | $— |
|  Acquisition-related charge/(credit) | 0.6 |  |  | 0.6 |  |
|  **Notable items (pre-tax)** | **4.6** | **—** | **—** | **4.6** | **—** |
|  Income tax impact from notable items | (1.2) |  |  | (1.2) |  |
|  Reserve for uncertain tax positions related to prior periods |  | 54.9 |  | 54.9 |  |
|  **Total notable items** | $**3.4** | $**54.9** | $**—** | $**58.3** | $**—** |
|  **EPS impact** | $**0.09** | $**1.47** | $**—** | $**1.56** | $**—** |

---

<u>**Notable items**</u><sup>1</sup>**** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notable items in 2Q25 include repositioning charges of **$4.0 million**, which were
principally severance costs related to changes in management structure, and an acquisition-related charge of **$0.6 million**.

**<u>Commission revenue</u>**

**Table 1B: 2Q25 variable transaction fees per million (FPM)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter** | **Quarter** | **Quarter** | **% Change** | **% Change** | **YTD** | **YTD** | **% Change** |
| **AVG. VARIABLE TRANS. FEE PER MILLION (FPM)** | **2Q25** | **1Q25** | **2Q24** | **QoQ** | **YoY** | **YTD 2025** | **YTD 2024** | **YoY** |
|  Total Credit | $138 | $139 | $148 | (1)% | (7)% | $139 | $151 | (8)% |
|  Total Rates | 4.03 | 4.20 | 4.45 | (4) | (9) | 4.11 | 4.61 | (11) |

---

***Credit***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Record** total credit commission revenue of **$176.6 million** (including **$33.6 million** in fixed-distribution fees) increased **$15.8 million**, or **10%**, compared to **$160.8 million** (including **$33.2 million** in fixed-distribution fees) in
the prior year, and increased **4%** from 1Q25 levels. A **22%** increase in total credit ADV compared to the prior year, driven in part by strong growth in market volumes, was partially offset by a **7%** decrease in total credit variable
transaction fee per million ("FPM"). The **10%** increase in total credit commission revenue was driven by strong growth in U.S. credit commission revenue, up **7%**, **record** emerging markets commission revenue, up **16%**,
and **record** eurobonds commission revenue, up **22%**, reflecting continued product and geographic diversification. The decline in 2Q25 total credit FPM both year-over-year and quarter-over-quarter was due principally to protocol mix.

***Rates***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Record** total rates commission revenue of **$8.1 million** increased **$2.3 million**, or **40%**, compared to the prior year, and increased **16%** from 1Q25 levels. A **58%** increase in total rates ADV compared to the prior year, driven in part by strong growth in
market volumes, was partially offset by a **9%** decrease in FPM. The decrease in 2Q25 total rates FPM both year-over-year and quarter-over-quarter was driven by the impact of product mix.

***Other***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Record** total other commission revenue of **$7.1 million** increased **$2.0 million**, or **39%**, compared to the prior year driven by the inclusion of approximately **$1.8 million** from RFQ-Hub, which was acquired in mid-May 2025.

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![LOGO](g63555g1105214747873.jpg)

**<u>Services revenue</u>**

• **Record** services revenue of **$27.7 million** increased **$1.7 million**, or **7%**, compared to the prior year, driven by growth across information, post-trade and technology services.

***Information services***

• Information services revenue of **$13.1 million** increased **$0.5 million**, or **4%**, compared to the prior year. The increase was principally driven by an increase of **$0.4 million** from the impact of foreign currency fluctuations and net new data contract revenue.

***Post-trade services***

• Post-trade services revenue of **$11.1 million** increased **$0.7 million**, or **7%**, compared to the prior year mainly due to an increase of **$0.6 million** from the impact of foreign currency fluctuations and net new contract revenue.

***Technology services***

• Total technology services revenue of **$3.5 million** increased **$0.5 million**, or **16%**, compared to the prior year. The increase was driven by higher license fees of **$0.3 million** and connectivity fees of **$0.2 million** from RFQ-hub, which was acquired in mid-May 2025.

**<u>Expenses</u>**

• Total expenses of **$127.6 million** increased **10%** from the prior year, including an
increase of **$1.7 million** from the impact of foreign currency fluctuations. Total expenses excluding notable items<sup>1</sup>were **$123.6 million**, an
increase of **6%**.

**<u>Non-operating</u>**

• **Other income (expense):** Other income was **$5.6 million**, up from **$5.0 million** in the prior year. The increase was driven by foreign exchange gains in the current quarter compared to foreign exchange losses in the prior quarter, offset by acquisition-related charges.

• **Tax rate:** The effective tax rate was **26.9%**, up from **24.8%** in the prior year. The higher
effective tax rate is due to an increase in current period accruals for the uncertain tax position reserve established in 1Q25.

**<u>Capital</u>**

• The Company had **$620.9 million** in cash, cash equivalents, corporate bond investments
and U.S. Treasury investments as of **June 30, 2025**, down from **$698.6 million** as of **December 31, 2024**. There were no outstanding borrowings under the Company's
credit facility.

• A total of **379,667** shares were repurchased year-to-date through July 2025 at a cost of **$80.0 million**, including **167,783** shares repurchased during the second quarter at a cost
of **$36.7 million**. As of **July 31, 2025**, a total of **$145.0 million** remained under the Board of Directors' share repurchase authorization.

• The Board declared a quarterly cash dividend of **$0.76** per share, payable on **September 3, 2025** to stockholders of record as of the close of business on **August 20, 2025**.

**<u>Other</u>**

• Employee headcount was **881** as of **June 30, 2025**, up from **864** as of **June 30, 2024**, and up from **870** as of **March 31, 2025**.

<sup>1</sup> See Table 1A in this release for a listing of notable items. Results excluding notable items are non-GAAP financial measures. Refer to "Non-GAAP financial measures and other items" for a discussion of these non-GAAP financial measures and Table 6 for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures. 

<sup>2</sup> EBITDA and EBITDA margin are non-GAAP financial measures. Refer to "Non-GAAP financial measures and other items" for a discussion of these non-GAAP financial measures and Table 7 for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.

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![LOGO](g63555g1105214747873.jpg)

**Non-GAAP financial measures and other items** 

To supplement the Company's unaudited financial statements presented in accordance with generally accepted accounting principles ("GAAP"), the Company uses certain non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization ("EBITDA"), EBITDA margin and free cash flow. From time to time, we present selected GAAP-basis financial results, excluding notable items. Notable items are revenues, expenses, other income (expense) and tax related items that are non-recurring and outside of the Company's normal course of business or other notables, such as acquisition and restructuring charges or gains/losses on sales (collectively, "notable items"). We define EBITDA margin as EBITDA divided by revenues. We define free cash flow as net cash provided by/(used in) operating activities excluding the net change in trading investments and net change in securities failed-to-deliver and securities failed-to-receive from broker-dealers, clearing organizations and customers, less expenditures for furniture, equipment and leasehold improvements and capitalized software development costs. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP. The Company believes that these non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, provide additional information regarding the Company's operating results because they assist both investors and management in analyzing and evaluating the performance of our business. Please refer to Tables 6, 7 & 8 for a reconciliation of: (i) selected GAAP-basis financial results, each excluding notable items, to their most directly comparable GAAP measure; (ii) GAAP net income to EBITDA and GAAP net income margin to EBITDA margin; and (iii) GAAP net cash provided by/(used in) operating activities to free cash flow, in each case, the most directly comparable GAAP measure.

**Webcast and conference call information** 

Chris Concannon, Chief Executive Officer and Ilene Fiszel Bieler, Chief Financial Officer will host a conference call to discuss the Company's financial results and outlook on Wednesday, August 6, 2025 at 10:00 a.m. ET. To access the conference call, please dial 646-307-1963 (U.S./International) and use the ID 1832176. The Company will also host a live audio Webcast of the conference call on the Investor Relations section of the Company's website at <u>http://investor.marketaxess.com</u>. The Webcast will be archived on <u>http://investor.marketaxess.com</u> for 90 days following the announcement.

**General Notes Regarding the Data Presented** 

Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority ("FINRA") Trade Reporting and Compliance Engine ("TRACE") reported volumes are available on the Company's website at <u>investor.marketaxess.com/volume</u>.

**Cautionary Note Regarding Forward-Looking Statements** 

This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company's future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess' current expectations. The Company's actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients' response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers

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![LOGO](g63555g1105214747873.jpg)

for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.'s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess' business and prospects is contained in MarketAxess' periodic filings with the Securities and Exchange Commission and can be accessed at <u>www.marketaxess.com</u>.

**About MarketAxess** 

MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess' patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess' award-winning Open Trading<sup>®</sup> marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at <u>www.marketaxess.com</u> and on X <u>@MarketAxess</u>.

\# \# \#

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| | |
|:---|:---|
| **Contacts** |  |
| **INVESTOR RELATIONS** | **MEDIA RELATIONS** |
| **Stephen Davidson**<br> MarketAxess Holdings Inc.<br> +1 212 813 6313<br> sdavidson2@marketaxess.com | **Marisha Mistry**<br> MarketAxess Holdings Inc.<br> +1 917 267 1232<br> mmistry@marketaxess.com |

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![LOGO](g63555g1105214747873.jpg)

**Table 2: Consolidated Statements of Operations** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** <br>**June 30,** | **Three Months Ended** <br>**June 30,** | **Three Months Ended** <br>**June 30,** | **Six Months Ended** <br>**June 30,** | **Six Months Ended** <br>**June 30,** | **Six Months Ended** <br>**June 30,** |
| **In thousands, except per share data (unaudited)**  | **2025** | **2024** | **%<br>Change** | **2025** | **2024** | **%<br>Change** |
|  **Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions | $191770 | $171679 | 12% | $373113 | $356552 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information services | 13087 | 12544 | 4 | 25991 | 24425 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post-trade services | 11076 | 10400 | 7 | 22164 | 21130 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology services | 3529 | 3037 | 16 | 6770 | 5871 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenues**  | 219462 | 197660 | 11 | 428038 | 407978 | 5 |
|  **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee compensation and benefits | 65237 | 56790 | 15 | 127153 | 118054 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 19195 | 18356 | 5 | 37431 | 36556 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology and communications | 19421 | 17771 | 9 | 37469 | 34822 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional and consulting fees | 7190 | 7669 | (6) | 13600 | 14064 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occupancy | 3753 | 3714 | 1 | 7375 | 7139 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketing and advertising | 2952 | 3010 | (2) | 5013 | 4843 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearing costs | 4447 | 4122 | 8 | 8632 | 9033 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 5403 | 4889 | 11 | 11119 | 9628 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses**  | 127598 | 116321 | 10 | 247792 | 234139 | 6 |
|  **Operating income**  | 91864 | 81339 | 13 | 180246 | 173839 | 4 |
|  **Other income (expense)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 5930 | 6401 | (7) | 13099 | 12374 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (139) | (621) | (78) | (352) | (937) | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity in earnings of unconsolidated affiliate | 168 | 354 | (53) | 457 | 724 | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net | (407) | (1136) | (64) | 120 | (2946) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total other income (expense)**  | 5552 | 4998 | 11 | 13324 | 9215 | 45 |
|  **Income before income taxes**  | 97416 | 86337 | 13 | 193570 | 183054 | 6 |
|  Provision for income taxes | 26236 | 21399 | 23 | 107325 | 45501 | 136 |
|  **Net income**  | $71180 | $64938 | 10 | $86245 | $137553 | (37) |
|  Less: income attributable to noncontrolling interest | (31) |  | NM | (31) |  | NM |
|  **Net income available for common stockholders** | $71149 | $64938 | 10 | $86214 | $137553 | (37) |
|  **Per Share Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income per common share |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $1.91 | $1.72 |  | $2.31 | $3.65 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $1.91 | $1.72 |  | $2.31 | $3.64 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash dividends declared per common share | $0.76 | $0.74 |  | $1.52 | $1.48 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted-average common shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 37210 | 37655 |  | 37299 | 37698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 37298 | 37689 |  | 37377 | 37740 |  |

---

*NM - not meaningful* 

------

![LOGO](g63555g1105214747873.jpg)

**Table 3: Commission Revenue Detail** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **In thousands, except fee per million data (unaudited)** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
|  **Variable transaction fees** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit | $142977 | $127645 | 12% | $278817 | $269149 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rates | 8035 | 5719 | 40 | 14954 | 10885 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 7061 | 5076 | 39 | 12293 | 9925 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total variable transaction fees | 158073 | 138440 | 14 | 306064 | 289959 | 6 |
|  **Fixed distribution fees** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit | 33616 | 33177 | 1 | 66881 | 66465 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rates | 81 | 62 | 31 | 168 | 128 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed distribution fees | 33697 | 33239 | 1 | 67049 | 66593 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total commission revenue** | $191770 | $171679 | 12 | $373113 | $356552 | 5 |
|  **Average variable transaction fee per million** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit | $138 | $148 | (7)% | $139 | $151 | (8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rates | 4.03 | 4.45 | (9) | 4.11 | 4.61 | (11) |

---

**Table 4: Trading Volume Detail\*** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **% Change** | **% Change** |
| **In millions (unaudited)** | **Volume** | **ADV** | **Volume** | **ADV** | **Volume** | **ADV** |
|  **Credit** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High-grade | $481090 | $7760 | $405440 | $6436 | 19% | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High-yield | 104897 | 1692 | 84248 | 1337 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging markets | 249091 | 4018 | 210205 | 3337 | 18 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurobonds | 160873 | 2681 | 128266 | 2103 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other credit | 39965 | 644 | 33376 | 530 | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total credit trading** | 1035916 | 16795 | 861535 | 13743 | 20 | 22 |
|  **Rates** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. government bonds | 1906892 | 30756 | 1236917 | 19634 | 54 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency and other government bonds | 87625 | 1458 | 48506 | 792 | 81 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total rates trading** | 1994517 | 32214 | 1285423 | 20426 | 55 | 58 |
|  **Total trading** | $3030433 | $49009 | $2146958 | $34169 | 41 | 43 |
|  **Number of U.S. Trading Days<sup>1</sup>** |  | 62 |  | 63 |  |  |
|  **Number of U.K. Trading Days<sup>2</sup>** |  | 60 |  | 61 |  |  |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **% Change** | **% Change** |
| **In millions (unaudited)** | **Volume** | **ADV** | **Volume** | **ADV** | **Volume** | **ADV** |
|  **Credit** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High-grade | $942398 | $7662 | $861438 | $6947 | 9% | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High-yield | 194894 | 1585 | 169627 | 1368 | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging markets | 489376 | 3979 | 431632 | 3481 | 13 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurobonds | 308790 | 2510 | 257115 | 2074 | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other credit | 76447 | 621 | 59705 | 481 | 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total credit trading** | 2011905 | 16357 | 1779517 | 14351 | 13 | 14 |
|  **Rates** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. government bonds | 3488973 | 28366 | 2282713 | 18409 | 53 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency and other government bonds | 153450 | 1248 | 80132 | 646 | 91 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total rates trading** | 3642423 | 29614 | 2362845 | 19055 | 54 | 55 |
|  **Total trading** | $5654328 | $45971 | $4142362 | $33406 | 37 | 38 |
|  **Number of U.S. Trading Days<sup>1</sup>** |  | 123 |  | 124 |  |  |
|  **Number of U.K. Trading Days<sup>2</sup>** |  | 123 |  | 124 |  |  |

---

<sup>1</sup> The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.

<sup>2</sup> The number of U.K. trading days is based on the U.K. Bank holiday schedule.

\* Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties. Consistent with industry standards, U.S. government bond trades are single-counted. 

------

![LOGO](g63555g1105214747873.jpg)

**Table 5: Consolidated Condensed Balance Sheet Data** 

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
| **In thousands (unaudited)** | **June 30, 2025** | **December 31, 2024** |
|  **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $462837 | $544478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash segregated under federal regulations | 47930 | 47107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value | 169349 | 165260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 113242 | 91845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from broker-dealers, clearing organizations and customers | 559120 | 357728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 286020 | 236706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net of accumulated amortization | 121397 | 98078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Furniture, equipment, leasehold improvements and capitalized software, net | 109206 | 107298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets | 55382 | 58132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 50455 | 82584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**1974938** | $**1789216** |
|  **Liabilities and stockholders' equity** |  |  |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued employee compensation | $48198 | $68054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables to broker-dealers, clearing organizations and customers | 329785 | 218845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income and other tax liabilities | 95197 | 3683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable, accrued expenses and other liabilities | 31628 | 37320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | 69230 | 72654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 574038 | 400556 |
|  **Redeemable noncontrolling interest** | 14715 |  |
|  **Stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | 123 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 356817 | 350701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury stock | (407029) | (333369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 1434953 | 1405904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income/(loss) | 1321 | (34699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total stockholders' equity** | 1386185 | 1388660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities, redeemable noncontrolling interest and stockholders' equity** | $**1974938** | $**1789216** |

---

------

![LOGO](g63555g1105214747873.jpg)

**Table 6: Reconciliation of Notable Items** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$ in thousands, except per share data (unaudited)** | **2Q 2025** | **1Q 2025** | **2Q 2024** | **YTD 2025** | **YTD 2024** |
|  **Total Expenses, GAAP-basis** | $**127598** | $**120194** | $**116321** | $**247792** | $**234139** |
|  Exclude: Notable items |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repositioning charges<sup>1</sup> | (3970) |  |  | (3970) |  |
|  **Total Expenses, excluding notable items** | $**123628** | $**120194** | $**116321** | $**243822** | $**234139** |
|  **Other income (expense), GAAP-basis** | $**5552** | $**7772** | $**4998** | $**13324** | $**9215** |
|  Exclude: Notable items |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition-related charge/(credit)<sup>2</sup> | 557 |  |  | 557 |  |
|  **Other income (expense), excluding notable items** | $**6109** | $**7772** | $**4998** | $**13881** | $**9215** |
|  **Net income, GAAP-basis** | $**71180** | $**15065** | $**64938** | $**86245** | $**137553** |
|  Exclude: Notable items |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repositioning charges<sup>1</sup> | 3970 |  |  | 3970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition-related charge/(credit)<sup>2</sup> | 557 |  |  | 557 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax impact from notable items | (1218) |  |  | (1218) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for uncertain tax positions related to prior periods |  | 54939 |  | 54939 |  |
|  **Net income, excluding notable items** | $**74489** | $**70004** | $**64938** | $**144493** | $**137553** |
|  **Diluted EPS, GAAP-basis** | $**1.91** | $**0.40** | $**1.72** | $**2.31** | $**3.64** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notable items as reconciled above | 0.09 | 1.47 |  | 1.56 |  |
|  **Diluted EPS, excluding notable items** | $**2.00** | $**1.87** | $**1.72** | $**3.87** | $**3.64** |
|  **Effective tax rate, GAAP-basis** | **26.9%** | **84.3%** | **24.8%** | **55.4%** | **24.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notable items as reconciled above |  | (57.1) |  | (28.3) |  |
|  **Effective tax rate, excluding notable items** | **26.9%** | **27.2%** | **24.8%** | **27.1%** | **24.9%** |

---

<sup>1</sup> Repositioning charges consist of severance included in employee compensation and benefits

<sup>2</sup> Consists of loss on remeasurement of previous equity interest in RFQ-hub to fair value

------

![LOGO](g63555g1105214747873.jpg)

**Table 7: Reconciliation of Net Income to EBITDA and Net Income Margin to EBITDA Margin** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **In thousands (unaudited)** | **2Q 2025** | **1Q 2025** | **2Q 2024** | **YTD 2025** | **YTD 2024** |
|  **Net income** | $**71180** | $**15065** | $**64938** | $**86245** | $**137553** |
|  Add back: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | (5930) | (7169) | (6401) | (13099) | (12374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 139 | 213 | 621 | 352 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | 26236 | 81089 | 21399 | 107325 | 45501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 19195 | 18236 | 18356 | 37431 | 36556 |
|  **EBITDA** | $**110820** | $**107434** | $**98913** | $**218254** | $**208173** |
|  **Net income margin<sup>1</sup>** | **32.4%** | **7.2%** | **32.9%** | **20.1%** | **33.7%** |
|  Add back: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | (2.7) | (3.4) | (3.2) | (3.1) | (3.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 0.1 | 0.1 | 0.3 | 0.1 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | 12.0 | 38.9 | 10.7 | 25.1 | 11.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 8.7 | 8.7 | 9.3 | 8.8 | 9.0 |
|  **EBITDA margin<sup>2</sup>** | **50.5%** | **51.5%** | **50.0%** | **51.0%** | **51.0%** |

---

**Table 8: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **In thousands (unaudited)** | **2Q 2025** | **1Q 2025** | **2Q 2024** | **YTD 2025** | **YTD 2024** |
|  **Net cash (used in)/provided by operating activities** | $**103714** | $**29629** | $**118849** | $**133343** | $**113900** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exclude: Net change in trading investments | (66) |  | 100 | (66) | (155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exclude: Net change in fail-to-deliver/receive from broker-dealers, clearing organizations and customers | 22053 | 34399 | (3151) | 56452 | 48137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Purchases of furniture, equipment and leasehold improvements | (1206) | (1930) | (7695) | (3136) | (8892) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Capitalization of software development costs | (11510) | (15031) | (10496) | (26541) | (24459) |
|  **Free cash flow** | $**112985** | $**47067** | $**97607** | $**160052** | $**128531** |

---

<sup>1</sup> Net income margin is derived by dividing net income by total revenues for the applicable period. 

<sup>2</sup> EBITDA margin is derived by dividing EBITDA by total revenues for the applicable period.