Document:

EX-10.1

 EXHIBIT 10.1 

Execution Version 
 MarketAxess
Holdings Inc. 
 55 Hudson Yards 15th Floor 

New York, New York, 10001 

January 7, 2019 
 Christopher R. Concannon

 Re: Terms of Employment  
 Dear Chris: 

The purpose of this letter agreement (this “Letter Agreement”) is to set forth the terms and conditions of your employment
with MarketAxess Holdings Inc. (the “Company”) effective as of January 22, 2019 (the “Effective Date”). 

1. Title, Term and Duties. Effective as of the Effective Date, you shall be employed by the Company as its President and Chief Operating
Officer. As soon as reasonably practicable following the Effective Date, you shall be nominated to serve as a member of the Board of Directors of the Company (the “Board”). Your employment will continue under the terms and
conditions of this Letter Agreement for a term commencing on the Effective Date until the fifth anniversary of the Effective Date (the “Initial Term”). On the day following the last day of the Initial Term and each anniversary
thereof, the term of this Letter Agreement shall be automatically extended for successive one-year periods, provided, however, that either party hereto may elect not to extend the term of this
Letter Agreement by giving written notice to the other party at least ninety (90) days prior to the end of the Initial Term or any such anniversary thereof. Notwithstanding anything else herein, you and the Company retain the right to
terminate your employment hereunder at any time for any reason or no reason in accordance with the terms of this Letter Agreement. The period of time between the Effective Date and the termination of your employment hereunder shall be referred to
herein as the “Term.” 
 During the Term, you will report to the Chief Executive Officer of the Company. While you are
employed by the Company, you will devote substantially all of your business time and efforts to the performance of your duties hereunder and use your best efforts in such endeavors. 

2. Base Salary, Bonus, Equity and Benefits. 

(a) During the Term, the Company will pay you a base salary at a minimum rate of $500,000 per year, in accordance with the usual payroll
practices of the Company. 
 (b) In addition, during the Term, you will be eligible to receive an annual cash incentive subject to, and in
accordance with, the Company’s annual performance incentive plan as in effect from time to time on terms and conditions established and evaluated by the Compensation Committee of the Board (the “Compensation Committee”) in its
sole discretion. Notwithstanding the forgoing, with respect to the 2019 calendar year, you will receive a cash incentive of no less than $1.5 million (the “2019 Incentive”). The 2019 Incentive is payable when such cash
incentives are generally paid to senior executives of the Company but no later than March 15, 2020, and, except as expressly set forth in this Letter Agreement, subject to your continued employment with the Company on the payment date. 

  
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 (c) In consideration for your entering into this Letter Agreement, on the Effective Date or
as soon as reasonably practicable thereafter, you will receive the following equity awards under the Company’s 2012 Incentive Plan (the “Incentive Plan”): (i) “Leveraged Equity” comprised of (A) stock options to
purchase a number of shares of the Company’s common stock with a grant date value of $1.4375 million with an exercise price per share equal to 125% of the closing price of the Company’s common stock on the grant date (the “FMV
Benchmark”), which stock option award will be granted pursuant to, and will be subject to the terms and conditions of, the Form of Stock Option Agreement attached as Exhibit B; (B) stock options to purchase a number of shares of
the Company’s common stock with a grant date value of $1.4375 million with an exercise price per share equal to 135% of the FMV Benchmark, which stock option award will be granted pursuant to, and will be subject to the terms and
conditions of, an award agreement substantially similar to the Form of Stock Option Agreement attached as Exhibit B; (C) performance shares for a target number of shares of the Company’s common stock with a grant date value of
$1.4375 million and with a share price performance target equal to 125% of the FMV Benchmark, which award will be granted pursuant to, and will be subject to the terms and conditions of, the Form of Performance Share Agreement attached as
Exhibit C; and (D) performance shares for a target number of shares of the Company’s common stock with a grant date value of $1.4375 million and with a share price performance target equal to 135% of the FMV Benchmark, which
award will be granted pursuant to, and will be subject to the terms and conditions of, an award agreement substantially similar to the Form of Performance Share Agreement attached as Exhibit C, (ii) an award of restricted stock units
equal in value to $5 million on the date of grant (as determined under the Incentive Plan), vesting in three equal installments on the first three anniversaries of the grant date, which restricted stock units will be granted pursuant to, and
will be subject to the terms and conditions of, an award agreement substantially similar to the Form of Restricted Stock Unit Agreement attached as Exhibit D, and (iii) an award of restricted stock units equal in value to $1 million
on the date of grant (as determined under the Incentive Plan), vesting on the third anniversary of the grant date which restricted stock units will be granted pursuant to, and will be subject to the terms and conditions of, an award agreement
substantially similar to the Form of Restricted Stock Unit Agreement attached as Exhibit E. All awards will be granted pursuant to, and will be subject to the terms and conditions of, the Incentive Plan and the applicable award agreements.
 
 (d) During the Term, you will be eligible to receive annual equity awards (“Annual Equity Awards”) on terms and
conditions that are expected to be generally consistent with the terms and conditions of awards made to other senior executives of the Company, but in all cases determined by the Compensation Committee in its sole discretion. With respect to the
2019 calendar year, you will be granted an Annual Equity Award with a value of no less than $1.5 million on the date of grant (as determined under the Incentive Plan), which grant will be made in January 2020, subject to your continued
employment with the Company at the time of grant. It is expected that the Annual Equity Awards will be delivered via the flex share program, subject to designated minimums as determined by the Compensation Committee in its sole discretion. It is
expected that at least 40% of the Annual Equity Awards will be granted as Performance Shares (as defined in the Incentive Plan). The vesting of the Annual Equity Awards will be set forth in the applicable award agreements. 

(e) You will be subject to share ownership guidelines (“SOGs”) of five times your then current base
salary.    You are expected to comply with this provision within five years of the date of this Agreement and at all times thereafter while employed with the Company. The SOGs may change from time to time as determined by the
Nominating and Corporate Governance Committee of the Board in its sole discretion. 

  
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 (f) During the Term, you will be entitled to participate, to the extent eligible thereunder,
in all benefit plans and programs, in accordance with the terms thereof in effect from time to time, as are generally made available by the Company to senior management of the Company (including, without limitation, any health benefits, life
insurance and disability insurance), at a level comparable to other senior management of the Company. In addition, during the Term, the Company will provide you with the office equipment and network connections reasonably necessary to enable you to
work efficiently from your home, as determined by the Company. 
 (g) During and after the Term, you will be entitled to the indemnification
by the Company in accordance with the terms and conditions of the Indemnification Agreement attached as Exhibit F hereto. 
 3.
Business Expenses. Upon presentation of appropriate documentation, you will be reimbursed by the Company for reasonable business expenses, in accordance with Company policies applicable to senior management, in connection with the performance
of your duties hereunder. The Company will also pay up to $15,000 for the reasonable fees and expenses of your legal counsel and tax advisor in connection with the review and negotiation of this Letter Agreement and other agreements to be entered
substantially contemporaneously in connection therewith, promptly upon presentation of invoices thereof in reasonable detail. 
 4.
Severance/Termination of Employment/Change in Control. 
 (a) In the event your employment with the Company pursuant to this Letter
Agreement is terminated other than: (w) due to your death, (x) by you voluntarily, including without limitation as a result of your non-extension of the Term as provided in Section 1 (and in any
event other than as a result of your resignation for Good Reason); (y) by the Company as a result of the Company’s non-extension of the Term as provided in Section 1, or (z) by the Company as a
result of (A) your having a Disability (as defined below), (B) your willful misconduct, gross misconduct, or gross negligence in the performance of your duties under this Letter Agreement that is not cured by you within thirty (30) days
after your receipt of written notice given to you by the Company, (C) your conviction of, or plea of guilty or nolo contendere to, a crime relating to the Company or any affiliate, or any felony, (D) a material breach by you of this
Letter Agreement, any other material written agreement entered into between you and the Company, or any material written policy of the Company signed by you, in each case that is not cured by you within thirty (30) days after your receipt of
written notice given to you by the Company, (E) your intentional failure or refusal to follow a lawful and proper direction of the Board, the Company, or the Company’s Chief Executive Officer that is not cured by you within thirty
(30) days after your receipt of written notice given to you by the Company, or (F) any other conduct by you, whether or not in the course of performing your responsibilities hereunder, that has or is reasonably likely to have a material
adverse effect on the business, assets or reputation of the Company ((B) through (F) each a “Cause Event”), subject to your executing and delivering to the Company within 60 days following the date of such termination a fully
effective waiver and general release in substantially the form attached to the Letter Agreement as Exhibit A (the “Release”) (which form may be amended by the Company with such changes as the Company or its counsel determine
are reasonably necessary to support the legality and effectiveness of the Release), which the Company will provide to you within seven (7) days following the date of termination, the Company will: (i) continue to pay you in accordance with
this Section 4(a) your base salary for a period of twenty-four (24) months commencing on the date set forth below in accordance with the usual payroll practices of the Company, but off the employee payroll; (ii) pay you an amount
equal to two (2) times the average of the annual full-year cash bonuses you received from the Company for the three (3) completed calendar years prior to termination (provided that (x) if there have been only two completed
calendar years prior to the termination, the amount shall be calculated using the average of the cash bonuses for those two years, (y) if there has been only one completed calendar year prior to termination, the amount shall be
calculated using the cash bonus for that year, and (z) if the termination occurs prior to the end of the 2019 calendar year, the amount shall be deemed to be the full amount of the 2019 Incentive)

  
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(any such amount, the “Average Bonus”), payable in accordance with this Section 4(a) in twenty-four (24) approximately equal monthly installments commencing on the date
set forth below; (iii) pay you any accrued and earned but unpaid annual bonus for the prior calendar year that would have been paid but for such termination, payable when such annual bonus would have otherwise been paid in accordance with the
applicable annual performance incentive plan; and (iv) if you timely elect to continue health coverage under the Company’s plan in accordance with COBRA, pay your, your spouse’s and your dependent’s continuation coverage premiums
to the extent, and for so long as you remain eligible for such continuation coverage under the applicable plan and pursuant to applicable law, but in no event for more than eighteen (18) months from the date of termination; provided,
that the payments for continuation coverage shall be made only to the extent that such payments will not (i) subject the Company or any affiliate to any taxes or other penalties under Section 4980D of the Code or (ii) otherwise cause
a violation of applicable law. Notwithstanding anything herein to the contrary, payment of the amounts described in subsections (i), (ii) and (iii) above shall, to the extent required, be subject to the delay provided under Section 7(a),
and in the event that such delay does not apply to the amounts described in subsection (i) and (ii), then the first payments of such amounts will made on the sixtieth (60th) day after the
date of termination, which first payment will include payment of any amounts that would otherwise be due prior thereto. For the avoidance of doubt, this Section 4(a) will apply in the event that your employment with the Company pursuant
to this Letter Agreement is terminated, whether during or outside of the Change of Control Protection Period, (x) by the Company other than for a Cause Event or (y) by you as a result of your resignation for Good Reason. 

(b) In the event your employment with the Company pursuant to this Letter Agreement is terminated (x) by the Company as a result of the
Company’s non-extension of the Term as provided in Section 1, or (y) as a result of your death or Disability outside the Change in Control Protection Period, subject to your (or, in the event of
your death, your estate) executing and delivering to the Company within 60 days following the date of such termination a fully effective copy of the Release, which the Company will provide within seven (7) days following the date of
termination, the Company will: (i) continue to pay you (or, in the event of your death, your estate) in accordance with this Section 4(b) your base salary for a period of twelve (12) months commencing on the date set forth below in
accordance with the usual payroll practices of the Company, but off the employee payroll; (ii) pay you (or, in the event of your death, your estate) an amount equal to one (1) times the Average Bonus, payable in accordance with this
Section 4(b) in twelve (12) approximately equal monthly installments commencing on the date set forth below; (iii) pay you (or, in the event of your death, your estate) any accrued and earned but unpaid annual bonus for the prior
calendar year that would have been paid but for such termination, payable when such annual bonus would have otherwise been paid in accordance with the applicable annual performance incentive plan; and(iv) provide you with the benefits described in
Section 4(a)(iv) (provided in the manner described therein) for up to twelve (12) months from the date of termination. Notwithstanding anything herein to the contrary, payment of the amounts described in subsections (i), (ii) and
(iii) above shall, to the extent required, be subject to the delay provided under Section 7(a) in the event of a termination by the Company due to your having a Disability, and in the event that such delay does not apply to the amounts
described in subsection (i) and (ii), then the first payments of such amounts will made on the sixtieth (60th) day after the date of termination, which first payment will include payment of
any amounts that would otherwise be due prior thereto. 
 (c) In the event your employment with the Company pursuant to this Letter Agreement
is terminated: (x) automatically upon your death, or (y) by the Company as a result of your having a Disability, in any case, on or within eighteen (18) months after a Change in Control (as defined in the Incentive Plan on the date
hereof) or within three (3) months prior to a Change in Control that constitutes a Change in Control Event within the meaning of Section 409A of Internal Revenue Code of 1986, as amended (the “Code”), and the regulations
and guidance promulgated thereunder (collectively “Code Section 409A”) (the “Change in Control Protection  

  
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Period”), in lieu of the payments and benefits described in Section 4(b), and subject to your executing and delivering to the Company within 60 days following the date of such
termination a fully effective copy of the Release, which the Company will provide to you within seven (7) days following the date of termination, the Company will: (i) continue to pay you (or, in the event of your death, your estate) in
accordance with this Section 4(c) your base salary for a period of twenty-four (24) months commencing on the date set forth below in accordance with the usual payroll practices of the Company, but off the employee payroll; (ii) pay
you an amount equal to two (2) times the Average Bonus, payable in accordance with this Section 4(c) in twenty-four (24) approximately equal monthly installments commencing on the date set forth below; (iii) pay you (or, in the
event of your death, your estate) any accrued and earned but unpaid annual bonus for the prior calendar year that would have been paid but for such termination, payable when such annual bonus would have otherwise been paid in accordance with the
applicable annual performance incentive plan; and (iv) provide you with the benefits described in Section 4(a)(iv) (provided in the manner described therein) for up to eighteen (18) months from the date of termination. Notwithstanding
anything herein to the contrary, payment of the amounts described in subsections (i), (ii) and (iii) above shall, to the extent required, be subject to the delay provided under Section 7(a), and in the event that such delay does not apply
to the amounts described in subsection (i) and (ii), then the first payments of such amounts will made on the sixtieth (60th) day after the date of termination, which first payment will
include payment of any amounts that would otherwise be due prior thereto. 
 (d) You will be under no obligation to seek other employment and
there will be no offset against any amounts owing to you under Sections 4(a), (b) or (c) above, as applicable, on account of any remuneration attributable to any subsequent employment that you may obtain. 

(e) For purposes of this Letter Agreement, “Good Reason” shall mean any of the following events that are not cured by the
Company within thirty (30) days after the Company’s receipt of written notice from you specifying the event claimed to be Good Reason (the “Cure Period”): (i) you no longer holding the title of President (other than at any
time that you hold the title of the Chief Executive Officer of the Company), (ii) a material diminution in your duties, authorities or responsibilities or the assignment to you of duties or responsibilities that are materially adversely inconsistent
with your then position (other than as a result of you ceasing to be a director); (iii) a material breach of this Letter Agreement by the Company; (iv) a requirement by the Company that your principal place of work be moved to a location more
than fifty (50) miles away from its current location; or (v) the failure of the Company to obtain and deliver to you a reasonably satisfactory written agreement from any successor to all or substantially all of the Company’s assets to
assume and agree to perform this Letter Agreement. You shall be required to provide the Company with written notice of the existence of Good Reason no later than forty-five (45) days after the date on which you have had, or should have had,
actual knowledge of the event that is alleged to constitute Good Reason, the Company shall notify you no later than the end of the Cure Period whether it agrees that a Good Reason event has occurred (and if it has occurred, whether the Company
intends to cure it), and you must actually resign within ninety (90) days of the end of the Cure Period in order to for such resignation to be considered a resignation for Good Reason. 

(f) For purposes of this Letter Agreement, “Disability” shall mean your having a permanent and total disability as defined in
Section 22(e)(3) of the Code. 
 (g) Upon termination of your employment hereunder for any reason, all of your then outstanding equity
awards shall be treated as set forth herein or (to the extent consistent with the foregoing) in the applicable award agreement and the Company will have no obligations under this Letter Agreement other than as provided herein and to pay you:
(i) any base salary you have earned and accrued but remains unpaid as of the date of your termination 

  
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of employment, paid in accordance with the usual payroll practices of the Company; (ii) any unreimbursed business expenses otherwise reimbursable in accordance with the Company’s
policies as in effect from time to time, paid in accordance with such policies and Section 7(d) below; and (iii) benefits paid and or provided in accordance with the terms of the applicable plans and programs of the Company. 

(h) You agree that you will provide the Company with not less than sixty (60) days written notice of your voluntary termination of
employment other than any such termination as a result of your non-extension of the Term as provided in Section 1 or as a result of your resignation for Good Reason; provided that the Company may, in its
sole discretion, make the date of your voluntary termination effective earlier than any such notice date. 
 5. 280G Excise Tax. In
the event that you become entitled to payments and/or benefits provided by this Letter Agreement or any other amounts or benefits in the “nature of compensation” (whether pursuant to the terms of this Letter Agreement or any other plan,
arrangement or agreement with the Company, any person whose actions result in a change of ownership or effective control covered by Section 280G(b)(2) of the Code or any person affiliated with the Company or such person) as a result of such
change in ownership or effective control of the Company (collectively the “Company Payments”), and if such Company Payments will be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the Code (or
any similar tax that may hereafter be imposed by any taxing authority) the amount of any Company Payments will be automatically reduced to an amount one dollar less than an amount that would subject you to the Excise Tax; provided, however, that the
reduction will occur only if the reduced Company Payments received by you (after taking into account all applicable federal, state and local income, social security and other taxes) would be greater than the unreduced Company Payments to be received
by you minus (i) the Excise Tax payable with respect to such Company Payments and (ii) all other applicable federal, state and local income, social security and other taxes on such Company Payments. If such reduction is to be effective,
the Company Payments shall be reduced in the following order: (a) any cash severance based on salary or bonus, (b) any other cash amounts payable to you, (c) any benefits valued as “parachute payments” within the meaning of
Code Section 280G(b)(2); (d) acceleration of vesting of any stock option or similar awards for which the exercise price exceeds the then fair market value, and (e) acceleration of vesting of any equity not covered by clause (d) above.

 6. Restrictive Covenants. You acknowledge and agree that simultaneously with the execution of this Letter Agreement, you have
executed the Company’s Proprietary Information and Non-Competition Agreement substantially in the form attached hereto as Exhibit G. 

7. Code Section 409A. 

(a) Notwithstanding any provision to the contrary in this Letter Agreement, a termination of your employment will not be deemed to have
occurred for purposes of any provision of this Letter Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” (within the
meaning of Code Section 409A) and, for purposes of any such provision of this Letter Agreement, references to a “termination” or “termination of employment” will mean separation from service. If you are deemed on the date of
termination of your employment to be a “specified employee”, within the meaning of that term under Section 409A(a)(2)(B) of the Code and using the identification methodology selected by the Company from time to time, or if none, the
default methodology set forth in Code Section 409A, then with regard to any payment or the providing of any benefit that constitutes “non-qualified deferred compensation” pursuant to Code
Section 409A, such payment or benefit will not be made or provided prior to the earlier of (i) the expiration of the six-month period measured from the date of your separation from service or
(ii) the date of 

  
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your death. On the first day of the seventh month following the date of your separation from service or, if earlier, on the date of your death, all payments delayed pursuant to this Section
(whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) will be paid or reimbursed to you in a lump sum, and any remaining payments and benefits due under this Letter Agreement will be paid or
provided in accordance with the normal payment dates specified for them herein in each case without interest. 
 (b) If you (or your
representative) inform the Company that any provision of this Letter Agreement would cause you to incur any additional tax or interest under Code Section 409A or any regulations or Treasury guidance promulgated thereunder, the Company will
consider in good faith reforming such provision, after consulting with and receiving your approval (which will not be unreasonably withheld); provided that the Company agrees to maintain, to the maximum extent practicable, the original intent and
economic benefit to you of the applicable provision without violating the provisions of Code Section 409A. 
 (c) The parties agree that
this Letter Agreement shall be interpreted to be exempt from or comply with Code Section 409A and all provisions of this Letter Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code
Section 409A. In no event will the Company be liable for any additional tax, interest or penalties that may be imposed on you by Code Section 409A or any damages for failing to comply with Code Section 409A or the provisions of this
Section 7. 
 (d) Any reimbursement of costs and expenses provided for under this Letter Agreement shall be made no later than
December 31 of the calendar year next following the calendar year in which the expenses to be reimbursed are incurred. 
 (e) With
regard to any provision herein that provides for reimbursement of expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, and (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided
during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be
violated with regard to expenses reimbursed under any arrangement covered by Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect. 

(f) With regard to any installment payments provided for herein, each installment thereof shall be deemed a separate payment for purposes of
Code Section 409A. 
 (g) Whenever a payment under this Letter Agreement specifies a payment period with reference to a number of days,
the actual date of payment within the specified period shall be within the sole discretion of the Company. 
 (h) With respect to the
provisions of this Letter Agreement providing for your indemnification by the Company and/or the payment or advancement of costs and expenses associated with indemnification, any such amounts shall be paid or advanced to you only in a manner and to
the extent that such amounts are exempt from the application of Code Section 409A in accordance with the provisions of Treasury Regulation 1.409A-1(b)(10). 

8.Directors and Officers Liability Insurance. While you are employed by the Company hereunder and while potential liability exists
thereafter, the Company will cover you under the Company’s directors’ and officers’ liability insurance on the same basis as other directors and senior management of the Company, which liability insurance shall at all times provide
coverage in an amount that is reasonable and customary for companies of a similar size in the Company’s industry. 

  
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 9. Miscellaneous. 

(a) The Company may withhold from any and all amounts payable to you such federal, state, local and all other taxes as may be required to be
withheld pursuant to any applicable laws or regulations. 
 (b) You represent and warrant to the Company that you have no written employment
agreement or any other written agreement or other understanding of any nature whatsoever with your employer immediately preceding the entering into this Letter Agreement (or any other former employer) that would prohibit you from entering into this
Letter Agreement. Accordingly, you represent and warrant that you are legally able to enter into this Letter Agreement and accept employment with the Company; that you are not prohibited by the terms of any agreement, understanding, law or policy
from entering in this Letter Agreement; and that the terms hereof and of the Proprietary Information and Non-Competition Agreement will not and do not violate or contravene the terms of any agreement,
understanding, law or policy to which you are or may be a party, or by which you may be bound or subject. Notwithstanding anything else herein, this Letter Agreement is personal to you and neither the Letter Agreement nor any rights hereunder may be
assigned by you. 
 (c) This Letter Agreement shall be construed, enforced and interpreted in accordance with and governed by the internal
laws of the State of New York, without reference to rules relating to conflicts of laws (whether of the State of New York or any other jurisdiction) which would result in the application of the laws of any other jurisdiction. 

(d) Effective as of the Effective Date, this Letter Agreement contains the entire agreement of the parties relating to the subject matter
hereof, and supersedes in its entirety any and all prior agreements, understandings or representations relating to the subject matter hereof other than any equity award agreements entered into on or prior to the date hereof and the Proprietary
Information and Non-Competition Agreement. 
 (e) No modifications of this Letter Agreement will be
valid unless made in writing and signed by the parties hereto. 
 10. Arbitration. Any controversy or claim arising out of or relating
to this Letter Agreement or your employment with the Company shall be settled by arbitration in New York, New York administered by the American Arbitration Association (“AAA”) under its Commercial Arbitration Rules. The arbitration
shall be arbitrated by a single arbitrator mutually selected by you and the Company, with the AAA to appoint the arbitrator in the event that the parties are unable to agree on the selection within thirty days following the initiation of the
arbitration. Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The parties acknowledge and agree that in connection with any such arbitration and regardless of outcome (a) each party shall
pay all its own costs and expenses, including without limitation its own legal fees and expenses, and (b) joint expenses shall be borne equally among the parties. 

11. Recoupment. Notwithstanding anything to the contrary in this Letter Agreement or any equity or other compensation award agreement
between you and the Company, you hereby acknowledge and agree that all compensation paid to you by the Company, whether in the form of cash, the Company’s common stock or any other form of property, will be subject to any compensation recapture
policies established by the Board (or any committee thereof) from time to time, in its sole discretion, in order to comply with law, rules or 

  
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other regulatory requirements applicable to the Company or its employees including without limitation any such policy that is intended to comply with (i) The Dodd-Frank Wall Street Reform
and Consumer Protection Act and any rules and regulations promulgated thereunder and (ii) the Remuneration Code published by the UK Financial Services Authority. 

[Signature page follows] 

  
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	Very truly yours,
	
	MARKETAXESS HOLDINGS INC.
		
	By:	 	 /s/ Richard M. McVey

		 	Name: Richard M. McVey
		 	Title:   Chief Executive Officer

  

	
	Accepted and Agreed:
	
	 /s/ Christopher R. Concannon

	Christopher R. Concannon
	Date: January 7, 2019

  
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 EXHIBIT A 

WAIVER AND GENERAL RELEASE 
 [DATE] 

[NAME and ADDRESS] 
 Dear [insert name]: 

This Waiver and General Release (this “Agreement”) serves to memorialize the terms of the termination of your employment with
MarketAxess Holdings Inc.(“MarketAxess”). The terms of this Agreement, including your right to the payments and benefits referred to in Paragraph 2 below, are contingent upon and subject to your executing and not revoking this
Agreement. As used in this Agreement, the terms “you” and “your” refer to [insert name]. 
 1 Termination of Employment.

 You hereby acknowledge and agree that your employment with MarketAxess was terminated effective [DATE] (the “Termination
Date”), and that after the Termination Date you will not represent yourself as being an employee, officer, agent or representative of MarketAxess for any purpose. The Termination Date will be the termination date of your employment for
purposes of participation in and coverage under all benefit plans and programs sponsored by or through MarketAxess, except as otherwise provided in this Agreement. 

2 Severance Payments and Benefits. 

Subject to your full compliance with all of your obligations under this Agreement, including but not limited to the covenants contained in
Paragraphs 3 and 4, in addition to payment of all unpaid vested compensation and benefits earned by you through the Termination Date ((a)-(d) below, the “Severance Benefits”): 

(a) You will continue to be paid your current semi-monthly pay of
[                ] ($[                ]) per pay period (less standard applicable tax
withholdings and other deductions required by law), for a period of [    ] 1 months from the
Termination Date; 
 (b) You will be entitled to an amount equal to
[                ] ($[                ]) 2, payable in equal monthly installments (less standard applicable tax withholdings and other deductions required by law), for a period of [    ] 3 months from the Termination Date; 
  

 

	1 	 Insert applicable period from Section 4 of the Employment Agreement for payment of
base salary continuation. 

	2 	 Insert amount based on applicable multiple for Average Bonus in accordance with Section 4 of the
Employment Agreement. 

	3 	 Insert applicable period from Section 4 of the Employment Agreement for payment of Average Bonus.

  
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 (c) You will be paid any accrued and earned but unpaid annual bonus for
[                ]4 that would have
been paid but for your termination of employment, payable when such annual bonus would have otherwise been paid to you in accordance with the applicable annual performance incentive plan; and 

(d) If you timely elect to continue health coverage under the [NAME OF HEALTH PLAN] (the “Health Plan”) in accordance with COBRA,
MarketAxess will pay your, your spouse’s and your dependent’s continuation coverage premiums to the extent, and for so long as you remain eligible for such continuation coverage under the Health Plan and pursuant to applicable law, but in
no event for more than [                ]5
months from the Termination Date; provided, that the payments for such continuation coverage shall be made only to the extent that such payments will not (i) subject MarketAxess or any affiliate to any taxes or other penalties
under Section 4980D of the Code or (ii) otherwise cause a violation of applicable law. 
 3 Employee’s General Release and Waiver.

 (a) YOU HEREBY RELEASE MARKETAXESS AND ALL OF ITS AFFILIATES, AND ITS AND THEIR RESPECTIVE OFFICERS, DIRECTORS, SHAREHOLDERS, MEMBERS, EMPLOYEES,
SUCCESSORS AND ASSIGNS (COLLECTIVELY REFERRED TO HEREIN AS THE “RELEASEES”), JOINTLY AND SEVERALLY, FROM ANY AND ALL CLAIMS, KNOWN OR UNKNOWN, WHICH YOU OR YOUR HEIRS, SUCCESSORS OR ASSIGNS HAVE OR MAY HAVE AGAINST ANY RELEASEE
ARISING ON OR PRIOR TO THE DATE THAT YOU EXECUTE THIS AGREEMENT AND ANY AND ALL LIABILITY WHICH ANY SUCH RELEASEE MAY HAVE TO YOU, WHETHER DENOMINATED CLAIMS, DEMANDS, CAUSES OF ACTION, OBLIGATIONS, DAMAGES OR LIABILITIES ARISING FROM ANY AND ALL
BASES, HOWEVER DENOMINATED, INCLUDING BUT NOT LIMITED TO CLAIMS FOR WRONGFUL DISCHARGE, ACCRUED BONUS OR INCENTIVE PAY, THE AGE DISCRIMINATION IN EMPLOYMENT ACT, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE FAMILY AND MEDICAL LEAVE ACT OF 1993,
TITLE VII OF THE UNITED STATES CIVIL RIGHTS ACT OF 1964, 42 U.S.C. § 1981, WORKERS ADJUSTMENT AND RETRAINING NOTIFICATION ACT, THE NEW YORK HUMAN RIGHTS LAW, INCLUDING NEW YORK EXECUTIVE LAW § 296, §
8-107 OF THE ADMINISTRATIVE CODE AND CHARTER OF NEW YORK CITY OR ANY OTHER FEDERAL, STATE, OR LOCAL LAW AND ANY WORKERS’ COMPENSATION OR DISABILITY CLAIMS UNDER ANY SUCH LAWS. THIS RELEASE IS FOR ANY AND
ALL CLAIMS, INCLUDING BUT NOT LIMITED TO CLAIMS ARISING FROM AND DURING YOUR EMPLOYMENT RELATIONSHIP WITH RELEASEES OR AS A RESULT OF THE TERMINATION OF SUCH RELATIONSHIP. NOTWITHSTANDING ANY PROVISION CONTAINED IN THIS AGREEMENT, THIS RELEASE IS
NOT INTENDED TO INTERFERE WITH YOUR RIGHT TO FILE A CHARGE WITH THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION OR ANY STATE HUMAN RIGHTS COMMISSION IN CONNECTION WITH ANY CLAIM YOU BELIEVE YOU MAY HAVE AGAINST ANY OF THE RELEASEES. HOWEVER, BY
EXECUTING THIS AGREEMENT, YOU HEREBY WAIVE THE RIGHT TO RECOVER IN ANY PROCEEDING YOU MAY BRING BEFORE THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION OR ANY STATE HUMAN RIGHTS COMMISSION OR IN ANY PROCEEDING BROUGHT BY THE EQUAL EMPLOYMENT OPPORTUNITY
COMMISSION OR ANY STATE HUMAN RIGHTS COMMISSION ON YOUR BEHALF. THIS RELEASE IS FOR ANY RELIEF, NO MATTER HOW DENOMINATED, INCLUDING, BUT NOT LIMITED TO, INJUNCTIVE RELIEF, WAGES, BACK PAY, FRONT PAY, COMPENSATORY DAMAGES, OR PUNITIVE DAMAGES. THIS
RELEASE SHALL NOT APPLY TO ANY OBLIGATION OF MARKETAXESS PURSUANT TO THIS AGREEMENT. 
  

	4 	 Insert calendar year prior to year of termination. 

	5 	 Insert applicable period from Section 4 of the Employment Agreement for continuation coverage.

  
 12 

 YOU ACKNOWLEDGE THAT THE SEVERANCE BENEFITS THAT YOU WILL RECEIVE UNDER PARAGRAPH 2 OF THIS
AGREEMENT REPRESENT GOOD AND VALUABLE CONSIDERATION FOR YOUR ENTERING INTO THIS AGREEMENT TO WHICH YOU OTHERWISE DID NOT HAVE A RIGHT. 
 (b)
In the event there is presently pending any action, suit, claim, charge or proceeding with any federal, state or local court or agency relating to any claim within the scope of Paragraph 3(a), or if such a proceeding is commenced in the future, you
shall, to the extent permitted by law, promptly withdraw it, with prejudice, to the extent that you have the power to do so. 
 (c) Nothing
in this Agreement shall affect your vested rights, if any, to any equity award granted to you under the MarketAxess equity incentive plan(s). Your rights to benefits under any such plan(s) will be determined in accordance with the terms of such
plan(s) and your award agreements. 
 (d) Nothing in this Agreement shall affect your vested rights, if any, to retirement benefits under any
401(k) retirement plan(s) offered by MarketAxess. Your rights to benefits under any such 401(k) plan(s) and any other employee benefits plans will be determined in accordance with the terms of such plans. 

(e) Nothing in this Agreement shall affect your eligibility for indemnification in accordance with MarketAxess’s certificate of
incorporation, bylaws or other corporate governance document, or any indemnification agreement with MarketAxess, or any applicable insurance policy, with respect to any liability you incurred or might incur as an employee, officer or director of
MarketAxess. 
 (f) You will receive payment for any accrued, unused vacation days. 

4 Other Agreements. 
 (a) Return of
Documents. You agree that on or before [                ], 20___, you will return to MarketAxess all property and all information concerning the business of
MarketAxess in your possession, custody or control that has been furnished to you or is held by you, at your office, residence or elsewhere, and shall not retain any copies, duplicates, reproductions or excepts thereof. If necessary, arrangements
will be made by MarketAxess to ship MarketAxess property from your home to MarketAxess at no cost to you. 
 (b) Compliance with Existing
Agreements. You agree to comply with the confidential information statement and the intellectual property, and non-competition agreement that you previously executed which shall remain in full force and
effect and which are expressly incorporated herein. 
 (c) Non-Disparagement. You shall not
make any public statements, encourage others to make statements or release information intended to disparage or defame MarketAxess, any of its affiliates or any of their respective directors or officers. Notwithstanding the foregoing, nothing in
this Paragraph 4(c) shall prohibit you from making truthful statements when required by order of a court or other body having jurisdiction or as required by law. 

  
 13 

 (d) Future Cooperation. You agree to reasonably cooperate with MarketAxess and its
counsel (including attending meetings) with respect to any claim, arbitral hearing, lawsuit, action or governmental or other investigation relating to the conduct of the business of MarketAxess or its affiliates and agree to provide full and
complete disclosure to MarketAxess and its counsel in response to any inquiry in connection with any such matters, without further compensation (except as to reasonable
out-of-pocket expenses actually incurred by you in complying with this provision) and agree to cooperate with any other reasonable inquiry of MarketAxess. 

(e) Forfeitures in Event of Breach. You acknowledge and agree that, notwithstanding any other provision of this Agreement, in the event
this Agreement does not become effective as provided in Paragraph 9, below, or you materially breach any of your obligations under Paragraphs 3 or 4 of this Agreement, you shall forfeit your right to receive the Severance Benefits that have not been
paid or provided to you as of the date of such forfeiture and you shall be liable to MarketAxess for liquidated damages in the amount of the consideration already paid pursuant to Paragraph 2, above. 

5 Remedies. 
 You acknowledge and agree
that the covenants, obligations and agreements contained in Paragraph 4 herein relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants, obligations or agreements will cause MarketAxess
irreparable injury for which adequate remedies are not available at law. Therefore, you agree that MarketAxess shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond or any other
security) as a court of competent jurisdiction may deem necessary or appropriate to restrain you from committing any violation of such covenants, obligations or agreements. These injunctive remedies are cumulative and in addition to any other rights
and remedies MarketAxess may have. MarketAxess and you hereby irrevocably submit to the exclusive jurisdiction of the courts of New York, and the Federal courts of the United States of America, in each case located in New York City, in respect of
the injunctive remedies set forth in this Paragraph 5 and the interpretation and enforcement of this Paragraph 5 insofar as such interpretation and enforcement relate to any request or application for injunctive relief in accordance with the
provisions of this Paragraph 5, and the parties hereto hereby irrevocably agree that (a) the sole and exclusive appropriate venue for any suit or proceeding relating solely to such injunctive relief shall be in such a court, (b) all claims
with respect to any request or application for such injunctive relief shall be heard and determined exclusively in such a court, (c) any such court shall have exclusive jurisdiction over the person of such parties and over the subject matter of
any dispute relating to any request or application for such injunctive relief, and (d) each hereby waives any and all objections and defenses based on forum, venue or personal or subject matter jurisdiction as they may relate to an application
for such injunctive relief in a suit or proceeding brought before such a court in accordance with the provisions of this Paragraph 5, provided that MarketAxess may seek to enforce any such injunctive relief in any court of competent jurisdiction.

 6 No Admission. 
 This Agreement
does not constitute an admission of liability or wrongdoing of any kind by MarketAxess or its affiliates. 
 7 Heirs and Assigns. 

The terms of this Agreement shall be binding on the parties hereto and their respective successors and assigns. 

  
 14 

 8 General Provisions. 

(a) Integration. This Agreement constitutes the entire understanding of MarketAxess and you with respect to the subject matter hereof
and supersedes all prior understandings or agreements, written or oral between you and MarketAxess except for those agreements that are expressly incorporated herein. The terms of this Agreement may be changed, modified or discharged only by an
instrument in writing signed by the parties hereto. A failure of MarketAxess or you to insist on strict compliance with any provision of this Agreement shall not be deemed a waiver of such provision or any other provision hereof. In the event that
any provision of this Agreement is determined to be so broad as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable. 

(b) Choice of Law. This Agreement shall be construed, enforced and interpreted in accordance with and governed by the internal laws of
the State of New York, without reference to rules relating to conflicts of laws (whether of the State of New York or any other jurisdiction) which would result in the application of the laws of any other jurisdiction. 

(c) Construction of Agreement. The rule of construction to the effect that ambiguities are resolved against the drafting party shall not
be employed in the interpretation of this Agreement. Rather, the terms of this Agreement shall be construed fairly as to both parties hereto and not in favor or against either party. 

(d) Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each
of which counterpart, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. 

9 Knowing and Voluntary Waiver. 
 You
acknowledge that you received a copy of this Agreement on [DATE] and that you reviewed and understand all of its provisions. You acknowledge that you have been advised to consult with an attorney prior to executing this Agreement, and you have been
given the opportunity to consider this Agreement for 21 days. You further acknowledge that by your free and voluntary act of signing below, you agree to all terms of this Agreement and intend to be legally bound thereby. 

If you wish to enter into this Agreement, you must sign it and return it to MarketAxess Holdings Inc., 55 Hudson Yards, 15th Floor, New York, NY 10001, Attention: Head of Human Resources, no earlier than your Termination Date and no later than [DATE]. 

This Agreement shall not become effective until the eighth (8th) day following the date
on which you sign this Agreement (“Effective Date”). You may at any time prior to the Effective Date revoke this Agreement delivering a notice in writing of such revocation to MarketAxess Holdings Inc., 55 Hudson Yards, 15th Floor, New York, NY 10001, Attention: Head of Human Resources. In the event you revoke this Agreement prior to the eight (8th) day after the
execution thereof, this Agreement, and the promises contained herein shall become null and void. 
  

			
	MARKETAXESS HOLDINGS INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 15 

 
			
	ACCEPTED:
		
		 	  

		 	insert name

 Acknowledgment 

On the __ day of ______, 20__, before me personally came [insert name], to me known and known to be to be the person described herein, and who
executed, the foregoing Waiver and General Release, and duly acknowledged to me that he executed the same. 
  

	
	  

 Notary Public 
 Date:
_________________________ 
 Commission Expires: ____________________ 
  

  
 16 

 Exhibit B 

Form of Stock Option Agreement 

 Exhibit C 

Form of Performance Share Agreement 

 Exhibit D 

Form of Restricted Stock Unit Agreement 

 Exhibit E 

Form of Restricted Stock Unit Agreement 

 Exhibit F 

Indemnification Agreement 

 Exhibit G 

Proprietary Information and Non-Competition AgreementEX-10.2

 EXHIBIT 10.2 

STOCK OPTION AGREEMENT 

PURSUANT TO THE 

MARKETAXESS HOLDINGS INC. 

2012 INCENTIVE PLAN 
 STOCK
OPTION AGREEMENT (“Agreement”), dated as of January 22, 2019 by and between MarketAxess Holdings Inc. (the “Company”) and Christopher R. Concannon (the “Executive”). 

Preliminary Statement 

The Board of Directors of the Company (the “Board”) or a committee appointed by the Board (the “Committee”) to administer
the MarketAxess Holdings Inc. 2012 Incentive Plan, as amended (the “Plan”), has authorized this grant of an incentive stock option (the “Option”) on January 22, 2019 (the “Grant Date”) to purchase the number of
shares of the Company’s common stock, par value $.003 per share (the “Common Stock”) set forth below to the Executive, as an Eligible Employee of the Company or an Affiliate (collectively, the Company and all Subsidiaries and Parents
of the Company shall be referred to as the “Employer”). Unless otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan. A copy of the Plan has been delivered to the
Executive. By signing and returning this Agreement, the Executive acknowledges having received and read a copy of the Plan and agrees to comply with it, this Agreement and all applicable laws and regulations. 

Accordingly, the parties hereto agree as follows: 

1. Tax Matters. The Option granted hereby is intended to qualify as an “incentive stock option” under Section 422
of the Internal Revenue Code of 1986, as amended (the “Code”). Notwithstanding the foregoing, the Option will not qualify as an “incentive stock option,” among other events, (i) if the Executive disposes of the Common Stock
acquired pursuant to the Option at any time during the two (2) year period following the date of this Agreement or the one (1) year period following the date on which the Option is exercised; (ii) except in the event of the
Executive’s death or disability, as defined in Section 22(e)(3) of the Code, if the Executive is not employed by the Company, any Subsidiary or any Parent at all times during the period beginning on the date of this Agreement and ending on
the day three (3) months before the date of exercise of the Option; or (iii) to the extent the aggregate fair market value (determined as of the time the Option is granted) of the Common Stock subject to “incentive stock options”
which become exercisable for the first time in any calendar year exceeds $100,000. To the extent that the Option does not qualify as an “incentive stock option,” it shall not affect the validity of the Option and the portion of the Option
that does not qualify as an “incentive stock option” shall constitute a separate non-qualified stock option. 

 2. Grant of Option. Subject in all respects to the Plan (as modified by this
Agreement) and the terms and conditions set forth herein and therein, the Executive is hereby granted an Option to purchase from the Company XX shares of Common Stock, at a price per share equal to [125/135]% of the Fair Market Value of the
Company’s stock on the grant date, or $XX (the “Option Price”). 
 3. Exercise. (a) Except as set forth in
subsections (b) through (e) below, the Option shall fully vest and become exercisable on the fifth anniversary of the Grant Date. 

To the extent that the Option has become vested and exercisable with respect to a number of shares of Common Stock as provided above, the
Option may thereafter be exercised by the Executive, in whole or in part, at any time or from time to time prior to the expiration of the Option as provided herein and in accordance with Section 6.4(d) of the Plan, including, without
limitation, by the filing of any written form of exercise notice as may be required by the Committee and payment in full of the Option Price multiplied by the number of shares of Common Stock underlying the portion of the Option exercised. Payment
of the Option Price may be made by any method provided under Section 6.4(d) of the Plan, including, without limitation, (i) solely to the extent permitted by applicable law, if the Common Stock is traded on a national securities exchange
or quoted on a national quotation system sponsored by the Financial Industry Regulatory Authority, through a procedure whereby the Executive delivers irrevocable instructions to a broker reasonably acceptable to the Committee to deliver promptly to
the Company an amount equal to the Option Price or (ii) the relinquishment of a portion of the Option based on the Fair Market Value of the Common Stock on the payment date. Upon expiration of the Option, the Option shall be canceled and no
longer exercisable. 
 There shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting shall
occur only on the appropriate vesting date. The Committee may, in its sole discretion, provide for accelerated vesting of the Option at any time. 

(b) Upon the death or Disability of the Executive, fifty percent (50%) of the then unvested portion the Option shall become fully vested and
exercisable on the date of the Executive’s death or Disability. 
 (c) Upon the Executive’s Termination (i) by the Company
without Cause, or (ii) by the Executive for Good Reason, one hundred percent (100%) of the then unvested portion the Option shall become fully vested and exercisable on the date of such Termination. 

(d) In the event that the Executive is in breach of any of the restrictive covenants set forth in Sections 4, 5, or 6 of the Proprietary
Information and Non-Competition Agreement between the Executive and the Company (the “Non-Competition Agreement”) prior to any exercise of the Option, the
Option shall thereupon terminate and expire. As a condition of the exercise of the Option, the Executive shall certify (or shall be deemed to have certified) at the time of exercise in a manner acceptable to the Company that the Executive is in
compliance with the terms and conditions of the Plan (as modified by Section 8 herein) and that the Executive has not engaged in, and does not intend to engage in, any activity in violation of the

  
 2 

 
Non-Competition Agreement. In the event the Executive engages in activity in violation of the Non-Competition
Agreement during the applicable time period(s) set forth in the Non-Competition Agreement following the date any portion of the Option is exercised or becomes vested, the Company shall be entitled to recover
from the Executive at any time during such time period(s) after such exercise or vesting, and the Executive shall pay over to the Company, an amount equal to any gain realized as a result of the exercise (whether at the time of exercise or
thereafter). The foregoing provisions of this Section 3(d) shall cease to apply upon a Change in Control. 
 (e) After giving effect to
the other provisions in this Agreement, any remaining unvested portion of the Option shall, upon the Executive’s Termination, be non-exercisable and shall be canceled. 

4. Option Term. The term of each Option shall expire on the date six months following the fifth anniversary of the Grant Date,
subject to earlier termination in the event of the Executive’s Termination as specified in Section 5 below. 
 5.
Termination. Subject to the terms of the Plan and this Agreement, the Option, to the extent vested at the time of the Executive’s Termination, shall remain exercisable as follows: 

(a) In the event of the Executive’s Termination by reason of death or Disability, the vested portion of the Option shall remain
exercisable until the earlier of (i) two (2) years from the date of such Termination or (ii) the expiration of the stated term of the Option pursuant to Section 4 hereof. 

(b) In the event of the Executive’s involuntary Termination without Cause, or the Executive’s voluntary Termination for Good Reason,
the vested portion of the Option shall remain exercisable until the expiration of the stated term of the Option pursuant to Section 4 hereof. 

(c) In the event of the Executive’s voluntary Termination without Good Reason (other than a voluntary Termination described in
Section 5(d) below), the vested portion of the Option shall remain exercisable until the earlier of (i) ninety (90) days from the date of such Termination or (ii) the expiration of the stated term of the Option pursuant to
Section 4 hereof. 
 (d) In the event of the Executive’s Termination for Cause or in the event of the Executive’s voluntary
Termination without Good Reason within ninety (90) days after an event that would be grounds for a Termination for Cause, the Executive’s entire Option (whether or not vested) shall terminate and expire upon the date of such Termination.

 6. Restriction on Transfer of Option. No part of the Option shall be Transferred other than by will or by the laws of
descent and distribution and during the lifetime of the Executive, may be exercised only by the Executive or the Executive’s guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in
any way (except as provided by law 

  
 3 

 
or herein), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to Transfer the Option or in the event of any levy upon the Option by reason of any
execution, attachment or similar process contrary to the provisions hereof, such transfer shall be void and of no effect and the Company shall have the right to disregard the same on its books and records and to issue “stop transfer”
instructions to its transfer agent. 
 7. Rights as a Stockholder. The Executive shall have no rights as a stockholder with
respect to any shares covered by the Option unless and until the Executive has become the holder of record of the shares, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of any such
shares, except as otherwise specifically provided for in the Plan. 
 8. Provisions of Plan Control. This Agreement is subject
to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in
effect from time to time, provided that, it is the express intention of the Company and the Executive that the provisions of the Plan pertaining to Detrimental Activity not apply to this Agreement and the Options granted hereunder. In all other
respects, the Plan is incorporated herein by reference. If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be
modified accordingly (other than, for the avoidance of doubt, with respect to provisions of the Plan pertaining to Detrimental Activity). This Agreement contains the entire understanding of the parties with respect to the subject matter hereof
(other than any exercise notice or other documents expressly contemplated herein or in the Plan) and supersedes any prior agreements between the Company and the Executive with respect to the subject matter hereof. 

9. Notices. Any notice or communication given hereunder shall be in writing and shall be deemed to have been duly given:
(i) when delivered in person; (ii) two (2) days after being sent by United States mail; or (iii) on the first business day following the date of deposit if delivered by a nationally recognized overnight delivery service, to the
appropriate party at the address set forth below (or such other address as the party shall from time to time specify): 
 If to the Company,
to: 
 MarketAxess Holdings Inc. 

55 Hudson Yards, 15th Floor 

New York, New York, 10001 

Attention: Compensation Committee 

If to the Executive, to the address on file with the Company. 

  
 4 

 10. No Obligation to Continue Employment. This Agreement is not an agreement
of employment. This Agreement does not guarantee that the Employer will employ the Executive for any specific time period, nor does it modify in any respect the Employer’s right to terminate or modify the Executive’s employment or
compensation. 
 [END OF TEXT. SIGNATURE PAGE
FOLLOWS.] 

  
 5 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first
above written. 
  

			
	MARKETAXESS HOLDINGS INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

	
	EXECUTIVE:
	
	  

	Christopher R. Concannon

  
 6

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