Document:

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                                                                 EXHIBIT 10.2(d)

                             STOCK PLEDGE AGREEMENT

         This is a Stock Pledge Agreement ("Agreement"), dated as of June 11,
2001 between Richard McVey ("Borrower") and Market Axess Inc. (the "Company").

         WHEREAS, the Borrower has requested a loan in the amount of $492,276
from the Company, such loan to be evidenced by two (2) secured promissory notes
in the amount of $393,820.80 and $98,455.20, each dated the date hereof
(collectively, the "Promissory Notes"), and it is a condition precedent to the
making of such loan by the Company that the Borrower shall have executed and
delivered to the Company this Agreement.

         NOW, THEREFORE, in order to induce the Company to make the loan, and to
secure Borrower's obligations under the Promissory Notes, the parties named
herein agree as follows:

         1. Pledge. To secure the payment in full of all indebtedness,
obligations and liabilities of the Borrower to the Company and all interest,
taxes, fees, charges, costs and expenses (including reasonable attorneys' fees
chargeable to the Borrower or incurred by the Company hereunder, under the
Promissory Notes or under any other agreement, document or instrument, the
Borrower hereby grants a first security interest to the Company in the following
collateral (the "Collateral"):

         (a) The shares (the "Pledged Shares") of common stock (the "Common
Stock") that the Borrower acquires pursuant to his Restricted Stock Agreement
dated June 11, 2001 (the "Restricted Stock Agreement"), represented by
certificate no. ___ as stated on the Common Stock ownership certificates (the
"Share Certificates," whether one or more).

         (b) Any securities hereafter delivered to the Borrower with respect to
the Pledged Shares in addition to or in substitution for any of the Pledged
Shares and all certificates and instruments representing or evidencing such
securities.

         (c) All of Borrower's rights to, title and interest in the Pledged
Shares, all dividends or distributions arising therefrom, payable therein or
distributed in respect thereto, whether in cash, property, stock or otherwise
and whether now or hereafter declared, paid or made, together with the right to
receive and receipt therefor.

         2. Perfection of Security Interest. In order to perfect the Company's
security interest in the Pledged Shares, the Borrower has delivered to the
Company the Share Certificate duly endorsed for transfer in blank (or
accompanied by one or more signed stock powers in blank), to be held by the
Company pursuant to the terms of this Agreement.

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     3. Representations, Warranties and Covenants. The Borrower hereby
represents, warrants and agrees with the Company as follows:

        (a) The Borrower has the legal capacity to execute this Agreement and to
carry out all of the terms, conditions, covenants and provisions contained
herein.

        (b) The Borrower is the only and absolute legal, record and beneficial
owner of the Pledged Shares and collectively has full power to make the pledge
contemplated hereby; the Pledged Shares are free from all security interests,
liens and encumbrances (other than the security interest granted by this
Agreement); immediately before granting the security interest created by this
Agreement, the Borrower was the record and beneficial owner and holder of the
Pledged Shares; and, except as specifically set forth in the Restricted Stock
Agreement, the Pledged Shares are freely transferable without restriction or
limitation.

        (c) During the term of this Agreement, and so long as there is no
default in the observance and performance of any of the terms of this Agreement
or the Promissory Notes by the Borrower, the Borrower shall have the right to
vote the Pledged Shares on all corporate questions.

        (d) If at any time during the term of this Agreement, any stock
dividend, reclassification, readjustment or other change is declared or made in
the capital structure of any of the applicable corporations, all new,
substituted and additional shares or other securities issued in respect to the
Pledged Shares shall be held by the Company under the terms of this Agreement in
the same manner as the Pledged Shares.

        (e) If at any time during the term of this Agreement, subscription
warrants or any other rights or options shall be issued in connection with the
Pledged Shares or any other securities at the time held by the Company
hereunder, such warrants, rights and options shall be immediately assigned to
the Company by the Borrower, and if exercised by the Borrower, all new stock or
other securities so acquired by the Borrower shall be immediately assigned to
the Company to be held by the Company under the terms of this Agreement in the
same manner as the Pledged Shares.

        (f) The Borrower has good right and lawful authority to pledge,
hypothecate, mortgage, assign, transfer, deliver, set over and confirm unto the
Company the Pledged Shares as provided in this Agreement, and the Borrower shall
warrant and defend the title thereto and the Company's security interest therein
against the claims of all persons.

        (g) So long as this Agreement shall be in effect, the Borrower shall not
sell, assign or transfer, and shall not pledge, hypothecate, mortgage or
otherwise encumber any right or rights with respect to the Pledged Shares or any
rights or interest therein.

        (h) Borrower agrees to execute any form required to be executed pursuant
to Regulation U, as applicable, and any other rules and regulations of the
Federal Reserve System.

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     4. Default. Each of the following events or conditions constitutes an
"Event of Default":

        (a) The Borrower shall fail to pay the principal of, or interest on, the
Promissory Notes, when and as such principal or interest shall be due and
payable, whether at maturity, by acceleration or otherwise;

        (b) Any representation, warranty or other statement made by the Borrower
to the Company that shall prove to have been incorrect in any material respect
on or as of the date made;

        (c) The Borrower shall default in the performance or observance of any
term, covenant, condition or agreement contained in any agreement between the
Borrower and the Company, and such default shall continue unremedied for a
period of ten (10) days after notice thereof shall have been given by the
Company to the Borrower;

        (d) An event of default shall occur under any other indebtedness of the
Borrower for borrowed money; or

        (e) The Borrower (i) shall be unable to, or shall admit in writing his
inability to, pay his debts as such debts become due; or (ii) shall make an
assignment for the benefit of creditors, or shall petition or apply to any
tribunal for the appointment of a custodian, receiver or trustee for him or a
substantial part of his assets; or (iii) shall commence any proceeding under any
bankruptcy, reorganization, arrangement, readjustment of debt or liquidation law
or statute of any jurisdiction, whether now or hereafter in effect; or (iv)
shall have any such petition or application filed or any such proceeding
commenced against him in which an order for relief is entered or adjudication or
appointment is made and which remains undismissed for a period of sixty (60)
days or more; or (v) by any act or omission shall indicate his consent to,
approval of, or acquiescence in any such petition, application, or proceeding or
order for relief or the appointment of a custodian, receiver or trustee for all
or any substantial part of his properties; or (vi) shall suffer any such
custodianship, receivership or trusteeship to continue undischarged for a period
of sixty (60) days or more.

     If at any time during the term of this Agreement, there shall have occurred
an Event of Default, the Company shall have at any time thereafter the rights
and remedies provided by law, including those contained in the Uniform
Commercial Code as interpreted by the courts in New York, and without limiting
the generality of the foregoing, the right (i) to declare all amounts then
remaining unpaid under the Promissory Notes to be immediately due and payable,
(ii) to receive all amounts payable in respect of the Pledged Shares otherwise
payable to the Borrower (in cash or otherwise), (iii) to transfer all or any
part of the Pledged Shares into the Company's name or the name of its nominee or
nominees, (iv) to vote all or any part of the Pledged Shares (whether or not
transferred into the name of the Company) and give all consents, waivers and
ratifications in respect of the Pledged Shares and otherwise act with respect
thereto as though it were the outright owner thereof (the Borrower hereby
irrevocably constituting and appointing the Company the proxy and
attorney-in-fact of the Borrower, with full power of substitution to do

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so); and (v) the right to take any available action or proceeding, at law or in
equity, which it deems necessary or advisable for its protection and security.
Upon any Event of Default, all Collateral shall be applied first to any amounts
due under the non-recourse Promissory Note until such Promissory Note has been
repaid in full, and thereafter to the full recourse Promissory Note.

         5. Governing Law. This transaction shall be governed by the laws of
New York, and the Company shall have all of the rights and remedies granted to a
secured party under the Uniform Commercial Code as interpreted by the courts of
New York.

         6. Authority of the Company. The Borrower hereby irrevocably
authorizes and empowers the Company, in its absolute discretion, at any time
after any Event of Default as defined herein, to complete the stock powers and
to transfer or cause to be transferred on its books all of the Pledged Shares
and the Share Certificates relating thereto.

         7. Termination. When and if the Borrower's obligations under the
Promissory Notes and any other indebtedness of the Borrower to the Company have
been paid in full, all rights and interests of the Company in and to the Pledged
Shares and the other Collateral shall thereupon revest in the Borrower, and the
Company thereupon shall release the security interest granted in this Agreement,
reassign the Pledged Shares and the other Collateral to the Borrower and deliver
the Share Certificates (together with any related stock powers) to the Borrower.

         8. Company's Fees and Expenses. The Borrower agrees to pay, or
reimburse the Company for any and all costs and expenses of whatever kind or
nature (including, without limitation, reasonable attorneys' fees and charges)
incurred in connection with the preservation or protection of the Company's
encumbrances on, and security interest in, the Pledged Shares, the enforcement
and collection of the Promissory Notes and this Agreement, or the prosecution or
defense of any actions, suits or proceedings arising out of or relating to the
Promissory Notes, this Agreement or all or any part of the Pledged Shares.

         9. Borrower's Obligations Absolute. Except as otherwise provided by the
Company in writing, the Borrower's obligations under this Agreement shall be
absolute and unconditional and shall remain in full force and effect without
regard to, and shall not be released, suspended, discharged, terminated or
otherwise affected by, any circumstance or occurrence whatsoever, including,
without limitation: (a) any renewal, extension, amendment or modification of, or
addition or supplement to, or deletion from, the Promissory Notes, this
Agreement or any other agreement, document or instrument, or any assignment or
transfer of any thereof; (b) any waiver, consent, extension, indulgence or other
action or inaction under or in respect of the Promissory Notes, this Agreement
or any other such agreement, document or instrument or any exercise or
non-exercise of any right, remedy, power or privilege under or in respect of the
Promissory Notes, this Agreement or any other such agreement, document or
instrument.

         10. Jurisdiction and Service of Process. Any legal action or
proceedings with respect to this Agreement against the Borrower or its
properties or assets may be brought in any New York State or Federal court in
New York, New York, as the Company may select, and the Borrower hereby
unconditionally and irrevocably consents to the non-exclusive jurisdiction of
such courts.

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The Borrower irrevocably waives any objection it may now or hereafter have to
the laying of venue of any such action or proceedings in any such courts and any
claim he may now or hereafter have that any such action or proceeding has been
brought in an inconvenient forum. The Borrower waives personal service of any
and all process upon him, and consents to the service of process and other legal
notices upon him by the mailing of copies thereof by certified mail, postage
prepaid, addressed to the Borrower at his address specified underneath his
signature below, or at such other address as may be specified by the Borrower
pursuant to Section 18 hereof. Nothing herein shall affect the right of the
Company to serve process in any other manner permitted by law or affect the
right of the Company to take any legal action or proceeding in any other
competent jurisdiction.

         11. Waiver of Right to Trial by Jury. The Borrower and the Company each
hereby unconditionally and irrevocably waive any and all right to trial by jury
in any action, suit, claim or counterclaim arising in connection with, out of or
otherwise relating to this Agreement, the Promissory Notes, the obligations, any
Pledged Shares or any transaction arising therefrom or related thereto.

         12. Taxes. The Borrower shall pay for any and all documentary stamps or
other taxes which may be imposed on the transfer and delivery to the Company, or
the retransfer and redelivery to the Borrower, of the Pledged Shares, the other
Collateral to the Borrower and the Share Certificates.

         13. Waiver by Borrower. The Borrower hereby waives presentment, demand,
protest or notice of protest with respect to the Promissory Notes.

         14. The Company's Rights; Exculpation. The Collateral shall be held in
the possession of the Company, and in connection therewith, the Company shall
have the authority and power to take such actions and to exercise such powers
hereunder as are specifically delegated to the Company by the terms hereof,
together with such other powers as are reasonably incidental thereto. The
Company shall not be liable hereunder in its capacity as agent or bailee for any
action taken or omitted by it hereunder except for its gross negligence or
willful breach. The Company shall have no compensation hereunder and shall be
under no duty with respect to the Collateral except to account therefor in due
course, pursuant to the terms and conditions hereof.

         15. Entire Agreement. This Agreement and the Promissory Notes
collectively constitute the entire agreement and supersede all prior agreements
and understandings, both written and oral, between the parties with respect to
the subject matter hereof and are not intended to confer upon any person other
than the parties hereto any rights or remedies hereunder.

         16. Modification of Agreement. This Agreement may not be modified
except in writing and executed with the same formality as this Agreement.

         17. Binding Effect. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns.

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     18. Notices. All notices required or permitted to be given hereunder shall
be in writing and addressed:

                  If to Market Axess Inc. as follows:

                           Market Axess Inc.
                           140 Broadway, 42nd Floor
                           New York, New York 10005
                           Attention: General Counsel

                  With a copy to:

                           Proskauer Rose LLP
                           1585 Broadway
                           New York, New York 10036
                           Attention: Adam J. Kansler, Esq.

                  If to the Borrower, at the address set forth below.

                            [Signature Page Follows]

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     19. Further Assurance. Each party shall execute and deliver to the other
such further documents and instruments, and shall perform such other acts, as
reasonably may be necessary or proper to carry out more effectually the purposes
of this Agreement.

                                         BORROWER

                                         By: /s/ Richard McVey
                                            ____________________________________
                                            Richard McVey

                                         Address:

                                         MARKET AXESS INC.

                                         By: /s/ Richard McVey
                                            ____________________________________
                                            Name: Richard McVey
                                            Title: Chief Executive Officer

                                        7<PAGE>
                                                                 EXHIBIT 10.2(e)

                       RESTRICTED STOCK PURCHASE AGREEMENT

      THIS RESTRICTED STOCK PURCHASE AGREEMENT is entered into as of July 1,
2001, by Market Axess Inc. (the "Company") and Richard McVey (the "Purchaser").
Capitalized terms shall have the meanings ascribed thereto in Article 10 hereof.

                                    ARTICLE 1
                              ACQUISITION OF SHARES

     1.1   Sale and Purchase. On the terms and conditions set forth in this
Agreement, the Company agrees to sell to the Purchaser, and the Purchaser agrees
to purchase from the Company, Four Hundred Fifty Eight Thousand Five Hundred Ten
(458,510) Shares. The sale and purchase shall occur at the offices of the
Company on the date set forth above or at such other place and time as the
parties may agree. The Purchased Shares shall be subject to the terms of the
promissory notes (the "Promissory Notes") and stock pledge agreement (the
"Pledge Agreement") entered into simultaneously herewith between the parties
hereto.

     1.2   Consideration. The Purchaser agrees to pay $1.20 for each Purchased
Share which is equal to the Fair Market Value of each Purchased Share. Payment
shall be made on the transfer date in cash or cash equivalents payable to the
order of the Company in an amount equal to the Purchase Price for all of the
Purchased Shares.

                                    ARTICLE 2
                               RIGHT OF REPURCHASE

     2.1   Scope of Repurchase Right. The Purchased Shares all shall initially
be Unvested Shares and all Purchased Shares shall be subject to a right (but not
an obligation) of repurchase by the Company on the terms and conditions, and to
the extent, set forth in this Article 2.

     2.2   Condition Precedent to Repurchase Right. The Right of Repurchase
shall be exercisable only during the 90-day period next following the date when
the Purchaser's Service terminates for any reason, with or without Cause.

     2.3   Vesting of Unvested Shares.

           a.     (i)   24,130 of the Purchased Shares (subject to adjustment
pursuant to Section 2.6 hereof) are Vested Shares as of the date hereof.

                  (ii)  An additional 24,130 of the Purchased Shares (subject to
adjustment pursuant to Section 2.6 hereof) shall become Vested Shares on the 1st
day of each month after July 2001 (August 1, 2001 is the next vesting date) and
before January 2003 if the Purchaser has been continuously employed by the
Company until each such date.

                  (iii) The remaining 24,170 of the Purchased Shares (subject to
adjustment pursuant to Section 2.6 hereof) shall become Vested Shares on January
1, 2003 if the Purchaser has been continuously employed by the Company until
such date.
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          b.    In the event that Purchaser's Service is terminated by the
Company without Cause, the lesser of (i) 144,780 of the Purchased Shares
(subject to adjustment pursuant to Section 2.6 hereof) or (ii) all remaining
Unvested Shares shall immediately become Vested Shares.

          c.    Upon the death or permanent disability of the Purchaser, all
Unvested Shares shall immediately become Vested Shares.

          d.    In the event of a Change in Control in which the holders of the
Company's outstanding capital stock receive only cash in exchange for such
capital stock, all of the Purchased Shares that are Unvested Shares shall become
Vested Shares immediately prior to such Change in Control. In the event of any
other Change in Control, all Unvested Shares shall immediately become Vested
Shares upon any termination of the Purchaser by the Company (or any successor
thereto) without Cause occurring after such Change in Control.

     2.4   Exercise of Repurchase Right. In the event that the Purchaser's
Service is terminated by the Company without Cause, the Company shall have the
right (but not the obligation) to purchase all Unvested Shares held by the
Purchaser or any Transferee. In the event that the Purchaser's Service is
terminated by the Company for Cause or the Purchaser voluntarily resigns from
Service, the Company shall have the right (but not the obligation) to purchase
all Purchased Shares held by the Purchaser or any Transferee. The Right of
Repurchase shall be exercisable only by written notice delivered to the
Purchaser prior to the expiration of the 90-day period specified in Section 2.2
hereof. The notice shall set forth the date on which the repurchase is to be
effected. Such date shall not be more than 30 days after the date of such
notice. The certificate(s) representing the Purchased Shares to be repurchased
shall, prior to the close of business on the date specified for the repurchase,
be delivered to the Company properly endorsed for transfer. The Company shall,
concurrently with the receipt of such certificate(s), pay to the Purchaser the
purchase price determined according to Section 2.5 hereof. The Right of
Repurchase shall terminate with respect to any Purchased Shares for which it has
not been timely exercised pursuant to this Section 2.4.

     2.5   Repurchase Price. If the Company exercises its Right of Repurchase
under this Article 2, it shall pay the Purchaser an amount in cash or cash
equivalents equal to (i) the Purchase Price for each of the Unvested Shares
being repurchased (subject to adjustment pursuant to Section 2.6 hereof) and
(ii) the Fair Market Value for each of the Vested Shares being repurchased.

     2.6   Additional Shares or Substituted Securities. In the event of the
declaration of a stock dividend, a spin-off, a stock split, an adjustment in
conversion ratio, a recapitalization or a similar transaction affecting the
Company's outstanding securities without receipt of consideration, any new,
substituted or additional securities that by reason of such transaction are
distributed with respect to any Purchased Shares or into which such Purchased
Shares thereby become convertible shall be subject to the Right of Repurchase on
the same terms and conditions as are applicable to the Purchased Shares to which
they relate. Appropriate adjustments to reflect the distribution of such
securities shall be made to the number and/or class of the

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Purchased Shares. After each such transaction, appropriate adjustments shall
also be made to the price per share to be paid upon the exercise of the Right of
Repurchase in order to reflect any change in the Company's outstanding
securities effected without receipt of consideration therefor; provided,
however, that the aggregate purchase price payable for the Unvested Shares
outstanding on the date hereof, or any proportion thereof, shall remain the
same.

     2.7   Termination of Rights as Stockholder. If the Company makes available,
at the time and place and in the amount and form provided in this Agreement, the
consideration for the Purchased Shares to be repurchased in accordance with the
terms and conditions set forth in this Article 2, then after such time the
person from whom such Purchased Shares are to be repurchased shall no longer
have any rights as a holder of the Purchased Shares subject to such repurchase
(other than the right to receive payment of such consideration in accordance
with this Agreement). Such repurchased Purchased Shares shall be deemed to have
been repurchased in accordance with the applicable provisions hereof, whether or
not the certificate(s) therefor have been delivered as required by this
Agreement. A repurchase pursuant to this Agreement shall not affect the rights
of the Purchaser as to Purchased Shares that are not repurchased or subject to
repurchase.

     2.8  Escrow. Upon issuance, the certificates for Purchased Shares shall be
deposited in escrow with the Company to be held in accordance with the
provisions of this Agreement. Any new, substituted or additional securities
described in Section 2.6 hereof shall immediately be delivered to the Company to
be held in escrow. All cash dividends on Purchased Shares (or other securities
at the time held in escrow) shall be paid directly to the Purchaser and shall
not be held in escrow. Purchased Shares, together with any other securities held
in escrow hereunder, shall be (i) surrendered to the Company for repurchase and
cancellation upon the Company's exercise of its Right of Repurchase or (ii)
released to the Purchaser upon the Purchaser's request to the extent the
Purchased Shares are no longer restricted shares (but not more frequently than
once every month). In any event, all Purchased Shares that have vested (and any
other vested assets and securities attributable thereto) shall be released
within 30 days after the Purchaser's cessation of Service. Nothing provided in
this Section 2.8 shall supercede any obligations of the Purchaser pursuant to
the Pledge Agreement.

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                                   ARTICLE 3
                   REPRESENTATIONS AND WARRANTIES OF PURCHASER

     3.1   Purchaser Representations. In connection with the issuance and
acquisition of Purchased Shares under this Agreement, the Purchaser hereby
represents and warrants to the Company as follows:

          a.    The Purchaser is acquiring and will hold the Purchased Shares
for investment for his account only and not with a view to, or for resale in
connection with, any "distribution" thereof within the meaning of the Securities
Act.

          b.    The Purchaser understands that the Purchased Shares have not
been registered under the Securities Act by reason of a specific exemption
therefrom and that the Purchased Shares must be held indefinitely, unless they
are subsequently registered under the Securities Act or an exemption from such
registration is available. The Purchaser further acknowledges and understands
that the Company is under no obligation hereunder to register the Purchased
Shares.

          c.    The Purchaser is aware of the adoption of Rule 144 by the
Securities and Exchange Commission under the Securities Act, which permits
limited public resales of securities acquired in a non-public offering, subject
to the satisfaction of certain conditions. The Purchaser acknowledges and
understands that the conditions for resale set forth in Rule 144 have not been
satisfied and that the Company has no plans to satisfy these conditions in the
foreseeable future.

          d.    The Purchaser will not sell, transfer or otherwise dispose of
the Purchased Shares in violation of the Securities Act, or the rules and
regulations promulgated thereunder. The Purchaser agrees that he will not
dispose of the Purchased Shares unless and until he has complied with all
requirements of this Agreement applicable to the disposition of Purchased
Shares.

          e.    The Purchaser has been furnished with, and has had access to,
such information as he considers necessary or appropriate for deciding whether
to invest in the Purchased Shares, and the Purchaser has had an opportunity to
ask questions and receive answers from the Company regarding the terms and
conditions of the issuance of the Purchased Shares.

          f.    The Purchaser is aware that his investment in the Company is a
speculative investment that has limited liquidity and is subject to the risk of
complete loss. The Purchaser is able, without impairing his financial condition,
to hold the Purchased Shares for an indefinite period and to suffer a complete
loss of his investment in the Purchased Shares.

                                    ARTICLE 4
                              TRANSFER RESTRICTIONS

     4.1   Transfer Restrictions. The Purchaser shall not transfer, assign,
pledge, grant a proxy with respect to, or encumber or otherwise dispose of any
Purchased Shares, except as provided in the Pledge Agreement and in the
following sentence. Subject to any other restrictions on transfer

                                       4
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contained in any other agreement or instrument that is applicable to Purchased
Shares held by the Purchaser (including, without limitation, the Promissory
Notes or Pledge Agreement), the Purchaser may transfer (a) Unvested Shares (i)
by beneficiary designation, will or intestate succession or (ii) to the
Purchaser's spouse, siblings, children or grandchildren or to a trust
established by the Purchaser for the benefit of the Purchaser or the Purchaser's
spouse, siblings, children or grandchildren, and (b) Vested Shares to any
Transferee, provided in any case that the Transferee agrees in writing on a form
prescribed by the Company to be bound by all provisions of this Agreement. If
the Purchaser transfers any Purchased Shares, then this Agreement shall apply to
the Transferee to the same extent as to the Purchaser. Notwithstanding anything
to the contrary contained in this Section 4.1, after the Company has completed a
public offering of its common stock, any Vested Shares shall no longer be
subject to the Right of Repurchase or any other terms or provisions of this
Agreement.

     4.2   Rights of the Company. The Company shall not be required to (i)
transfer on its books any Purchased Shares that have been sold or transferred in
contravention of this Agreement or (ii) treat as the owner of Purchased Shares,
or otherwise to accord voting, dividend or liquidation rights to, any transferee
to whom Purchased Shares have been transferred in contravention of this
Agreement.

                                    ARTICLE 5
                             SUCCESSORS AND ASSIGNS

      Except as otherwise expressly provided herein to the contrary, the
provisions of this Agreement shall inure to the benefit of, and be binding upon,
the Company and its successors and assigns and be binding upon the Purchaser and
the Purchaser's legal representatives, heirs, legatees, distributees, assigns
and transferees by operation of law, whether or not any such person has become a
party to this Agreement or has agreed in writing to join herein and to be bound
by the terms, conditions and restrictions hereof.

                                    ARTICLE 6
                                  TAX ELECTION

      The acquisition of the Purchased Shares may result in adverse tax
consequences that may be avoided or mitigated by filing an election under Code
Section 83(b). Such election may be filed only within 30 days after the date of
purchase. The form for making the Code Section 83(b) election is attached to
this Agreement as an Exhibit. THE PURCHASER SHOULD CONSULT WITH HIS TAX ADVISOR
TO DETERMINE THE TAX CONSEQUENCES OF ACQUIRING THE PURCHASED SHARES AND THE
ADVANTAGES AND DISADVANTAGES OF FILING THE CODE SECTION 83(B) ELECTION. THE
PURCHASER ACKNOWLEDGES THAT IT IS HIS SOLE RESPONSIBILITY, AND NOT THE
COMPANY'S, TO FILE A TIMELY ELECTION UNDER CODE SECTION 83(B), EVEN IF THE
PURCHASER REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON HIS
BEHALF.

                                    ARTICLE 7
                                     LEGENDS

      Legends. All certificates evidencing Purchased Shares shall bear the
following, or substantially similar, legends:

      "THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED,
      ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN

                                       5
<PAGE>
      COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND
      THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE
      SHARES). SUCH AGREEMENT GRANTS TO THE COMPANY CERTAIN REPURCHASE RIGHTS
      UPON TERMINATION OF SERVICE WITH THE COMPANY. THE SECRETARY OF THE COMPANY
      WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER
      HEREOF WITHOUT CHARGE."

      All certificates evidencing Purchased Shares shall bear the following, or
substantially similar, legends:

      "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES
      LAWS AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE
      TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM
      UNDER SUCH ACT OR SUCH LAWS AND THE RULES AND REGULATIONS THEREUNDER."

                                    ARTICLE 8
                                     NOTICE

      Any notice required by the terms of this Agreement shall be given in
writing and shall be deemed effective upon personal delivery or delivery by
facsimile, receipt confirmed, or three (3) days after deposit with the United
States Postal Service, by registered or certified mail, with postage and fees
prepaid. Notice shall be addressed to the Company at its principal executive
office and to the Purchaser at the address that he most recently provided to the
Company.

                                       6
<PAGE>
                                   ARTICLE 9
                          ENTIRE AGREEMENT; AMENDMENT;
                       WAIVER; SEVERABILITY; COUNTERPARTS

      This Agreement constitutes the entire contract between the parties hereto
with regard to the subject matter hereof. It supersedes any other agreements,
representations or understandings (whether oral or written and whether express
or implied) relating to the subject matter hereof, provided that this Agreement
shall not limit any other restrictions on transfer that may exist from time to
time on Purchased Shares. This Agreement may be amended or modified only by a
written instrument signed by the Purchaser and the Company. No provision of this
Agreement may be extended or waived, except by a written instrument signed by
the party against whom enforcement of such extension or waiver is sought. Each
provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement
is held to be prohibited or invalid under applicable law, such provision will be
ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this Agreement. This Agreement may be executed in
two (2) counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which together shall be deemed to be one and
the same agreement.

                                   ARTICLE 10
                                 CHOICE OF LAW

      This Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York, as such laws are applied to contracts entered
into and to be performed entirely within such State.

                                   ARTICLE 11
                               EMPLOYMENT AT WILL

      This Agreement does not constitute an agreement by the Company to continue
to employ the Purchaser during the entire, or any portion of, the term of this
Agreement. The parties acknowledge that the Purchaser's employment relationship
with the Company is at the will of each party, unless otherwise agreed to in
writing, and that nothing in this Agreement will affect in any manner whatsoever
the right or power of the Purchaser or the Company to terminate the Purchaser's
Service.

                                   ARTICLE 12
                                   DEFINITIONS

     12.1   "Agreement" shall mean this Restricted Stock Purchase Agreement.

     12.2   "Board of Directors" shall mean the Board of Directors of the
Company, as constituted from time to time.

     12.3   "Cause" shall mean shall mean any of the following: (i) the wilful
misconduct or gross negligence of the Purchaser in the performance of his duties
to the Company, (ii) conviction of the Purchaser of, or a plea of guilty or any
other plea other than "not guilty" by the Purchaser to, (x) any felony or (y)
any crime relating to the Company or any affiliate of the Company or (iii) a
material breach by the Purchaser of this Agreement or any other agreement with
the Company or any affiliate of the Company if such breach is not cured within
10 days written notice thereof.

     12.4   "Change in Control" shall mean:

                                       7
<PAGE>
                  (a)   The consummation of a merger or consolidation of the
Company with or into another entity or any other corporate reorganization, if
more than 50% of the combined voting power of the continuing or surviving
entity's securities outstanding immediately after such merger, consolidation or
other reorganization is owned by persons who were not stockholders of the
Company immediately prior to such merger, consolidation or other reorganization;
or

                  (b)   The sale, transfer or other disposition of all or
substantially all of the Company's assets.

A transaction shall not constitute a Change in Control if its sole purpose is to
change the state of the Company's incorporation or to create a holding company
that will be owned in substantially the same proportions by the persons who held
the Company's securities immediately before such transaction.

     12.5   "Code" shall mean the Internal Revenue Code of 1986, as amended.

     12.6   "Common Share Equivalents" shall mean any Stock or any options
rights, or other securities directly or indirectly convertible into or
exchangeable for Stock.

     12.7   "Company" shall mean Market Axess Inc., a Delaware corporation.

     12.8   "Employee" shall mean any individual who is a common-law or
contractual employee of the Company or a Subsidiary.

     12.9   "Fair Market Value" shall mean the fair market value of a Share, as
determined by the Board of Directors in good faith. Such determination shall be
conclusive and binding on all persons.

     12.10  "Purchase Price" shall mean the amount for which one Share is
purchased by the Purchaser pursuant to this Agreement, as specified in
Section 1.2.

     12.11  "Purchased Shares" shall mean the Shares purchased by the Purchaser
pursuant to this Agreement and any shares or securities issued in respect of
such Shares, or issued upon conversion of, or in exchange for, such Shares.

     12.12  "Right of Repurchase" shall mean the Company's right of repurchase
described in Article 2.

     12.13  "Securities Act" shall mean the Securities Act of 1933, as amended.

     12.14  "Service" shall mean service as an Employee.

     12.15  "Share" shall mean one share of Stock.

     12.16  "Stock" shall mean the Common Stock, par value $0.001 per share, of
the Company.

     12.17  "Subsidiary" shall mean any entity, a majority of the outstanding
voting securities or interests of which are owned, directly or indirectly, by
the Company or any Subsidiary.

                                       8
<PAGE>
     12.18  "Transferee" shall mean any person to whom the Purchaser has
directly or indirectly transferred any Purchased Shares or any other securities
of the Company.

     12.19  "Unvested Share" shall mean a Purchased Share that is subject to the
Right of Repurchase at the Purchase Price as provided in Article 2.

     12.20  "Vested Share" shall mean a Purchased Share that is subject to the
Right of Repurchase at Fair Market Value as provided in Article 2.

                     [END OF TEXT. SIGNATURE PAGE FOLLOWS.]

                                       9
<PAGE>
            IN WITNESS WHEREOF, the parties have executed this Agreement as of
the date first above written.

                                          COMPANY:

                                          MARKET AXESS INC.

                                          By: /s/Richard McVey
                                             __________________________________
                                             Name: Richard McVey
                                             Title: Chief Executive Officer

                                          PURCHASER:

                                          /s/Richard McVey
                                          _____________________________________
                                          Richard McVey

                                       10

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