MarketAxess Holdings, the operator of a leading electronic trading platform for fixed-income securities, announced financial results for the fourth quarter and full year ended December 31, 2024.

4Q 24 select financial and operational highlights*

• Total revenues of $202.4 million, including an increase of approximately $1.0 million from the impact of foreign currency fluctuations.
  • 15% growth in emerging markets and Eurobonds commission revenue, reflecting strong geographic diversification.
  • Record rates commission revenue, up 53%.
• Total expenses of $122.4 million, up2%, including an increase of approximately $0.9 million from the impact of foreign currency fluctuations.
• Diluted earnings per share (“EPS”) of$1.73 on net income of$65.1million.

Full Year 2024 select financial and operational highlights**

• 9% increase in total revenues to a record $817.1 million, including Pragma revenue of$31.7 million and an increase of approximately $3.0 million from the impact of foreign currency fluctuations.
  • 9% growth in U.S. high-grade commission revenue, helped offset a 17% decline in U.S. high-yield commission revenue, driven by low levels of credit spread volatility.
  • Record commission revenue across emerging markets, Eurobonds and municipal bonds, up a combined 15%.
  • Record rates commission revenue, up 21%.
  • Record services revenue (combined information, post-trade and technology services revenue) of $105.4 million, up 18%,including the benefit from Pragma.
• 9% increase in total expenses to $476.2 million, including Pragma operating expenses of$32.0 million and an increase of approximately $2.4 million from the impact of foreign currency fluctuations.
• 6%increase in EPS to$7.28 on net income of $274.2million.

*All comparisons versus 4Q23.
** All comparisons versus full year 2023.

Chris Concannon, CEO of MarketAxess, commented:

“In 2024, we made significant strides in enhancing our client franchise, increasing client engagement with X-Pro, delivering progress with our high touch strategy, and achieving record levels of revenue and ADV across most product areas and regions.

We expect to build on this momentum in 2025 by focusing on key initiatives within three market channels. First, in the client-initiated channel, where we hold a clear leadership position, we launched our block trading solution in Eurobonds and emerging markets. We have seen early positive signs of success with a 22% increase in emerging markets block trading.

Next, in the portfolio trading channel, in 2024, we gained over 200 basis points of U.S. high-grade market share and launched benchmark pricing for U.S. Credit and Eurobonds.

Last, in the dealer-initiated channel, we expect to complete the integration of Dealer RFQ on X-Pro and the migration of Mid-X to Pragma technology in the second half of 2025.

We have clear visibility into the completion of these key initiatives and believe that executing our strategy across these three channels will drive market share growth throughout 2025 and long-term value for our shareholders.”

The full results can be read here 

Source: MarketAxess