MarketAxess reported third-quarter revenue of US$210.4 million on 23 October, up 1% year on year. Commission revenue was broadly flat at US$179.9 million despite a 13% increase in average daily trading volume. Services revenue rose 6% to US$30.5 million.[1]
Credit variable transaction fees averaged US$127 per million, down from US$140, a 9% decline. MarketAxess attributed the fall largely to protocol and product mix and shorter duration in US high-grade bonds. Credit ADV rose 7% while credit commission revenue fell 2% to US$161.2 million. These figures explain why aggregate volume growth did not translate into matching commission growth.[1]
Activity and profitability — Q3 2026
| Metric | Result | Year-on-year comparison |
|---|---|---|
| Block ADV | US$5.4bn | +21%Source 1 |
| Portfolio-trading ADV | US$1.9bn | +37%Source 1 |
| Expenses | US$136.0m | +10%Source 1 |
| Expenses excluding notable items | US$122.9m | Flat; non-GAAP measureSource 1 |
| GAAP operating margin | 35.4% | −560 basis pointsSource 1 |
| Margin excluding notable items | 41.6% | +60 basis pointsSource 1 |
| GAAP diluted EPS | US$1.53 | US$1.84 previouslySource 1 |
| EPS excluding notable items | US$1.86 | Non-GAAP measureSource 1 |
| GAAP net income | US$54.0m | US$68.3m previouslySource 1 |
Expenses included US$13.1 million of merger-related costs. The release reports early termination of the US antitrust waiting period on 21 October for ICE’s proposed US$167-per-share cash acquisition, but shareholder approval, required regulatory approvals and other closing conditions remain. MarketAxess has withdrawn its 2026 guidance and medium-term targets and suspended earnings calls and monthly volume releases in light of the transaction.[1]
A September SEC filing scheduled the shareholder vote for 29 October and described closing as expected in the first half of 2027. The subsequent 21 October antitrust development resolves that waiting-period step, not the remaining approvals or a completed acquisition.[2][1]
Sources & further reading
- MarketAxess Reports Third Quarter 2026 Financial Results MarketAxess Holdings Inc. · 23 Oct 2026 · Accessed 26 Oct 2026
- MarketAxess Form 8-K: merger review and shareholder-meeting timetable MarketAxess / US SEC · 29 Sep 2026 · Accessed 26 Oct 2026