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Jun 30, 2023
MarketAxess Q2 2023 Earnings Report
MarketAxess's performance reflected the impact of low credit spread volatility, with strategic advancements in key market segments and technology.
Key Takeaways
MarketAxess reported a slight decrease in total revenues but demonstrated growth in key areas such as emerging markets and Eurobonds. The company continued to invest in technology and expand its client network, driving automation and data solutions. Despite lower credit spread volatility, MarketAxess achieved record market share in several segments and maintained a strong financial position.
Total revenues reached $179.8 million, a 1.3% decrease year-over-year, influenced by low credit spread volatility.
Diluted EPS stood at $1.59, derived from a net income of $59.9 million, with foreign currency and investment losses impacting results.
Record market share was achieved in emerging markets, alongside a 10.7% increase in emerging markets local markets trading volume.
Information services revenue hit a record $11.7 million, marking a 24.0% increase, driven by the adoption of Composite+™ algorithmic pricing engine.
MarketAxess
MarketAxess
MarketAxess Revenue by Segment
Revenue by Segment
Commission Revenue
CapyFin.comInformation Services Revenue
CapyFin.comPost-Trade Services Revenue
CapyFin.com Forward Guidance
The Company is reconfirming its previously stated full-year 2023 guidance for operating expenses, effective tax rate and capital expenditures.
Revenue & Expenses
Visualization of income flow from segment revenue to net income