MarketAxess Holdings Inc (MKTX) Q3 2024 Earnings Call Highlights: Strong Revenue Growth Amid ...

GuruFocus.com11-07

Revenue: $270 million, up 20% from the prior year. Diluted Earnings Per Share: $1.19, representing an increase of 30%. Commission Revenue: $180 million, up 20% for the quarter. Information Services ...

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GuruFocus has detected 7 Warning Signs with MKTX.\n\nRelease Date: November 06, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nMarketAxess Holdings Inc (NASDAQ:MKTX) reported a 20% growth in revenue, driven by strong growth in market volumes.\nThe company achieved a 30% increase in diluted earnings per share due to disciplined expense management.\nEmerging markets trading volume saw significant growth, with a 51% increase in Latin America and 30% in Asia-Pacific.\nThe company launched a strategic fixed income data partnership with S&P Global, enhancing their data offerings.\nOpen Trading, MarketAxess's all-to-all liquidity pool, generated record trade count, up 27% from the prior year.\n\n Negative Points \n\nMarketAxess experienced a decline in U.S. high-grade market share, attributed to lower portfolio trading and a shift to large block trading.\nThe company is still working to catch up with competitors in portfolio trading, particularly in Europe and emerging markets.\nFee capture was impacted by a decrease in U.S. high yield activity and increased portfolio trading.\nVariable costs increased due to higher trading activity, impacting overall expense management.\nThe company faces challenges in increasing electronification in the high-touch block trading market.\n\n Q & A Highlights \nQ: Can you provide details on the October trading performance and the strategy for accelerating the penetration of your block trading solution? A: Christopher R Concannon, CEO: October was a record month with over $1 trillion in volume traded. We saw strong performance across various segments, including US high yield and Eurobonds. The decline in portfolio trading impacted market share, but we are targeting the block trading market with our high-touch strategy and X Pro. The solution was launched recently, and early feedback is positive. We aim to replicate phone and chat trading electronically, reducing information leakage and enhancing dealer selection with AI tools.\nQ: How do you view the competitive landscape in portfolio trading, and what are your plans for further growth? A: Christopher R Concannon, CEO: We are still enhancing our portfolio trading tools and recently added features for benchmark trading. While we are not yet on par with competitors, we are growing market share and plan to release further enhancements in Q1 2025. Our focus is on providing unique data and analytics to help clients manage their portfolios effectively.\nQ: Can you discuss the impact of your partnership with S&P Global on your data and analytics offerings? A: Christopher R Concannon, CEO: The partnership with S&P Global involves integrating our CP Plus data with their evaluated bond pricing tool, which is crucial for pricing large ETFs. This collaboration enhances our data footprint and will be live by the end of Q1 2025, providing clients with better pre-trade analytics.\nQ: What is the outlook for fee capture in the context of high bond yields and portfolio trading? A: Ilene Fiszel Bieler, CFO: Fee capture is influenced by various factors, including product mix and trading protocols. While portfolio trading has a negative impact, increased activity in high yield and Open Trading can enhance fee capture. We expect a slightly higher fee capture than current levels, considering the potential for lower rates and increased Open Trading activity.\nQ: How do you see the electronification of the high-grade market evolving, and what role will block trading play? A: Christopher R Concannon, CEO: We anticipate a faster pace of electronification driven by commercial pressures and the success of portfolio trading. Our block trading solution aims to replicate the efficiency of portfolio trading, providing traders with data and reducing information leakage. We are optimistic about the adoption of electronic block trading, given the current market dynamics and client demand for cost reduction.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481923932"}