MarketAxess Holdings Inc 2024年度报告

2025 Dear Fellow Stockholders and Clients, In 2024, MarketAxess made substantial progress in executing our long-term growth strategy. Wecontinued to innovate to meet accelerating client demand for more efficient workflows, data and analyticsdesigned to support better trading outcomes. Last year, we generated record total average daily volume (“ADV”), up 19% year over year, driven bystrong growth and record levels of ADV across most of our product areas. We also reported a record $817million in revenue in 2024—our 16thconsecutive year of record annual revenue—as we continue to worktoward our mission of creating an intelligent, global, electronic fixed-income marketplace that worksbetter for everyone. Over the last few years, MarketAxess has undertaken a technology transformation, hallmarked by thelaunch of X-Pro, our new trading platform. While 2024 was primarily a “build” year in our technologytransformation, it laid the foundation to make 2025 a year focused on delivery and execution. Driving operational performance across three main channels We believe that we have added new functionality that will position us to grow our U.S. credit market shareacross ourclient-initiated,portfolio tradinganddealer-initiated channels. We remain highly focused ongrowing our market share across these three key areas of focus. xIn ourleading client-initiated channel,we launched our targeted block trading solution foremerging markets and eurobonds, and we will be extending coverage to U.S. credit in the secondquarter of 2025. This is an exciting new initiative, as it will enable us to further electronify one ofthe most valuable segments of our total addressable market in U.S. credit.xThe initial roll-out of X-Pro was focused on driving our operational performance inthe portfoliotrading channel. Our enhanced portfolio trading solution in X-Pro is nearing feature completion,which is demonstrated by the strong client adoption of the technology. In the first quarter of2025, a record 85% of our portfolio trading volume was executed over X-Pro. As of April 17, 2025,our estimated market share in U.S. credit portfolio trading is tracking 320 basis points above ourfull-year 2024 estimated market share.xWithin thedealer-initiated channel, we are building out our dealer solutions suite and expect tore-launch our dealer sessions-based trading solution, Mid-X, on Pragma technology in the secondquarter of 2025. We have a clear strategy to return to market share growth in U.S. credit across these three channels, andwe expect to see the benefits in the second half of 2025. We plan to continue regularly updating ourstockholders on our performance across these channels. Strengthening our franchise with focus on automation, services and strategic partnerships andinvestments We continue to experience strong demand for trading automation, with trading volume up 25% in 2024.We are leveraging our recent Pragma acquisition to accelerate our development of AI-driven executionalgorithms across all of our key product areas. We expect to deploy Pragma’s advanced technology andanalytics across our platform to enhance our technology stack with low-latency technology solutions. Outside of our core trading business, we also generated record services revenue of over $100 million,which includes our information services, post-trade services and technology services businesses. Webelieve that these services complement our trading technologies and further our mission to create an intelligent global electronic fixed-income marketplace that works better for everyone. As we continue toenhance the quality of our data, we are increasingly seeing new entrants to credit, like hedge funds andsystematic investors, leverage our data to deploy trading strategies they have developed in other assetclasses. In 2024, we also announced new partnerships and strategic investments, including: xConnectivity with ICE Bonds, which brings greater efficiency and access to deeper liquidity infixed-incomemarkets,particularly in municipal bonds,to the institutional and wealthmanagement spaces;xThe launch of ICE MSCI MarketAxess tradable corporate bond index futuresdesigned to helpinvestors hedge corporate bond exposure;xThe integration of S&P Global Bond Reference Datainto our suite of data products and theinclusion of MarketAxess CP+™ real-time pricing into S&P Global’s Evaluated Bond Pricing engine;andxThe agreement to take majority control of RFQ-hub Holdings LLC, a bilateral multi-asset andmulti-dealer request for quote platform designed for the exchange traded fund (“ETF”) andderivatives market. The completion of this transaction will give us a critical solution for the tradingof ETFs, which are growing rapidly in the fixed income markets. We expect the transaction to closein the second quarter of 2025. The retirement of our Founder and further development of our leadership team At the end of 2024, Rick McVey, our Founder and Executive Chairman, retired from MarketAxes