MarketAxess Holdings Inc

MKTX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$512.00	Nfxz	Sqcqhztxf

Lower Average Fees Offset Higher Volume in a Decent Quarter for MarketAxess

Michael Miller

Jul 20, 2022

Wide-moat MarketAxess reported decent second-quarter results as impressive market share gains were undermined by weak pricing in the company’s investment-grade bond trading business. Total revenue was up 3.3% year over year to $182.2 million and earnings per share of $1.78 was effectively flat versus the prior year’s quarter result of $1.77. As we incorporate these results, we are maintaining our $345 fair value estimate for MarketAxess.

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