• MarketAxess Holdings announced the launch of the first standardized market-wide auction protocol for U.S. credit trading and reported third-quarter revenue of US$208.82 million, alongside a quarterly cash dividend of US$0.76 per share payable December 3, 2025.

• The company’s new auction trading platform and continued dividend payments highlight its focus on product innovation and returning capital to shareholders amid sustained trading volume growth in key portfolios.

• We’ll explore how the introduction of standardized auction protocols for U.S. credit trading influences MarketAxess’s investment narrative and growth outlook.

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MarketAxess appeals to investors who believe in the growth of electronic fixed-income trading and the company’s potential to broaden its leadership beyond U.S. high-grade bonds. The recent launch of a standardized U.S. credit auction protocol may help address concerns around core market share by encouraging more electronic block trading, but it does not materially alter the near-term catalyst or the ongoing risk of competition from established and emerging platforms. Among recent developments, the introduction of Opening and Closing Auctions stands out, as it directly targets improvements in price discovery and liquidity, key factors for driving electronic adoption and offsetting margin pressures from lower-fee protocols. However, investors should be mindful that despite new product rollouts, intensifying competition continues to pressure fees and market share, which…

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MarketAxess Holdings’ outlook forecasts $1.1 billion in revenue and $370.5 million in earnings by 2028. This is based on a 7.9% annual revenue growth rate and represents a $147.7 million increase in earnings from the current $222.8 million.

Uncover how MarketAxess Holdings’ forecasts yield a $202.67 fair value, a 21% upside to its current price.

Five members of the Simply Wall St Community estimate MarketAxess’s fair value between US$140.65 and US$206.63, showing broad differences in opinion. Against this backdrop, fee compression and lost market share remain at the forefront for those considering the company’s next phase.

Explore 5 other fair value estimates on MarketAxess Holdings – why the stock might be worth 16% less than the current price!