MarketAxess Holdings Inc 2025年度报告

Dear Fellow Stockholders and Clients, In 2025, we made significant strides in enhancing the “MarketAxess advantage” by expanding ourleadingglobal network, deepening ourdifferentiated liquidityand accelerating our use of artificial intelligence(“AI”) tostrengthenour proprietary data and analytics. These key components of our “advantage” werefurther complemented by our investments in multi-protocol solutions for our clients. Delivering record financial and operating performance The market backdrop in 2025 was characterized by continued tight credit spreads and low credit spreadvolatility, short periods of event-driven volatility and another year of strong new issuance. With yieldsremaining elevated, fixed income continued to be an attractive asset class in 2025, and MarketAxessplayed a leading role in providing liquidity and enabling price discovery. Our global network had over 2,100 active client firms at the end of 2025, including over 1,000 activeinternational client firms and close to 13,000 active traders, approximately half of which were locatedoutside of the United States. This global network is at the core of our differentiated liquidity, with over1,000 unique liquidity providers on Open Trading, where alternative liquidity providers like hedge fundsand systematics are increasingly playing a key role. Our differentiated liquidity depends on our proprietarydata and analytics, powered by CP+. In 2025, our clients submitted $5.3 trillion in notional inquiries andreceived over 440 million responses. This activity is among the reasons our CP+ data is so robust. The work that we have done to solidify our competitive advantage in the global credit markets helped usgenerate a record $846 million in revenue in 2025—our 17thconsecutive year of record annual revenue—on total trading volume of $10.5 trillion, representing a 13% year-over-year increase in trading volume.These results were driven by strong growth and record trading volumes across most of our product areas.In emerging markets, one of our most promising future growth drivers, we surpassed $1 trillion in tradingvolume in 2025 for the first time, driven by strong growth across both hard currency and local currencymarkets.1 Driving increased revenue and market share across our three main strategic channels We believe that the new protocols and workflow tools that we launched in 2025 will position us to driveU.S. credit revenue growth across theclient-initiated,portfolio tradinganddealer-initiated channels. In ourleading client-initiated channel, we launched our targeted block trading solution for U.S.credit, emerging markets and eurobonds. This is an exciting new initiative, as it will enable us tofurther electronify one of the most valuable segments of our total addressable market in U.S.credit. Total block trading average daily volume (“ADV”) increased 24% to a record $5 billion,including record growth of 18% in U.S. credit, 27% in emerging markets and 66% in eurobonds.In theportfolio trading channel, our enhanced portfolio trading solution in X-Pro is increasinglybeing leveraged by our clients. Our estimated market share in U.S. credit portfolio trading in 2025was 19.0%, an increase of 270 basis points over our full-year 2024 estimated market share.In thedealer-initiated channel, we expanded our dealer solutions suite and enhanced oursessions-basedtrading protocol,Mid-X,in U.S.credit.We continue to broaden dealerparticipation and increase the number of trading sessions per day. We have a clear and achievable technology and product roadmap to drive U.S. credit revenue growthacross these three channels which we believe will be integral to achieving the financial targets2weannounced at the end of 2025. Introduction of medium-term financial targets2and enhanced capital return plan Over the last several years, we have made significant progress on our technology transformation andinvestments in innovative protocols and workflow tools. We still have work to do, but based on our three-year technology and product roadmap, we announced medium-term financial targets and an enhancedcapital return plan, which included a $400 million3stock repurchase authorization. Utilizing the newauthorization, MarketAxess executed a $300 million accelerated stock repurchase (“ASR”) program thatsettled in February 2026.4The announcement of the targets and the enhanced capital return plan arereflections of the Board’s confidence in our long-term strategy and commitment to drive stockholdervalue creation. The three-year medium-term financial targets (2026-2028) are as follows: One of the key imperatives for achieving these medium-term financial targets, is a return to higher levelsof revenue in U.S. credit driven by our new initiatives across the three strategic channels discussed earlier. Strengthening our franchise with focus on automation, services, strategic partnerships and investments We continue to experience strong demand for our trading automation solutions,