MarketAxess Holdings Inc

MKTX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$993.00	Hfxj	Gspvvwdyk

Lower Average Fees Remain a Headwind for MarketAxess, Though Trading Volume Impresses in Q3

Michael Miller

Oct 19, 2022

Wide-moat-rated MarketAxess reported results that were in line with our expectations as the benefit from significantly higher trading volume was partially offset by lower fee per million. MarketAxess’ net revenue increased 6.2% year over year to $172 million, while diluted earnings per share rose 3.9% to $1.58. As we incorporate these results, we do not expect to materially alter our $355 fair value estimate for MarketAxess.

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