0001193125-20-196767.txt : 20200722 0001193125-20-196767.hdr.sgml : 20200722 20200722063359 ACCESSION NUMBER: 0001193125-20-196767 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20200722 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200722 DATE AS OF CHANGE: 20200722 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARKETAXESS HOLDINGS INC CENTRAL INDEX KEY: 0001278021 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 522230784 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34091 FILM NUMBER: 201040208 BUSINESS ADDRESS: STREET 1: 55 HUDSON YARDS, 15TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10001 BUSINESS PHONE: 212-831-6000 MAIL ADDRESS: STREET 1: 55 HUDSON YARDS, 15TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10001 FORMER COMPANY: FORMER CONFORMED NAME: MARKETAXESS HOLDING INC DATE OF NAME CHANGE: 20040129 8-K 1 d908291d8k.htm 8-K 8-K
MARKETAXESS HOLDINGS INC false 0001278021 0001278021 2020-07-22 2020-07-22

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 22, 2020

 

 

MarketAxess Holdings Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Delaware   001-34091   52-2230784

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

55 Hudson Yards

New York, New York 10001

(Address of principal executive offices, including zip code)

(212) 813-6000

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

Symbol(s)

  

Name of each exchange

on which registered

Common Stock, par value $0.003 per share   MKTX   NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 2.02

Results of Operations and Financial Condition

On July 22, 2020, MarketAxess Holdings Inc. (the “Company”) issued a press release announcing the Company’s financial results for its second quarter ended June 30, 2020. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, the information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.

 

Item 8.01

Other Events

On July 22, 2020, the Company also announced that its Board of Directors has declared a regular quarterly dividend to be paid to the holders of the outstanding shares of capital stock. A cash dividend of $0.60 per share of common stock outstanding will be paid on August 19, 2020 to stockholders of record as of the close of business on August 5, 2020.

 

Item 9.01

Financial Statements and Exhibits

(d) Exhibits:

 

99.1    Press Release issued by MarketAxess Holdings Inc. on July 22, 2020.
104    Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    MARKETAXESS HOLDINGS INC.
Date: July 22, 2020     By:  

/s/ Antonio L. DeLise

    Name:   Antonio L. DeLise
    Title:   Chief Financial Officer
 EX-99.1 2 d908291dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

MARKETAXESS REPORTS SECOND QUARTER 2020 RECORD REVENUES

OF $184.8 MILLION, RECORD OPERATING INCOME OF $104.1 MILLION AND

RECORD DILUTED EPS OF $2.20

Second Quarter Financial Highlights*

 

•  

Record revenues of $184.8 million, up 47%

 

•  

Record operating income of $104.1 million, up 71%

 

•  

Record operating margin of 56.4%, up from 48.5%

 

•  

Record diluted EPS of $2.20, up 73% from $1.27

 

•  

Record estimated U.S. high-grade and high-yield market share of 21.5% and 14.0%, respectively

 

•  

Record credit trading volume of $741.8 billion, up 44%

 

•  

Record Open TradingTM volume of $243.8 billion, up 87%

 

* 

All comparisons versus second quarter 2019.

NEW YORK, July 22, 2020 – MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced results for the quarter ended June 30, 2020.

“Record corporate bond new issuance and elevated credit spread volatility led to record corporate bond market volumes in the second quarter,” said Rick McVey, Chairman and CEO of MarketAxess. “Institutional investors and dealers both leaned into our Open Trading marketplace to meet their trading and liquidity needs, driving record estimated market share for both high-grade and high-yield bonds on the system. Estimated transaction cost savings delivered back to our clients reached an all-time high, with client savings exceeding company revenue for the second quarter in a row. We are encouraged by the breadth of volume and market share gains across all credit products and geographic regions, leading to robust revenue and earnings growth. Accelerating market share gains, record active clients, and growing product diversification all position the company well for future growth.”

Second Quarter Results

Total revenues for the second quarter of 2020 increased 47% to $184.8 million, compared to $125.5 million for the second quarter of 2019. Operating income was $104.1 million, compared to $60.9 million for the second quarter of 2019, an increase of 71%. Operating margin was 56.4%, compared to 48.5% for the second quarter of 2019. Net income totaled $83.9 million, or $2.20 per share on a diluted basis, compared to $48.1 million, or $1.27 per share, for the second quarter of 2019.    

Commission revenue for the second quarter of 2020 increased 51% to $172.1 million, compared to $114.1 million for the second quarter of 2019. Variable transaction fees increased 61% to $146.0 million for the second quarter of 2020, compared to variable transaction fees of $90.8 million for the second quarter of 2019. U.S. high-grade trading volume as a percentage of FINRA’s high-grade TRACE trading volume increased to an estimated 21.5% for the second quarter of 2020, compared to an estimated 18.7% for the second quarter of 2019. Variable transaction fees in the second quarter of 2020 includes approximately $3.2 million of U.S. Treasuries trading commissions related to the November 2019 acquisition of LiquidityEdge LLC, now operating as MarketAxess Rates.

 

1

All other revenue, which consists of information services, post-trade services and other revenue, increased 12% to $12.7 million, compared to $11.4 million for the second quarter of 2019. The increase in all other revenue was principally due to higher information services revenue of $1.3 million.

Total expenses for the second quarter of 2020 increased 25% to $80.7 million, compared to $64.6 million for the second quarter of 2019. The increase in total expenses was largely due to higher employee compensation and benefit costs, mainly due to an increase in headcount, of $9.0 million, clearing costs, mainly due to record Open Trading activity and U.S. Treasury matched-principal trading, of $3.1 million, technology and communications costs of $2.1 million and depreciation and amortization of $2.0 million. MarketAxess Rates expenses, including amortization of acquired intangibles expense, totaled $3.8 million during the second quarter of 2020.

The effective tax rate for the second quarter of 2020 was 19.7%, compared to 23.5% for the second quarter of 2019. The income tax provision for the second quarter of 2020 and 2019 reflected $5.7 million and $0.4 million, respectively, of excess tax benefits related to share-based compensation awards.

Employee headcount was 561 as of June 30, 2020 compared to 527 as of December 31, 2019 and 480 as of June 30, 2019. The increase in headcount was due to the continued investment in the Company’s growth initiatives, including geographic expansion, trading automation, new trading protocols and the transition to self-clearing.

Dividend

The Company’s board of directors declared a cash dividend of $0.60 per share of common stock outstanding, to be paid on August 19, 2020 to stockholders of record as of the close of business on August 5, 2020.

Share Repurchases

A total of 13,064 shares were repurchased in the second quarter of 2020 at a cost of $5.9 million.

Balance Sheet Data

As of June 30, 2020, total assets were $1.0 billion and included $535.5 million in cash, cash equivalents and investments. Total stockholders’ equity as of June 30, 2020 was $853.5 million.

Non-GAAP Financial Measures and Other Items

To supplement the Company’s unaudited financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP measures of financial performance, including earnings before interest, taxes, depreciation and amortization (“EBITDA”) and free cash flow. The Company believes that these non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, are important in understanding the Company’s operating results. See the attached schedule for a reconciliation of GAAP net income to EBITDA and GAAP cash flow from operating activities to free cash flow.

Webcast and Conference Call Information

Rick McVey, Chairman and Chief Executive Officer, Chris Concannon, President and Chief Operating Officer and Tony DeLise, Chief Financial Officer, will host a conference call to discuss the Company’s financial results and outlook on Wednesday, July 22, 2020 at 10:00 a.m. EDT. To access the conference call, please dial 855-425-4206 (U.S.) or 484-756-4249 (international). The Company will also host a live audio Webcast of the conference call on the Investor Relations section of the Company’s website at http://investor.marketaxess.com. A replay of the call will be made available by dialing 855-859-2056 (U.S.) or 404-537-3406 (international) and using the conference ID: 8916147 for one week after the announcement. The Webcast will also be archived on http://investor.marketaxess.com for 90 days following the announcement.

 

2

About MarketAxess

MarketAxess operates a leading, institutional electronic trading platform delivering expanded liquidity opportunities, improved execution quality and significant cost savings across global fixed-income markets. A global network of over 1,700 firms, including the world’s leading asset managers and institutional broker-dealers, leverages MarketAxess’ patented trading technology to efficiently trade bonds. MarketAxess’ award-winning Open Trading™ marketplace is regarded as the preferred all-to-all trading solution in the global credit markets, creating a unique liquidity pool for a broad range of credit market participants. Drawing on its deep data and analytical resources, MarketAxess provides automated trading solutions, market data products and a range of pre- and post-trade services.

MarketAxess is headquartered in New York and has offices in London, Amsterdam, Boston, Chicago, Los Angeles, Miami, San Francisco, São Paulo, Hong Kong and Singapore. For more information, please visit www.marketaxess.com.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements, including statements about the outlook and prospects for Company and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: risks relating to the COVID-19 pandemic, including the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic; global economic, political and market factors; the volatility of financial services markets generally; the level of trading volume transacted on the MarketAxess platform; the absolute level and direction of interest rates and the corresponding volatility in the corporate fixed-income market; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; the rapidly evolving nature of the electronic financial services industry; our ability to introduce new fee plans and our clients’ response; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our ability to develop new products and offerings and the market’s acceptance of those products; the effect of rapid market or technological changes on us and the users of our technology; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; our vulnerability to cyber security risks; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our ability to comply with new and existing laws, rules and regulations both domestically and internationally; our ability to maintain effective compliance and risk management methods; the strain of growth initiatives on management and other resources; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

 

3

Media and Investor Relations Contacts:   
David Cresci    William McBride
MarketAxess Holdings Inc.    RF | Binder
+1-212-813-6027    +1-917-239-6726
Kyle White   
MarketAxess Holdings Inc.   
+1-212-813-6355   

 

4

MarketAxess Holdings Inc.

Consolidated Statements of Operations

 

     Three Months Ended     Six Months Ended  
     June 30,     June 30,  
     2020     2019     2020     2019  
     (In thousands, except per share data)  
     (unaudited)  

Revenues

         

Commissions

    $ 172,092     $ 114,124     $ 328,046     $ 226,884  

Information services

      8,427       7,156       17,069       14,522  

Post-trade services

      4,054       3,956       8,207       8,056  

Other

      222       254       451       519  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenues

      184,795       125,490       353,773       249,981  
  

 

 

    

 

 

    

 

 

    

 

 

  

Expenses

         

Employee compensation and benefits

      41,636       32,623       82,830       65,281  

Depreciation and amortization

      8,305       6,345       16,372       12,427  

Technology and communications

      8,592       6,474       16,753       12,256  

Professional and consulting fees

      8,065       6,296       13,740       12,127  

Occupancy

      3,286       2,798       6,760       5,747  

Marketing and advertising

      1,810       3,667       4,485       5,966  

Clearing costs

      5,713       2,610       11,223       5,187  

General and administrative

      3,253       3,800       6,386       6,924  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

      80,660       64,613       158,549       125,915  
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

      104,135       60,877       195,224       124,066  

Other income (expense)

         

Investment income

      714       2,096       1,983       4,085  

Other, net

      (446 )      (64 )      (1,102 )      (22 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total other income

      268       2,032       881       4,063  
  

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

      104,403       62,909       196,105       128,129  

Provision for income taxes

      20,549       14,804       37,435       27,502  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 83,854     $ 48,105     $ 158,670     $ 100,627  
  

 

 

    

 

 

    

 

 

    

 

 

  

Per Share Data:

         

Net income per common share

         

Basic

    $ 2.25     $ 1.30     $ 4.25     $ 2.72  

Diluted

    $ 2.20     $ 1.27     $ 4.16     $ 2.66  

Cash dividends declared per common share

    $ 0.60     $ 0.51     $ 1.20     $ 1.02  

Weighted-average common shares:

         

Basic

      37,340       37,049       37,322       37,046  

Diluted

      38,153       37,910       38,115       37,871  

 

5

MarketAxess Holdings Inc.

Commission Revenue Details

 

     Three Months Ended
June 30,		      Six Months Ended
June 30,		  
     2020      2019      2020      2019  
     Total Commissions Revenue  
     (In thousands)  
     (unaudited)  

Variable transaction Fees

            

U.S. high-grade

    $ 75,208      $ 42,914      $ 133,178      $ 85,415  

Other credit 1

      66,977        47,233        132,587        93,267  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total credit

      142,185        90,147        265,765        178,682  

Rates 2

      3,846        615        9,432        1,172  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total variable transaction fees

      146,031        90,762        275,197        179,854  
  

 

 

     

 

 

     

 

 

     

 

 

  

Distribution Fees

            

U.S. high-grade

      19,635        17,483        39,609        35,461  

Other credit1

      6,329        5,774        12,987        11,332  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total credit

      25,964        23,257        52,596        46,793  

Rates2

      97        105        253        237  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total distribution fees

      26,061        23,362        52,849        47,030  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total commissions

    $ 172,092      $ 114,124      $ 328,046      $ 226,884  
  

 

 

     

 

 

     

 

 

     

 

 

  
     Average Variable Transaction Fee Per Million  
     (unaudited)  

U.S. high-grade - fixed-rate

    $ 186.67      $ 168.05      $ 185.04      $ 163.15  

U.S. high-grade - floating-rate

      55.06        65.22        51.38        70.65  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total U.S. high-grade

      181.41        161.72        178.86        157.37  

Other credit 1

      204.66        190.07        201.80        193.10  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total credit

      191.66        175.43        189.62        174.19  

Rates2

      4.02        46.69        3.93        42.69  

 

1 

Other credit includes high-yield, emerging markets, Eurobonds and municipal bonds.

2 

Rates includes U.S. Government bonds, agencies and other government bonds.

 

6

MarketAxess Holdings Inc.

Consolidated Condensed Balance Sheet Data    

 

     As of  
     June 30, 2020     December 31, 2019  
     (In thousands)  
     (unaudited)  

Assets

     

Cash and cash equivalents

    $ 404,148     $ 270,124  

Investments, at fair value

      131,372       230,477  

Accounts receivable, net

      99,222       62,017  

Goodwill

      147,394       146,861  

Intangible assets, net of accumulated amortization

      59,552       60,986  

Furniture, equipment, leasehold improvements and capitalized software, net

      78,461       71,795  

Operating lease right-of-use assets

      77,933       81,399  

Prepaid expenses and other assets

      41,102       30,770  

Deferred tax assets, net

      33       501  
  

 

 

    

 

 

  

Total assets

    $ 1,039,217     $ 954,930  
  

 

 

    

 

 

  

Liabilities and stockholders’ equity

     

Liabilities

     

Accrued employee compensation

    $ 39,434     $ 47,365  

Income and other tax liabilities

      24,906       16,690  

Deferred revenue

      4,068       3,499  

Accounts payable, accrued expenses and other liabilities

      22,624       19,294  

Operating lease liabilities

      94,701       97,991  
  

 

 

    

 

 

  

Total liabilities

      185,733       184,839  
  

 

 

    

 

 

  

Stockholders’ equity

     

Common stock

      122       122  

Additional paid-in capital

      327,970       342,541  

Treasury stock

      (164,676 )      (153,388 ) 

Retained earnings

      704,219       591,086  

Accumulated other comprehensive loss

      (14,151 )      (10,270 ) 
  

 

 

    

 

 

  

Total stockholders’ equity

      853,484       770,091  
  

 

 

    

 

 

  

Total liabilities and stockholders’ equity

    $ 1,039,217     $ 954,930  
  

 

 

    

 

 

  

 

7

MarketAxess Holdings Inc.

Reconciliation of Non-GAAP Financial Measures

 

     Three Months Ended
June 30,		      Six Months Ended
June 30,		  
     2020      2019      2020      2019  
     Earnings Before Interest, Taxes, Depreciation and Amortization  
     (In thousands)  
     (unaudited)  

Net income

    $ 83,854      $ 48,105      $ 158,670      $ 100,627  

Add back:

            

Interest expense

      —          —          —          —    

Provision for income taxes

      20,549        14,804        37,435        27,502  

Depreciation and amortization

      8,305        6,345        16,372        12,427  
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings before interest, taxes, depreciation and

amortization

    $ 112,708      $ 69,254      $ 212,477      $ 140,556  
  

 

 

     

 

 

     

 

 

     

 

 

  
     Free Cash Flow  
     (In thousands)  
     (unaudited)  

Cash flows from operating activities

    $ 104,853      $ 69,733      $ 225,222      $ 109,102  

Exclude: Net change in trading investments

      (6,880 )       (2,839 )       (63,274 )       (8,854 ) 

Less: Purchases of furniture, equipment and leasehold improvements

      (4,973 )       (5,465 )       (9,264 )       (6,114 ) 

Less: Capitalization of software development costs

      (6,225 )       (4,126 )       (13,003 )       (7,310 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Free cash flow

    $ 86,775      $ 57,303      $ 139,681      $ 86,824  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

8

MarketAxess Holdings Inc.

Volume Statistics*

 

     Three Months Ended
June 30,		      Six Months Ended
June 30,		  
     2020      2019      2020      2019  
     Total Trading Volume  
     (In millions)  
     (unaudited)  

U.S. high-grade - fixed-rate

    $ 398,006      $ 249,025      $ 710,194      $ 508,858  

U.S. high-grade - floating-rate

      16,574        16,335        34,380        33,912  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total U.S. high-grade

      414,580        265,360        744,574        542,770  

Other credit

      327,266        248,503        657,019        482,994  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total credit

      741,846        513,863        1,401,593        1,025,764  

Rates

      955,594        13,174        2,400,472        27,450  
     Average Daily Volume  
     (In millions)  
     (unaudited)  

U.S. high-grade

    $ 6,581      $ 4,212      $ 5,957      $ 4,377  

Other credit

      5,234        3,979        5,256        3,895  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total credit

      11,815        8,191        11,213        8,272  

Rates

      15,169        209        19,204        221  

Number of U.S. Trading Days 1

      63        63        125        124  

Number of U.K. Trading Days 2

      61        61        125        124  

 

1 

The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.

2 

The number of U.K. trading days is based on the U.K. Bank holiday schedule.

*

Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company’s reported volumes when the Company executes trades on a matched principal basis between two counterparties. Consistent with industry standards, U.S. Government Bond trades are single-counted.

 

9

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Document and Entity Information
Jul. 22, 2020
Cover [Abstract]  
Entity Registrant Name MARKETAXESS HOLDINGS INC
Amendment Flag false
Entity Central Index Key 0001278021
Document Type 8-K
Document Period End Date Jul. 22, 2020
Entity Incorporation State Country Code DE
Entity File Number 001-34091
Entity Tax Identification Number 52-2230784
Entity Address, Address Line One 55 Hudson Yards
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10001
City Area Code (212)
Local Phone Number 813-6000
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.003 per share
Trading Symbol MKTX
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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