Marketaxess Holdings Inc at Goldman Sachs U.S. Financial Services Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : You give me a moment to brief. So thank you for that, actually. And we were joking around. This is page out of State Street's playbook from Ilene's prior day. So we're totally ready for that. So I'm going to go a little bit of a script here, just again, given the bunch of information you guys have provided. And maybe we can start with guidance and the new targets that you unveiled just a few minutes ago. So first, when you think about the 8% to 9%, you made a really important distinction there. Half of the business is non-US It's grown. I think historically, you said 15% is the assumption embedded within the eight to nine that non-US piece will continue at around 15%. So that's part A. And then part B, that really implies that the US piece is still growing only in kind of like low single digits. So help me understand both of those, take it into account that, hey, you got all these initiatives on the US credit side of things that should yield some faster revenue growth.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : And then how do you think about the data revenue side of it, right? Because to your point, this is an all-in number because you talked obviously about the importance of that, and we've talked about it for a while -- Board, really valuable, really unique. How much do you guys have the nontransactional more of that data piece growing over those next several years? And again, any building blocks in terms of number of users are really pricing any -- like it's volume times price, right? So like what kind of the unit growth versus what pricing dynamics you could embed within that to support that kind of revenue growth?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : The franchise that makes sense. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 3:00PM, MKTX.OQ - Marketaxess Holdings Inc at Goldman Sachs U.S. Financial Services Conference

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Right, right. Okay. Great. another numbers question, and then I pit back to some of the things we were going to talk about at a little bit micro. But I mean this is probably for you, when you think about the operating leverage that is also embedded in your guidance, 75 basis points to 125 basis points of annual margin expansion. Can you talk about the ability to deliver on that if the revenue falls short of the low end of kind of 8-ish percent below that 8% for whatever reason, can you still kind of deliver the same type of margin expansion embedded in your targets?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : I'd expect nothing less.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yes. So you talked about giving yourself more operating efficiencies through this platform, which makes a lot of sense. Can you talk a little bit about the competitive moats you sort of have around your global business, right? Because when I look at the growth, I'll go the company, so much of that is going to be on that 15% remaining 15% on average over multiple years.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : When I think about the investments you guys have made outside the US, boots underground, particularly in emerging markets, what gives you sort of confidence that you can sustain those similar type of revenue growth in those markets, whereas you might have others coming in and try to compete for those pools of revenues more aggressively just like it happened in the US credit?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yes. All right. Let's pivot to the US correct side of things. Two questions I want to hit on. So the first one, is addressing the US portfolio trading angle, as you described it and maybe the dealer to dealer. When you and I were here last year, you kind of were up the deal, like, hey, look, we'll be aggressive on -- we really -- and we've had to build the capabilities.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : But look, the ability to continue its pace of share gains and really expand maybe within portfolio trading, feels like price will be a big part of that. So maybe talk a little bit about how you're positioned price-wise versus your competitors, obviously, trade with, but Tradeweb well. Is this where price state? Do you see that going lower? Is it going higher? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 3:00PM, MKTX.OQ - Marketaxess Holdings Inc at Goldman Sachs U.S. Financial Services Conference And how do you broadly expect that part of the market, whether it's PT or dealer to Dave to expand from here for you guys?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : About lost Mid-X or --

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Great. That's helpful. All right. With a couple of minutes left on the clock, I did want to spend a couple of minutes here on market on close. The protocol you announced a little while back, obviously, a big part of the story, you dedicated slide to it, so we'll help we talk about it. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 3:00PM, MKTX.OQ - Marketaxess Holdings Inc at Goldman Sachs U.S. Financial Services Conference So interested solution, help me understand, I guess, what feedback you've been getting from the buy side as you sort of think about utilizing that? But also more importantly, what gives you confidence that you won't just pull sort of volumes away from other points of the day in your ecosystem where you might actually end up with roughly the same outcome? Like why is this additive to your revenue base, but also maybe the -- system broadly?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Got it. Great. Well, I think we'll end it there. Thank you for this. Thank you for using, by the way, this is a forum to get your targets out. So we actually do really appreciate it.