The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Gautam Dileep Sawant - CrTdit Suisse AG, Research Division - Analyst
: Can you please expand on MuniBrokers' progress, why the first-mover advantage in the Muni market is important and how the
platform is currently positioned relative to competitors pursuing the same opportunity?
Question: Gautam Dileep Sawant - CrTdit Suisse AG, Research Division - Analyst
: Got it. And MarketAxess currently have about $1 billion of the $30 billion TAM in EM local currency. What is the level of electronification
in EM local, specifically? And I guess, can you expand on some of the capabilities that the platform has that's kind of driving the
growth there and the competitive advantage?
Question: Christopher John Allen - Compass Point Research & Trading, LLC, Research Division - Analyst
: Rick, I wanted to ask you just -- and you noted obviously, volatility has improved, credit spreads are widening. We've seen ETF activity
and credit accelerating materially this past quarter. I think many would have expected industry activity to be even better than it has
been. So I'm wondering, if you have any thoughts just in terms of maybe what's holding industry activity back is some of the large
market participants sitting on cash right now. Any thoughts on that would be helpful.
Question: Christopher John Allen - Compass Point Research & Trading, LLC, Research Division - Analyst
: And on the velocity, and I think you guys are probably able to measure it much more dynamically than we are. But when we kind of
look at it, it's been actually declining. I'm just wondering like how -- I mean, how have you guys perceived velocity trends in recent
periods? Have you seen the impact of automation on your platform and continued electronification in terms of you taking share,
other electronic platforms taking share? Has there been any improvement in velocity from how you guys have seen it in recent years?
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