Marketaxess Holdings Inc Q2 2025 Earnings Call Summary

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

Question: Christopher Allen - Citibank Cameroon SA - Analyst : Thanks for taking the question. I wanted to see if you can give some more details on the progress to date on the new initiatives or maybe some color just in terms of where you are from client penetration and adoption perspective, then the outlook you just mentioned for the rest of the year? And then if you could help us reconcile the progress you've made, the momentum we saw in 2Q versus the July volumes, specifically in market share in US high-grade, that would be helpful as well.

Question: Patrick Moley - Piper Jaffray Inc - Analyst : Thanks for taking the question. Chris, I was hoping you could just update us or maybe just elaborate on some of the drivers of the fee per million decline in the quarter. It didn't fall too much sequentially, but it was the lowest it's been in a few years. I'm just wondering kind of what the drivers were there and then what your expectations are going forward? It looks like it popped up a little bit in the month of July. So any color on fee per million would be great.

Question: Michael Cyprys - Morgan Stanley - Analyst : Thanks for the question. Maybe just digging a little more on the blocks, if I could. So just on Europe, just to start, it sounds like great success there. You were just talking about with the growth. Just curious how much of that you attribute to the new block solution, if you can maybe elaborate on what adoption looks like there. And in the US, it sounds like it's early days. You mentioned you're rolling out. You're continuing to roll it out. Can you just elaborate on your sort of expectations around the pace of the rollout in the coming months and quarters, the steps you're taking to broaden adoption, how you're looking to gauge early traction. And what might success look like in the US with this new high touch solution into year end and in '26? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 06, 2025 / 2:00PM, MKTX.OQ - Q2 2025 Marketaxess Holdings Inc Earnings Call

Question: Benjamin Budish - Barclays Services Corp - Analyst : Thanks for taking my question. Chris, in your prepared remarks, you talked about a number of new strategic hires. I was wondering if you could expand on that a little bit. What are these individuals tasked with doing? What are their primary KPIs you're going to be measuring? How do you think they'll be kind of moving the needle? And if you're successful in these hires, when do you think that might translate into results?

Question: Benjamin Budish - Barclays Services Corp - Analyst : Okay, great. Thank you very much.

Question: Kyle Voigt - Keefe Bruyette & Woods Inc - Analyst : Maybe I could just ask a question on the muni business. I know it's still small, obviously. But can you just kind of update us on market share, progress? What else do you need to do in terms of capability or new product rollout to kind of find the next leg of market share growth there? And then anything you can also share, just regarding some of the movement on kind of an implied fee capture within that bucket and how you expect that to progress moving forward?

Question: Elias Abboud - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Thanks for taking the question. Can you dig more into your performance in Europe? It looks like volumes are up 21% year to date. I know part of that is from a larger pie, but it also seems like there's been some pretty good share gains lately. What's driving those share gains? Who is it coming from? And are there any particular protocols or customer channels that have been particularly strong?

Question: Michael Cyprys - Morgan Stanley - Analyst : Thanks for taking the follow-up question here. Just wanted to ask about portfolio trading in the month of July. And I know it's just a month, I don't want to overemphasize. Just curious what was driving the decline year-on-year and US credit portfolio trading a share. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 06, 2025 / 2:00PM, MKTX.OQ - Q2 2025 Marketaxess Holdings Inc Earnings Call I think that was down about 160 basis points to around 15.6% US credit PT share. I'm just curious what macro environment might we see your PT share expand. Maybe talk about some of the initiative steps you can take to drive that meaningfully higher. And then over time, what might success look like for you and portfolio trading in US credit?

Question: Michael Cyprys - Morgan Stanley - Analyst : Great. Thank you.