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: 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.
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AUGUST 06, 2025 / 2:00PM, MKTX.OQ - Q2 2025 Marketaxess Holdings Inc Earnings Call
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?
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
Question: Michael Cyprys - Morgan Stanley - Analyst
: Great. Thank you.
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