MarketAxess Holdings Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>MarketAxess Holdings Inc. filed its 2023 10-K report detailing financial performance and operational data.</b>

AI Summary

MARKETAXESS HOLDINGS INC (MKTX) filed a Annual Report (10-K) with the SEC on February 22, 2024. The 10-K filing for MarketAxess Holdings Inc. covers the fiscal year ending December 31, 2023. The filing includes financial data related to various assets and liabilities, such as cash, accounts receivable, and treasury stock. Key dates mentioned include the filing date of February 22, 2024, and the fiscal year end of December 31, 2023. The company's business address is 55 Hudson Yards, 15th Floor, New York, NY 10001. The filing references specific financial instruments and agreements, including credit agreements and performance shares.

Why It Matters

For investors and stakeholders tracking MARKETAXESS HOLDINGS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of MarketAxess's financial health and operational activities for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial disclosures, including asset and liability breakdowns and specific financial instruments, are essential for understanding the company's risk exposure and valuation.

Risk Assessment

Risk Level: medium — MARKETAXESS HOLDINGS INC shows moderate risk based on this filing. The filing contains numerous references to financial instruments, fair value measurements, and specific agreements, indicating a complex financial structure and potential for market-related risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand MarketAxess's performance and potential risks in the fixed-income trading market.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240222 — Filing Date (FILED AS OF DATE)
• 0000950170-24-018935 — Accession Number (ACCESSION NUMBER)
• 001-34091 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• MARKETAXESS HOLDINGS INC (company) — FILER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240222 (date) — FILED AS OF DATE
• 0000950170-24-018935 (filing_id) — ACCESSION NUMBER
• 55 HUDSON YARDS, 15TH FLOOR (address) — BUSINESS ADDRESS
• New York (location) — CITY
• 10001 (zip_code) — ZIP
• 212-831-6000 (phone) — BUSINESS PHONE

FAQ

Industry Context

MarketAxess Holdings Inc. operates in the financial services sector, specifically focusing on electronic trading platforms for fixed-income securities.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information to investors.

What Investors Should Do

1. Review MarketAxess's 2023 financial statements for revenue, net income, and balance sheet details.
2. Analyze the risk factors section for potential threats to MarketAxess's business operations and profitability.
3. Examine disclosures on executive compensation and stock-based awards.

Key Dates

• 2024-02-22: 10-K Filing — Filing of the annual report for the fiscal year ended December 31, 2023.
• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.

Year-Over-Year Comparison

This is the 2023 10-K filing, providing the annual overview of the company's financial performance and operations.

Key Financial Figures

• $0.003 — nge on which registered Common Stock, $0.003 par value MKTX NASDAQ Global Select
• $2.0 — volume has increased from approximately $2.0 trillion in 2019 to $3.1 trillion in 20
• $3.1 — approximately $2.0 trillion in 2019 to $3.1 trillion in 2023 and our estimated mark
• $701.9 million — We estimate that Open Trading generated $701.9 million of price improvement for our clients in
• $471.5 million — nts in 2023, consisting of an estimated $471.5 million of liquidity taker price improvement (d
• $230.4 million — ed dealer cover price) and an estimated $230.4 million of liquidity provider price improvement
• $9.8 b — site Corporate Bond") was approximately $9.8 billion, representing just 19.3% of the e
• $51.1 billion — ted addressable market of approximately $51.1 billion. The traditional methods of bilateral t
• $955.6 billion — rms. Our clients executed approximately $955.6 billion in credit trading volume using Open Tra
• $2.5 billion — he MarketAxess platforms has grown from $2.5 billion in 2019 to $4.2 billion in 2023. We bel
• $4.2 billion — has grown from $2.5 billion in 2019 to $4.2 billion in 2023. We believe we can increase our
• $10.6 — ate available, there were approximately $10.6 trillion in principal amount of fixed-i
• $26.4 — mber 31, 2023, there were approximately $26.4 trillion in principal amount of fixed-i

Filing Documents

• mktx-20231231.htm (10-K) — 4404KB
• mktx-ex21_1.htm (EX-21.1) — 18KB
• mktx-ex23_1.htm (EX-23.1) — 4KB
• mktx-ex31_1.htm (EX-31.1) — 12KB
• mktx-ex32_1.htm (EX-32.1) — 7KB
• mktx-ex97_1.htm (EX-97.1) — 38KB
• img209539721_0.jpg (GRAPHIC) — 116KB
• img209539721_1.jpg (GRAPHIC) — 48KB
• 0000950170-24-018935.txt (&nbsp;) — 20059KB
• mktx-20231231.xsd (EX-101.SCH) — 2282KB
• mktx-20231231_htm.xml (XML) — 4697KB

Business

Business 3 Item 1A:

Risk Factors

Risk Factors 21 Item 1B: Unresolved Staff Comments 39 Item 1C: Cybersecurity 39 Item 2:

Properties

Properties 41 Item 3:

Legal Proceedings

Legal Proceedings 41 Item 4: Mine Safety Disclosures 41 PART II Item 5: Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 Item 6: [Reserved] 44 Item 7:

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 7A:

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 59 Item 8:

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 61 Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 97 Item 9A:

Controls and Procedures

Controls and Procedures 97 Item 9B: Other Information 97 Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 97 PART III Item 10: Directors, Executive Officers and Corporate Governance 98 Item 11:

Executive Compensation

Executive Compensation 98 Item 12:

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 98 Item 13: Certain Relationships and Related Transactions and Director Independence 98 Item 14: Principal Accounting Fees and Services 98 PART IV Item 15: Exhibits and Financial Statement Schedules 99 Item 16: Form 10-K Summary 104 2 PART I Cautionary Note Regarding Forward-Looking Statements This report contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for our future business and financial performance and our strategy. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections and beliefs upon which we base our expectations may change prior to the end of each quarter or the year. Although these expectations may change, we are under no obligation to revise or update any forward-looking statements contained in this report. Actual future events or results may differ, perhaps materially, from those contained in the projections or forward-looking statements. Factors that could cause or contribute to such differences include those discussed below and elsewhere in this report, particularly in Item 1A. "Risk Factors." I tem 1. Business. Overview MarketAxess Holdings Inc. (the "Company" or "MarketAxess") operates leading electronic trading platforms delivering greater trading efficiency, a

View Full Filing

View this 10-K filing on SEC EDGAR