Marketaxess Holdings Inc at Nasdaq Investor Conference Transcript
I would like to introduce our next presenter, Tony DeLise, CFO of MarketAxess Holdings. Tony.
Thank you. And thank you to Nasdaq for hosting us and for arranging a full slate of meetings today. MarketAxess: We're an electronic venue for trading fixed-income products. It's a market -- and really, our core business is around credit. And in that market, it's characterized by an historical dependence on dealers for providing liquidity. So in our markets, it's really liquidity on demand. It's not two-sided markets. The markets don't operate like equities or interest rate swaps or even on the run treasuries. And the majority -- and in some cases, for us, the vast majority of trading in products on our platform is not electronic. So it's very early days in electronic trading. That said, it's -- the market is changing, and regulation has changed it, and various market trends are trading the way products trade. And so for example, in the U.S. around bank regulation that's caused dealers to commit less
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