Q2 2024 Marketaxess Holdings Inc Earnings Call Transcript
Key Points
- MarketAxess Holdings Inc (MKTX) delivered 10% total revenue growth, including the benefit of the Pragma acquisition.
- Diluted earnings per share was $1.72, reflecting solid financial performance.
- Strong revenue growth in international product areas and emerging markets, with emerging markets commission revenue increasing by 22%.
- Successful rollout of X-Pro, with over 60% of trade activity from largest clients coming through the platform.
- Record information services revenue of $13 million, driven by new contracts and strong adoption across the data product suite.
- Total operating expenses increased by 12%, including the impact of the Pragma acquisition.
- US credit estimated market share continues to disappoint, with lower estimated market share in high yield.
- Decline in total credit fee capture driven by product and protocol mix, specifically lower high yield activity and increased portfolio trading.
- Lower volatility and lower price dispersion in the market reduced the price improvement opportunity in open trading.
- Challenges in the dealer-to-dealer segment, with estimated share down slightly and the need to allocate more resources to this segment.
Ladies and gentlemen, thank you for standing by. Welcome to the Marketaxess second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded on August 6, 2024. I would now like to turn the call over to Steve Davidson, Head of Investor Relations at Marketaxess. Please go ahead, sir.
Good morning, and welcome to the Marketaxess second quarter 2024 earnings conference call. For the call Chris Concannon, Chief Executive Officer, will provide you with a strategic update on the company. Rich Schiffman, Global Head of Trading Solutions, will update you on the performance of our markets. This quarter, and then Ilene Fiszel Bieler, Chief Financial Officer, will review the financial results.
Before I turn the call over to Chris, let me remind you that today's call may include forward-looking statements. These statements represent the company's belief regarding future events that by their nature are uncertain. The company's actual results and
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