MarketAxess Reports First Quarter 2020 Record Revenues of $169.0 Million, Record Operating Income of $91.1 Million and Record Diluted EPS of $1.96

First Quarter Financial Highlights*

Record revenues of $169.0 million, up 36%

Record operating income of $91.1 million, up 44%

Operating margin of 53.9%, up from 50.8%

Record diluted EPS of $1.96, up 41% from $1.39

Record credit trading volume of $659.7 billion, up 29%

Record Open Trading™ volume of $208.6 billion, up 55%

Record trading volume in U.S. high-grade, U.S. high-yield, emerging market, Eurobond, municipal and U.S. Treasury bonds

^{*All comparisons versus first quarter 2019.}

NEW YORK, April 29, 2020 (GLOBE NEWSWIRE) — MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced results for the quarter ended March 31, 2020.

“Our heartfelt thoughts go out to the millions of people around the world that have lost loved ones and had their lives turned upside down by the Covid-19 pandemic,” said Rick McVey, Chairman and CEO of MarketAxess. “The steep drop in economic activity in the first quarter had an immediate and substantial impact on global credit markets with sharp credit spread widening, especially in High-Yield and Emerging Markets. During this market disruption, credit trading volumes reached record levels in March, and electronic trading market share on MarketAxess increased. We believe Open Trading liquidity was essential to the functioning of credit markets during the quarter, and MarketAxess played a valuable role keeping our clients connected to the market as traders moved from their centralized trading floors to home offices. The indispensable role of electronic fixed-income trading networks was evident in the record number of client firms and individual traders that transacted on MarketAxess during the month of March.”

First Quarter Results