MarketAxess is a company that offers clients an electronic trading platform for the institutional credit markets and market data. The platform allows institutional investors to trade credit instruments like bonds and other fixed-income products. Richard McVey founded the company in 2000. MarketAxess has its headquarters in New York with 527 employees and clients across the globe. It is the market leader in electronic bond trading in the US and the company is valued at over $20 billion.
History of MarketAxess
Mcvey brought up the idea of MarketAxess at J.P Morgan’s Lab Morgan program in 1999. This program involved the backing of ideas to use web-based technologies in finance. McVey founded MarketAxess as an independent company a year later with $24 million he raised from venture capital companies like Bear Stearns. Later that year MarketAxess started trading corporate bonds and users could have access to research done by the firm. In 2001, MarketAxess acquired BondLink, which was a start-up that enabled users to trade bonds online. In 2004 MarketAxess went public at a valuation of $11 per share.
In 2012 MarketAxess partnered up with Blackrock to link its Aladdin platform with MarketAxess. The Aladdin platform hosted over $10 trillion in assets back then. Two years later MarketAxess acquired Trax, a market data provider. In 2015 MarketAxess and Blackrock expanded their trading platform to Europe, which turned out to be a great success as their daily traded volume went up by 86%.
In 2017 MarketAxess opened an office in Amsterdam and a year later they had their best month ever due to new MiFID II reporting rules. In 2019 it became evident that MarketAxess Holdings was the second best performing stock in the 2010s. Its total return was 3,015%.
Recently the company acquired the LiquidityEdge trading platform and MuniBrokers to further expand its online trading portfolio with treasury and bond trading.
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