The digital
buying and selling platform MarketAxess Holdings Inc. introduced at the moment (Wednesday) its
monetary outcomes for the fourth quarter (This fall) and the total 2023. The corporate
reported strong income development of just about 11%, together with increased buying and selling volumes
throughout a number of merchandise and areas.
Complete
revenues for the fourth quarter rose 10.9% year-over-year (YoY) to $197.2
million. This contains revenues from the acquisition of Pragma and a optimistic
affect from overseas foreign money fluctuations. Internet revenue elevated 18% to $69.6
million, whereas diluted EPS was up 16.5% to $1.84.
For 2023,
MarketAxess posted a YoY improve of 5% in whole revenues to $753 million. Internet
revenue rose 3% to $258 million and diluted EPS grew 3% to $6.85. Additionally, the outcomes have been visibly higher than in Q3 2023.
Supply: MarketAxess
“In 2023,
we made important strides in enhancing our shopper franchise, rising
shopper engagement with MarketAxess X-Professional, our new buying and selling platform, and
delivering strong development in ADV throughout new product areas and areas,” commented
Chris Concannon, the CEO of MarketAxess.
The expansion
was pushed by report revenues in data providers, a rise of 14.6% within the quarter,
in addition to post-trade providers revenues, that improved 24.1%. MarketAxess benefited
from strong quantity will increase internationally, with common each day buying and selling quantity
(ADV) from rising markets and Eurobonds rising 10.8%.
Municipal
bonds ADV hit a report excessive within the quarter, climbing 7.8% YoY. Portfolio
buying and selling volumes reached report ranges, leaping 35.8% from the prior 12 months. The ADV for
the final quarter was considerably boosted by outcomes from November when it
reached an all-time excessive with $303 billion in credit score buying and selling quantity in a single
month. December’s outcomes didn’t disappoint traders’ expectations.
Future Outlook
By way of
outlook, MarketAxess supplied full-year 2024 income steerage for the current
acquisition of Pragma within the mid-single digit share vary in comparison with
Pragma’s This fall 2023 income base. The corporate expects whole bills for 2024
between $480 million and $500 million, together with Pragma working bills
estimated at $33-35 million.
“We’re
coming into 2024 with a extra favorable backdrop for fixed-income, and our shopper
franchise has by no means been stronger,” the CEO added. “We’re centered on realizing
the total potential of the investments we’ve made to drive continued development in
the quarters forward.”
Total,
MarketAxess delivered a optimistic quarter to complete 2023, with increased buying and selling
volumes throughout a number of merchandise and geographies. The corporate noticed sturdy
adoption of its new buying and selling platform MarketAxess X-Professional and continues working to
drive development from its investments.
In an announcement by MarketAxess in November 2023, the corporate revealed that Christopher Gerosa, the Chief Monetary Officer, will go away his place on 31 January 2024. Gerosa plans to maneuver into a brand new place at a know-how options firm that serves the industrial banking business.
The digital
buying and selling platform MarketAxess Holdings Inc. introduced at the moment (Wednesday) its
monetary outcomes for the fourth quarter (This fall) and the total 2023. The corporate
reported strong income development of just about 11%, together with increased buying and selling volumes
throughout a number of merchandise and areas.
Complete
revenues for the fourth quarter rose 10.9% year-over-year (YoY) to $197.2
million. This contains revenues from the acquisition of Pragma and a optimistic
affect from overseas foreign money fluctuations. Internet revenue elevated 18% to $69.6
million, whereas diluted EPS was up 16.5% to $1.84.
For 2023,
MarketAxess posted a YoY improve of 5% in whole revenues to $753 million. Internet
revenue rose 3% to $258 million and diluted EPS grew 3% to $6.85. Additionally, the outcomes have been visibly higher than in Q3 2023.
Supply: MarketAxess
“In 2023,
we made important strides in enhancing our shopper franchise, rising
shopper engagement with MarketAxess X-Professional, our new buying and selling platform, and
delivering strong development in ADV throughout new product areas and areas,” commented
Chris Concannon, the CEO of MarketAxess.
The expansion
was pushed by report revenues in data providers, a rise of 14.6% within the quarter,
in addition to post-trade providers revenues, that improved 24.1%. MarketAxess benefited
from strong quantity will increase internationally, with common each day buying and selling quantity
(ADV) from rising markets and Eurobonds rising 10.8%.
Municipal
bonds ADV hit a report excessive within the quarter, climbing 7.8% YoY. Portfolio
buying and selling volumes reached report ranges, leaping 35.8% from the prior 12 months. The ADV for
the final quarter was considerably boosted by outcomes from November when it
reached an all-time excessive with $303 billion in credit score buying and selling quantity in a single
month. December’s outcomes didn’t disappoint traders’ expectations.
Future Outlook
By way of
outlook, MarketAxess supplied full-year 2024 income steerage for the current
acquisition of Pragma within the mid-single digit share vary in comparison with
Pragma’s This fall 2023 income base. The corporate expects whole bills for 2024
between $480 million and $500 million, together with Pragma working bills
estimated at $33-35 million.
“We’re
coming into 2024 with a extra favorable backdrop for fixed-income, and our shopper
franchise has by no means been stronger,” the CEO added. “We’re centered on realizing
the total potential of the investments we’ve made to drive continued development in
the quarters forward.”
Total,
MarketAxess delivered a optimistic quarter to complete 2023, with increased buying and selling
volumes throughout a number of merchandise and geographies. The corporate noticed sturdy
adoption of its new buying and selling platform MarketAxess X-Professional and continues working to
drive development from its investments.
In an announcement by MarketAxess in November 2023, the corporate revealed that Christopher Gerosa, the Chief Monetary Officer, will go away his place on 31 January 2024. Gerosa plans to maneuver into a brand new place at a know-how options firm that serves the industrial banking business.
