In its Q3 2023 earnings report, electronic trading platform MarketAxess (NASDAQ:MKTX) announced a stable revenue of $172.3 million, despite a backdrop of low credit spread volatility. The firm's expenses rose by 10% due to investments in global fixed-income markets, which resulted in an operating income of $66.9 million and a net income of $54.9 million. Earnings per share (EPS) for the period stood at $1.46.
The company also reported a record information services revenue of $11.8 million, marking a 21.5% increase and reflecting the growing adoption of its Composite+ product. CEO Chris Concannon emphasized the firm's robust diversification strategy, which was evident in an 11.3% rise in average daily volume (ADV) for international products and a 7.4% growth in municipal bonds ADV.
MarketAxess achieved record levels in automated trading volume, trade count, and active client firms during the quarter, surpassing the levels seen in 2022. The company also provided its EBITDA and EBITDA margin for Q3 2023, as well as an estimated market share for the same period.
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