Added to YB: 2026-09-16
Pitch date: 2026-07-23
MKTX [bullish]
MarketAxess Holdings Inc.
+43.36%
current return
Author Info
Cooke & Bieler is an independent, institutional equities manager focused solely on value investing and committed to deep, fundamental research since 1949. A long-term investment horizon and attention to business quality underpin our differentiated perspective. Sign up for the newsletter.
Company Info
MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer firms in the United States, the United Kingdom, and internationally.
Market Cap
$5.7B
Pitch Price
$113.77
Price Target
N/A
Dividend
1.91%
EV/EBITDA
12.39
P/E
19.23
EV/Sales
6.42
Sector
Capital Markets
Category
growth
Cooke & Bieler Small Cap Value Equity Portfolio Holding: MarketAxess Holdings Inc.
MKTX (hold): MarketAxess, a leading operator of electronic fixed-income marketplaces, was the largest detractor despite favorable first-quarter earnings, selling off sharply amid fears that AI and tokenization could erode its competitive position. The thesis is that if fixed-income trading migrates toward AI, those trades are almost certain to be executed electronically through existing liquidity pools, while current tokenization primarily improves settlement and post-trade efficiency; competition from Tradeweb and Trumid remains robust.
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