What smart money is saying about MarketAxess Holdings
6 funds in our archive have pitched MarketAxess Holdings, most recently Heartland Advisors Mid Cap Value Fund in September 2026.
MarketAxess Holdings Inc. develops and operates a premier electronic trading platform, serving institutional investors and broker-dealers globally. This platform provides essential access to deep liquidity across a broad spectrum of fixed-income assets, including U.S. investment-grade and high-yield corporate bonds, U.S. Treasuries, municipal bonds, emerging market debt, and Eurobonds, among other debt securities. Through its innovative Open Trading protocols, the company facilitates anonymous, "all-to-all" corporate bond transactions between its diverse client base. Beyond its core trading capabilities, MarketAxess offers a comprehensive array of value-added products and services. These include Composite+ pricing and other sophisticated market data tools designed to inform trading strategies, as well as auto-execution and custom workflow solutions. The company also provides robust connectivity to ensure straight-through processing and specialized technology services aimed at optimizing trading environments. Additionally, MarketAxess delivers vital pre- and post-trade support, covering trade matching, publication, regulatory reporting, and extensive market and reference data for a wide range of financial instruments. Founded in 2000, MarketAxess Holdings Inc. maintains its headquarters in New York, New York.
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Fund signal · last 12 months
13 lettersToo few moves on MarketAxess Holdings yet for a clear signal
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q2 2025 and Q3 2026, 13 fund letters reported a position in MarketAxess Holdings, with 2 buys (opened or added) and 2 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 8 | 0 | 2 | 2 |
| Q2 2026 | 5 | 2 | 0 | 2 |
| Q4 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 13 positions · 5 moves
- September 2026
“Financials. A recent example of our patience paying off is MarketAxess Holdings (MKTX) .”
MarketAxess Holdings - September 2026
“- 3 - PORTFOLIO UPDATES The largest individual contributors to and detractors from quarterly performance are noted below. Gross contribution to overall portfolio return is noted in parentheses. Exhibit 3: Top Contributors to Quarterly Performance (Gross) Top Contributors Top Detractors Long: MarketAxess (+430 bps) Long: FTI Consulting (-175 bps) Short: Financial (+175) Long: Teledyne (-80) Long: Tecan (+160) Long: Intercontinental Exchange (-65) Longs – Total Contribution Shorts – Total Contribution +380 bps -95 bps Source: Upslope, Opus Fund Services, Interactive Brokers Note: Amounts may not tie due to rounding. Total net performance during above period: +2.2%. Key Exits Upslope exited MarketAxess (MKTX, leading fixed income “exchange” operator) in the quarter due to its announced acquisition by Intercontinental Exchange.”
MarketAxess Holdings - September 2026
“Eliminations IDT Corp. (IDT) reached its price target and was eliminated. H.B. Fuller (FUL) and MarketAxess (MKTX) were eliminated to make room for better opportunities.”
MarketAxess Holdings - September 2026
“Eliminations H.B. Fuller (FUL) and MarketAxess (MKTX) were eliminated to make room for better opportunities.”
MarketAxess Holdings - September 2026
“During the quarter, ICE also announced its planned $6 billion acquisition of MarketAxess Holdings Inc. (MKTX), accelerating its expansion into electronic fixed-income trading.”
MarketAxess Holdings - September 2026
“Our biggest contributor to performance in Q3 was MarketAxess Holdings (MKTX) , which operates the largest corporate bond e-trading platform in the U.S.”
MarketAxess Holdings - September 2026
“Financials. A recent example of our patience paying off is MarketAxess Holdings (MKTX) . In July, we noted that the operator of the largest U.S. corporate bond e-trading platform was the biggest detractor to our Strategy’s performance in Q2. One of the reasons was heavy primary bond issuance volume and tighter credit spreads temporarily diverted trading volume away from MKTX's core secondary market. We remained committed to the stock for several reasons, including the fact that the company was exiting a heavy investment cycle, setting up strong operating leverage.”
MarketAxess Holdings - July 2026
“MarketAxess (MKTX): Challenged member of fixed income/credit “exchange” duopoly.”
MarketAxess Holdings - New positionHeartland Advisors Mid Cap Value FundJune 2026
“Financials. While ON was one of the Fund's top contributor last quarter, the biggest detractor to our Strategy's performance was MarketAxess Holdings (MKTX) , a position we initiated in the first quarter and built in the second quarter.”
MarketAxess Holdings - June 2026
“While TXN was one of our top contributors last quarter, the biggest detractor to our Strategy’s performance was MarketAxess Holdings (MKTX) , a position we initiated in the first quarter and built in the second quarter.”
MarketAxess Holdings - June 2026
“MarketAxess (MKTX), a leading operator of electronic xed income marketplaces with particular strength in corporate credit markets and international bond markets, was the largest detractor.”
MarketAxess Holdings - June 2026
“Largest Detractors MarketAxess (MKTX), a leading operator of electronic xed income marketplaces with particular strength in corporate credit markets and international bond markets, was the largest detractor.”
MarketAxess Holdings - June 2026
“Largest Detractors MarketAxess (MKTX), a leading operator of electronic xed income marketplaces with particular strength in corporate credit markets and international bond markets, was the largest detractor.”
MarketAxess Holdings
Also mentioned · 1
These funds discuss MarketAxess Holdings as a competitor, benchmark or comparable, without disclosing a position in it.
- September 2026
“Tradeweb operates one of the largest global electronic marketplaces for fixed income and other financial products. While we continue to believe the electronification of fixed income markets provides a compelling long-term growth opportunity, we exited the position following Intercontinental Exchange’s announced acquisition of MarketAxess, which may increase competitive intensity across the industry.”
MarketAxess Holdings
Fund coverage · 6 theses
- Heartland Advisors Mid Cap Value FundSeptember 2026
MarketAxess Holdings operates a leading corporate bond e-trading platform and was attractive due to operating leverage, market share gains, and takeout value.
Read the full thesis - Heartland Advisors Opportunistic Value Equity StrategySeptember 2026
MarketAxess Holdings runs the largest U.S. corporate bond e-trading platform, and the fund stayed committed despite temporary volume headwinds and a takeover offer premium.
Read the full thesis MarketAxess is an electronic fixed income marketplace where the thesis is that new technologies should enhance rather than displace its existing liquidity and trading network.
Read the full thesisMarketAxess operates the largest U.S. corporate bond e-trading platform and offers operating leverage, market-share gains, scale advantages, and an attractive valuation.
Read the full thesis- Heartland Mid Cap Value FundDecember 2025
MarketAxess Holdings is the leading U.S. electronic corporate bond trading platform with strong margins, renewed share gains under new leadership, international growth opportunities, and a valuation discount relative to exchange peers.
Read the full thesis - LRT Capital ManagementJune 2025
MarketAxess Holdings Inc. is a leader in electronic trading of fixed-income securities, leveraging a self-reinforcing network effect and advanced technology to enhance transparency, liquidity, and efficiency in the corporate bond market.
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