
What smart money is saying about MarketAxess Holdings
5 funds in our archive have pitched MarketAxess Holdings — most recently Heartland Advisors Mid Cap Value Fund in June 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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Position history
Between Q2 2025 and Q3 2026, 3 fund letters reported a position in MarketAxess Holdings — 2 opened or added to the position.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 0 | 0 |
| Q2 2026 | 2 | 2 | 0 | 3 |
| Q4 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
Fund activity · 3 positions · 2 moves
- 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
Fund coverage · 5 theses
MarketAxess 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 thesisMarketAxess 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 is seen as attractively valued with operating leverage, market share gains, and scale advantages supporting a multi-year profit growth cycle.
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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