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MarketAxess Holdings Inc. Reports Operating Results (10-Q)

July 30, 2010 | About:
10qk

10qk

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MarketAxess Holdings Inc. (MKTX) filed Quarterly Report for the period ended 2010-06-30.

Marketaxess Holdings Inc. has a market cap of $448.9 million; its shares were traded at around $13.84 with a P/E ratio of 25.6 and P/S ratio of 3.9. The dividend yield of Marketaxess Holdings Inc. stocks is 2.1%. Marketaxess Holdings Inc. had an annual average earning growth of 2.6% over the past 5 years.MKTX is in the portfolios of John Keeley of Keeley Fund Management, RS Investment Management, Chuck Royce of Royce& Associates, PRIMECAP Management, Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

Total revenues increased by $9.5 million or 36.7% to $35.3 million for the three months ended June 30, 2010, from $25.8 million for the three months ended June 30, 2009. This increase in total revenues was primarily due to increases in commissions of $7.6 million and technology products and services revenues of $1.2 million.

Total expenses increased by $3.4 million or 16.7% to $23.5 million for the three months ended June 30, 2010, from $20.1 million for the three months ended June 30, 2009. The increase was primarily due to higher employee compensation and benefits of $2.3 million and general and administrative expense of $0.5 million.

Income before taxes increased by $6.1 million or 106.7% to $11.9 million for the three months ended June 30, 2010, from $5.7 million for the three months ended June 30, 2009. Net income increased by $4.0 million or 124.9% to $7.2 million for the three months ended June 30, 2010, from $3.2 million for three months ended June 30, 2009.

For volume reporting purposes, transactions in foreign currencies are converted to U.S. dollars at average monthly rates. The 53.4% increase in U.S. high-grade volume was principally due to an increase in the Companys estimated market share of total U.S. high-grade corporate bond volume as reported by FINRA TRACE from 4.7% for the three months ended June 30, 2009 to 8.1% for the three months ended June 30, 2010, offset by a decline in overall market volume as measured by FINRA TRACE. Estimated FINRA TRACE U.S. high-grade volume decreased by 10.8% from $807.1 billion for the three months ended June 30, 2009 to $720.3 billion for the three months ended June 30, 2010. Eurobond volumes decreased by 3.3% for the three months ended June 30, 2010 compared to the three months ended June 30, 2009. We believe that overall Eurobond volumes were negatively impacted by issues related to the regional sovereign debt market. Other volume increased by 73.9% for the three months ended June 30, 2010 compared to the three months ended June 30, 2009, primarily due to higher agency and emerging markets volumes.

Read the The complete Report

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10qk
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