MarketAxess Holdings, Inc. (MKTX, Financial) operates the leading electronic platform for trading corporate bonds and other fixed-income securities. The company has dominant share with over 90% of electronic trading in the U.S. corporate bond market, which is in the early innings of a transition away from broker assisted voice-based trading to electronic. Electronic trading platforms provide a lower-cost and more efficient way to connect buyers and sellers. Just as the equities and futures markets shifted from trading floors/pits to electronic trading in the ‘80s and ‘90s, we would expect the same transition to happen in fixed-income in the coming years. With only 15% market share of the U.S. high-grade market and 6% of the U.S. high-yield market, the company is still in the early innings of penetrating its addressable market. Market share for Eurobonds is in the mid-high single digits, having doubled from a year ago. The regulatory environment for financial institutions has also reduced the appetite of large banks to take positions in bonds or trade as actively as they once did, providing tailwinds to an already attractive growth opportunity. With only 7% penetration into the $47 billion dollar global fixed-income market, we remain optimistic about the road ahead. MarketAxess is a new holding in the portfolio.From Baron Opportunity Fund's third quarter 2015 letter.
Research Tools
All-In-One Screener
Stock Ideas
Stock List
Guru List
Guru Real-Time Picks
Insider List
Insider Trades
Economic Indicators
Sector & Industry Performance
DCF Calculator
Discussion Board
Product
Pricing Plans
Excel Add-In
Google Sheets Add-on
Data API
Stock Comparison Table
Manual of Stocks
Mobile App
ä¸æ–‡
Education
Financial Glossary
Tutorials
FAQ
Schedule Free Session
Buffett Indicator
Shiller P/E
Yield Curve Today
U.S. Inflation Rate
Global Market Valuation
Fed Net Liquidity
Buffett Assets Allocation
Company
About GuruFocus
Career
Contact Us
ETF
Advertise
Site Map
Term of Use
Privacy Policy
Referral Program
Partner Program
Survey
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
Follow Us
Disclaimers
GuruFocus.com is not operated by a broker or a dealer. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. This investment adviser does not provide advice to individual investors. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Data is updated daily.
© 2004-2024 GuruFocus.com, LLC. All Rights Reserved.