MarketAxess Holdings Inc. (MKTX, Financial) filed Quarterly Report for the period ended 2010-03-31.
Marketaxess Holdings Inc. has a market cap of $564.9 million; its shares were traded at around $16.23 with a P/E ratio of 36.1 and P/S ratio of 5. The dividend yield of Marketaxess Holdings Inc. stocks is 1.8%. 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, Chuck Royce of Royce& Associates, PRIMECAP Management, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Total revenues increased by $10.3 million or 41.6% to $34.9 million for the three months ended March 31, 2010, from $24.6 million for the three months ended March 31, 2009. This increase in total revenues was primarily due to increases in commissions of $8.9 million and technology products and services revenues of $1.1 million.
Total expenses increased by $3.9 million or 19.6% to $23.8 million for the three months ended March 31, 2010, from $19.9 million for the three months ended March 31, 2010. The increase was primarily due to higher employee compensation and benefits of $2.5 million and general and administrative expense of $0.9 million.
Income before taxes increased by $6.4 million or 134.3% to $11.1 million for the three months ended March 31, 2010, from $4.7 million for the three months ended March 31, 2009. Net income increased by $3.9 million or 136.1% to $6.7 million for the three months ended March 31, 2010, from $2.8 million for three months ended March 31, 2009.
For volume reporting purposes, transactions in foreign currencies are converted to U.S. dollars at average monthly rates. The 67.0% 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 5.7% for the three months ended March 31, 2009 to 7.9% for the three months ended March 31, 2010 and an increase in overall market volume as measured by FINRA TRACE. Estimated FINRA TRACE U.S. high-grade volume increased by 20.8% from $644.3 billion for the three months ended March 31, 2009 to $778.0 billion for the three months ended March 31, 2010. Eurobond volumes increased by 76.2% for the three months ended March 31, 2010 compared to the three months ended March 31, 2009. Other volume increased by 53.3% for the three months ended March 31, 2010 compared to the three months ended March 31, 2009, primarily due to emerging markets and agencies volume.
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Marketaxess Holdings Inc. has a market cap of $564.9 million; its shares were traded at around $16.23 with a P/E ratio of 36.1 and P/S ratio of 5. The dividend yield of Marketaxess Holdings Inc. stocks is 1.8%. 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, Chuck Royce of Royce& Associates, PRIMECAP Management, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The U.S. and European credit markets have been through a period of significant turmoil since the third quarter of 2007, especially in short-term funding and floating rate note instruments. A widespread retrenchment in the credit markets resulted in increased credit spreads and significantly higher credit spread volatility across a wide range of asset classes. Credit yield spreads in U.S. corporate bonds, as measured by the Credit Suisse Liquid U.S. Corporate Index, increased from 1.0% over U.S. Treasuries in June 2007 to a peak of 5.4% in December 2008. The credit markets demonstrated significant improvement throughout 2009 and early 2010. Credit yield spreads in U.S. corporate bonds declined to 1.2% over U.S. Treasuries as of March 31, 2010. The average daily trading volume of U.S. high-grade corporate bonds for the quarter ended March 31, 2010, as measured by the FINRA Trade Reporting and Compliance Engine (TRACE), was $12.8 billion, compared to $10.6 billion in the quarter ended March 31, 2009.Total revenues increased by $10.3 million or 41.6% to $34.9 million for the three months ended March 31, 2010, from $24.6 million for the three months ended March 31, 2009. This increase in total revenues was primarily due to increases in commissions of $8.9 million and technology products and services revenues of $1.1 million.
Total expenses increased by $3.9 million or 19.6% to $23.8 million for the three months ended March 31, 2010, from $19.9 million for the three months ended March 31, 2010. The increase was primarily due to higher employee compensation and benefits of $2.5 million and general and administrative expense of $0.9 million.
Income before taxes increased by $6.4 million or 134.3% to $11.1 million for the three months ended March 31, 2010, from $4.7 million for the three months ended March 31, 2009. Net income increased by $3.9 million or 136.1% to $6.7 million for the three months ended March 31, 2010, from $2.8 million for three months ended March 31, 2009.
For volume reporting purposes, transactions in foreign currencies are converted to U.S. dollars at average monthly rates. The 67.0% 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 5.7% for the three months ended March 31, 2009 to 7.9% for the three months ended March 31, 2010 and an increase in overall market volume as measured by FINRA TRACE. Estimated FINRA TRACE U.S. high-grade volume increased by 20.8% from $644.3 billion for the three months ended March 31, 2009 to $778.0 billion for the three months ended March 31, 2010. Eurobond volumes increased by 76.2% for the three months ended March 31, 2010 compared to the three months ended March 31, 2009. Other volume increased by 53.3% for the three months ended March 31, 2010 compared to the three months ended March 31, 2009, primarily due to emerging markets and agencies volume.
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