MarketAxess Holdings Inc. (NASDAQ: MKTX) the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced financial results for the third quarter of 2022.
The Company had $352.0 million in cash, cash equivalents and investments; there are no outstanding borrowings under the Company’s credit facility.
The Board declared a quarterly cash dividend of $0.70 per share, payable on November 16, to stockholders of record as of the close of business on November 2.
Total expenses of $95.8 million increased $7.7 million, or 9%. The increase in expenses was driven principally by higher employee compensation and benefits as a result of the increase in headcount, increased investments to enhance the trading system and data products, as well as higher technology and communication expenses due to higher subscription costs, cloud hosting expense and platform licensing fees.
Other income was $2.6 million, up from $0.5 million in the prior year. The current quarter included higher investment income of $1.3 million due to rising interest rates and $0.9 million of income from the Company’s unconsolidated equity investment.
MarketAxess operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Over 1,900 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities.
MKTX shares gained 16 cents to $241.32.
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