MarketAxess Sees Decline in Revenues in Q2 2021

International financial technology company MarketAxess Holdings Inc posted its financial results for the second quarter of 2021, ending on June 30, 2021, showing a slight decrease in revenues.

More specifically, the fintech registered total revenues of $176.3 million, down 4.6% compared to $184.8 million for Q2 2020. Operating income stood at $87.2 million, decreased by 16.3% than $104.1 million for the corresponding period in 2020. Operating margin came in at 49.4%. That number for the same period of last year was 56.4%.

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Net income aggregated $67.3 million, or $1.77 per share on a diluted basis, compared to $83.9 million, or $2.20 per share for the prior year. In addition, the commission revenue reached $156.4 million, down 9.1% from a year earlier. Variable transaction fees totaled $127.1 million, indicating a YoY decrease of 13.0%.

Rick McVey, Chairman and CEO of MarketAxess, commented, ​“Second quarter results were heavily impacted by low levels of credit market volatility in a very tough year over year comparison for MarketAxess. We are proud of the Company’s record results achieved last Spring during elevated credit spread volatility and high market volume caused by the Pandemic and, though we were not able to duplicate those results, we believe the Company’s long-term revenue and earnings growth rates remain on track. In addition to consistent long-term growth in our core business, we are excited about the progress we are making in our international business, emerging markets, municipal bonds, and new trading protocols. We believe our investments are creating a much broader foundation for future growth that will be evident when more normal levels of volatility return to fixed income markets.”

As Fazzaco reported earlier, MarketAxess recently has announced two executive appointments to its team. The company promoted Christopher Gerosa as its new Chief Financial Officer, effective August 1, 2021, and named Charles Li to its Board of Directors​, effective July 13, 2021.