MarketAxess (MKTX) Unveils Axess All Prints Real-Time Pricing

MarketAxess Holdings Inc. MKTX recently announced that it has launched Axess All Prints, adding to its existing intra-day fixed income tape with real-time transacted price service. Axess All Prints will work with the most actively traded debt instruments in the United Kingdom and the European Union.

The company first introduced Axess All in 2015, which offered delayed data for intra-day transactions (aggregated at the bond level) on about 7,000 instruments. The new addition will provide real-time trade-by-trade pricing data and publish prices on more than 15,000 executed trades across almost 4,250 unique instruments for a day of trading.

MKTX expects the addition of real-time data to enhance execution quality and improve transparency. It will provide more accurate, low-cost and actionable fixed income data for traders. The move is expected to enable dealer and investor clients to manage market risks more efficiently.

With the ongoing economic revival, bond trading is somewhat tapered down, which is weighing on MarketAxess’ commissions. As such, the recent move will likely help the company in boosting volumes. As the increasing costs are putting pressure on its profits, furnishing new and unique products will provide MKTX with a competitive advantage, which in turn can benefit the bottom line.

MarketAxess’ expenses for 2022 are projected in the range of $385-$415 million, indicating a significant increase from the 2021 level of $361.7 million. For first-quarter 2022, the Zacks Consensus Estimate for MKTX’s bottom line is pegged at $1.78 per share, signaling a 15.6% decrease from a year ago.

Price Performance

MarketAxess’ shares have declined 32.6% in the past year against the 3.4% rise of the industry it belongs to.

Image Source: Zacks Investment Research

Zacks Rank & Key Picks

MarketAxess currently has a Zacks Rank #4 (Sell). Some better-ranked stocks in the Finance space include WisdomTree Investments, Inc. WETF, Morgan Stanley MS and PhenixFIN Corporation PFX, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

WisdomTree operates as a sponsor of exchange-traded funds and asset manager. Based in New York, WisdomTree’s bottom line for 2022 has witnessed four upward revisions and no movement in the opposite direction in the past 60 days. WETF beat earnings estimates in each of the last four quarters, with an average of 11.9%.

Morgan Stanley delivers financial products and services to clients all around the globe. Based in New York, MS’ bottom line for 2022 has witnessed five upward revisions and no movement in the opposite direction in the past 60 days. Morgan Stanley beat earnings estimates in each of the last four quarters, with an average surprise of 17.3%.

PhenixFIN invests in debt and equity securities of small and middle-market companies. The consensus mark for PFX’s 2022 earnings has improved 93.3% in the past 30 days. Headquartered in New York, PhenixFIN beat earnings estimates thrice in the last four quarters.

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