In the second quarter ended June 30, 2026, MarketAxess demonstrated resilient trading volume growth driven by strength in emerging market bonds and increased institutional client engagement despite ongoing macroeconomic uncertainties. The company’s flagship Open Trading platform continues to amplify network effects by connecting a broad set of institutional investors and broker-dealers in an all-to-all anonymous marketplace, enhancing liquidity and price discovery. Concurrently, MarketAxess is advancing its AI-powered execution protocols under the X-Pro platform, streamlining trade automation and improving execution efficiency. While competition from peer electronic platforms and integration challenges following the Intercontinental Exchange acquisition persist, MarketAxess's scale, technology innovation, and proprietary data services underpin its durable competitive position. Its strong net cash position supports continued investments in technology and strategic initiatives.