MarketAxess Holdings Inc. (MKTX) Q3 2022 Earnings Call Transcript

MarketAxess Holdings Inc. (NASDAQ:MKTX) Q3 2022 Earnings Conference Call October 19, 2022 10:00 AM ET

Company Participants

Stephen Davidson - Head of IR

Richard McVey - Chairman and CEO

Chris Concannon - President and COO

Chris Gerosa - CFO

Conference Call Participants

Richard Repetto - Piper Sandler

Christopher Allen - Compass Point

Gautam Sawant - Credit Suisse

Daniel Fannon - Jefferies

Michael Cyprys - Morgan Stanley

Simon Clinch - Atlantic Equity

Kyle Voigt - KBW

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the MarketAxess Third Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded on October 19, 2022.

I would now like to turn the call over to Steve Davidson, Head of Investor Relations at MarketAxess. Please go ahead, sir.

Stephen Davidson

Thank you, Brendan. Good morning, and welcome to the MarketAxess third quarter 2022 earnings conference call. For the call, Rick McVey, Chairman and Chief Executive Officer, will provide a strategic update for the company. Chris Concannon, President and COO, will review the progress we are making on our growth initiatives, and then Chris Gerosa, Chief Financial Officer, will walk you through the financial results for the quarter.

Before I turn the call over to Rick, let me remind you that today's call may include forward-looking statements. These statements represent the company's belief regarding future events that by their nature, are uncertain. The company's actual results and financial condition may differ materially from what is indicated in those forward-looking statements. For a discussion of some of the risks and factors that could affect the company's future results, please see the description of risk factors in our annual report on Form 10-K for the year ended December 31, 2021. I would also direct you to read the forward-looking statement disclaimer in our quarterly earnings release, which was issued earlier this morning, and is now available on our website.

Now let me turn the call over to Rick.

Richard McVey

Good morning, and thank you for joining us to review our third quarter results.

We continue to execute our growth strategy and delivered the second consecutive quarter of record market share gains across nearly all of our products, strong increases in trading volumes, and significant execution cost savings for clients through our unique all-to-all trading protocol Open Trading. Our dealer and institutional investor clients are facing very challenging credit market trading conditions and our focus is delivering value for them to help navigate through elevated market volatility. And through these challenging markets, our leadership position in global credit continues to expand beyond just U.S. high grade with record estimated market share in high yield and municipal bonds in the U.S., record share in Eurobonds and accelerating share gains in emerging markets. The breadth of our global market share gains continues to expand in this volatile market.