Business
MarketAxess Announces Medium-Term Financial Targets¹ Increases Stock Repurchase Authorization to $505 million Intends to Effect an Accelerated Stock Repurchase
Actions Reflect Board’s Confidence in Long-Term Strategy and Commitment to Drive Stockholder Value Creation NEW YORK--(BUSINESS WIRE)-- MarketAxess Holdings
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"\nActions Reflect Board’s Confidence in Long-Term Strategy and Commitment to Drive Stockholder Value Creation\n\n NEW YORK--(BUSINESS WIRE)--\nMarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced medium-term financial targets for the Company.\n\nIn conjunction with the new medium-term financial targets, the Company also announced that its Board of Directors has authorized the repurchase of up to $400 million of additional shares of MarketAxess common stock. The new authorization, combined with the $105 million remaining capacity under the Company’s previously announced authorization, brings the total aggregate outstanding authorizations to $505 million.\n\nWith the new authorization, the Company plans to enter into an Accelerated Stock Repurchase (“ASR”) Agreement with JPMorgan Chase Bank, National Association, to repurchase, in aggregate, $300 million of MarketAxess common stock. Following the completion of the ASR, it is expected that $205 million in the aggregate will remain on the Company’s stock repurchase authorizations.\n\n“Our announcements today reflect the Board’s confidence in our long-term strategy and our commitment to driving stockholder value creation. We expect that our continued investment in technology modernization positions us to deliver innovative protocols and workflow tools powered by unique data, enhancing the client experience and driving increased revenue growth rates,” said Chris Concannon, Chief Executive Officer.\n\nAs previously announced, the Company will participate in the Goldman Sachs 2025 U.S. Financial Services Conference, including a fireside chat that is scheduled for today at 10 a.m. ET. The Company plans to discuss the medium-term targets, the stock repurchase authorization and the expected ASR during the fireside chat. The live webcast and replay for the fireside chat will be available on the events and presentations section of the MarketAxess Investor Relations homepage, https://investor.marketaxess.com/events-and-presentations. The presenters' slides for the fireside chat will be posted on the events and presentations section of the MarketAxess Investor Relations homepage.\n\nMedium-Term Financial Targets\n\nWith our ongoing technology modernization and after a recent comprehensive review of the Comp...