MarketAxess operates electronic trading platforms for fixed-income securities, connecting roughly 2,100 institutional investor and broker-dealer client firms across about 90 countries. The core product is an electronic marketplace where buy-side firms (asset managers, hedge funds, insurance companies) and dealers trade bonds, replacing traditional voice and chat workflows. MarketAxess earns a commission per trade, expressed as a fee per million dollars of notional volume, making revenue a function of trading volume, product mix, protocol mix, and market conditions like spread levels and volatility. Key product areas include U.S. high-grade and high-yield corporate bonds, emerging market debt, eurobonds, municipal bonds, and U.S. Treasuries. Commissions account for roughly 87% of revenue, with the remainder coming from data products (notably the CP+ real-time bond pricing engine), post-trade services (regulatory reporting in Europe), and technology licensing. A key differentiator is Open Trading, an all-to-all anonymous marketplace where any of roughly 1,800 participants can trade with any other participant, with MarketAxess acting as matched principal. Open Trading represented 37% of eligible credit volume in FY25. Growth initiatives focus on capturing block trades (still largely executed via voice), expanding portfolio trading share, and growing dealer-initiated mid-market matching via the Mid-X protocol. MarketAxess also continues to expand internationally, particularly in emerging markets, and is investing in AI-driven trading tools and pricing analytics built on its proprietary data asset.