MarketAxess : 2021 Investor Day Presentation

2021 Investor Day

September 14, 2021

Speakers and agenda

Strategic overview

Rick McVey	Chris Gerosa
Chairman and Chief Executive Officer	Chief Financial Officer

Core products

Kevin McPherson	Christophe Roupie
Global Head of Sales	Head of EMEA and APAC

New products

Chris Concannon	Nichola Hunter
President and Chief Operating Officer	Head of Rates

Data

Chris Concannon	David Krein
President and Chief Operating Officer	Global Head of Research and Data

New protocols

Rich Schiffman	Chiqui Matthew
Head of Open Trading	Sales Manager

Automation

Gareth Coltman

Global Head of Trading Automation

Technology	Nick Themelis	Madhu Chalamani	Christine Nolan
Chief Information Officer	Chief Technology Officer	Head of Trading Technologies

Q&A session

2

Forward Looking Statements

This presentation may contain forward-looking statements, including statements about the outlook and prospects for Company and industry growth, as well as statements about the Company's future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess' current expectations. The Company's actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; risks relating to the COVID-19 pandemic, including the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic; risks related to the U.K. exit from the European Union; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients' response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; the effect of rapid market or technological changes on us and the users of our technology; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms; our vulnerability to cyber security risks; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess' business and prospects is contained in MarketAxess' periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

3

Strategic Overview

Rick McVey, Chairman and Chief Executive Officer Chris Gerosa, Chief Financial Officer

Pioneer in Innovation and Expansion of Electronic Trading

Liquidity Pool Expanded to

Major Dealer Liquidity PoolRegional and Alternative MarketAll to All Liquidity Pool

Makers

2000:

2001:

2003:

2008:

2011:

2013:

2015:

2016:

2017:

2021:

MarketAxess

launches first

Acquires

Surpasses

Expands liquidity

Surpasses

Launches

Launches Surpasses $1

Launches

Acquires

dealer-backed

TradingEdge;

$100 billion in

pool with non-

$500 billion in

Open

Open

trillion in Open Trading®

MuniBrokers

credit trading

expands credit

annual

primary and

annual

Trading® in

Trading® in

annual

with Asian

platform

offering to HY, EM

volume

specialist dealers

volume

US Credit

EU Credit

volume

Clients

with

BlackRock JV

2000 - 2007

2008 - 2012

2013 - 2021

2001:

2004:

2012:

2013:

2015:

2016:

2019:

2020:

Launches European

MarketAxess

Opens office

Acquires Trax,

Opens

Launches

Acquires

Acquires

Credit Trading

completes IPO on

in São Paulo,

a post-trade

office in

Munis and

LiquidityEdge to

Regulatory

Platform

Nasdaq

Brazil

solution

Hong Kong Lev. Loans

expand into

Reporting Hub

													provider					UST
	$750	CAGRS			Operating Revenue		EBITDA1												$707MM	$750
	2010-2020
in millions)	$600	5-YR	10-YR																			$600
Revenue	18%	18%																				millions)
EBITDA	20%	22%																		$412MM
$450																				$450
Revenue ($	$300																					$300	EBITDA1 ($ in
	$150			$58MM																		$150
	$0			$9MM																		$0
	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021 TTM

1. EBITDA is a non-GAAP measure. Please see the investor relations website on http://investor.marketaxess.com for a reconciliation of GAAP net income to EBITDA
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