MarketAxess Holdings Inc. has been given a Buy rating by UBS due to its strong position in the online bond trading market.

The company's net revenue is impressive, with the majority (88.1%) coming from monthly trading commissions. Financial information services contribute 6.2% of the revenue, while post-trade matching and regulatory reporting services account for 5.3%, and technology services make up 0.4%.

As of the end of 2023, MarketAxess has facilitated USD 3,127.3 billion in bond transactions, with over 2,000 active participants including institutional investors and brokerage firms. The company's net sales are mainly concentrated in the Americas (79.4%), followed by Europe (18.2%) and Asia (2.4%).