MarketAxess Posts Mixed Q3 as ICE Merger Clears Early HSR Termination

MarketAxess reported third-quarter credit commission revenue of $161.2 million, down 2%, and rates commission revenue of $8.9 million, up 34%, while the DOJ and FTC granted early termination of the HSR waiting period for its pending merger with ICE. TradingView reported the results and the regulatory milestone on October 23, 2026.

MarketAxess Q3 Credit and Rates Revenue

MarketAxess is a New York-based electronic trading platform for fixed-income securities, founded in 2000, with an estimated revenue of $500 million to $1 billion and 501 to 1,000 employees, according to company records.

Credit commission revenue fell 2% to $161.2 million as credit FPM declined 9%. Total credit average daily volume rose 7% year over year. Rates commission revenue rose 34% to $8.9 million, and information services revenue rose 10% to $15.2 million.

The early HSR termination removes one regulatory step in the pending sale to ICE. The transaction still requires shareholder approval and other clearances. ICE, the acquirer, agreed in October 2026 to integrate with SEI Investments to automate the creation and redemption of exchange-traded products, according to B2B Marketplace.

MarketAxess Partnerships and Trading Volume

MarketAxess launched AIQ Insight in June 2026 in an exclusive partnership with AIQ Markets, incorporating its CP+ and Tradability data feeds into a generative AI natural-language bond analytics tool, according to akta.pro company records. The company integrated with DirectBooks in June 2026 to give buy-side clients access to primary issuance data, indications of interest and allocation workflow through the MarketAxess interface. MarketAxess partnered with Moment in May 2026 to extend institutional fixed-income liquidity access to wealth managers and RIAs.

Total trading average daily volume was $45.2 billion in May 2026, down 2% year over year and up 9% month over month. Total trading volume reached $3.05 trillion in the first quarter of 2026, up 16% year over year. Full-year 2025 total revenues were $846.3 million, up 4% year over year.

MarketAxess Merger Reviews and Investor Alerts

Kahn Swick & Foti, LLC said in September 2026 it was investigating the proposed sale of MarketAxess to Intercontinental Exchange, seeking to determine whether the $167-per-share cash offer and process are adequate, FinancialContent Business Page reported. Brodsky & Smith notified investors in September 2026 of investigations into four merger deals, including MarketAxess, whose equity value was around $6 billion, FinancialContent Business Page reported. Markets Media reported in August 2026 that MarketAxess is set to be acquired by Intercontinental Exchange in a planned $6 billion transaction.

What Comes Next for the ICE Deal

The ICE merger still needs shareholder approval and other remaining approvals, MarketAxess said. The company's own announcement is available at marketaxess.com.