MarketAxess

MKTX • NASDAQ

MarketAxess is a financial - capital markets company in the financial services sector on NASDAQ, led by Christopher R. Concannon, with a market cap of $6.7B. As of Q3 2025, 95% of shares are held by 435 institutional investors, with VANGUARD GROUP INC as the largest holder at 10.32%.

Chief Executive OfficerChristopher R. Concannon

Market Cap$6.7B

Financial - Capital Markets

Financial Services

Employees881.0

Websitemarketaxess.com

Country

United States of America

Overview

Overview of institutional ownership in MKTX as of Q3 2025 with a market cap of $6.5B

All Institutions

Institutions: 435
Value Held: $6.2B
Shares Held: 35.6M
Avg Position: $14.3M
Median Position: $772.3K

Hedge Funds

Hedge Funds: 56
Value Held: $1.0B
Shares Held: 6.0M
Avg Position: $18.5M
Median Position: $3.6M

Ownership Breakdown

Institutional (non-HF)

79.44%

$5.2B

Hedge Funds

15.92%

$1.0B

Retail & Other

4.63%

$301.8M

Based on market cap of $6.5B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in MKTX as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$671.6M 0.01% of portfolio	10.32% 3.9M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
PRIMECAP MANAGEMENT CO/CA/ Long Only Manager	Theofanis A Kolokotrones Chairman	$388.7M 0.30% of portfolio	5.97% 2.2M shares	≤ Q2 2013 Held for 12y 5m+	$128.84B
FMR LLC Institution	-	$373.6M 0.02% of portfolio	5.74% 2.1M shares	Q1 2016 Held for 9y 8m	$1.92T
VAN ECK ASSOCIATES CORP ETF Provider	Jan Frederick Vaneck CEO	$339.5M 0.35% of portfolio	5.22% 1.9M shares	Q4 2019 Held for 5y 11m	$96.6B
B BlackRock, Inc. Institution	-	$322.4M 0.01% of portfolio	4.95% 1.9M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
H HSBC HOLDINGS PLC Institution	-	$315.4M 0.19% of portfolio	4.81% 1.8M shares	≤ Q2 2013 Held for 12y 5m+	$169.01B
T T. Rowe Price Investment Management, Inc. Insurance Manager	John Edward Robison President	$238.8M 0.15% of portfolio	3.67% 1.4M shares	Q3 2022 Held for 3y 2m	$161.58B
GUARDCAP ASSET MANAGEMENT Ltd Long Only Manager	Steven Andrew Ralph Bates CIO	$237.2M 5.50% of portfolio	3.64% 1.4M shares	Q4 2018 Held for 6y 11m	$4.3B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$230.1M 0.01% of portfolio	3.53% 1.3M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	David Gary Kabiller Founder	$165.7M 0.11% of portfolio	2.55% 951.1K shares	≤ Q2 2013 Held for 12y 5m+	$156.17B

Net Capital Flow

Institutional buying and selling activity for MKTX in Q3 2025

Traded: +$211.4M
Buyers: 232
Sellers: 299
Total Bought: +$1.3B
Total Sold: −$1.1B
Avg Position: $10.9M

Biggest Buyers

Institution	Net Bought	Current Position
H HSBC HOLDINGS PLC Institution	+$305.2M +1.7M shares	$315.4M 1.8M shares
PRIMECAP MANAGEMENT CO/CA/ Long Only Manager	+$155.3M +891.3K shares	$388.7M 2.2M shares
N North Reef Capital Management LP Hedge Fund•Long/Short	+$85.6M +491.4K shares	$158.8M 911.4K shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$69.8M +400.7K shares	$84.7M 486.1K shares
Burgundy Asset Management Ltd. Long Only Manager	+$51.1M +277.8K shares	$127.3M 692.2K shares
Holocene Advisors, LP Hedge Fund•Long/Short	+$35.5M +203.9K shares	$48.9M 280.4K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$33.6M +192.6K shares	$165.7M 951.1K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$30.6M +175.4K shares	$105.9M 607.6K shares
R RDST Capital LLC Hedge Fund•Long/Short	+$30.1M +172.5K shares	$49.1M 281.5K shares
P PUBLIC SECTOR PENSION INVESTMENT BOARD Institution	+$24.1M +138.0K shares	$25.4M 145.7K shares

Biggest Sellers

Institution	Net Sold	Current Position
T T. Rowe Price Investment Management, Inc. Insurance Manager	−$167.5M −961.3K shares	$238.8M 1.4M shares
B BlackRock, Inc. Institution	−$139.3M −799.5K shares	$322.4M 1.9M shares
VANGUARD GROUP INC Institution	−$88.0M −505.1K shares	$671.6M 3.9M shares
CONGRESS ASSET MANAGEMENT CO /MA Long Only Manager	−$63.9M −286.3K shares	Sold Off 0 shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	−$54.1M −310.2K shares	$144.8M 831.0K shares
STATE STREET CORP Institution	−$36.9M −212.0K shares	$230.1M 1.3M shares
FMR LLC Institution	−$32.8M −188.2K shares	$373.6M 2.1M shares
GUARDCAP ASSET MANAGEMENT Ltd Long Only Manager	−$23.9M −137.1K shares	$237.2M 1.4M shares
GANNETT WELSH & KOTLER Long Only Manager	−$19.8M −113.4K shares	$5.3M 30.6K shares
Symphony Financial, Ltd. Co. RIA/Wealth	−$18.7M −83.8K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited MKTX in Q3 2025

New Positions: 32
New Value: $31.8M
Exited Positions: 132
Exited Value: $263.8M

New Positions

Institution	Position Value
PROSPECTOR PARTNERS LLC Hedge Fund•Long/Short	$6.6M 38.0K shares
Morningstar Investment Management LLC Long Only Manager	$5.4M 31.0K shares
Taylor Hoffman Capital Management LLC RIA/Wealth	$3.4M 19.3K shares
E Elo Mutual Pension Insurance Co Institution	$3.2M 18.2K shares
VAN DEN BERG MANAGEMENT INC/TX RIA/Wealth	$2.4M 14.0K shares
WALLED LAKE PLANNING & WEALTH MANAGEMENT, LLC RIA/Wealth	$1.8M 10.2K shares
M MATAURO, LLC RIA/Wealth	$1.4M 8.3K shares
R RNC CAPITAL MANAGEMENT LLC RIA/Wealth	$1.0M 5.8K shares
ISAM Funds Ltd Hedge Fund•Quant	$996.7K 5.7K shares
P Polymer Capital Management LLC Hedge Fund•Multi-Strategy	$977.0K 5.6K shares

Exited Positions

Institution	Previous Position
CONGRESS ASSET MANAGEMENT CO /MA Long Only Manager	$63.9M 286.3K shares
Symphony Financial, Ltd. Co. RIA/Wealth	$18.7M 83.8K shares
WESTWOOD HOLDINGS GROUP INC Institution	$18.6M 83.5K shares
SCHRODER INVESTMENT MANAGEMENT GROUP RIA/Wealth	$18.5M 83.0K shares
Candriam Luxembourg S.C.A. Long Only Manager	$11.2M 50.0K shares
Kingsview Wealth Management, LLC RIA/Wealth	$9.2M 41.4K shares
O OSSIAM Institution	$8.9M 40.0K shares
WASATCH ADVISORS INC Long Only Manager	$8.2M 36.5K shares
A ADAGE CAPITAL PARTNERS GP LLC Institution	$7.7M 34.4K shares
T TWINBEECH CAPITAL LP Hedge Fund•Quant	$7.6M 34.2K shares

Options Activity

Institutions with the largest Call and Put options positions in MKTX as of Q3 2025

Call Positions: 14
Call Value: $191.7M
Put Positions: 8
Put Value: $21.6M

Call Positions

Institution	Position Value
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$125.8M 7.2K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$37.0M 2.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$12.1M 695.0 contracts
CITIGROUP INC Institution	$8.7M 500.0 contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$4.3M 247.0 contracts
Crawford Fund Management, LLC Hedge Fund•Long/Short	$1.6M 90.0 contracts
W WOLVERINE TRADING, LLC Institution	$1.0M 57.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$714.4K 41.0 contracts
J JANE STREET GROUP, LLC Institution	$278.8K 16.0 contracts
Toroso Investments, LLC ETF Provider	$104.6K 6.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$14.8M 848.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$4.7M 271.0 contracts
J JANE STREET GROUP, LLC Institution	$836.4K 48.0 contracts
W WOLVERINE TRADING, LLC Institution	$746.0K 42.0 contracts
Walleye Trading LLC RIA/Wealth	$540.2K 31.0 contracts
P PEAK6 LLC Institution	- - contracts
C Cubist Systematic Strategies, LLC Institution	- - contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	- - contracts

Most Committed Institutions

Institutions with MKTX as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
N North Reef Capital Management LP Hedge Fund•Long/Short	Daniel Mariano Locasto COO	7.43% $158.8M	2.44% 911.4K shares	Q3 2023 Held for 2y 2m	$2.1B
GUARDCAP ASSET MANAGEMENT Ltd Long Only Manager	Steven Andrew Ralph Bates CIO	5.50% $237.2M	3.64% 1.4M shares	Q4 2018 Held for 6y 11m	$4.3B
R RDST Capital LLC Hedge Fund•Long/Short	Brian David Pirie Managing Partner	4.62% $49.1M	0.75% 281.5K shares	Q1 2025 Held for 8 months	$1.1B
Goodman Financial CORP RIA/Wealth	Steven Robert Goodman President	2.46% $12.6M	0.19% 72.4K shares	Q1 2025 Held for 8 months	$513.7M
W WILSON ASSET MANAGEMENT PTY LTD Institution	-	2.16% $8.7M	0.13% 50.2K shares	Q1 2024 Held for 1y 8m	$404.2M
A Alamar Capital Management, LLC RIA/Wealth	Leo John Murphy CEO	1.55% $2.9M	0.05% 16.8K shares	Q2 2024 Held for 1y 5m	$189.2M
L LRT Capital Management, LLC Institution	-	1.41% $2.1M	0.03% 12.2K shares	Q4 2022 Held for 2y 11m	$150.9M
Sone Capital Management, LLC Hedge Fund•Multi-Strategy	Andrew Kyle Walker CFO	1.26% $15.1M	0.23% 86.7K shares	Q4 2024 Held for 11 months	$1.2B
Burgundy Asset Management Ltd. Long Only Manager	Robert Gareth Sankey CEO	1.20% $127.3M	1.85% 692.2K shares	≤ Q2 2013 Held for 12y 5m+	$10.6B
F Findlay Park Partners LLP Institution	-	1.18% $112.3M	1.73% 644.7K shares	Q3 2024 Held for 1y 2m	$9.5B

Hedge Fund Spotlight

Discover hedge funds investing in MKTX

VOLORIDGE INVESTMENT MANAGEMENT, LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid Spiel Vogel

Portfolio Value: $29.8B
Positions: 1,153
Last Reported: Q3 2025

Sector Allocation

Position in MarketAxess

Market Value: $33.1M
Shares Held: 189.8K
Portfolio Weight: 0.11%
Owned Since: 2025-Q1

Top Holding	Sector	Market Value	Weight
1 Microsoft MSFT	Software - Infrastructure Technology	$927.1M	3.11%
2 Nvidia NVDA	Semiconductors Technology	$477.0M	1.60%
3 Costco Wholesale COST	Discount Stores Consumer Defensive	$441.9M	1.48%