MEDIUMBuilt-inProduct / Revenue mix
37.8%
U.S. high-grade corporate bonds
“10-K Item 1A: 'We currently derive approximately 37.8% of our revenues from secondary trading in U.S. high-grade corporate bonds.'”
MKTX · Concentration risk · 10-K extracted
MarketAxess Holdings (MKTX) concentration risks
Updated
The most significant concentration MarketAxess Holdings discloses is U.S. high-grade corporate bonds at 37.8%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: MarketAxess Holdings’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH0
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's only disclosed concentration in the 10-K is a product-level exposure to a single asset class. The company currently derives approximately 37.8% of its revenues from secondary trading in U.S. high-grade corporate bonds — a moderate share by disclosed size, and a structural character reflecting that this market has been the company's foundational business since inception. The structural nature of this exposure is meaningful context for investors: the company's reliance on U.S. high-grade trading is not a dependency on any individual customer or counterparty that could withdraw, but rather reflects where electronic bond trading volumes and institutional client demand have historically been most active. Because the exposure is structural, the key risk vectors are secular — trading volumes in the high-grade market, spread environment and liquidity conditions that affect client activity, and competitive dynamics in electronic fixed-income execution — rather than a single-name or single-contract loss. There is no disclosed customer, geographic, or supplier concentration layered on top of this product-level tilt in the available source claims. On balance, the concentration profile is narrow and well-understood: a moderate product share that moves with credit market cycles and electronic trading adoption trends, neither of which is idiosyncratic enough to represent a high-conviction risk on its own.
For the engine’s reasoning on MKTX’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Capital Markets
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CLSK | CleanSpark, Inc. | 3 | 1 | 0 | 4 |
| CRCL | Circle Internet Group, Inc. | 1 | 1 | 0 | 2 |
| BMNR | BitMine Immersion Technologies, | 1 | 0 | 0 | 1 |
| MKTX● | MarketAxess Holdings, Inc. | 0 | 1 | 0 | 1 |
| BGC | BGC Group, Inc. | 0 | 0 | 0 | 0 |
| EVR | Evercore Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.