We Still View MarketAxess as a Strong Company, but We're Cautious on Its Valuation
We still view MarketAxess as having a strong business model, but we are cautious on its current valuation in light of multiple environmental risks. The two major categories of risks are economic effects on pricing and regulation. We forecast a 5%-10% decline in U.S. high-grade fees per million, as a normalization of U.S. interest rates should cause less of a stretch for yield to higher-duration bonds. U.S. high-grade variable fees decreased to $185 per $1 million traded in the fourth quarter fro...MarketAxess Holdings operates an electronic trading platform that enables fixed-income market participants to trade corporate bonds and other types of fixed-income instruments using its patented technology. Through its Open Trading? protocols, the company executes trades in certain bond between and among institutional investor and broker-dealer clients. The company also provides trading-related products and services, including: Composite+ pricing and other market data products to assist clients with trading decisions; auto-execution and other execution services for clients requiring specialized workflow solutions; connectivity solutions that facilitate straight-through processing; and technology services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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