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X Market Axess Third Quarter Highlights * ● Revenues of $ 162.1 million , down 1 % Operating income of $ 74.0 million , down 16 % Operating margin of 45.7 % Diluted EPS of $ 1.52 , down 15 % from $ 1.78 Estimated U.S. high - grade market share of 21.4 % Record active total client firms of 1,848 and international client firms of 934 * All comparisons versus third quarter 2020 unless otherwise stated . ● Ⓡ MARKETAXESS REPORTS THIRD QUARTER 2021 REVENUES OF $ 162.1 MILLION , OPERATING INCOME OF $ 74.0 MILLION AND DILUTED EPS OF $ 1.52 ● NEW YORK , October 20 , 2021 MarketAxess Holdings Inc. ( Nasdaq : MKTX ) , the operator of a leading electronic trading platform for fixed - income securities , and the provider of market data and post - trade services for the global fixed - income markets , today announced results for the quarter ended September 30 , 2021 . " Growth in our global client network and adoption of automated solutions continued in the third quarter in spite of generally weak secondary trading conditions in global credit trading . Credit spreads and credit spread volatility have remained at historically low levels throughout the year , " said Rick McVey , chairman and CEO of MarketAxess . " Investments in our international client business are paying off with record estimated market share in Eurobonds and strong trends in global Emerging Markets bond trading . Combined data and post trade revenue also reached a new record this quarter , providing an important source of diversification . " Third Quarter Results Total revenues for the third quarter of 2021 decreased 1.2 % to $ 162.1 million , compared to $ 164.0 million for the third quarter of 2020. Operating income was $ 74.0 million , compared to $ 87.8 million for the third quarter of 2020 , a decrease of 15.7 % . Operating margin was 45.7 % , compared to 53.5 % for the third quarter of 2020 . Net income totaled $ 58.0 million , or $ 1.52 per share on a diluted basis , compared to $ 67.8 million , or $ 1.78 per share , for the third quarter of 2020 . Commission revenue for the third quarter of 2021 decreased 5.2 % to $ 142.8 million , compared to $ 150.6 million for the third quarter of 2020. Variable transaction fees decreased 9.0 % to $ 112.1 million for the third quarter of 2021 , compared to variable transaction fees of $ 123.2 million for the third quarter of 2020 . Commission revenue includes $ 1.2 million generated by MuniBrokers , which was acquired in April 2021. U.S. high - grade trading volume as a percentage of FINRA's high - grade TRACE trading volume was an estimated 21.4 % for the third quarter of 2021 , compared to an estimated 22.2 % for the third quarter of 2020 . 1