#1X Market Axess INVESTOR PRESENTATION 3rd Quarter 2022#2Forward Looking Statements This presentation may contain forward-looking statements, including statements about the outlook and prospects for Company and industry growth, as well as statements about the Company's future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess' current expectations. The Company's actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: risks relating to the COVID-19 pandemic, including the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic; global economic, political and market factors; the volatility of financial services markets generally; the level of trading volume transacted on the MarketAxess platform; the absolute level and direction of interest rates and the corresponding volatility in the corporate fixed-income market; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; the rapidly evolving nature of the electronic financial services industry; our ability to introduce new fee plans and our clients' response; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our ability to develop new products and offerings and the market's acceptance of those products; the effect of rapid market or technological changes on us and the users of our technology; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; our vulnerability to cyber security risks; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our ability to comply with new and existing laws, rules and regulations both domestically and internationally; our ability to maintain effective compliance and risk management methods; the strain of growth initiatives on management and other resources; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess' business and prospects is contained in MarketAxess' periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com. X Market Axess® 2#3Investment highlights . • Large fixed income market undergoing major structural shift due to regulatory and market trends. GROWTH FROM 2016-2021 • We are the leading electronic trading network for the institutional market in U.S. credit products. • Electronic trading market share is growing but still in early stages of market penetration. • Growth strategy focuses on: -Increasing penetration of existing and new markets. - Promoting Open Trading protocols. REVENUE GROWTH 14% CAGR OPERATING INCOME GROWTH 12% CAGR • - Continuing to invest in and grow our international business. Superior financial model with strong cash flow and significant operating leverage EBITDA GROWTH 13% CAGR X Market Axess® 3#4Operating Revenue ($MM) Strong Track Record of Innovation and Expansion Primary Dealer Liquidity Pool Liquidity Pool Expanded to Regional and Alternative Market Makers 2000: MarketAxess launches first web-based credit trading platform 2001: Acquires TradingEdge; expands credit offering to HY, EM 2003: Surpasses $100 billion in annual volume 2008: Expands liquidity pool with non- primary and specialist dealers 2011: Surpasses $500 billion in annual volume $750 $600 $450 $300 $150 2000 - 2007 2001: Launches European Credit Trading Platform 2004: MarketAxess completes IPO on Nasdaq $58MM 2008 - 2012 All to All Liquidity Pool 2013: Launches Open Trading in US Credit 2015: 2016: Launches Surpasses $1 Open Trading in trillion in annual EU Credit volume 2013-2020 2012: Opens office in São Paulo, Brazil 2013: Acquires Trax, a post-trade solution provider 2015: Opens office in Hong Kong Lev. Loans Operating Revenue ($MM) GAAP EBITDA ($MM) 2017: Launches 2020: Announces Open Trading Acquisition of with Asian Clients MuniBrokers 2016: Launches Munis and 2019: Acquires LiquidityEdge to expand into UST 2020: Announces acquisition of Regulatory Reporting Hub $750 $689MM $600 $411MM $450 $300 $150 $9MM $0 $0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 X Market Axess 4 GAAP EBITDA ($MM)#5Our global electronic platform provides trading services to the largest network of Institutional participants . PRE-TRADE PRICE DISCOVERY • MarketAxess BondTicker® • AxessAll • Multi-dealer streaming prices • Multi-dealer product inventories . • Composite+™ Liquidity Scores TRADE EXECUTION • Open Trading™ • Patented multi-dealer request-for- quote (RFQ) · Streaming price and live market execution POST-TRADE SERVICES • European regulatory transaction reporting and trade matching Over 1,900 active institutional investor and dealer firms STRAIGHT THROUGH PROCESSING (STP) • Electronic audit trails and trade blotters Post Trade APIs for trade capture and TRACE reporting Transaction Cost Analysis (TCA) NEW PRODUCTS CORE PRODUCTS NEW PRODUCTS Leveraged Loans Municipals Emerging Markets U.S. High Grade U.S. High Yield Eurobond Rates CDS X Market Axess® 5#6Significant Investments in New Trading Protocols RFQ X Market Axess Portfolio OPEN TRADING Trading Liquidity Pool Streaming Dealer Direct & Public Axes Matching Sessions X Mid-X CLOB X Live Markets Credit & US treasuries Powering all protocols Global Client & Dealer Network a Market Data Automation Services XMarketAxess 6#740% Our powerful network offers a greater source of diverse global liquidity Pre-2000 One to few One investor (center blue) can trade with a few dealers over the phone. Pre-Crisis One to more One investor can trade with up to 30 dealers on MarketAxess. OPEN TRADING PERCENT OF TOTAL CREDIT VOLUME Crisis One to many MarketAxess expanded the liquidity pool to include over 90 major and regional dealers. OPEN TRADING VOLUME BY PRODUCT 2Q21 Today All-to-all Open Trading allows global market participants to trade with over 1,700 investor and dealer firms. 2Q22 35% 30% 25% 20% 15% 10% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 $ billions 120 ↑ 6% YoY 100 $107 $100 80 60 ↑ 17% YoY 6% YoY 40 $52 $45 $45 $42 20 ↓3% YoY $23 $23 U.S. High-Grade U.S. High- Yield Emerging Markets Eurobonds X Market Axess® 7#8Market Axess® Our focused growth strategy ❖1. Increase penetration of existing and new markets 2. Leverage our client network to promote Open Trading protocols 3. Continue to invest in and grow our business through product and geographic diversification 8#91. Increase penetration of existing and new markets ESTIMATED AVERAGE DAILY VOLUME FOR ADDRESSABLE CREDIT MARKETS¹ Emerging Markets $15B EXPANDING GLOBAL CLIENT NETWORK • Over 1,900 active firms • Increase in active clients across all geographies and products • Over 1,370 active firms trading emerging markets, up 7% from 2Q21 • Over 980 active international client firms, up 6% from 2Q21 ESTIMATED AVERAGE DAILY VOLUME FOR ADDRESSABLE U.S. TREASURY MARKET Eurobonds U.S. $10B $10 High- Yield $72 billion $6B Municipal Bonds $5B $26B Leveraged Loans U.S. High-Grade $589 billion 1% Change in Estimated Credit Market Share Results in $38-$42 million in Additional Revenue $184B D2D $406B C2D 1% Change in Estimated UST Share Results in $4-$5 million in Additional Revenue 1. Market volumes calculated using the most recently available market data for TRACE, Trax, Emerging Markets Trade Association, Municipal Securities Rulemaking Board, and Loan Syndications and Trading Association for the trailing twelve month period. XMarket Axess 9#10Expanding the Addressable E-Trading Market Current Estimated Revenue RATES ($800 MM) Opportunity $5 Billion CREDIT ($4.2 BN) NEW PRODUCTS ($1.5 BN) RATES ($1 BN) 2030 Estimated Revenue Opportunity $8.5 Billion CREDIT ($6 BN) CREDIT U.S. High Grade U.S. High Yield Emerging Markets Eurobonds Munis Leveraged Loans RATES U.S. Treasuries Agencies European Gov't Bonds NEW PRODUCTS China Credit Derivatives ABS Mortgages ETF Trading Other TBD Long-term revenue opportunity does not include: An increase in trading velocity Expanded data and post-trade opportunity . Sources: MarketAxess estimates; TRACE, TRAX, MSRB, SIFMA, LSTA, NYFRB, ISDA, BondConnect, SSGA X Market Axess® 10#112. Leverage our client network to promote Open TradingⓇ protocols OPEN TRADING HIGHLIGHTS • Over 38,000 orders and $21 billion in notional value available through Open Trading on average per day in 2Q22, up 32% and 33%, respectively Estimated system-wide cost savings of $161 million for liquidity takers and $77 million for liquidity providers¹ in 2Q22 (total of $238 million); YTD $439 million in cost savings • Record 1,748 number of unique client firms executed a trade with MKTX • 976 firms provided liquidity in the quarter LIVE MARKETS • • Rates - U.S. Treasuries Live Markets trading volume, up 57% from 2Q21; unique 160 participants, up 18% Credit -$3.5 billion in credit trading volume in 1H22; 171 client firms trading U.S. TREASURY ADV UNIQUE OPEN TRADING FIRMS Number of Firms 1,900 1,700 1,500 1,300 1,100 900 700 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Volume (in $ billions) 30 Q2 Estimated Market Share 25 $23 3.7% $19 20 $18 $15 15 $14 $14 $13 $12 10 5 $25 $23 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 400 350 RECORD MUNICIPAL ADV Q2 Estimated Market Share 3.9% $371 Volume (in $ billions) 300 $288 $194 250 $164 200 150 100 $94 $96 $107 $75 $85 $177 $53 $51 $44 $124 50 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 = addition of MuniBrokers 1. Estimated liquidity taker cost savings is defined as the difference between the winning price and the best disclosed dealer cover price. Estimated liquidity provider cost savings is defined as the difference between the winning price and then current Composite+ bid or offer level (offer if the provider is buying, bid if provider is selling) at the time of the inquiry. X Market Axess®#123. Continue to invest in and grow our business through product and geographic diversification TOTAL ACTIVE CLIENT FIRMS BY PRODUCT 1,877 • 1,271 932 860 1,211 2016 2021 1,321 1,238 793 676 411 HIGHLIGHTS European client volume of $687 billion, up 5% Emerging market volume of $649 billion, up 16% • Over 1,870 active firms globally and over 950 active international client firms • Significant increase in client count across products U.S. High-Grade U.S. High-Yield Emerging Markets Eurobonds Total TOTAL ACTIVE INTERNATIONAL CLIENT FIRMS AND % OF VOLUMES¹ 9% YoY Volume YoY Growth of 5% EUROPEAN CLIENT VOLUMES U.S. Credit Eurobonds Emerging Markets U.S. Credit Growth International Clients Percent of Volumes Emerging Markets Eurobond -11% 7% 9% 1,000 35.0% 800 # of Active Firms 700 800 30.0% 600 $127 $113 600 25.0% $ billions 500 $98 $260 400 $245 $76 $218 300 $75 400 20.0% $56 $161 200 $86 $123 S32 100 $54 $241 $293 $314 200 15.0% $75 $127 $123 $166 2015 2016 2017 2018 2019 2020 2021 2015 2016 2017 2018 2019 2020 2021 1. International firms include all firms outside of the United States and Canada X Market Axess® 12#13Trading Automation Continues to Grow HIGHLIGHTS • · • • Continued growth in trade automation despite increase in volatility Record $57.6 billion in Auto-X volume in 2Q22, up 39% from 2Q21 - - Record 305,000 trades completed using automated execution, up from 218,000 trades in 2Q21, representing an increase of 40% Auto-X represented 19% of credit trade count and 8% of credit trading volume in 2Q22 30% of automation trades are now "no-touch" Active automation firms, up 26%; increasing adoption in Europe 5.7 million algo responses in 2Q22, up 23% from 2Q211 EUROBONDS AUTO-X VOLUME AND COUNT Q2 YoY Growth Trade Volume: 53% Trade Count: 50% Trade Volume -Trade Count Volume (in $ billions) 14 12 10 3-Year CAGR Trade Volume: 56% Trade Count: 50% 86 4 2 20 15 10 252525 40 35 30 Trade Count (in thousands) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1. Algorithmic response for U.S. high-grade and U.S. high-yield spread-based trades only. 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Volume (in $ billions) 10 1Q19 AUTO-X TRADE VOLUME AND COUNT Trade Volume Trade Count 70 60 3-Year CAGR Trade Volume: 44% 50 Trade Count: 43% 40 30 20 1Q20 2Q20 3Q20 4Q20 TOTAL ALGO TRADES AND RESPONSES¹ Response Count (in thousands) Response Count 3-Year CAGR Trade Count: 25% 6,000 Response Count: 32% 5,000 4,000 3,000 2,000 1,000 Trade Count 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 zzoz X Market Axess® 13 1Q21 Q2 YoY Growth Response Count: 23% Trade Count: 15% 450 400 350 300 250 200 150 100 50 Trade Count (in thousands) Q2 YoY Growth Trade Volume: 39% Trade Count: 40% 350 300 250 200 150 100 50 Trade Count (in thousands)#14U.S. HIGH-GRADE Our growth in overall trading activity has been driven by share gains with new and existing clients Trade Volume ($ billions) 1,500 1,000 500 11% 5-Year Vol. CAGR -9% YoY Vol. Growth U.S. HIGH-YIELD Trade Volume Trade Count 3,500 3,000 2,500 2,000 1,500 1,000 500 Trade Count (thousands) Trade Volume ($ billions) 500 400 300 200 100 2015 2016 2017 2018 2019 2020 2021 EMERGING MARKETS 700 600 500 400 300 200 100 Trade Volume ($ billions) 24% 5-Year Vol. CAGR 16% YoY Vol. Growth EUROBOND Trade Volume Trade Count 1,000 800 2015 2016 2017 2018 2019 2020 2021 600 400 200 Trade Count (thousands) Trade Volume ($ billions) 20% 5-Year Vol. CAGR -4% YoY Vol. Growth Trade Volume Trade Count الس 2015 2016 2017 2018 2019 2020 2021 1,000 800 600 400 200 20% 5-Year Vol. CAGR 12% YoY Vol. Growth Trade Volume Trade Count 400 300 200 100 2015 2016 2017 2018 2019 2020 2021 600 500 400 300 200 100 Trade Count (thousands) X Market Axess® 14 Trade Count (thousands)#151. 2. Cash Flow and Capital Management QUARTERLY OVERVIEW • Total cash and investments of $325 million • • • Trailing 12-month capital expenditures of $46 million to support investment in trading system enhancements Trailing 12-month free cash flow of $274 million $75 million in capital returned to investors in 2Q22 through share repurchases and dividends • No outstanding debt on borrowing facilities • Board of directors declared a regular quarterly cash dividend of $0.70 per share TTM FREE CASH FLOW¹ AND CAPITAL EXPENDITURES TTM Free Cash Flow (in $ millions) Q2 TTM FCF² 5-Year CAGR 11% I TTM Free Cash Flow TTM Capital Expenditures 350 1002 300 250 200 150 100 50 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 TTM QUARTERLY DIVIDENDS 80 80 60 40 20 TTM Capital Expenditures (in $ millions) 110 100 90 80 TTM Quarterly Dividends (in $ millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 4Q20 1Q21 1Q21 2Q21 2Q21 3Q21 3Q21 4Q21 1Q22 2Q22 70 60 50 40 See second quarter 2022 earnings release and the Investor Relations section of the Company's website for a reconciliation of net cash provided by operating activities to free cash flow. 5-year compound annual growth rate "CAGR" calculated on a trailing twelve months basis.#16Redefining Our Technology Future Our Enhanced Technology Delivery Process New Technology Foundation & Skill Set Redefining the Trading Experience Implemented SAFe Agile Delivery Deployed new technology based on AWS Launch of new protocols like Mid-X / Live Markets / Portfolio Trading Software releases now bi-weekly Rolled out Al and machine learning foundation in AWS Launch of CP+, built on modern machine learning technology in AWS Automated delivery process Substantial talent recruitment with modern technical skills Redesigned of the MKTX trading tools and user interface KEY BENEFITS: • Data on AWS allows end users to access vast amounts of data quicker without having to build specific solutions for each set • Faster delivery cycles for software releases with ability to pivot to handle any new business priorities • More efficient use of human capital in delivering business goals • New technology and working protocols help to attract and leverage talent any where across the globe X Market Axess® 16#17MarketAxess opportunity set is growing Solid Growth In Core Products Superior Financial Model Large and Increasing Addressable Market + Compelling Significant Operating Leverage Value Proposition Market Structure Changes and Regulatory Reform Creating New Opportunities Expanded Suite Of Electronic Trading Protocols X Market Axess® 17#18Market Axess® APPENDIX 18#192Q22 Strategic Update & Highlights' Increase penetration in core credit products • Record total credit trading volume; record composite corporate bond² estimated market share of 20.2%. • Record combined U.S. high-grade and U.S. high-yield estimated market share, of 20.9%, up from 19.1%. • Record U.S. high-yield estimated market share of 17.3%, up from 14.3%. • Record emerging markets (FINRA TRACE-reportable)³ estimated market share of 29.2%, up from 26.4%. 1. 2. 34 3. 4. • • Record Eurobonds estimated market share of 15.1%, up from 11.7%. Record 1,935 total active clients; record 11,298 total active traders. • Record U.S. Treasury estimated market share of 3.7%, up from 2.3%; 160 active client firms, up 19%. Expand into new products • Record municipal bond trading volume and ADV of $23.0 billion and $371 million, respectively. • Significantly expanded ETF / index strategic capabilities with launch of MKTX Investment Grade 400 Corporate Bond Index and ETF with State Street Global Advisors, strategic collaboration with MSCI and RFQ-hub investment. Expand trading protocols & leverage the Open TradingⓇ Network • Market conditions continue to improve-wider spreads, higher spread volatility driving increased client cost savings.4 • $238 million in estimated cost savings4 ($439 million YTD); average cost savings per million of $1,030. • Record total Portfolio Trading volume of $22.8 billion, up from $4.1 billion in 2Q21; 96 clients executing trades in 1H22. $3.5 billion in Live Markets credit trading volume in 1H22; 171 active client firms. • Record trade automation (trading volume and trade count); record levels of automation in Eurobonds. Grow our business through geographic diversification • Record 982 total active international clients, up 6%. • Record total European (561) and Asia (229) active clients, up 5% and 12%, respectively. • Record 5,269 total active international traders, up 7%. • Record total APAC trading volume of $34.6 billion, up 45%. • Record emerging markets local markets trading volume of $68 billion, up 38%. All period comparisons are 2Q22 vs. 2Q21 unless otherwise noted. Composite corporate bond estimated market share is defined as combined estimated market share across U.S. high-grade (derived from FINRA TRACE-reported data), U.S. high-yield (derived from FINRA TRACE-reported data), emerging markets (derived from FINRA TRACE-reportable emerging markets volume) and Eurobonds (derived from MarketAxess TRAX data which is estimated to represent approximately 75% of the total European market) product areas. Emerging markets estimated share is based on FINRA TRACE-reportable emerging markets volume. Estimated liquidity taker cost savings is defined as the difference between the winning price and the best disclosed dealer cover price. Estimated liquidity provider cost savings is defined as the difference between the winning price and then current Composite+ bid or offer level (offer if the provider is buying, bid if provider is selling) at the time of the inquiry. X Market Axess®#20Estimated Market Share Market Conditions and U.S. Credit LIQUID U.S. CORPORATE INDEX (LUCI) Benchmark Spreads (bps) 210 190 170 150 130 110 90 70 50 Benchmark Spreads* ил 212 2Q12 2Q13 2Q14 2Q15 2Q16 Source: Credit Suisse Global Credit Strategy *Data based on quarterly average 2Q17 3-Month Rolling Volatility 12.8 6.4 3.2 1.6 0.8 0.4 0.2 0.1 2Q18 2Q19 COMPOSITE CORPORATE BOND ESTIMATED 2Q20 MARKET SHARE¹ 25.0% 20.0% 15.0% 10.0% 5.0% 2Q16 3 Month Rolling Volatility (% log scale) U.S. HIGH-GRADE & U.S HIGH-YIELD TRACE VOLUME U.S. High-Grade U.S. High-Yield Q2 YoY Change HG TRACE: 5% HY TRACE: -1% 3,000 2,500 2,000 1,500 1,000 500 Volume (in $ billions) Source: BondTicker 10-YEAR & 2-YEAR TREASURY YIELD & MKTX U.S HIGH-GRADE WEIGHTED AVG. YEARS TO MATURITY 10Y TSY -Weighted Avg. Years-to-Maturity New Record -2Y TSY 3.5% 20.2% 3.0% 2.5% 15.6% +460 bps Improvement from Pre-Pandemic Levels Treasury Yield 2.0% 1.5% 1.0% 0.5% Source: Federal Reserve 1. Composite corporate bond estimated market share is defined as combined estimated market share across U.S. high-grade (derived from FINRA TRACE-reported data), U.S. high-yield (derived from FINRA TRACE-reported data), emerging markets (derived from FINRA TRACE-reportable emerging markets volume only) and Eurobonds (derived from MarketAxess TRAX data which is estimated to represent approximately 75% of the total European market) product areas. Note: Data based on quarterly average X Market Axess® 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 11.0 10.5 10.0 9.5 9.0 8.5 8.0 7.5 7.0 Weighted Avg. Years-to-Maturity#21Active Firms - Expanding the Client Network HIGHLIGHTS Record 1,935 total active client firms, up 5% Record 982 international active client firms, up 6% Record Asia active client firms, up 12%, representing over 45% of the increase in international active client firms 2,000 1,500 - Record European active client firms, up 5% Record 11,298 total active traders Record 5,269 total active international traders • 92% of credit trading on the platform was executed by institutional investor clients ACTIVE CLIENT FIRMS BY REGION 2,000 1,800 1,600 1,400 1,200 1,000 800 600 1Q18 2Q18 3Q18 4Q18 North America ■Europe ■South America ■Asia 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Active Firms ACTIVE CLIENT FIRMS Active Domestic Firms 1,000 500 Active International Firms Active Traders 1,300 3,300 5,300 7,300 9,300 11,300 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 ACTIVE INVESTOR CLIENT AND DEALER TRADERS 1 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 1Q21 2Q21 2Q21 3Q21 3Q21 4Q21 4Q21 1Q22 1Q22 2Q22 2Q22 |=Investor Traders (Intl.) =Investor Traders (Dom.) |=Dealer Traders (Intl.) |=Dealer Traders (Dom.) XMarket Axess 21 24#22Improved Environment Driving Increased Client Cost Savings¹ HIGHLIGHTS Median bid/ask spread reflected in Composite+TM for U.S. high-grade has doubled since the beginning of 2022 $238 million in estimated cost savings ¹ via Open Trading; $439 million in estimated cost savings¹ year-to-date Average cost savings¹ per million of $1,030 Estimated cost savings ¹ for clients represented 1.5x MKTX total credit revenue • Record 1.6 million total credit trades executed, up from 1.3 million in the prior year BID/ASK SPREAD 6 HG Bid/Ask Spread (in bps yield) L 4 3 2 U.S. HIGH-GRADE AND U.S. HIGH-YIELD MEDIAN 5 3.7 3.5 3.3 3.3 2.7 4Q19 1Q20 5.4 U.S. High-Grade U.S. High-Yield 0.6 3.5 2.8 2.4 2.0 1.9 2.1 2.8 4.0 1Q21 2Q21 3Q21 4Q21 1Q22 2022 0.5 0.4 0.3 HY Bid/Ask Spread (in $) 싱 0.1 In $ millions OPEN TRADING AND TOTAL CREDIT TRADE COUNT Q2 YoY Growth OT Trade Count: 35% Total Credit Trade Count: 22% Total Credit Trade Count Open Trading Trade Count 1,800 800 Total Credit Trade Count (in thousands) 1,600 700 1,400 1,200 1,000 600 500 800 600 400 200 400 300 200 OT Trade Count (in thousands) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 OPEN TRADING COST SAVINGS¹ AND TOTAL CREDIT REVENUE 350 Open Trading Transaction Cost Savings Average OT Cost Savings per Million 300 250 200 150 100 50 1Q19 2Q19 Total Credit Revenue Cost Savings 1.5x Total Credit Revenue 1,500 Source: MarketAxess Composite+TM Source: MarketAxess Composite+™ 1. Estimated liquidity taker cost savings is defined as the difference between the winning price and the best disclosed dealer cover price. Estimated liquidity provider cost savings is defined as the difference between the winning price and then current Composite+ bid or offer level (offer if the provider is buying, bid if provider is selling) at the time of the inquiry. X Market Axess® 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 22 22 1,000 Avg. Cost Savings per Million 500#23Strong YoY Estimated Market Share Gains U.S. HIGH-GRADE 24.0% +120 bps 22.0% 21.1% EMERGING MARKETS (FINRA TRACE-REPORTABLE)¹ U.S. HIGH-YIELD +300 bps 17.3% 34.0% 18.0% 14.3% 22.3% 12.0% 20.0% 2Q21 2Q22 EUROBONDS 18.0% 11.7% 12.0% 6.0% 2Q21 6.0% 26.4% 28.0% 22.0% 16.0% +280 bps 29.2% 10.0% 2Q21 2Q22 2Q21 2Q22 MUNICIPAL BONDS U.S. TREASURIES +170 bps +140 bps 4.5% 3.7% +340 bps 6.0% 15.1% 2Q22 4.0% 2.2% 2.0% 3.9% 3.0% 2.3% 2Q21 2Q22 1. Emerging markets estimated share is based on FINRA TRACE-reportable emerging markets volume. 1.5% 2Q21 2Q22 X Market Axess®#24NEW PRODUCTS CORE PRODUCTS The Long-Term E-Trading Opportunity TOTAL ADDRESSABLE MARKET - 2022 ESTIMATES¹ | MarketAxess 2Q22 ADV Total Estimated Addressable Market ADV $5.8B $26.3B U.S. High-Grade $1.8B $10.3B U.S. High-Yield $1.7B $15.0B EM Hard Currency $1.1B $50.0B EM Local Currency $1.5B $9.9B Eurobonds $371M $6.0B Municipals $22.7B U.S. Treasuries $129M $115B European Gov't. Bonds 1. Source: Market volumes calculated using the most recently available market data for TRACE, Trax, Emerging Markets Trade Association, Municipal Securities Rulemaking Board, Loan Syndications and Trading Association, JPMorgan Research and various local market central banks. Excludes other new product opportunities including ETFs, mortgages and structured products. $612B Market Axess®#25Strong Momentum in Portfolio Trading Activity HIGHLIGHTS • Record total Portfolio Trading volume of $22.8 billion in 2Q22 • Record $37 billion in Portfolio Trading volume in 1H22 • Record 534 trades executed in 1H22 • 96 active client firms in 1H22 • Record growth driven by Portfolio Trading strategy: Leverage global credit investor and dealer networks Deliver enhanced technology solution Integrate data and analytics ESTIMATED PORTFOLIO TRADING MARKET VOLUME AND ESTIMATED SHARE OF MARKET¹ TRACE Portfolio Trading Volume Estimated % of Total HG + HY TRACE 140 $131 7.0% $120 Volume (in $ billions) 120 100 ཤྲཱ ཎྜ ⌘ ཋ ༄ 。 ; $105 $96 $99 6.0% $89 5.0% $78 80 $48 40 4.0% 3.0% 2.0% 20 1.0% 2Q22 Estimated % of Market Volume (in $ billions) RECORD PORTFOLIO TRADING VOLUME 25 20 15 10 10 5 $8.9 $13.1 $13.9 ....il $2.2 $3.0 $4.1 4Q20 1Q21 2Q21 RECORD PORTFOLIO TRADING METRICS* *Trading volume in $ billions. 1. Estimated Portfolio Trading market volume defined as U.S. high-grade and U.S. high-yield only. Estimated market share defined as estimated U.S. high-grade and U.S. high-yield Portfolio Trading market volume divided by total U.S. high-grade and U.S. high-yield TRACE market volume. Active Clients 96 3Q21 4Q21 1Q22 $36.7 534 44 193 $7.1 Trade Count =1H21 =1H22 Trading Volume X Market Axess® 25 2Q22 $22.8#26Active Firms 800 1,400 1,300 1,200 1,100 1,000 900 1Q19 Strength in Emerging Markets Continues . • HIGHLIGHTS Record emerging markets active clients of 1,371, up 7% Total emerging markets trading volume of $175.3 billion, up 11% on record estimated market share • Record $27.3 billion in APAC emerging markets trading volume, up 59% Record emerging markets local markets trading volume of $68 billion Record 39% of total emerging market volume Volume (in $ billions) 80 70 60 50 8232: 40 30 20 10 EMERGING MARKETS ACTIVE CLIENT FIRMS 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 Q2 YoY Growth 7% Volume (in $ billions) 1Q19 2Q19 3Q19 4Q19 LOCAL MARKETS TRADING VOLUME Q2 YoY Growth 38% wall 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 TTM EM HARD CURRENCY VS. LOCAL MARKETS Hard Currency Local Markets Q2 TTM Growth 5-Year CAGR 20% 800 700 600 500 29% 30% 29% 31% 30% 32% 34% 33% 31% 30% 400 33% 33% 33% 31% 300 200 69% 67% 67% 67% 67% 69% 70% 71% 71% 70% 70% 69% 68% 66% 100 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 X Market Axess® 26 4Q21 1Q22 2Q22#27Our Data Strategy: Integrated Solutions KEY PILLARS / Solutions Best-in-class front office trading solutions and real-time data CATALYSTS BENEFITS Existing products: HG, HY, EM, Eurobonds New Products: Treasuries, Municipals Composite+TM/Automation Portfolio construction and valuation Tradability/Liquidity Scores Create trading protocols and tradable. products for active and systematic clients that deliver unparalleled data sets Live Markets Composite+™ AxessAll™ Prints MSCI Collaboration MKTX IG 400 (Ticker: LQIG) Improved trading decisions and outcomes Increased market transparency • Enhanced liquidity Higher velocity of trading • More robust proprietary data X Market Axess® 27 27#282Q22 Financial Summary (in $ thousands) Financial Results 2Q22 1Q22 2Q21 2Q22 vs. 2Q21 Commissions 163,463 166,113 156,431 4.5% Information Services 9,396 9,809 9,844 Post-trade Services 9,144 9,912 9,848 Other 226 223 211 (4.6%) (7.1%) 7.1% Total Revenues 182,229 186,057 176,334 3.3% Expenses Operating Income 97,441 97,953 84,788 89,157 9.3% 88,104 87,177 (2.7%) • Other income (expense) 4,790 2,315 (1,124) N/M Income Before Taxes 89,578 90,419 86,053 4.1% Provision for Income Taxes 22,656 25,650 18,765 20.7% Net Income 66,922 64,769 67,288 (0.5%) $176 Operating Margin 46.5% 47.4% 49.4% -2.9 pts Market Volume $(5) Fee $18 Capture COMMENTARY Commission revenue benefited from strong estimated market share gains, partiality offset by lower average fees per million, principally in U.S. high-grade Lower information services and post-trade revenue was driven by currency fluctuations and anticipated customer attrition in connection with the Regulatory Reporting Hub integration Excluding impact of currency fluctuations, combined information services/post-trade revenue would have been up 3% • Other income (expense) net gain of $4.8 million, compared to prior year loss of ($1.1) million Includes FX gain of $5.5 million ($0.11 per diluted share impact) Increase in effective tax rate driven by a $5.7 million decrease in estimated excess tax benefits related to share-based compensation awards REVENUE MIX ANALYSIS 2Q21 to 2Q22 (in $ millions) $3 $4 $182 Market Share $(14) Distribution Other Fees EBITDA 105,155 105,593 99,321 5.9% EBITDA Margin 57.7% 56.8% 56.3% 1.4 pts ETR 25.3% 28.4% 21.8% 3.5 pts Diluted EPS Diluted Shares N/M = not meaningful $ 1.78 $ 1.71 $ 1.77 $ 0.01 37,608 37,824 38,104 (1.3%) 2Q21 2022 X Market Axess 28#29Commission Revenue Detail (in $ thousands, except transaction fee data) COMMENTARY (2022 vs. 2Q21) U.S. High Grade (8.6%) • Reduction in transaction fees due to 18% decline in U.S. high-grade fees per million impact driven by: - Higher bond yields Shorter years to maturity of bonds traded on platform • Increase in distribution fees due to dealer migration to a fixed distribution fee plan, upgrades in existing fixed fee plans and higher unused monthly minimum commitment fees Other Credit • Increase in transaction fees due to strong market share gains, partially offset by lower fees per million due to: Rates Mix shift in EM to local markets which have a lower fee per million Dealers migrating to HY fixed distribution fee plans • Increase in transaction fees due to increased market share Commissions 2Q22 1Q22 2Q21 2Q22 vs. 2Q21 Transaction Fees U.S. High-Grade 51,576 52,878 56,413 Other Credit 74,226 75,804 67,074 Total Credit 125,802 128,682 123,487 10.7% 1.9% Rates 6,020 6,191 3,612 66.7% Total Transaction Fees 131,822 134,873 127,099 3.7% Distribution Fees U.S. High-Grade 23,496 23,026 21,373 9.9% Other Credit 8,096 8,152 7,895 2.5% Total Credit 31,592 31,178 29,268 7.9% Rates 49 62 64 Total Distribution Fees 31,641 31,240 29,332 (23.4%) 7.9% Total Commissions 163,463 166,113 156,431 4.5% Transaction Fees per Million U.S. High Grade $ 143 $ 155 $ 174 (17.7%) Other Credit $ 186 $ 188 $ 194 (4.4%) Total Credit SA $ 166 $ 173 $ 185 (10.2%) Rates EA $ 4.21 $ 3.92 $ 4.07 3.5% X Market Axess® 29#30Expense Detail (in $ thousands) 2Q22 vs. Expense Summary 2Q22 1Q22 2Q21 2Q21 Employee Compensation and Benefits Depreciation and Amortization 45,435 47,756 40,732 11.5% 15,240 15,174 13,097 16.4% Technology and Communications 12,490 12,192 10,544 18.5% Professional and Consulting 8,920 9,621 10,704 (16.7%) Occupancy 3,700 3,387 3,300 12.1% • Marketing and Advertising 2,949 1,789 3,128 (5.7%) Clearing Costs 4,263 4,575 4,372 (2.5%) General and Administrative 4,444 3,459 3,280 35.5% Total Expenses 97,441 97,953 89,157 9.3% COMMENTARY (2022 vs. 2Q21) • Total expenses of $97.4 million, up 9% on continued investment • Year-over-year increase in operating expenses due to continued investments to drive revenue diversification through trading system enhancements, product and protocol expansion • Increase of $5 million in employee compensation and benefits driven by increase in headcount Depreciation and amortization expense increased $2.1 million due to higher software development depreciation expense of $1.8 million and higher acquired intangible amortization expense of $0.6 million Technology and communications expense increased $2 million due to higher software subscription costs, market data expense and platform technology licensing fees X Market Axess® 30#312022 Guidance EXPENSES • Expected range of $385.0 million to $415.0 million. - - Based on the midpoint of the stated guidance range, operating expenses are expected to increase by approximately 11% in 2022 Approximately 60% of the anticipated increase in operating expenses is expected to be attributable to our continued investments in trading system enhancements and product and geographical expansion Approximately 40% of the anticipated increase is expected to be primarily due to higher acquired intangible expense, variable clearing costs and inflation CAPITAL EXPENDITURES • Expected range of $58.0 million to $62.0 million. Includes an expected increase in capitalized software development to support new protocols, products and platform enhancements EFFECTIVE TAX RATE • Expected to be between 24.0% and 26.0% Increase in tax rate principally due to lower estimated excess tax benefits on share awards 1. 2. 2022 estimates based on the midpoint of the stated guidance range "FF&E" means furniture, fixtures and equipment and "LHI" means leasehold improvement. 2022 OPERATING EXPENSE GROWTH BREAKDOWN Other 15% Investment Intangible Amortization 8% Variable Expenses 15% 62% HISTORICAL CAPITAL EXPENDITURES¹ $ in millions Product Investment ■FF&E and LHI² 70 60 50 40 30 20 10 ・ 56698 គ 60 51 46 8 8 33 10 7 52 43 52 36 26 2019 EXCESS TAX BENEFIT¹ $ in millions 30 25 20 15 11 10 5 2020 2021 2022 Est. 24 2019 2020 12 2 2021 2022 Est. X Market Axess® 31#32X Now you're in the market™#33Disclosures ©2022 MarketAxess Holdings Inc. (the "Company"). MarketAxess Corporation is a member of FINRA and SIPC. MarketAxess Canada Company is a member of IIROC. MarketAxess Europe Limited (04017160), MarketAxess Capital Limited (09777893), and MarketAxess Post-Trade Limited (01917944) are incorporated in England and Wales, and each authorised and regulated by the Financial Conduct Authority. MarketAxess NL B.V. (69592888) and MarketAxess Post-Trade B.V. (69597774) are incorporated in the Netherlands, and each licensed by the Netherlands Authority for the Financial Markets. MarketAxess Singapore Pte. Limited (201702319R) is incorporated in Singapore and recognised by the Monetary Authority of Singapore. Trademarks of the Company or its subsidiaries include: MarketAxess, the MarketAxess logo, "Now you're in the market", Auto-X, Axess All, Axess IQ, Bid-Ask Spread Index (BASI), BondTicker, Composite+, Open Trading, and Trax. Proprietary and confidential information of the Company-all forms of copying prohibited. To the fullest extent permitted by applicable law, all warranties and representations are disclaimed. All information presented herein is considered to be accurate at the time of writing, provided "as is" with no express or implied representations or warranties-including without limitation in relation to fitness for purpose, accuracy, or completeness of contents-and is only intended to provide an overview of the subject matter and not an exhaustive treatment thereof. While sources of information are believed to be reliable, MarketAxess does not independently verify information obtained from third party sources Any information presented is not intended to represent an offer or solicitation of any financial instrument. Proprietary and confidential information of the Company-all forms of copying prohibited. Further information on MarketAxess can be found on our website at marketaxess.com. Cautionary Note Regarding Forward-Looking Statements This presentation may contain forward-looking statements, including statements about the outlook and prospects for Company and industry growth, as well as statements about the Company's future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess' current expectations. The Company's actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; risks relating to the COVID-19 pandemic, including the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic; adverse effects as a result of climate change or other ESG risks that could affect our reputation; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; reputational or credibility risks related to our data products and index business; the variability of our growth rate; our ability to introduce new fee plans and our clients' response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; the effect of rapid market or technological changes on us and the users of our technology; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms; our vulnerability to cyber security risks; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the U.K.'s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess' business and prospects is contained in MarketAxess' periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com. Non-GAAP Financial Measures and Other Items To supplement the Company's unaudited financial statements presented in accordance with generally accepted accounting principles ("GAAP"), the Company uses certain non-GAAP measures of financial performance, including earnings before interest, taxes, depreciation and amortization ("EBITDA"), EBITDA margin and free cash flow. The Company believes that these non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, are important in understanding the Company's operating results. See the investor relations website at http://investor.marketaxess.com for a reconciliation of GAAP net income to EBITDA and EBITDA margin and GAAP cash flow from operating activities to free cash flow. X Market Axess® 33