Expanding the Client Network

Expense 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

View entire presentation