Expanding the Client Network

Expanding 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

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