MARKETAXESS HOLDINGS INC

Previous wording

In the first half of 2025, the market backdrop for the Company showed strong increases in estimated U.S. credit market volumes, with U.S. high-grade and U.S. high-yield market average daily volume up 12.3% and 23.9%, respectively, compared to the prior year. However, despite an increase in volatility during March and April, credit spreads and credit spread volatility remained at relatively low levels throughout much of the first half of 2025. With regard to the international products traded on our platforms, estimated market volumes of emerging markets and eurobonds increased significantly compared to the prior year.

Current wording

In the first nine months of 2025, the market backdrop for the Company showed increases in estimated U.S. credit market volumes, with U.S. high-grade and U.S. high-yield market average daily volume up 9.0% and 21.0%, respectively, compared to the prior year. However, despite an increase in volatility during March and April, credit spreads and credit spread volatility remained at relatively low levels throughout much of 2025. With regard to the international products traded on our platforms, estimated market volumes of emerging markets and eurobonds increased significantly compared to the prior year.

Previous wording

Because the majority of our assets are short-term in nature, they are not significantly affected by inflation. However, the rate of inflation impacts our expenses, such as employee compensation, technology and communications expenses, which may not be readily recoverable in the prices of our services. Interest rates have remained higher since 2023 due to a period of increased inflation. To the extent interest rates remain high or inflation has other adverse effects on the securities markets or the economy, our financial position and results of operations may be adversely affected.

Current wording

Because the majority of our assets are short-term in nature, they are not significantly affected by inflation. However, the rate of inflation impacts our expenses, such as employee compensation, technology and communications expenses, which may not be readily recoverable in the prices of our services. To the extent inflation has other adverse effects on the securities markets or the economy, our financial position and results of operations may be adversely affected.

Previous wording

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law in the United States. The OBBBA made significant changes to existing U.S. federal and international tax provisions. The most impactful provisions to our business include the immediate expensing of domestic U.S. research. The OBBBA may have various impacts which are complicated by their different effective dates and many elections available in the OBBBA, as well as uncertainties around U.S. states’ reactions to these federal tax law changes. We are currently evaluating the impact of these provisions on our overall tax positions, including their effect on our current and deferred tax assets and liabilities, effective tax rate and cash tax obligations. The OBBBA does not impact our financial statements for the three and six month periods ended June 30, 2025.

Current wording

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law in the United States. The OBBBA made significant changes to existing U.S. federal and international tax provisions. The most impactful provisions to our business include the immediate expensing of domestic U.S. research. The OBBBA may have various impacts which are complicated by their different effective dates and many elections available in the OBBBA, as well as uncertainties around U.S. states’ reactions to these federal tax law changes. The OBBBA did not have a material impact on our effective tax rate.

Previous wording

There has been increased demand for portfolio trading workflows over the last few years, which has resulted in heightened competition among trading platforms to enhance their portfolio trading offerings and expand them across different geographies and products. Clients have been using portfolio trading workflows in lieu of more established trading protocols designed to generate price competition on individual bonds. Our dealer clients have also increased their usage of matching sessions offered by competing platforms in recent periods. To the extent that our clients increase their use of portfolio trading and matching session protocols offered by other platforms, our market share in those products could decrease. Due to the large size of the trades and the concentration of activity at the end of the month, portfolio trading can drive significant swings in trading volumes and estimated market share.

Current wording

There has been increased demand for portfolio trading workflows over the last few years, which has resulted in heightened competition among trading platforms to enhance their portfolio trading offerings and expand them across different geographies and products. Clients have been using portfolio trading workflows in lieu of more established trading protocols designed to generate price competition on individual bonds. Our dealer clients have also increased their usage of matching sessions offered by competing platforms in recent periods. To the extent that our clients increase their use of portfolio trading and matching session protocols offered by other platforms, our market share could decrease. Due to the large size of the trades and the concentration of activity at the end of the month, portfolio trading can drive significant swings in trading volumes and estimated market share. Furthermore, portfolio trading is generally provided under a lower-fee structure than other protocols and the growth of portfolio trading on our platform will likely have a negative impact on our average credit variable transaction fee per million.

Previous wording

Our business is subject to extensive regulations in the United States and internationally, which may expose us to significant regulatory risk and cause us to incur additional expense. The existing legal framework that governs the financial markets is periodically reviewed and amended, resulting in the enactment and enforcement of new laws and regulations that apply to our business. The SEC recently adopted final rules regarding the central clearing of certain secondary market transactions involving U.S. Treasury securities, which are currently set to become effective for certain cash market transactions on December 31, 2026. Once effective, this central clearing mandate will impact certain of our participants who do not centrally clear such trades today, and some of our investor clients have expressed concerns about using platforms that will require the clearing of any resultant trades executed on such platforms. While we expect this change will increase our own platform efficiency, it is still unknown at this time the full impact of this change, and what effect it will have, whether positive or negative, on our industry, our clients or us. In addition, following the change in U.S. presidential administrations in January 2025, the SEC withdrew multiple rule proposals, including those relating to the expansion of Regulation ATS and Regulation SCI. It remains unknown to what extent new legislation will be passed into law or whether other pending or new regulatory proposals will be adopted, abandoned or modified, or what effect such passage, adoption, abandonment or modification will have, whether positive or negative, on our industry, our clients or us.

Current wording

Our business is subject to extensive regulations in the United States and internationally, which may expose us to significant regulatory risk and cause us to incur additional expense. The existing legal framework that governs the financial markets is periodically reviewed and amended, resulting in the enactment and enforcement of new laws and regulations that apply to our business. The SEC recently adopted final rules regarding the central clearing of certain secondary market transactions involving U.S. Treasury securities, which are currently set to become effective for certain cash market transactions on December 31, 2026. Once effective, this central clearing mandate will impact certain of our participants who do not centrally clear such trades today, and some of our investor clients have expressed concerns about using platforms that will require the clearing of any resultant trades executed on such platforms. In addition, following the change in U.S. presidential administrations in January 2025, the SEC withdrew multiple rule proposals, including those relating to the expansion of Regulation ATS and Regulation SCI. It remains unknown to what extent new legislation will be passed into law or whether other pending or new regulatory proposals will be adopted, abandoned or modified, or what effect such passage, adoption, abandonment or modification will have, whether positive or negative, on our industry, our clients or us.

Previous wording

We must continue to enhance and improve our electronic trading platforms. The markets in which we compete are characterized by increasingly complex protocols, systems, technology and infrastructure requirements that require us to devote substantial resources to modify and adapt our services. Our future success will depend on our ability to enhance our existing products and services, develop and/or license new products and technologies that address the increasingly sophisticated and varied needs of our existing and prospective broker-dealer and institutional investor clients and respond to technological advances and emerging industry and regulatory standards and practices, including cloud and AI technologies, on a cost-effective and timely basis. For example, in the first half of 2025, we continued our roll-out of Targeted RFQ, which highlights our AI-driven dealer selection tool, a machine learning model that predicts which counterparties are most likely to provide competitive pricing for high-touch workflows. We have also recently expanded our global Mid-X offering, a sessions-based mid-point matching tool for broker-dealers, to emerging market bonds. In addition, as the overall share of electronic trading grows in global credit products, we are experiencing continued demand for, and growth in, our automated and algorithmic trading solutions. We also support a large and growing base of dealer market making algorithms. We plan to continue to focus on technology infrastructure and automation initiatives to support more efficient trade execution by our clients.

Current wording

We must continue to enhance and improve our electronic trading platforms. The markets in which we compete are characterized by increasingly complex protocols, systems, technology and infrastructure requirements that require us to devote substantial resources to modify and adapt our services. Our future success will depend on our ability to enhance our existing products and services, develop and/or license new products and technologies that address the increasingly sophisticated and varied needs of our existing and prospective broker-dealer and institutional investor clients and respond to technological advances and emerging industry and regulatory standards and practices, including cloud and AI technologies, on a cost-effective and timely basis. For example, in the first nine months of 2025, we continued our roll-out of Targeted RFQ, which highlights our AI-driven dealer selection tool, a machine learning model that predicts which counterparties are most likely to provide competitive pricing for high-touch workflows. We have also recently expanded our global Mid-X offering, a sessions-based mid-point matching tool for broker-dealers, to emerging market bonds. In addition, as the overall share of electronic trading grows in global credit products, we are experiencing continued demand for, and growth in, our automated and algorithmic trading solutions. We also support a large and growing base of dealer market making algorithms. We plan to continue to focus on technology infrastructure and automation initiatives to support more efficient trade execution by our clients.

Previous wording

As further described under “— Critical Factors Affecting our Industry and our Company — Economic, Political and Market Factors,” “— Results of Operations — Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024,” and “— Results of Operations — Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024,” our trading volumes increased and our average variable transaction fee per million decreased compared to the three and six months ended June 30, 2024.

Current wording

As further described under “— Critical Factors Affecting our Industry and our Company — Economic, Political and Market Factors,” “— Results of Operations — Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024,” and “— Results of Operations — Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024,” our trading volumes and our average variable transaction fee per million decreased compared to the three months ended September 30, 2024, and our trading volumes increased and our average variable transaction fee per million decreased compared to the nine months ended September 30, 2024.

Previous wording

Other Commissions. Other commissions include equities and foreign exchange commissions for algorithmic trading services and derivative and exchange-traded-fund (“ETF”) commissions earned by RFQ-hub. Commissions for equities, foreign exchange, derivatives and ETFs are volume-tiered and consist of variable transaction fees that are billed monthly.

Current wording

Other Commissions. Other commissions include equities and foreign exchange commissions for algorithmic trading services and derivative and ETF commissions earned by RFQ-hub. Commissions for equities, foreign exchange, derivatives and ETFs are volume-tiered and consist of variable transaction fees that are billed monthly.

Previous wording

Technology services include technology-related license fees, connectivity fees and revenue generated from telecommunications line charges to broker-dealer clients.

Current wording

Technology services include technology-related license and connectivity fees and revenue generated from telecommunications line charges to broker-dealer clients.

Previous wording

In 2023, 2024 and 2025, the PSUs were granted to the executive officers and certain senior managers. Each PSU is earned or forfeited based on our level of achievement of certain predetermined metrics, including pre-tax adjusted operating margin, U.S. credit market share and revenue growth excluding U.S. credit. The vested share payout ranges from zero to 200% of the PSU target. The number of PSUs that vest, if any, is determined by the level of achievement of the performance metrics during the three-year performance periods, as certified by the Compensation and Talent Committee following the conclusion of the performance period. In addition, participants must provide continued service through the vesting date, subject to death, disability and qualified retirement exceptions, as applicable. Compensation expense for the PSUs is measured using the fair value of our stock at the grant date and estimates of future performance and actual share payouts. Each period, we make estimates of the current expected share payouts and adjust the life-to-date compensation expense recognized since the grant date. As of June 30, 2025, a 10.0% change in the expected final share payouts would increase or decrease the life-to-date compensation expense by $1.4 million. The estimated final share payouts for the 2022 and 2023 awards as of June 30, 2025 decreased 23.2% compared to December 31, 2024. See Note 9 for a discussion of the Company’s stock-based compensation expense.

Current wording

In 2023, 2024 and 2025, the PSUs were granted to the executive officers and certain senior managers. Each PSU is earned or forfeited based on our level of achievement of certain predetermined metrics, including pre-tax adjusted operating margin, U.S. credit market share and revenue growth excluding U.S. credit. The vested share payout ranges from zero to 200% of the PSU target. The number of PSUs that vest, if any, is determined by the level of achievement of the performance metrics during the three-year performance periods, as certified by the Compensation and Talent Committee following the conclusion of the performance period. In addition, participants must provide continued service through the vesting date, subject to death, disability and qualified retirement exceptions, as applicable. Compensation expense for the PSUs is measured using the fair value of our stock at the grant date and estimates of future performance and actual share payouts. Each period, we make estimates of the current expected share payouts and adjust the life-to-date compensation expense recognized since the grant date. As of September 30, 2025, a 10.0% change in the expected final share payouts would increase or decrease the life-to-date compensation expense by $1.3 million. The estimated final share payouts for the 2022 and 2023 awards as of September 30, 2025 decreased 27.2% compared to December 31, 2024. See Note 9 for a discussion of the Company’s stock-based compensation expense.

Previous wording

Changes in average foreign currency exchange rates compared to the U.S. dollar had the effect of increasing revenues and expenses by $2.1 million and $1.7 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Current wording

Changes in average foreign currency exchange rates compared to the U.S. dollar had the effect of increasing revenues and expenses by $1.3 million and $1.0 million for the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Previous wording

Credit variable transaction fees increased by $9.7 million, driven by a 13.1% increase in trading volume offset by a decrease of 8.4% in total credit average variable transaction fee per million. Rates variable transaction fees increased by $4.1 million, driven principally by a 54.2% increase in trading volumes, partially offset by a 10.8% decrease in average variable transaction fee per million. Other variable transaction fees include equities and foreign exchange commissions and, beginning in May 2025, derivative and ETF commissions earned by RFQ-hub.

Current wording

Credit variable transaction fees decreased by $4.1 million, driven by a 5.8% decrease in total credit average variable transaction fee per million, partially offset by a 3.0% increase in trading volume. Rates variable transaction fees decreased by $0.5 million, driven principally by an 8.0% decrease in trading volumes, partially offset by a 1.4% increase in average variable transaction fee per million. Other variable transaction fees include equities and foreign exchange commissions and, beginning in May 2025, derivative and ETF commissions earned by RFQ-hub.

Previous wording

The 18.7% increase in our U.S. high-grade volume was principally due to an increase in estimated market volumes and an increase in our estimated market share. Estimated U.S. high-grade market volume as reported by the FINRA Trade Reporting and Compliance Engine (“TRACE”) increased by 14.7% to $2.5 trillion for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Our estimated market share of total U.S. high-grade corporate bond volume increased to 19.4% for the three months ended June 30, 2025 from 18.7% for the three months ended June 30, 2024. U.S. high-yield volume increased by 24.5% primarily due to an increase in estimated market volumes offset by a decrease in our estimated market share. Our estimated market share of total U.S. high-yield corporate bond volume decreased to 12.7% for the three months ended June 30, 2025 from 13.5% for the three months ended June 30, 2024.

Current wording

The 6.7% decrease in our U.S. high-grade volume was principally due to a decrease in our estimated market share, partially offset by an increase in estimated market volumes. Estimated U.S. high-grade market volume as reported by the FINRA Trade Reporting and Compliance Engine (“TRACE”) increased by 2.6% to $2.4 trillion for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Our estimated market share of total U.S. high-grade corporate bond volume decreased to 17.7% for the three months ended September 30, 2025 from 19.5% for the three months ended September 30, 2024. U.S. high-yield volume increased by 5.5% primarily due to an increase in estimated market volumes offset by a decrease in our estimated market share. Our estimated market share of total U.S. high-yield corporate bond volume decreased to 11.9% for the three months ended September 30, 2025 from 13.0% for the three months ended September 30, 2024.

Previous wording

Emerging markets and Eurobond volumes increased by 18.5% and 25.4%, respectively. Other credit volumes increased 19.7%, mainly due to an increase in estimated municipal bond market volumes. Rates trading volume increased 55.2%, primarily due to an increase in estimated market volumes, offset by a decrease in our estimated market share.

Current wording

Emerging markets and eurobond volumes increased by 14.1% and 16.2%, respectively. Other credit volumes increased 7.4%, mainly due to an increase in estimated municipal bond market volumes. Rates trading volume decreased 8.0%, primarily due to a decrease in estimated market volumes and a decrease in our estimated market share.

Previous wording

Credit average variable transaction fee per million decreased by 6.8% to $138.02 per million for the three months ended June 30, 2025, mainly due to protocol mix-shift reflecting increased portfolio trading.

Current wording

Credit average variable transaction fee per million decreased by 5.8% to $140.29 per million for the three months ended September 30, 2025, mainly due to protocol mix-shift reflecting increased portfolio trading.

Previous wording

Information Services. Information services revenue increased by $0.5 million for the three months ended June 30, 2025 due to positive impact of foreign currency fluctuations of $0.4 million and net new contract revenue of $0.1 million

Current wording

Information Services. Information services revenue increased by $0.8 million for the three months ended September 30, 2025 due to net new contract revenue of $0.6 million and the positive impact of foreign currency fluctuations of $0.2 million.

Previous wording

Post-Trade Services. Post-trade services revenue increased by $1.0 million for the six months ended June 30, 2025 due to net new contract revenue of $0.6 million and the positive impact of foreign currency fluctuations of $0.4 million.

Current wording

Post-Trade Services. Post-trade services revenue increased by $0.9 million for the three months ended September 30, 2025 due to the positive impact of foreign currency fluctuations of $0.5 million and net new contract revenue of $0.4 million.

Previous wording

Technology Services. Technology services revenue increased by $0.5 million for the three months ended June 30, 2025 due to higher license and connectivity fees.

Current wording

Technology Services. Technology services revenue increased by $0.6 million for the three months ended September 30, 2025 due to higher license and connectivity fees.

Previous wording

Technology and communications expenses increased by $2.6 million primarily due to higher cloud hosting and software service costs.

Current wording

Technology and communications expenses increased by $1.4 million primarily due to higher cloud hosting and software service costs.

Previous wording

Interest income decreased by $0.5 million, driven by lower cash balances.

Current wording

Interest income decreased by $1.1 million, driven by lower interest rates on our cash balances.

Previous wording

Interest expense decreased by $0.5 million due to lower financing charges incurred under our short-term borrowing arrangements.

Current wording

Interest expense decreased by $0.2 million due to lower financing charges incurred under our short-term borrowing arrangements.

Previous wording

Other, net increased by $3.1 million primarily driven by the impact of net foreign currency transaction gains in the current period compared to losses in the prior period of $3.0 million and higher unrealized gains of $1.3 million on our U.S. Treasury investments in the current period, offset by expense reflecting an increase to redeemable noncontrolling interest related to the 2025 RFQ-hub Acquisition of $0.9 million and a charge associated with the 2025 RFQ-hub acquisition of $0.6 million.

Current wording

Other, net increased by $3.5 million primarily driven by the receipt of a tax credit of $3.3 million in the current period and lower net foreign currency transaction losses in the current period compared to the prior period of $1.2 million, offset by the impact of unrealized losses on investments in the current period compared to unrealized gains in the prior period of $1.0 million.

Previous wording

Our consolidated effective tax rate can vary from period to period depending on the geographic mix of our earnings, provisions for unrecognized tax benefits, changes in tax legislation and tax rates and the amount and timing of excess tax benefits or detriments related to share-based payments, among other factors. The increase in the effective tax rate for the three months ended June 30, 2025 is due to current period accruals related to the reserve for unrecognized tax benefits established in the first quarter of 2025.

Current wording

Our consolidated effective tax rate can vary from period to period depending on the geographic mix of our earnings, provisions for unrecognized tax benefits, changes in tax legislation and tax rates and the amount and timing of excess tax benefits or detriments related to share-based payments, among other factors. The increase in the effective tax rate for the three months ended September 30, 2025 is mainly due to current period accruals related to the reserve for unrecognized tax benefits established in the first quarter of 2025.

Previous wording

The following table summarizes our financial results for the Six Months Ended June 30, 2025 and 2024:

Current wording

The following table summarizes our financial results for the Nine Months Ended September 30, 2025 and 2024:

Previous wording

Changes in average foreign currency exchange rates compared to the U.S. dollar had the effect of increasing revenues and expenses by $1.8 million and $1.4 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Current wording

Changes in average foreign currency exchange rates compared to the U.S. dollar had the effect of increasing revenues and expenses by $3.0 million and $2.4 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Previous wording

Commissions. Our commission revenues for the six months ended June 30, 2025 and 2024, and the resulting dollar and percentage changes, were as follows:

Current wording

Commissions. Our commission revenues for the nine months ended September 30, 2025 and 2024, and the resulting dollar and percentage changes, were as follows:

Previous wording

Credit variable transaction fees increased by $15.3 million, driven by a 20.2% increase in trading volume offset by a 6.8% decrease in total credit average variable transaction fee per million. Rates variable transaction fees increased by $2.3 million, driven principally by a 55.2% increase in trading volumes, partially offset by a 9.4% decrease in average variable transaction fee per million. Other variable transaction fees include equities and foreign exchange commissions and, beginning in May 2025, derivative and ETF commissions earned by RFQ-hub.

Current wording

Credit variable transaction fees increased by $5.6 million, driven by a 9.7% increase in trading volume, partially offset by a 7.5% decrease in total credit average variable transaction fee per million. Rates variable transaction fees increased by $3.6 million, driven principally by a 28.2% increase in trading volumes, partially offset by a 6.3% decrease in average variable transaction fee per million. Other variable transaction fees include equities and foreign exchange commissions and, beginning in May 2025, derivative and ETF commissions earned by RFQ-hub.

Previous wording

Our trading volumes for the six months ended June 30, 2025 and 2024 were as follows:

Current wording

Our trading volumes for the nine months ended September 30, 2025 and 2024 were as follows:

Previous wording

The 9.4% increase in our U.S. high-grade volume was principally due to an increase in estimated market volumes offset by a decrease in our estimated market share. Estimated U.S. high-grade market volume as reported by TRACE increased by 11.4% to $5.0 trillion for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Our estimated market share of total U.S. high-grade corporate bond volume decreased to 18.7% for the six months ended June 30, 2025 from 19.1% for the six months ended June 30, 2024. U.S. high-yield volume increased by 14.9% primarily due to an increase in estimated market volumes offset by a decrease in our estimated market share. Our estimated market share of total U.S. high-yield corporate bond volume decreased to 12.3% for the six months ended June 30, 2025 from 13.2% for the six months ended June 30, 2024.

Current wording

The 3.9% increase in our U.S. high-grade volume was principally due to an increase in estimated market volumes, partially offset by a decrease in our estimated market share. Estimated U.S. high-grade market volume as reported by TRACE increased by 8.4% to $7.4 trillion for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Our estimated market share of total U.S. high-grade corporate bond volume decreased to 18.4% for the nine months ended September 30, 2025 from 19.2% for the nine months ended September 30, 2024. U.S. high-yield volume increased by 11.8% primarily due to an increase in estimated market volumes offset by a decrease in our estimated market share. Our estimated market share of total U.S. high-yield corporate bond volume decreased to 12.2% for the nine months ended September 30, 2025 from 13.1% for the nine months ended September 30, 2024.

Previous wording

Emerging markets and Eurobond volumes increased by 13.4% and 20.1%, respectively. Other credit volumes increased 28.0%, mainly due to an increase in estimated municipal bond market volumes. Rates trading volume increased 54.2%, primarily due to an increase in estimated market volumes.

Current wording

Emerging markets and Eurobond volumes increased by 13.6% and 18.8%, respectively. Other credit volumes increased 20.1%, mainly due to an increase in estimated municipal bond market volumes. Rates trading volume increased 28.2%, primarily due to an increase in estimated market volumes.

Previous wording

Our average variable transaction fee per million for the six months ended June 30, 2025 and 2024 was as follows:

Current wording

Our average variable transaction fee per million for the nine months ended September 30, 2025 and 2024 was as follows:

Previous wording

Credit average variable transaction fee per million decreased by 8.4% to 138.58 per million for the six months ended June 30, 2025, mainly due to protocol mix-shift reflecting increased portfolio trading.

Current wording

Credit average variable transaction fee per million decreased by 7.5% to $139.12 per million for the nine months ended September 30, 2025, mainly due to protocol mix-shift reflecting increased portfolio trading.

Previous wording

Information Services. Information services revenue increased by $1.6 million for the six months ended June 30, 2025 due to net new contract revenue of $1.1 million and the positive impact of foreign currency fluctuations of $0.4 million.

Current wording

Information Services. Information services revenue increased by $2.4 million for the nine months ended September 30, 2025 due to net new contract revenue of $1.7 million and the positive impact of foreign currency fluctuations of $0.7 million.

Previous wording

Post-Trade Services. Post-trade services revenue increased by $0.7 million for the three months ended June 30, 2025 due to positive impact of foreign currency fluctuations of $0.6 million and net new contract revenue of $0.1 million.

Current wording

Post-Trade Services. Post-trade services revenue increased by $1.9 million for the nine months ended September 30, 2025 due to net new contract revenue of $1.1 million and the positive impact of foreign currency fluctuations of $0.8 million.

Previous wording

Technology Services. Technology services revenue increased by $0.9 million for the six months ended June 30, 2025 due to higher license and connectivity fees.

Current wording

Technology Services. Technology services revenue increased by $1.5 million for the nine months ended September 30, 2025 due to higher license and connectivity fees.

Previous wording

The following table summarizes our expenses for the six months ended June 30, 2025 and 2024:

Current wording

The following table summarizes our expenses for the nine months ended September 30, 2025 and 2024:

Previous wording

Employee compensation and benefits increased by $8.4 million primarily due to higher severance costs of $4.0 million related to changes in the Company’s management structure.

Current wording

Employee compensation and benefits increased by $10.7 million primarily due to higher salary costs on higher headcount and severance costs related to changes in the Company’s management structure.

Previous wording

Technology and communications expenses increased by $1.7 million primarily due to higher software service costs.

Current wording

Technology and communications expenses increased by $4.1 million primarily due to higher software service costs.

Previous wording

General and administrative expenses increased by $0.5 million, primarily due to higher subscription costs.

Current wording

General and administrative expenses increased by $1.7 million, primarily due to higher subscription costs.

Previous wording

Our other income (expense) for the six months ended June 30, 2025 and 2024, and the resulting dollar and percentage changes, were as follows:

Current wording

Our other income (expense) for the nine months ended September 30, 2025 and 2024, and the resulting dollar and percentage changes, were as follows: