MarketAxess builds strategy around X-Pro

MarketAxess profits were down in Q1, but revenues were up and automation volume hit a record $94 billion.

First quarter profits were down for fixed-income trading giant MarketAxess, but new trading capabilities shed light on plans for a new strategy. Despite lower profits, revenues rose 3.5% from the same period a year earlier, including $7.5 million from its August 2023 acquisition of multi-asset algorithm provider Pragma.

Meanwhile, developments in automation and the company’s new portfolio trading platform, X-Pro, showed promise. Last quarter, CEO Chris Concannon said the company was prioritizing

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