MarketAxess Holdings, Inc. / Tradeweb Markets Inc.: E-Share Still Stagnant; Though Movements Beneath The Surface

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MarketAxess Holdings, Inc. / Tradeweb Markets Inc.: E-Share Still Stagnant; Though Movements Beneath The Surface

Equity Research

27 May 2026

MarketAxess Holdings, Inc. / Tradeweb Markets Inc.

E-Share Still Stagnant; Though

Movements Beneath The Surface

US credit e-share has largely plateaued over the past 18M, MKTX EQUAL WEIGHT

POSITIVEthough beneath the surface, e-share of larger block trades U.S.ManagersBrokers,& ExchangesAsset

has increased meaningfully. While this reads-through Price Target USD 170.00

positively for further electronification, the implications for Price (26-May-26) USD 131.23 Potential Upside/Downside +29.5%

Source: Bloomberg, Barclays Researchrevenue growth are not as clear.

TW EQUAL WEIGHTOverview: US credit electronification has largely plateaued over the past ~18 months, with total

U.S. Brokers, Asset POSITIVEe-share holding just under ~50% and remaining meaningfully below other large fixed income Managers & Exchanges

markets (e.g., USTs / EGBs). The flatlining in overall e-share appears driven more by recent mix, Price Target USD 118.00

with new issuance robust, pressuring headline e-share. Beneath the surface, the electronic Price (26-May-26) USD 102.28

share of larger block trades has increased meaningfully aided by more targeted RFQ workflows Potential Upside/Downside +15.4%

and dealer-selection tools (e.g., Snap+ / AI Dealer Select) that help mitigate information Source: Bloomberg, Barclays Research

leakage; we highlight the excellent work of our colleague Zornitsa Todorova (Blocks go

electronic) whose analysis of TRACE data unpacks this trend. At the same time, dealers trading U.S. Brokers, Asset Managers &

block tends to be more price sensitive, and given the relatively lower cost to trade blocks via Exchanges