EL7.AI
StocksMediumUpdated×2•Originally published 23 October 2026•Updated 23 October 2026•
4 min read

ICE Deal Puts MarketAxess Before Shareholder Vote on October 29, With Completion Expected in 2027

Key Facts

1Second-quarter revenue was $218.4 million, nearly flat from a year earlier.
2The company reported diluted earnings per share of $1.93 and net income of $68.3 million in the second quarter.
3Under the agreement, ICE will pay $167 in cash per share, a 33% premium and an enterprise value of about $5.7 billion.
4The special shareholder meeting and expiration of the HSR waiting period are scheduled for October 29, 2026.

MarketAxess is being watched on two parallel fronts: operating performance shown in its second-quarter results, and a cash acquisition by ICE awaiting a shareholder vote and antitrust review. According to MarketAxess’ filing with the U.S. Securities and Exchange Commission, a special shareholder meeting is scheduled for October 29, 2026, to vote on the agreement. The HSR Act review period is also expected to expire at 11:59 p.m. Eastern Time on the same day. The investor relations page has not confirmed a date for the third-quarter results or an earnings call, while the company said it has suspended those calls. Accordingly, the November 6 date cited in an earlier draft is not based on official confirmation from the company.

Under the deal, ICE will pay $167 in cash for each MarketAxess share, a 33% premium to the closing price on July 29, 2026, and an enterprise value of about $5.7 billion, according to the version of the filing submitted to the U.S. Securities and Exchange Commission. ICE said the combination aims to create a fixed-income ecosystem that is “transparent, efficient, fully interconnected and accessible to all.” The plan is to bring MarketAxess’ institutional network together with ICE’s retail bond platform and information infrastructure, serving participants across fixed-income market segments on a unified platform. MarketAxess’ network connects about 2,100 institutional investors and dealers across more than 90 countries, according to the filing. ICE is targeting annualized operating expense savings of $100 million, to be fully realized within three years of closing.

According to a Reuters report published via Investing.com, MarketAxess shares jumped about 30% in trading on the deal announcement on July 30, 2026, while ICE shares rose slightly. Completion of the agreement remains subject to the expiration or termination of the HSR waiting period, approval by MarketAxess shareholders and satisfaction of other closing conditions. The company said in its filing that the deal is still expected to close in the first half of 2027. That means the October meeting is a voting and regulatory step in a process that has not yet reached closing. Shareholders are also watching for what the company will disclose about activity and revenue in coming periods, given its suspension of guidance.

The latest official financial picture available in the evidence is the second-quarter results, for the quarter ended June 30, 2026. Total revenue was $218.4 million, nearly flat from a year earlier, when it benefited from event-related market volatility, the company said. MarketAxess reported diluted earnings per share of $1.93 and net income of $68.3 million, compared with $1.91 and $71.2 million, respectively, a year earlier. Diluted earnings per share, excluding significant items, were $1.95. The figures show a divergence between nearly stable revenue and higher reported earnings per share, alongside lower net income than in the comparable period.

By revenue source, commission revenue fell 3% year over year to $186.9 million, while services revenue rose 14% to a record $31.5 million. Services revenue includes information, post-trade services and technology. The company attributed the decline in commissions in part to a 9% drop in U.S. credit commissions, partially offset by a 6% increase in emerging markets commissions. The contrast puts services growth against pressure in the larger commission-linked revenue source. In trading activity, average daily portfolio trading volume grew 11% to $5.9 billion in the second quarter.

Average daily portfolio trading grew 33% to a record $2.0 billion, alongside records in municipal bonds, U.S. investment-grade credit and high-yield, according to the company’s filing. Commenting on the quarter, the chief executive said MarketAxess delivered “solid results” in a period marked by lower market volatility and elevated new issuance. The statement also linked the company’s performance to growing customer adoption of its newer solutions across its channels. But following the ICE agreement, the company announced it had suspended earnings calls, guidance and monthly trading volume announcements, and withdrawn its 2026 annual guidance and medium-term financial targets. The next scheduled steps are the shareholder vote and expiration of the HSR waiting period on October 29, while the deal is still expected to close in the first half of 2027.