UPDATE 1-MarketAxess Q3 beats Street on higher commission

* Q3 EPS $0.22 vs est $0.18

* U.S. high-grade trade commission boosts Q3

Oct 27 (BestGrowthStock) – MarketAxess Holdings Inc’s (MKTX.O: )
quarterly profit nearly doubled from a year ago and topped
expectations, helped by higher commission revenue.

Net income for the third quarter was $8.6 million, or 22
cents a share, compared with $4.6 million, or 12 cents a share,
a year earlier.

Analysts expected the electronic bond-trading platform
operator to earn 18 cents a share, according to Thomson Reuters
I/B/E/S.

Total revenue for the quarter rose 25 percent to $37.4
million, topping analysts’ view of $35.5 million. Total
commissions — the largest contributor to total revenue — rose
23 percent to $31.2 million.

“Our record revenue and earnings results reflect strong
momentum in our core e-trading product areas and disciplined
expense management,” CEO Richard McVey said in a statement.

McVey said the company was investing actively in the new
over-the-counter derivative opportunities that are emerging as
part of financial market regulatory reform.

The New York-based company said total trading volume in the
quarter was $100.5 billion, up from $80.4 billion year ago.

Shares of the company closed at $18.31 on Nasdaq Tuesday.
The stock currently trades at about 26 times its 2010 forward
price to earnings ratio.
(Reporting by Sweta Singh in Bangalore; Editing by Jarshad
Kakkrakandy)

UPDATE 1-MarketAxess Q3 beats Street on higher commission