MarketAxess Holdings Inc. (MKTX) has reported a 35.42 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $33.16 million, or $0.88 a share in the quarter, compared with $24.49 million, or $0.65 a share for the same period last year.
Revenue during the quarter grew 23.21 percent to $94.44 million from $76.64 million in the previous year period. Total expenses were 46.71 percent of quarterly revenues, down from 51.74 percent for the same period last year. This has led to an improvement of 504 basis points in operating margin to 53.29 percent.
Operating income for the quarter was $50.33 million, compared with $36.99 million in the previous year period.
"Our fourth quarter and full year 2016 results show accelerating revenue and earnings growth, driven by broad based market share gains in all of our core credit products. Clients have responded favorably to the expansion of liquidity solutions, trading protocols and data available on the MarketAxess trading system," said Richard M. McVey, chairman and chief executive officer of MarketAxess. “The growth in our network is delivering more trading opportunities and lower transaction costs for credit market participants."
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