[Form 4] MarketAxess Holdings Inc. Insider Trading Activity

Rhea-AI Filing Summary

Emily H. Portney, a director of MarketAxess Holdings Inc. (MKTX), filed a Form 4 reporting transactions dated 08/13/2025. The filing shows Code G transactions on common stock. The Form records a disposition of 3,656 shares and an accompanying acquisition of 3,656 shares held indirectly by a GRAT. After these transactions the filing reports 784 shares beneficially owned directly and 3,656 shares beneficially owned indirectly via the GRAT. The Form is signed by an attorney-in-fact and contains no other financial metrics or explanatory detail.

Positive

• Timely disclosure of insider transactions by a company director
• Economic interest maintained through indirect ownership in a GRAT (3,656 shares)

Negative

• Direct ownership decreased to 784 shares after the reported transactions
• No additional detail provided about the purpose or terms of the GRAT beyond the transfer

Insights

Financial Analyst

TL;DR Insider reported a Code G transfer of equal-sized economic interest into a GRAT; direct ownership declined while indirect ownership increased.

The filing documents Code G transactions on 08/13/2025 by director Emily H. Portney that resulted in a disposition of 3,656 shares and an acquisition of 3,656 shares held indirectly through a GRAT. Code G indicates a pre-arranged bona fide gift or transfer under a written agreement. The net economic exposure appears maintained but shifted from direct ownership to indirect ownership within an estate planning vehicle. No cash consideration or price is reported and no derivative activity is shown. The transaction size is small relative to typical institutional positions and contains no operational or financial performance data.

Corporate Governance Expert

TL;DR Transfer to a GRAT suggests estate planning rather than a change in view on company prospects.

The Form 4 shows the director used a GRAT to hold 3,656 shares while reducing direct holdings to 784 shares. From a governance perspective, the filing is routine and consistent with estate or tax planning activity rather than a signaling event about company fundamentals. The disclosure is timely and properly signed by an attorney-in-fact. There are no indications of changes to board role, compensation, or related-party transactions in this filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Portney Emily Hope

(Last) (First) (Middle)

C/O MARKETAXESS HOLDINGS INC.

55 HUDSON YARDS, 15TH FLOOR

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MARKETAXESS HOLDINGS INC [ MKTX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.003 per share	08/13/2025		G		3,656	D	$0	784	D
Common Stock, par value $0.003 per share	08/13/2025		G		3,656	A	$0	3,656	I	By GRAT

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Patrick Wilson as Attorney-in-Fact for Emily H. Portney	08/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Emily H. Portney disclose on the Form 4 for MKTX?

The filing reports Code G transactions on 08/13/2025 showing a disposition of 3,656 shares and an acquisition of 3,656 shares held indirectly by a GRAT.

How many MarketAxess (MKTX) shares does the reporter own after the transactions?

The Form reports 784 shares beneficially owned directly and 3,656 shares beneficially owned indirectly via the GRAT following the transactions.

What does transaction Code G mean on a Form 4?

Code G is used for transactions executed pursuant to a written gift or transfer agreement; the filing itself uses Code G for the reported moves.

Was there any cash consideration reported for these MKTX transactions?

No cash price is reported; the Form shows a price of $0 for the recorded transfers.

Does this Form 4 indicate any change in the reporter's role at MarketAxess?

No. The filing identifies Emily H. Portney as a Director and includes no disclosures of role changes or departures.