Asset Management
MarketAxess Holdings Executive Compensation (FY25)
MKTX · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025 ◇ Christopher Concannon | Median of the other named officers $2,626,972 5 officers, excluding the chief executive | Latest say-on-pay support = June 10, 2026 | Chief executive pay ratio ◇ To the median employee |
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Data as of October 22, 2026Latest filing (EX-10): July 30, 2026
17 filings cited on this page
Method: intel.velarion.ai/methodology
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Published by Velarion Company Intelligence
Velarion Member, one year
301 figures on this page: 290 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Christopher Concannon: $5,819,842 → $7,101,027 (22.0% higher)
CEO pay ratio: 30:1 → 35:1 (16.7% higher)
Frequently asked questions
Answers drawn from the data on this page.
Who is MarketAxess Holdings' chief executive and what were they paid?
Christopher Concannon was paid $7,101,027 in total compensation as Chief Executive Officer for fiscal 2025. Concannon's total was 22.0% higher than the $5,819,842 reported for fiscal 2024.
What was MarketAxess Holdings' say-on-pay result?
For fiscal 2025, the say-on-pay proposal drew 97.8% support at the meeting held June 10, 2026.
Which companies are in MarketAxess Holdings' peer group?
The disclosed peer group names ACI Worldwide, Inc., BGC Group, Cboe Global Markets, Inc., Clearwater Analytics Holdings, Inc. and Cohen & Steers, Inc., among others.
What is MarketAxess Holdings' chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 35:1, against median employee compensation of $204,500.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Naineshkumar Panchal Chief Information Officer | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Richard McVey Executive Chairman | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Christopher Concannon Chief Executive Officer | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Kevin McPherson Global Head of Sales | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Christopher Gerosa Chief Financial Officer | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Christophe Roupie Former Head of EMEA and APAC | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Christopher Concannon Chief Executive Officer | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Richard McVey Former Executive Chairman Departed during or after this year | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Kevin McPherson Chief Revenue Officer | ◇ | — | ◇ | — | ◇ | — | — | ◇ |
Naineshkumar Panchal Chief Information Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Ilene Fiszel Bieler Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Christopher Gerosa Former Chief Financial Officer Departed during or after this year | ◇ | — | — | — | — | — | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Christopher Concannon Chief Executive Officer | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Dean Berry Group Chief Operating Officer and Chief Executive Officer, EMEA & APAC | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Kevin McPherson Chief Revenue Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Ilene Fiszel Bieler Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Christophe Roupie Former Head of EMEA and APAC Departed during or after this year | ◇ | — | ◇ | — | — | — | ◇ | ◇ |
Naineshkumar Panchal Former Chief Information Officer Departed during or after this year | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Christophe Roupie | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Christophe Roupie | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| Christopher R. Concannon | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Christopher R. Concannon | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Christopher R. Concannon | OPTION | ◇ | — | — | ◇ | — | ◇ | ◇ |
| Dean Berry | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Ilene J. Fiszel Bieler | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Ilene J. Fiszel Bieler | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Kevin M. McPherson | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Kevin M. McPherson | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| Naineshkumar S. Panchal | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| Naineshkumar S. Panchal | RSU | ◇ | — | — | ◇ | — | — | ◇ |
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Kevin McPherson | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Christopher Concannon | Option | ◇ | — | ◇ | — |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Option | ◇ | — | ◇ | — | |
| Option | ◇ | — | ◇ | — | |
| Naineshkumar Panchal | PSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Dean Berry | RSU | ◇ | ◇ | — | — |
| Christophe Roupie | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Severance and change in control
The terms as written in the agreements.
Christophe Roupie
Former Head of EMEA and APAC · Terms as described in the company’s compensation discussion · citing a 2026 filing
| Severance cash amount | ◇ |
| Non-compete period | ◇ |
| Non-solicit period | ◇ |
Christopher Concannon
Chief Executive Officer · Terms as announced by the company
| Equity acceleration on change in control | ◇ |
Dean Berry
Group Chief Operating Officer and Chief Executive Officer, EMEA & APAC · Terms as described in the company’s compensation discussion · citing a 2026 filing
| Severance cash amount | ◇ |
| Non-compete period | ◇ |
| Non-solicit period | ◇ |
Kevin McPherson
Chief Revenue Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
| Severance multiple | ◇ |
| Change-in-control multiple | ◇ |
| Benefits continuation on change in control | ◇ |
| Benefits continuation | ◇ |
| Non-compete period | ◇ |
| Non-solicit period | ◇ |
Naineshkumar Panchal
Former Chief Information Officer
| Clawback | ◇ |
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Carlos M. Hernandez Board chair | ◇ | ◇ | — | — | — | — | ◇ |
Roberto Hoornweg | ◇ | ◇ | — | — | — | — | ◇ |
William F. Cruger | ◇ | ◇ | — | — | — | — | ◇ |
Stephen P. Casper | ◇ | ◇ | — | — | — | — | ◇ |
Jane Chwick | ◇ | ◇ | — | — | — | — | ◇ |
Nancy Altobello | ◇ | ◇ | — | — | — | — | ◇ |
Richard G. Ketchum | ◇ | ◇ | — | — | — | — | ◇ |
Kourtney Gibson | ◇ | ◇ | — | — | — | — | ◇ |
Steven L. Begleiter | ◇ | ◇ | — | — | — | — | ◇ |
Emily H. Portney | ◇ | ◇ | — | — | — | — | ◇ |
Kenneth T. Schiciano, Richard M. McVey, Douglas A. Cifu and Christopher R. Concannon served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Board equity retainer | ◇ |
| Board chair premium | ◇ |
| Audit committee chair | ◇ |
| Audit committee member | ◇ |
| Compensation committee chair | ◇ |
| Compensation committee member | ◇ |
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- ACI Worldwide, Inc. ACIW
- BGC Group BGC
- Cboe Global Markets, Inc. CBOE
- Clearwater Analytics Holdings, Inc. CWAN
- Cohen & Steers, Inc. CNS
- Factset Research Systems, Inc. FDS
- Guidewire Software, Inc. GWRE
- Hercules Capital, Inc. HTGC
- Morningstar, Inc. MORN
- nCino, Inc. NCNO
- Q2 Holdings Inc. QTWO
- SEI Investments Company SEIC
- Tradeweb Markets Inc. TW
- Virtu Financial, Inc. VIRT
- Virtus Investment Partners, Inc. VRTS
- WisdomTree Investments, Inc. WT
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | June 10, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | June 4, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | June 5, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | June 7, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | June 8, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | June 9, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | June 10, 2020 | = | ◇ | ◇ | ◇ |
| 2018 | June 5, 2019 | = | ◇ | ◇ | ◇ |
| 2017 | June 8, 2018 | = | ◇ | ◇ | ◇ |
| 2016 | June 8, 2017 | = | ◇ | ◇ | ◇ |
| 2015 | June 7, 2016 | = | ◇ | ◇ | ◇ |
Chief executive pay ratio
As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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- Christopher Concannon (Chief Executive Officer), FY2025 total compensation $7,101,027 (base salary $750,000) [exec_comp, SEC accession 0001193125-26-191601, filed 2026-04-29]What this page does not include
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Peer benchmarking
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Executive Compensation Report — $1,500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
301 figures on this page: 290 cited to the filing that reported them, 11 calculated from figures it prints.
290 cited to the filing
11 calculated from the filing
Documents cited
- 0001193125-26-324933Exhibit
- 0001193125-26-265854Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001193125-26-191601CEO Pay Ratio · Compensation Discussion and Analysis · Director Compensation Structure · Director compensation · and 2 more sections
- 0000950170-25-082343Item 5.07 Submission of Matters to a Vote of Security Holders
- 0000950170-25-057344Summary compensation table
- 0001193125-24-157428Item 5.07 Submission of Matters to a Vote of Security Holders
- 0000950170-24-047633Summary compensation table
- 0001193125-23-164441Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001564590-23-006295Summary compensation table
- 0001193125-22-171969Item 5.07 Submission of Matters to a Vote of Security Holders
- 0000950170-22-001811
- 0001193125-21-187831Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001193125-20-167730Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001193125-19-169250Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001193125-18-188134Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001193125-17-200170Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001193125-16-617821
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Velarion, “MarketAxess Holdings executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/MKTX (accessed 2026).
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The MarketAxess Holdings brief, $1,500
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17 filings cited on this page
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Asset Management rankings
Peers MarketAxess Holdings discloses
The companies named in MKTX's own disclosed peer group.
ACI Worldwide, Inc.BGC GroupCboe Global Markets, Inc.Clearwater Analytics Holdings, Inc.Cohen & Steers, Inc.Factset Research Systems, Inc.Guidewire Software, Inc.Hercules Capital, Inc.Morningstar, Inc.nCino, Inc.Q2 Holdings Inc.SEI Investments CompanyTradeweb Markets Inc.Virtu Financial, Inc.Virtus Investment Partners, Inc.WisdomTree Investments, Inc.
Terms on this page
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Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}