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Asset Management

MarketAxess Holdings Executive Compensation (FY25)

MKTX · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): June 10, 2026
257 figures on this page: 246 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Christopher Concannon was paid $7,101,027 in total compensation as Chief Executive Officer for fiscal 2025, and Concannon's total was 22.0% higher than the $5,819,842 reported for fiscal 2024. The disclosed chief executive pay ratio for fiscal 2025 is 35:1, against median employee compensation of $204,500. For fiscal 2025, the say-on-pay proposal drew 97.8% support at the meeting held June 10, 2026. The disclosed peer group names ACI Worldwide, Inc., BGC Group, Cboe Global Markets, Inc., Clearwater Analytics Holdings, Inc. and Cohen & Steers, Inc., among others.
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
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Christophe Roupie
Former Head of EMEA and APAC
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Christophe RoupiePSU◇—◇—◇—◇
Christophe RoupieRSU◇——◇——◇
Christopher R. ConcannonRSU◇——◇——◇
Christopher R. ConcannonOPTION◇——◇—◇◇
Christopher R. ConcannonPSU◇—◇—◇—◇
Dean BerryRSU◇——◇——◇
Ilene J. Fiszel BielerPSU◇—◇—◇—◇
Ilene J. Fiszel BielerRSU◇——◇——◇
Kevin M. McPhersonPSU◇—◇—◇—◇
Kevin M. McPhersonRSU◇——◇——◇
Naineshkumar S. PanchalRSU◇——◇——◇
Naineshkumar S. PanchalPSU◇—◇—◇—◇
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
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Naineshkumar PanchalRSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
Christopher ConcannonPSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
Kevin McPhersonRSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
Christophe RoupiePSU◇◇——
RSU◇◇——
Dean BerryRSU◇◇——
Ilene Fiszel BielerRSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
◇◇————◇
Richard M. McVey, Kenneth T. Schiciano, 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◇
Total board 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.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 10, 2026=◇◇◇
2024June 4, 2025=◇◇◇
2023June 5, 2024=◇◇◇
2022June 7, 2023=◇◇◇
2021June 8, 2022=◇◇◇
2020June 9, 2021=◇◇◇
2019June 10, 2020=◇◇◇
2018June 5, 2019=◇◇◇
2017June 8, 2018=◇◇◇
2016June 8, 2017=◇◇◇
2015June 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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What this page does not include

Everything above is a fact MarketAxess Holdings disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where MarketAxess Holdings sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written 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 — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable 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.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
257 figures on this page: 246 cited to the filing that reported them, 11 calculated from figures it prints.
246 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001193125-26-265854
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-191601
    CEO Pay Ratio · Director Compensation Structure · Director compensation · Grants of Plan-Based Awards · and 2 more sections
  3. 0000950170-25-082343
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0000950170-25-057344
    Summary compensation table
  5. 0001193125-24-157428
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0000950170-24-047633
    Summary compensation table
  7. 0001193125-23-164441
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001564590-23-006295
    Summary compensation table
  9. 0001193125-22-171969
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001193125-21-187831
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001193125-20-167730
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001193125-19-169250
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001193125-18-188134
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001193125-17-200170
    Item 5.07 Submission of Matters to a Vote of Security Holders
  15. 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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Asset Management rankings

Chief executive pay — Asset ManagementCEO pay ratio — Asset ManagementSay-on-pay support — Asset Management

Peers MarketAxess Holdings discloses

The companies named in MKTX's own disclosed peer group.

ACI Worldwide, Inc.Clearwater Analytics Holdings, Inc.Cohen & Steers, Inc.Factset Research Systems, Inc.Guidewire Software, Inc.Morningstar, Inc.nCino, Inc.Q2 Holdings Inc.SEI Investments CompanyVirtu Financial, Inc.Virtus Investment Partners, Inc.WisdomTree Investments, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
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}
}
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