After digging through MarketAxess's results, my takeaways:
① The business is on
by all measures - COVID-19 has accelerated electronic bond trading & client demand has surged.
② @ ~75x earnings, the good times are priced in imo but no reason for that not expanding further
According to MarketAxess, the bond markets have held up better in 2020 when compared to the '08 crisis:pic.twitter.com/6HBhOfT5ep
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the buyside is expected to keep trading from home, choosing the screen over voice trading:pic.twitter.com/2uNH8cf9un
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Interesting comments on Fed intervention in the corporate bond markets - they're present, but not an elephant by any means:pic.twitter.com/pMxscHhZdO
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