Its a good question - quite a bit would need to change for their multiples to converge. I do think MarketAxess's position in corporates sets them up for faster growth, plus Tradeweb is hurting from ZIRP and low vol in its treasuries business. Both great companies though.
Although MarketAxess IG corporate bond market share ticked down in October, HY market share shot up nicely to a record 17.1%.
IG & HY markets account for a combined ~60% of $MKTX's revenue:pic.twitter.com/NQyEiZh6Mw
-
-
This Tweet is unavailable.
-
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.