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Really good writeup from @UpslopeCapital on a MarketAxess change of thesis.
I liked the treasury/hedging angle near the end - $MKTX is trying to innovate w/M&A and new tech, but it seems like going from corps ---> UST is harder than UST ---> corps, hence $TW winning for nowpic.twitter.com/zwg1eZaPt5
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The a-ha for me is the degree to which you need insight around incremental dynamics and slight shifts in business momentum when valuations are high / baking in perfection.
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It’s risk management/contingency planning to be multi platform, I think what you’re seeing is a short term underperformance by MKTX as BDs get set up on TW
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