Sustainability

I am pleased to present our latest sustainability report, which highlights the progress we have made and the work ahead as we continue to advance our sustainability initiatives. At MarketAxess, sustainability is integral to how we fulfill our purpose: delivering innovation that makes global fixed-income markets work better for everyone who depends on them, from the largest institutions and governments to individual investors.

In a year defined by evolving markets and rapid technological change, our focus on disciplined growth, strong governance and responsible innovation has positioned us to deliver long-term value. Our sustainability program continues to be guided by the non-financial sustainability prioritization assessment that was most recently updated in 2024. This assessment identified fifteen sustainability topics, including five priority topics, that we focus on to support both longterm business performance and societal impact. The topics identified remain the foundation of our strategy and are discussed in greater detail throughout this Report. We plan to continue to refresh this assessment every few years to ensure it remains aligned with our evolving business and stakeholder priorities.

Our Board continues to provide strong oversight of our sustainability strategy and we have added new independent directors who bring fresh perspectives and deep expertise across global markets, fintech and investment management.

Since 2023, we have added four new independent directors, representing 31% of our current Board. In early 2025, we welcomed Roberto Hoornweg, who brings extensive global financial markets expertise, deep fixed-income knowledge and leadership experience from senior roles at Standard Chartered, Brevan Howard and Morgan Stanley. More recently, we were pleased to add Douglas Cifu and Kenneth Schiciano as new Board members. Doug brings deep fintech and regulatory expertise from building a major global market maker, while Ken contributes more than three decades of financial technology and private equity experience from a leading global investment firm. This Board refreshment underscores our commitment to adding new perspectives and the expertise to support our longterm strategy.

A commitment to sound corporate governance has been a defining feature of MarketAxess since our founding. We recognize the value of Board independence in overseeing our sustainability strategy, and our Board is currently 92% independent, with each Board committee composed entirely of independent directors. Our Board committees, including the Governance Committee, Compensation and Talent Committee and Risk Committee, continue to oversee the sustainability topics most relevant to our business, from talent strategy and cybersecurity to ethical conduct and systemic risk management.

We continue to strengthen our risk management practices.

Effective risk management remains a core priority for MarketAxess. Systemic Risk Management continues as a Tier 1 topic in our prioritization framework, and this Report describes how our Board and management team oversee risk across our global operations. We are confident that our risk management framework is well positioned to adapt to new developments, evolving regulations and emerging technologies. As part of that commitment, we continue to take a thoughtful and governancedriven approach to the use of artificial intelligence across the Company. We have established internal governance structures and guiding principles to help ensure that AI is used responsibly, transparently and in a manner that is aligned with the interests of our employees and clients.

Investing in our people remains a strategic imperative.

We are focused on attracting, developing, and retaining top talent across the organization, because our long-term success depends on the capabilities and commitment of our workforce. In 2025, we continued to offer a range of development programs, including a development program for new managers and programs to help enable leaders foster accountability and clear communication in the teams they lead, as well as live and on-demand technical, markets-related and professional skills programs for all employees globally. Earlier this year, we were recognized by Built-In's Best Places to Work for the fourth consecutive year. We remain dedicated to building a culture where employees can thrive, grow their careers and contribute to both individual and Company performance.

We believe that sound financial management and environmental responsibility can go hand in hand, and 2025 offered a clear example of that alignment.

In 2025, we maintained disciplined expense management, achieving 5% growth in expenses excluding notable items1 for the year, while strategically identifying and capturing cost efficiencies across our vendor relationships. That deliberate focus on vendor activity yielded a meaningful environmental benefit: our Scope 3, Category 1 (Purchased Goods and Services) and Category 2 (Capital Goods) emissions decreased by 14% and 25%, respectively, year over year. This outcome reinforces our view that operational discipline and sustainability progress can be complementary.

I am proud of our continued commitment to sustainability and look forward to a bright future ahead at MarketAxess.


Sincerely,

Chris Concannon
Chief Executive Officer, MarketAxess