MarketAxess has announced the departure of its Chief Financial Officer, Christopher Gerosa, who is set to step down on January 31, 2024. Gerosa's is transitioning to a new role in the private sector where he will join a technology solutions firm catering to the commercial banking sector.

Chris Concannon, the CEO of MarketAxess, said: "On behalf of the Board of Directors and the leadership team, I want to thank Chris for his leadership of the finance organization over the last several years, and we wish him all the best in his next role."

Gerosa Departs after Spearheading Global Expansion

Gerosa shared his contentment about his accomplishments during his tenure, highlighting the expansion of the global client network and the establishment of new product initiatives for future growth.

"It has been a privilege working with the Board of Directors and alongside the leadership team at MarketAxess as we have expanded our global client network and established new product cylinders to drive future growth," Gerosa said.

Founded in 2000, MarketAxess operates an electronic trading platform , delivering liquidity to institutional investors and broker-dealers in the global fixed-income markets. Last month, the company unveiled its earnings report for the third quarter of 2023.

During the period, MarketAxess reported revenue of $172.3 million, aligning with the previous year. However, a notable decline in operating income to $66.9 million resulted from an increase of 10% in total expenses. These expenses were driven by long-term investments in the global fixed-income markets, the company noted.

MarketAxess’ Financial Report

Despite the hurdles, MarketAxess maintained a strong financial position with $553.3 million in cash, cash equivalents, and investments. The company announced a quarterly cash dividend of $0.72 per share, underscoring its commitment to shareholder value amidst the evolving financial landscape.

MarketAxess adjusted its full-year expense guidance, now ranging from $432.0 million to $438.0 million. Despite challenges posed by low credit spread volatility and increased expenses, the company's diversified product offerings portray a positive outlook for the future.

Meanwhile, Bloomberg, MarketAxess, and Tradeweb forged a strategic alliance in May. The collaboration established a fixed-income consolidated tape provider in the European Union. This initiative aims to facilitate open and impartial access to meaningful and helpful data using the existing infrastructure.

Gerosa Departs after Spearheading Global Expansion

Gerosa shared his contentment about his accomplishments during his tenure, highlighting the expansion of the global client network and the establishment of new product initiatives for future growth.