MarketAxess announces $400M share repurchase program increase, $300M ASR

In conjunction with the new medium-term financial targets, the company also announced that its board of directors has authorized the repurchase of up to $400M of additional shares of MarketAxess (MKTX) common stock. The new authorization, combined with the $105M remaining capacity under the company’s previously announced authorization, brings the total aggregate outstanding authorizations to $505M. With the new authorization, the company plans to enter into an accelerated stock repurchase agreement with JPMorgan Chase Bank, National Association, to repurchase, in aggregate, $300M of MarketAxess common stock. Following the completion of the ASR, it is expected that $205M in the aggregate will remain on the Company’s stock repurchase authorizations.