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MarketAxess Holdings
MKTX

450 hedge funds and large institutions have $6.21B invested in MarketAxess Holdings in 2025 Q3 according to their latest regulatory filings, with 63 funds opening new positions, 160 increasing their positions, 185 reducing their positions, and 137 closing their positions.

New
Increased
Maintained
Reduced
Closed

749% more call options, than puts

Call options by funds: $192M | Put options by funds: $22.6M

3.16% less ownership

Funds ownership: 98.44% → 95.28% (-3.2%)

14% less repeat investments, than reductions

Existing positions increased: 160 | Existing positions reduced: 185

15% less funds holding

Funds holding: 530 → 450 (-80)

25% less capital invested

Capital invested by funds: $8.24B → $6.21B (-$2.03B)

33% less funds holding in top 10

Funds holding in top 10: 3 → 2 (-1)

54% less first-time investments, than exits

New positions opened: 63 | Existing positions closed: 137

Holders
450
Holders Change
-80
Holders Change %
-15.09%
% of All Funds
5.91%
Holding in Top 10
2
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-33.33%
% of All Funds
0.03%
New
63
Increased
160
Reduced
185
Closed
137
Calls
$192M
Puts
$22.6M
Net Calls
+$169M
Net Calls Change
+$113M

Top Buyers

1
HSBC Holdings
HSBC Holdings
United Kingdom
+$340M
2
Primecap Management
Primecap Management
California
+$174M
3
NRCM
North Reef Capital Management
California
+$96.1M
4
BNP Paribas Financial Markets
BNP Paribas Financial Markets
France
+$78.4M
5
BAM
Burgundy Asset Management
Ontario, Canada
+$54.4M

Top Sellers

1
T. Rowe Price Investment Management
T. Rowe Price Investment Management
Maryland
-$188M
2
BlackRock
BlackRock
New York
-$156M
3
Invesco
Invesco
Georgia
-$152M
4
Vanguard Group
Vanguard Group
Pennsylvania
-$98.8M
5
American Century Companies
American Century Companies
Missouri
-$92.3M
Name Holding Trade Value Shares
Change 		Change in
Stake
Vanguard Group
1
Vanguard Group
Pennsylvania
$672M -$98.8M -505,060 -12%
Primecap Management
2
Primecap Management
California
$389M +$174M +891,303 +67%
Fidelity Investments
3
Fidelity Investments
Massachusetts
$374M -$36.8M -188,225 -8%
VanEck Associates
4
VanEck Associates
New York
$340M +$23.3M +119,036 +7%
BlackRock
5
BlackRock
New York
$322M -$156M -799,477 -30%
HSBC Holdings
6
HSBC Holdings
United Kingdom
$315M +$340M +1,740,316 +2,977%
T. Rowe Price Investment Management
7
T. Rowe Price Investment Management
Maryland
$239M -$188M -961,294 -41%
GAM
8
GuardCap Asset Management
United Kingdom
$237M -$26.8M -137,094 -9%
State Street
9
State Street
Massachusetts
$230M -$41.5M -212,039 -14%
AQR Capital Management
10
AQR Capital Management
Connecticut
$166M +$37.7M +192,626 +25%
NRCM
11
North Reef Capital Management
California
$159M +$96.1M +491,358 +117%
Geode Capital Management
12
Geode Capital Management
Massachusetts
$145M -$60.7M -310,202 -27%
BAM
13
Burgundy Asset Management
Ontario, Canada
$127M +$54.4M +277,846 +67%
FPP
14
Findlay Park Partners
United Kingdom
$112M -$2.27M -11,600 -2%
Millennium Management
15
Millennium Management
New York
$106M +$34.3M +175,374 +41%
Morgan Stanley
16
Morgan Stanley
New York
$95.7M +$24.3M +124,216 +29%
Dimensional Fund Advisors
17
Dimensional Fund Advisors
Texas
$90.8M +$1.9M +9,707 +2%
BNP Paribas Financial Markets
18
BNP Paribas Financial Markets
France
$84.7M +$78.4M +400,691 +469%
JP Morgan Chase
19
JP Morgan Chase
New York
$78.1M +$5.65M +28,881 +7%
Bank of New York Mellon
20
Bank of New York Mellon
New York
$65.6M +$102K +521 +0.1%
Two Sigma Investments
21
Two Sigma Investments
New York
$63.5M +$16.5M +84,295 +30%
Charles Schwab
22
Charles Schwab
California
$54.9M -$10M -51,319 -14%
Citadel Advisors
23
Citadel Advisors
Florida
$54M -$8.04M -41,080 -12%
RC
24
RDST Capital
Washington
$49.1M +$33.8M +172,542 +158%
Holocene Advisors
25
Holocene Advisors
New York
$48.9M +$39.9M +203,871 +266%
1
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MKTX Hedge Fund Activity: Q3 2025 in Review

450 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in MarketAxess Holdings (MKTX) for Q3 2025, worth a combined $6.21B — down 25% from $8.24B a quarter earlier.

Sellers outnumbered buyers: 137 funds closed out of MKTX and 63 opened new positions — a net loss of 74 holders — while 185 trimmed existing stakes and 160 added.

The largest buyer was HSBC Holdings, adding an estimated $340M. The largest seller was T. Rowe Price Investment Management, cutting an estimated $188M.

  • 450 institutional investors held MarketAxess Holdings (MKTX) as of Q3 2025, down from 530 in Q2 2025.
  • Funds reported $6.21B of MarketAxess Holdings stock for Q3 2025, down 25% quarter-over-quarter.
  • 63 funds opened new MarketAxess Holdings positions in Q3 2025 and 137 closed out, a net change of -74 holders.
  • The largest MarketAxess Holdings buyer in Q3 2025 was HSBC Holdings, an estimated $340M added.
  • The largest MarketAxess Holdings seller in Q3 2025 was T. Rowe Price Investment Management, an estimated $188M sold.

Based on aggregated 13F filings for Q3 2025.