The owner of the New York Stock Exchange, Intercontinental Exchange (ICE), has agreed to acquire MarketAxess, a move that underscores the ongoing shift toward electronic and automated trading in bond markets. This acquisition merges two complementary platforms in the global fixed-income space: Intercontinental Exchange provides comprehensive market infrastructure and data analytics, while MarketAxess operates a broad institutional bond trading network spanning over 90 countries, with approximately 2,100 institutional investors and broker-dealers as partners.

Intercontinental Exchange CEO Jeff Sprecher stated, "Acquiring MarketAxess is the logical next step in our development path. Together, we will create the fixed-income ecosystem investors have been seeking—transparent, efficient, and universally interconnected, suitable for all types of participants."

Key transaction details

The acquisition is an all-cash deal with a purchase price of $167 per share, representing a 33% premium over MarketAxess's closing price on July 29, 2026, and a total enterprise value of approximately $5.7 billion. The transaction is expected to close in the first half of 2027, pending shareholder approval and regulatory clearances from multiple countries. Bank of America Securities is serving as financial advisor to Intercontinental Exchange, while J.P. Morgan Securities LLC is advising MarketAxess.