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MarketAxess Holdings 
Financial services / Electronic trading platform
Risks
1. Interest Rate Risk: Changes in prevailing interest rates can impact the demand for fixed income instruments, such as bonds, and consequently the revenue generated by MarketAxess.
2. Credit Risk: The company’s business model involves providing liquidity to the market, and relies on the issuance of bonds with credit ratings. Any increase in the default rates of such bonds or changes in credit ratings of such bonds could affect its business operations.
3. Reputational Risk: Being a provider of financial services, the company’s brand is its most valuable asset, and any reputation damage could impact its revenue. Any negative news or report about the company or its products could result in significant losses.
4. Regulatory Risk: The company is subject to extensive regulation in its business operations such as in the execution of trades and the provision of liquidity to customers. Any changes or tightening of legal or regulatory requirements could increase the cost or impact the efficiency of the company’s operations.