NYSE Parent ICE Agrees to Buy MarketAxess for About $6 Billion

Intercontinental Exchange Inc. agreed to acquire MarketAxess Holdings Inc. in a $6 billion all-cash deal, combining the New York Stock Exchange parent with one of the world's largest fixed-income trading platforms. The transaction positions ICE to expand its presence in electronic bond trading, a market MarketAxess has dominated for corporate credit.

ICE operates equity, commodity, and derivatives exchanges globally, while MarketAxess runs a platform handling billions in daily bond transaction volume. The acquisition gives ICE direct access to MarketAxess's institutional client base and its Open Trading protocols, which match buyers and sellers across credit markets.

The deal requires regulatory approval and is expected to close within twelve months. MarketAxess shares have traded under pressure in recent years as competition intensified from Bloomberg and Tradeweb Markets Inc. ICE CEO Jeffrey Sprecher has pursued a strategy of building fixed-income infrastructure, following acquisitions of Black Knight and other data and trading technology firms.

Both companies' boards approved the transaction. ICE will finance the purchase entirely with cash.