In terms of 2025, to be honest, it's really a bit early for that. We're right in the middle of our planning and budgeting process for 2025. And what I can tell you, and you probably know this, having covered the space for a while is that over the last two years, you've really seen us deploy significant resources into investments, right? We've, you've seen all the development expo building out proprietary data sets to help our clients. You know, that's really been a big focus for the firm. But you've also seen us really instill a culture of expense discipline. And I was very pleased to see the positive operating leverage that you saw this quarter. And so we had on the slide in our presentation, I believe it was on slide six, Chris talked through a number of the very exciting initiatives that we have planned for next year. And so obviously, there will be additional technology know investments in the pipeline different things that are expected so if i was to wrap all this up i would say we're super focused on ensuring the right balance between investing for growth as well as keeping us very laser focused on discipline expense management

Nov 6, 2024 / receipt, needs a key / Dan Bannon, CFO | earnings call 2024-11-06 | transcript 247813ec-cb29-46c5-a0e6-5f6f85ba2c6f | chars 42511-43662 | segment 43

And how we categorized those fixed costs at the time were things like tech investments, marketing, T&E, and new hires.

Nov 6, 2024 / receipt, needs a key / Dan Bannon, other | earnings call 2024-11-06 | transcript 247813ec-cb29-46c5-a0e6-5f6f85ba2c6f | chars 41369-41487 | segment 42

This expense also includes costs associated with attending or exhibiting at industry-sponsored seminars, conferences and conventions, and travel and entertainment expenses incurred by our sales force to promote our trading platforms, information services and post-trade services.

filing / Aug 7, 2026 / receipt

General and administrative expense consists primarily of general travel and entertainment, board of directors’ expenses, regulatory fees, subscription costs, charitable contributions, provision for credit losses, various state franchise and U.K.

filing / Aug 7, 2026 / receipt

MarketAxess operates leading electronic trading platforms delivering greater trading efficiency, a diversified pool of liquidity and significant cost savings to approximately 2,100 institutional investor and broker-dealer clients across the global fixed-income and other markets.

filing / Aug 7, 2026 / receipt

Expenses may continue to grow in the future, notably in employee compensation and benefits as we increase headcount to support investment in new products, operational support and geographic expansion, depreciation and amortization due to increased investment in new products and enhancements to our trading platforms, and technology and communication costs.

filing / Aug 7, 2026 / receipt

Notable items are revenues, expenses, other income (expense) and tax related items that are non-recurring and outside of the Company’s normal course of business or other notables, such as acquisition and restructuring charges or gains/losses on sales (collectively, “notable items”).

filing / Aug 7, 2026 / receipt

Through its subsidiaries, MarketAxess operates leading electronic trading platforms delivering expanded liquidity opportunities, improved execution quality and significant cost savings across global fixed-income and other markets.

filing / Aug 7, 2026 / receipt

This expense also includes costs associated with attending or exhibiting at industry-sponsored seminars, conferences and conventions, and travel and entertainment expenses incurred by our sales force to promote our trading platforms, information services and post-trade services.

filing / May 7, 2026 / receipt

General and administrative expense consists primarily of general travel and entertainment, board of directors’ expenses, regulatory fees, subscription costs, charitable contributions, provision for credit losses, various state franchise and U.K.

filing / May 7, 2026 / receipt

MarketAxess operates leading electronic trading platforms delivering greater trading efficiency, a diversified pool of liquidity and significant cost savings to approximately 2,100 institutional investor and broker-dealer clients across the global fixed-income and other markets.

filing / May 7, 2026 / receipt

Employee compensation and benefits increased by $8.3 million primarily due to higher salary and benefit cost and higher severance costs, including repositioning charges related to changes in the Company’s management structure.

filing / May 7, 2026 / receipt

Expenses may continue to grow in the future, notably in employee compensation and benefits as we increase headcount to support investment in new products, operational support and geographic expansion, depreciation and amortization due to increased investment in new products and enhancements to our trading platforms, and technology and communication costs.

filing / May 7, 2026 / receipt

Notable items are revenues, expenses, other income (expense) and tax related items that are non-recurring and outside of the Company’s normal course of business or other notables, such as acquisition and restructuring charges or gains/losses on sales (collectively, “notable items”).

filing / May 7, 2026 / receipt