MarketAxess (MKTX) 10-K 22 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Feb. 17, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	MKTX
Entity Registrant Name	MARKETAXESS HOLDINGS INC.
Entity Central Index Key	0001278021
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
ICFR Auditor Attestation Flag	true
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		37,608,554
Entity Public Float	$ 8.4
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.003 par value
Security Exchange Name	NASDAQ
Entity File Number	001-34091
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2230784
Entity Address, Address Line One	55 Hudson Yards
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
Document Annual Report	true
Document Transition Report	false
City Area Code	212
Local Phone Number	813-6000
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for the 2023 Annual Meeting of Stockholders are incorporated by reference into Items 10, 11, 12, 13 and 14 of Part III of this Form 10-K.
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, New York
Auditor Firm ID	238

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 430,746	$ 506,735
Cash segregated under federal regulations	50,947	50,159
Investments, at fair value	83,792	36,078
Accounts receivable, net of allowance of $590 and $140 as of December 31, 2022 and 2021 ,respectively	78,450	63,881
Receivables from broker-dealers, clearing organizations and customers	476,335	408,346
Goodwill	154,789	154,789
Intangible assets, net of accumulated amortization	98,065	116,377
Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization	100,256	96,061
Operating lease right-of-use assets	66,106	70,960
Prepaid expenses and other assets	68,289	27,066
Total assets	1,607,775	1,530,452
Liabilities
Accrued employee compensation	56,302	59,719
Payables to broker-dealers, clearing organizations and customers	303,993	229,325
Income and other tax liabilities	28,448	40,456
Accounts payable, accrued expenses and other liabilities	55,263	71,218
Operating lease liabilities	82,676	88,425
Total liabilities	526,682	489,143
Commitments and Contingencies (Note 15)
Stockholders' equity
Preferred stock	0	0
Common stock	123	123
Additional paid-in capital	345,468	330,262
Treasury stock - Common stock voting, at cost, 3,270,512 shares and 2,992,550 shares as of December 31, 2022 and 2021, respectively	(328,326)	(232,712)
Retained earnings	1,101,525	956,966
Accumulated other comprehensive loss	(37,697)	(13,330)
Total stockholders' equity	1,081,093	1,041,309
Total liabilities and stockholders' equity	1,607,775	1,530,452
Series A Preferred Stock [Member]
Stockholders' equity
Preferred stock	$ 0	$ 0

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Allowance for accounts receivable	$ 590	$ 140
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	4,855,000	4,855,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.003	$ 0.003
Common stock, shares authorized	110,000,000	110,000,000
Common stock, shares issued	40,918,660	40,911,506
Common stock, shares outstanding	37,648,148	37,918,956
Treasury stock, shares	3,270,512	2,992,550
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	110,000	110,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock Non-Voting [Member]
Common stock, par value	$ 0.003	$ 0.003
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Revenues	$ 718,300	$ 698,951	$ 689,125
Expenses
Employee compensation and benefits	182,104	170,916	156,885
Depreciation and amortization	61,446	53,447	35,996
Technology and communications	52,964	42,474	34,092
Professional and consulting fees	33,949	41,925	32,304
Occupancy	14,121	13,320	13,425
Marketing and advertising	9,977	9,059	7,940
Clearing costs	17,663	16,074	21,058
General and administrative	19,200	14,501	12,697
Total expenses	391,424	361,716	314,397
Operating income (loss)	326,876	337,235	374,728
Other income (expense)
Interest income	5,040	401	2,446
Interest expense	(700)	(842)	(1,142)
Equity in undistributed income of subsidiaries	1,126	0	0
Other, net	5,946	(2,871)	(1,673)
Total other income (expense)	11,412	(3,312)	(369)
Income before income taxes	338,288	333,923	374,359
Provision for income taxes	88,064	76,035	74,982
Net income	$ 250,224	$ 257,888	$ 299,377
Net income per common share
Basic	$ 6.68	$ 6.88	$ 8.01
Diluted	6.65	6.77	7.85
Cash dividends declared per common share	$ 2.80	$ 2.64	$ 2.40
Weighted average shares outstanding
Basic	37,468,000	37,508,000	37,359,000
Diluted	37,643,000	38,097,000	38,144,000
Commissions [Member]
Revenues
Revenues	$ 641,183	$ 621,008	$ 634,445
Information Services [Member]
Revenues
Revenues	39,314	38,175	34,341
Post-trade Services [Member]
Revenues
Revenues	36,877	38,922	19,460
Other [Member]
Revenues
Revenues	$ 926	$ 846	$ 879

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 250,224	$ 257,888	$ 299,377
Net cumulative translation adjustment and foreign currency exchange hedge, net of tax of $0, $(721), and $(1,468), respectively	(24,367)	(8,680)	6,164
Net unrealized gain (loss) on securities available-for-sale, net of tax of $0, $0 and $(172), respectively	0	0	(544)
Comprehensive income	$ 225,857	$ 249,208	$ 304,997

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Foreign currency exchange hedge, tax expense (benefit)	$ 0	$ (721)	$ (1,468)
Securities available-for-sale, tax expense (benefit)	$ 0	$ 0	$ (172)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Voting [Member]	Additional Paid-In Capital [Member]	Treasury Stock - Common Stock Voting [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning Balance at Dec. 31, 2019	$ 770,091	$ 122	$ 342,541	$ (153,388)	$ 591,086	$ (10,270)
Net income	299,377				299,377
Cumulative translation adjustment and foreign currency exchange hedge, net of tax	6,164					6,164
Unrealized net gain (loss) on securities available-for-sale, net of tax	(544)					(544)
Stock-based compensation	25,613		25,613
Exercise of stock options	4,007	1	4,006
Withholding tax payments on restricted stock vesting and stock option exercises	(42,418)		(42,418)
Repurchases of common stock	(16,135)			(16,135)
Cash dividend on common stock	(91,094)				(91,094)
Ending Balance at Dec. 31, 2020	955,061	123	329,742	(169,523)	799,369	(4,650)
Net income	257,888				257,888
Cumulative translation adjustment and foreign currency exchange hedge, net of tax	(8,680)					(8,680)
Stock-based compensation	27,314		27,314
Exercise of stock options	7,096		7,096
Withholding tax payments on restricted stock vesting and stock option exercises	(33,890)		(33,890)
Repurchases of common stock	(63,189)			(63,189)
Cash dividend on common stock	(100,291)				(100,291)
Ending Balance at Dec. 31, 2021	1,041,309	123	330,262	(232,712)	956,966	(13,330)
Net income	250,224				250,224
Cumulative translation adjustment and foreign currency exchange hedge, net of tax	(24,367)					(24,367)
Stock-based compensation	29,864		29,864
Exercise of stock options	672		672
Withholding tax payments on restricted stock vesting and stock option exercises	(23,404)		(23,404)
Repurchases of common stock	(87,540)			(87,540)
Treasury stock reclassification			8,074	(8,074)
Cash dividend on common stock	(105,665)				(105,665)
Ending Balance at Dec. 31, 2022	$ 1,081,093	$ 123	$ 345,468	$ (328,326)	$ 1,101,525	$ (37,697)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended			12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share	$ 0.70	$ 0.66	$ 0.60	$ 2.80	$ 2.64	$ 2.40

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income	$ 250,224	$ 257,888	$ 299,377
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	61,446	53,447	35,996
Amortization of operating lease right-of-use assets	5,708	6,799	6,842
Stock-based compensation expense	29,864	27,314	25,613
Deferred taxes	(6,547)	3,118	10,099
Foreign currency transaction gains	(8,783)	0	0
Other	555	(466)	(550)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(15,136)	15,598	(18,015)
(Increase) in receivables from broker-dealers, clearing organizations and customers	(47,631)	(156,909)	(182,871)
(Increase) in prepaid expenses and other assets	(4,249)	2,214	(1,977)
(Decrease) increase in accrued employee compensation	(3,417)	(2,607)	14,961
Increase in payables to broker-dealers, clearing organizations and customers	74,668	95,999	133,326
(Decrease) Increase in income and other tax liabilities	(4,768)	(5,638)	16,189
Increase in accounts payable, accrued expenses and other liabilities	11,384	215	6,006
(Decrease) in operating lease liabilities	(6,373)	(7,001)	(5,788)
Net cash provided by operating activities	289,231	282,091	404,489
Cash flows from investing activities
Acquisitions, net of cash and cash equivalents acquired	0	(17,078)	(23,297)
Acquisition of equity method investment	(34,400)	0	0
Proceeds from maturities and sales, available-for-sale investments	0	0	170,657
Purchases	0	0	(32,865)
Purchases of furniture, equipment and leasehold improvements	(13,142)	(17,493)	(15,010)
Capitalization of software development costs	(38,730)	(33,123)	(30,618)
Net cash (used in) provided by investing activities	(86,272)	(67,694)	68,867
Cash flows from financing activities
Cash dividend on common stock	(105,942)	(99,792)	(90,566)
Exercise of stock options	672	7,096	4,007
Withholding tax payments on restricted stock vesting and stock option exercises	(23,404)	(33,890)	(42,418)
Repurchases of common stock	(87,540)	(63,189)	(16,135)
Payment of contingent consideration	(26,164)	0	0
Proceeds from short-term borrowings	100,000	70,348	578,356
Repayments of short-term borrowings	(100,000)	(70,348)	(578,356)
Net cash (used in) financing activities	(242,378)	(189,775)	(145,112)
Effect of exchange rate changes on cash and cash equivalents	(13,484)	(7,105)	5,553
Cash and cash equivalents including restricted cash
Net increase (decrease) for the period	(52,903)	17,517	333,797
Beginning of period	625,567	608,050	274,253
End of period	572,664	625,567	608,050
Supplemental cash flow information:
Cash paid for income taxes	88,677	70,003	45,046
Cash paid for interest	652	830	1,142
Non-cash investing and financing activity:
Exercise of stock options - cashless	3,845	2,750	10,866
Right-of-use assets obtained in exchange for operating lease liabilities	1,880	1,972	727
Contingent consideration payable recognized in connection with acquisitions	0	27,947	14,665
Trading Investments [Member]
Changes in operating assets and liabilities:
(Increase) decrease in trading investments	(49,527)	(5,574)	67,952
Mutual Funds Held In Rabbi Trust [Member]
Changes in operating assets and liabilities:
(Increase) decrease in trading investments	$ 1,813	$ (2,306)	$ (2,671)

Organization and Principal Busi

Organization and Principal Business Activity	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Organization and Principal Business Activity	1. Organization and Principal Business Activity MarketAxess Holdings Inc. (the “Company” or “MarketAxess”) was incorporated in the State of Delaware on April 11, 2000 . Through its subsidiaries, MarketAxess operates leading electronic trading platforms delivering expanded liquidity opportunities, improved execution quality and significant cost savings across global fixed-income markets. Over 2,000 institutional investor and broker-dealer firms are active users of MarketAxess’ patented trading technology, accessing global liquidity on its platforms in U.S. investment-grade bonds, U.S. high-yield bonds, emerging market debt, Eurobonds, municipal bonds, U.S. government bonds and other fixed-income securities. Through its Open Trading ® protocols, MarketAxess executes bond trades between and among institutional investor and broker-dealer clients in the leading all-to-all anonymous trading environment for corporate bonds. MarketAxess also offers a number of trading-related products and services, including: Composite+™ pricing and other market data products to assist clients with trading decisions; auto-execution and other execution services for clients requiring specialized workflow solutions; connectivity solutions that facilitate straight-through processing; and technology services to optimize trading environments. The Company also provides a range of pre- and post-trade services, including trade matching, trade publication, regulatory transaction reporting and market and reference data across a range of fixed-income and other products.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated. Certain reclassifications have been made to the prior periods’ consolidated financial statements in order to conform to the current period presentation. Such reclassifications are immaterial, individually and in the aggregate, to both current and all previously issued financial statements taken as a whole and have no effect on previously reported net income. Cash and Cash Equivalents The Company defines cash equivalents as short-term interest-bearing investments with maturities at the time of purchase of three months or less. Investments The Company determines the appropriate classification of securities at the time of purchase which are recorded in the Consolidated Statements of Financial Condition on the trade date. Securities are classified as available-for-sale or trading. Available-for-sale investments are carried at fair value with the unrealized gains or losses reported in accumulated other comprehensive loss in the Consolidated Statements of Financial Condition. Trading investments include U.S. Treasuries and are carried at fair value, with realized and unrealized gains or losses included in other, net in the Consolidated Statements of Operations. Fair Value Financial Instruments Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” A three-tiered hierarchy for determining fair value has been established that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as Level 1 (unadjusted quoted prices for identical assets or liabilities in active markets), Level 2 (inputs that are observable in the marketplace other than those inputs classified in Level 1) and Level 3 (inputs that are unobservable in the marketplace). The Company’s financial assets and liabilities measured at fair value on a recurring basis consist of its money market funds, trading securities, foreign currency forward contracts and contingent consideration payables associated with acquisitions. All other financial instruments are short-term in nature and the carrying amounts reported on the Consolidated Statements of Financial Condition approximate fair value. Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers Receivables from broker-dealers, clearing organizations and customers include amounts receivable for securities not delivered by the Company to the purchaser by the settlement date (“securities failed-to-deliver”) and cash deposits held at clearing organizations and clearing brokers to facilitate the settlement and clearance of matched principal transactions. Payables to broker-dealers, clearing organizations and customers include amounts payable for securities not received by the Company from a seller by the settlement date (“securities failed-to-receive”). Securities failed-to-deliver and securities failed-to-receive for transactions executed on a matched principal basis where the Company serves as a counterparty to both the buyer and the seller are recorded on a settlement date basis. The Company presents its securities failed-to-deliver and securities failed-to-receive balances on a net-by-counterparty basis within receivables from and payables to broker-dealers, clearing organizations and customers. The difference between the Company’s trade-date receivables and payables for unsettled matched principal transactions reflects commissions earned and is recorded within accounts receivable, net on a trade date basis. Allowance for Credit Losses All accounts receivable have contractual maturities of less than one year and are derived from trading-related fees and commissions and revenues from products and services. The Company continually monitors collections and payments from its customers and maintains an allowance for doubtful accounts. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific collection issues that have been identified. Account balances are grouped for evaluation based on various risk characteristics, including billing type, legal entity, and geographic region. Additions to the allowance for credit losses are charged to bad debt expense, which is included in general and administrative expense in the Company’s Consolidated Statements of Operations. Balances that are determined to be uncollectable are written off against the allowance for credit losses. The allowance for credit losses was $ 0.6 million and $ 0.1 million as of December 31, 2022 and 2021, respectively. The provision for bad debts was $ 0.6 million, $ 0.2 million and $ 0.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. Write-offs and other charges against the allowance for credit losses were $ 0.1 million for each of the years ended December 31, 2022, 2021 and 2020 . Depreciation and Amortization Fixed assets are carried at cost less accumulated depreciation. The Company uses the straight-line method of depreciation over three to seven years . The Company amortizes leasehold improvements on a straight-line basis over the lesser of the life of the improvement or the remaining term of the lease. Software Development Costs The Company capitalizes certain costs associated with the development of internal use software, including, among other items, employee compensation and related benefits and third-party consulting costs at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. Once the product is ready for its intended use, such costs are amortized on a straight-line basis over three years . The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. Cloud Computing Costs The Company capitalizes certain costs associated with cloud computing arrangements, including, among other items, vendor software development costs billed to us that are part of the application development stage. These costs are recorded as a prepaid asset on the balance sheet and are amortized over the period of the hosting service contract, which ranges from one to five years . The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. Foreign Currency Translation and Forward Contracts Assets and liabilities denominated in foreign currencies are translated using exchange rates at the end of the period; revenues and expenses are translated at average monthly rates. Gains and losses on foreign currency translation are a component of accumulated other comprehensive loss in the Consolidated Statements of Financial Condition. Transaction gains and losses are recorded in other, net in the Consolidated Statements of Operations. The Company enters into foreign currency forward contracts to economically hedge its foreign currency transaction gains and losses. Realized and unrealized gains and losses on these forward contracts are included in other, net in the Consolidated Statements of Operations. The Company records the fair value of the forward contract asset in prepaid expenses and other assets or the fair value of the forward contract liability in accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. Revenue Recognition The Company’s classification of revenues in the Consolidated Statements of Operations represents revenues from contracts with customers disaggregated by type of revenue. The Company has four revenue streams as described below. Commission Revenue – The Company charges its broker-dealer clients variable transaction fees for trades executed on its platforms and, under certain plans, distribution fees or monthly minimum fees to use the platforms for a particular product area. Variable transaction fees are recognized on a trade date basis, are generally calculated as a percentage of the notional dollar volume of bonds traded on the platforms and vary based on the type, size, yield and maturity of the bond traded, as well as individual client incentives. Bonds that are more actively traded or that have shorter maturities generally generate lower commissions, while bonds that are less actively traded or that have longer maturities generally command higher commissions. Under the Company’s disclosed trading transaction fee plans, variable transaction fees, distribution fees and unused monthly fee commitments are invoiced and recorded on a monthly basis. For Open Trading trades that the Company executes between and among institutional investor and broker-dealer clients on a matched principal basis by serving as counterparty to both the buyer and the seller, the Company earns its commission through the difference in price between the two trades. The commission is collected upon settlement of the trade, which typically occurs within one to two trading days after the trade date. For the majority of the Company’s U.S. Treasury matched principal trades, commissions are invoiced and recorded on a monthly basis. The following table presents commission revenue by fee type : Year Ended December 31, 2022 2021 2020 (In thousands) Commission revenue by fee type Variable transaction fees Disclosed trading $ 321,603 $ 333,712 $ 343,427 Open Trading - matched principal trading 175,440 155,465 170,537 U.S. government bonds - matched principal trading 16,978 12,400 12,372 Total variable transaction fees 514,021 501,577 526,337 Distribution fees and unused minimum fees 127,162 119,431 108,108 Total commissions $ 641,183 $ 621,008 $ 634,445 Information services – Information services includes data licensed to the Company’s broker-dealer clients, institutional investor clients and data-only subscribers; professional and consulting services; technology software licenses; and maintenance and support services. The nature and timing of each performance obligation may vary as these contracts are either subscription-based services transferred over time, and may be net of volume-based discounts, or one-time services that are transferred at a point in time. Revenues for services transferred over time are recognized ratably over the contract period as the Company’s performance obligation is met whereas revenues for services transferred at a point in time are recognized in the period the services are provided. Customers are generally billed monthly, quarterly, or annually; revenues billed in advance are deferred and recognized ratably over the contract period. The following table presents information services revenue by timing of recognition: Year Ended December 31, 2022 2021 2020 (In thousands) Information services revenue by timing of recognition Services transferred over time $ 38,452 $ 37,341 $ 32,425 Services transferred at a point in time 862 834 1,916 Total information services revenues $ 39,314 $ 38,175 $ 34,341 Post-trade services – Post-trade services revenue is generated from regulatory transaction reporting, trade publication and trade matching services. Customers are generally billed monthly in arrears and revenue is recognized in the period transactions are processed. Revenues billed in advance are deferred and recognized ratably over the contract period. The Company also generates one-time implementation fees for onboarding clients which are invoiced and recognized in the period the implementation is completed. The following table presents post-trade services revenue by timing of recognition: Year Ended December 31, 2022 2021 2020 (In thousands) Post-trade services revenue by timing of recognition Services transferred over time $ 36,835 $ 38,850 $ 19,158 Services transferred at a point in time 42 72 302 Total post-trade services revenues $ 36,877 $ 38,922 $ 19,460 Other revenues – Other revenues primarily includes revenue from telecommunications line charges to broker-dealer clients. Contract liabilities consist of deferred revenues that the Company records when cash payments are received or due in advance of services to be performed. The revenue recognized from contract liabilities and the remaining balance is shown below: December 31, 2021 Payments received in advance of services to be performed Revenue recognized for services performed during the period Foreign Currency Translation December 31, 2022 (In thousands) Information services $ 3,528 $ 10,821 $ ( 11,228 ) $ — $ 3,121 Post-trade services 720 16,099 ( 15,876 ) ( 74 ) 869 Total deferred revenue $ 4,248 $ 26,920 $ ( 27,104 ) $ ( 74 ) $ 3,990 The majority of the Company’s contracts are short-term in nature with durations of less than one year. For contracts with original durations extending beyond one year, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 51.7 million as of December 31, 2022. The Company expects to recognize revenue associated with the remaining performance obligations over the next 55 months. Stock-Based Compensation The Company measures and recognizes compensation expense for all share-based payment awards based on their estimated fair values measured as of the grant date. These costs are recognized as an expense in the Consolidated Statements of Operations over the requisite service period, which is typically the vesting period, with an offsetting increase to additional paid-in capital. Forfeitures are recognized as they occur. Income Taxes Income taxes are accounted for using the asset and liability method. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized against deferred tax assets if it is more likely than not that such assets will not be realized in future years. Tax benefits for uncertain tax positions are recognized when it is more likely than not that the positions will be sustained upon examination based on their technical merits. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Consolidated Statements of Operations. All tax effects related to share-based payments are recorded in the provision for income taxes in the periods during which the awards are exercised or vest. Business Combinations, Goodwill and Intangible Assets Business combinations are accounted for under the purchase method of accounting. The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of certain assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives. The Company operates as a single reporting unit. Following an acquisition, goodwill no longer retains its identification with a particular acquisition, but instead becomes identifiable with the entire reporting unit. As a result, all of the fair value of the Company is available to support the value of goodwill. An impairment review of goodwill is performed on an annual basis, at year-end, or more frequently if circumstances change. Intangible assets with definite lives, including purchased technologies, customer relationships and other intangible assets, are amortized over their estimated useful lives which range from one to 15 years using either a straight-line or accelerated amortization method based on the pattern of economic benefit the Company expects to realize from such assets. Intangible assets are assessed for impairment when events or circumstances indicate the existence of a possible impairment. Equity Investments and Consolidation The Company evaluates equity investments for potential consolidation under the voting-interest or variable-interest models. The Company consolidates investees over which the Company determines it has control under the voting interest model, generally greater than 50% ownership, or for which the Company is the primary beneficiary under the variable-interest model. The Company uses the equity method of accounting when it exercises significant influence over the investee, but does not have operating control, generally between 20% and 50% ownership. Under the equity method of accounting, original investments are recorded at cost in prepaid expenses and other assets on the Consolidated Statements of Financial Condition and adjusted by the Company’s proportionate share of the investees’ undistributed earnings or losses. Equity investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. Earnings Per Share Basic earnings per share is computed by dividing the net income attributable to common stock by the weighted-average number of shares of common stock outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average shares outstanding of common stock reflects the dilutive effect that could occur if convertible securities or other contracts to issue common stock were converted into or exercised for common stock. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Regulatory Capital Requirements

Regulatory Capital Requirements	12 Months Ended
	Dec. 31, 2022
Broker-Dealer [Abstract]
Regulatory Capital Requirements	3. Regulatory Capital Requirements One of the Company’s U.S. subsidiaries is registered as a broker-dealer and therefore is subject to the applicable rules and regulations of the SEC and the Financial Industry Regulatory Authority (“FINRA”). These rules contain minimum net capital requirements, as defined in the applicable regulations. Certain of the Company’s foreign subsidiaries are regulated by the Financial Conduct Authority (“FCA”) in the U.K. or other foreign regulators and must maintain financial resources, as defined in the applicable regulations, in excess of the applicable financial resources requirement. As of December 31, 2022, each of the Company’s subsidiaries that are subject to these regulations had net capital or financial resources in excess of their minimum requirements. As of December 31, 2022, the Company’s subsidiaries maintained aggregate net capital and financial resources that were $ 518.2 million in excess of the required levels of $ 27.1 million. The Company’s U.S. broker-dealer subsidiary is required to segregate funds in a special reserve bank account for the benefit of customers pursuant to Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As of December 31, 2022, the U.S. broker-dealer subsidiary had a balance of $ 50.9 million in its special reserve bank account. This U.S. broker-dealer subsidiary also maintained net capital that was $ 314.1 million in excess of the required level of $ 3.7 million. Each of the Company’s U.S. and foreign regulated subsidiaries are subject to local regulations which generally limit, or require the prior notification to or approval from such regulated entity’s principal regulator before, the repayment of borrowings from the Company or affiliates, paying cash dividends, making loans to the Company or affiliates or otherwise entering into transactions that result in a significant reduction in regulatory net capital or financial resources.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The following table summarizes the valuation of the Company’s assets and liabilities measured at fair value as categorized based on the hierarchy described in Note 2: Level 1 Level 2 Level 3 Total (In thousands) As of December 31, 2022 Assets Money market funds $ 59,173 $ — $ — $ 59,173 Trading securities U.S. Treasuries — 74,409 — 74,409 Mutual funds held in rabbi trust — 9,383 — 9,383 Total assets $ 59,173 $ 83,792 $ — $ 142,965 Liabilities Contingent consideration payable $ — $ — $ 12,340 $ 12,340 Foreign currency forward position — 1,688 — 1,688 Total liabilities $ — $ 1,688 $ 12,340 $ 14,028 As of December 31, 2021 Assets Money market funds $ 14,206 $ — $ — $ 14,206 Trading securities U.S. Treasuries — 24,883 — 24,883 Mutual funds held in rabbi trust — 11,195 — 11,195 Total assets $ 14,206 $ 36,078 $ — $ 50,284 Liabilities Contingent consideration payable $ — $ — $ 41,090 $ 41,090 Money market funds are included in cash and cash equivalents on the Consolidated Statements of Financial Condition. Securities classified within Level 2 were valued using a market approach utilizing prices and other relevant information generated by market transactions involving comparable assets. The foreign currency forward contracts are classified within Level 2 as the valuation inputs are based on quoted market prices. The mutual funds held in a rabbi trust represent investments associated with the Company’s deferred cash incentive plan. Liabilities classified within Level 3 reflect contingent consideration payable recognized in connection with acquisitions. Significant unobservable inputs used in the valuation of contingent consideration payable include estimates of client retention, electronic trading volume and variable fees over periods of 18 to 24 months from the acquisition dates. The following table summarizes the change in the Company's Level 3 liabilities for the year ended December 31, 2022: December 31, 2021 Payments Unrealized (Gain)/Loss Realized (Gain)/Loss Foreign Currency Translation December 31, 2022 (In thousands) Contingent consideration payable $ 41,090 $ ( 26,164 ) $ 532 $ ( 1,769 ) $ ( 1,349 ) $ 12,340 The table below presents the range and average significant unobservable inputs used in the valuation of the Company's Level 3 liabilities: Valuation Technique Unobservable Inputs Range Average ($ in thousands) As of December 31, 2022 Contingent consideration payable Discounted cash flows Present value factor 0.99 0.99 April 2022-March 2023 variable fee $ 3,556 - $ 5,658 $ 4,607 Percentage of electronic trading volume 86.0 % - 96.6 % 91.3 % As of December 31, 2021 Contingent consideration payable Discounted cash flows Present value factor 0.95 - 1 0.98 Customer retention rate 84.0 % 84.0 % April 2021-March 2022 variable fee $ 2,703 - $ 3,086 $ 2,895 Percentage of electronic trading volume 86.0 % - 96.6 % 91.3 % The table below presents the carrying value, fair value and fair value hierarchy category of the Company’s financial assets and liabilities that are not measured at fair value on the Consolidated Statements of Financial Condition. The carrying values of the Company’s financial assets and liabilities not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximate fair value due to the short-term nature of the underlying assets and liabilities . Carrying Value Fair Value Level 1 Level 2 Level 3 Total (In thousands) As of December 31, 2022 Financial assets not measured at fair value: Cash and cash equivalents $ 371,573 $ 371,573 $ 371,573 $ — $ — $ 371,573 Cash segregated under federal regulations 50,947 50,947 50,947 — — 50,947 Accounts receivable, net of allowance 78,450 78,450 — 78,450 — 78,450 Receivables from broker-dealers, clearing organizations and customers 476,335 476,335 88,923 387,412 — 476,335 Total $ 977,305 $ 977,305 $ 511,443 $ 465,862 $ — $ 977,305 Financial liabilities not measured at fair value: Payables to broker-dealers, clearing organizations and customers $ 303,993 $ 303,993 $ — $ 303,993 $ — $ 303,993 As of December 31, 2021 Financial assets not measured at fair value: Cash and cash equivalents $ 506,735 $ 506,735 $ 506,735 $ — $ — $ 506,735 Cash segregated under federal regulations 50,159 50,159 50,159 — — 50,159 Accounts receivable, net of allowance 63,881 63,881 — 63,881 — 63,881 Receivables from broker-dealers, clearing organizations and customers 408,346 408,346 68,565 339,781 — 408,346 Total $ 1,029,121 $ 1,029,121 $ 625,459 $ 403,662 $ — $ 1,029,121 Financial liabilities not measured at fair value: Payables to broker-dealers, clearing organizations and customers $ 229,325 $ 229,325 $ — $ 229,325 $ — $ 229,325 During the years ended December 31, 2022 and 2021, there were no transfers between Level 1, Level 2 and Level 3 securities. The Company enters into foreign currency forward contracts as an economic hedge against foreign currency transaction gains and losses in the Consolidated Statements of Operations. These forward contracts are for one-month periods and are used to limit exposure to foreign currency exchange rate fluctuations. The Company records the fair value of the asset in prepaid expenses and other assets or the fair value of the liability in accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. The following table summarizes the Company’s foreign currency forward position : As of December 31, 2022 2021 (In thousands) Notional value $ 62,160 $ — Fair value of notional 60,472 — Fair value of the liability $ 1,688 $ — Realized and unrealized gains and losses on foreign currency forward contracts are included in other, net in the Consolidated Statements of Operations. The Company recorded a realized gain of $ 0.8 million and an unrealized loss of $ 1.7 million, respectively, for the year ended December 31, 2022. The Company maintained a collateral deposit of $ 1.9 million with its counterparty bank as of December 31, 2022, which is included within prepaid expenses and other assets on the Consolidated Statements of Financial Condition. The following table summarizes the Company’s investments: Amortized Gross Gross Fair (In thousands) As of December 31, 2022 Trading securities U.S. Treasuries $ 74,943 $ — $ ( 534 ) $ 74,409 Mutual funds held in rabbi trust 11,474 — ( 2,091 ) 9,383 Total investments $ 86,417 $ — $ ( 2,625 ) $ 83,792 As of December 31, 2021 Trading securities U.S. Treasuries $ 24,994 $ — $ ( 111 ) $ 24,883 Mutual funds held in rabbi trust 9,941 1,254 — 11,195 Total investments $ 34,935 $ 1,254 $ ( 111 ) $ 36,078 The following table summarizes the fair value of the investments based upon the contractual maturities: As of December 31, 2022 2021 (In thousands) Less than one year $ 34,001 $ 11,195 Due in 1 - 5 years 49,791 24,883 Total $ 83,792 $ 36,078 There were no proceeds from the sales and maturities of investments during the year ended December 31, 2022. Proceeds from sales and maturities of investments during the years ended December 31, 2021 and 2020 were $ 19.4 million and $ 261.6 million, respectively. Net unrealized losses on trading securities were $ 2.6 million, $ 0.3 million, $ 0.4 million for the years ended December 31, 2022, 2021 and 2020 , respectively. The Company did no t incur any realized gains or losses on trading securities for the year ended December 31, 2022. Net realized gains were $ 0.1 million and $ 1.7 million for the years ended December 31, 2021 and 2020 , respectively.

Receivables from and Payables t

Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers	12 Months Ended
	Dec. 31, 2022
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers	5. Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers Receivables from and payables to broker-dealers, clearing organizations and customers consisted of the following: As of December 31, 2022 2021 Receivables from broker-dealers, clearing organizations and customers: (In thousands) Securities failed-to-deliver - broker-dealers and clearing organizations $ 144,523 $ 152,766 Securities failed-to-deliver - customers 235,056 182,052 Deposits with clearing organizations and broker-dealers 88,923 68,565 Other 7,833 4,963 Total $ 476,335 $ 408,346 Payables to broker-dealers, clearing organizations and customers: Securities failed-to-receive - broker-dealers and clearing organizations $ 224,816 $ 166,010 Securities failed-to-receive - customers 71,828 59,879 Other 7,349 3,436 Total $ 303,993 $ 229,325

Acquisitions and Equity Investm

Acquisitions and Equity Investments	12 Months Ended
	Dec. 31, 2022
Business Combinations [Abstract]
Acquisitions and Equity Investments	6. Acquisitions and Equity Investments In May 2022, the Company invested $ 34.4 million to acquire a minority ownership stake in RFQ–hub Holdings LLC, an entity formed with a consortium of market participants to support the growth of RFQ-hub, a bilateral multi-asset request for quote platform. The Company possesses significant influence over RFQ–hub Holdings LLC and is accounting for its investment under the equity method of accounting. As of December 31, 2022 , the Company’s investment is recorded at carrying value of $ 35.5 million within prepaid expenses and other assets on the Consolidated Statements of Financial Condition. The Company’s proportionate share of RFQ–hub Holdings LLC’s net earnings was $ 1.1 million for the year ended December 31, 2022, and is recorded within equity in earnings of unconsolidated affiliate on the Consolidated Statements of Operations. On April 9, 2021, the Company acquired MuniBrokers LLC (“MuniBrokers”), a central electronic venue serving municipal bond brokers and dealers. The purchase price consisted of $ 17.1 million in cash paid at closing and up to $ 25.0 million of contingent consideration payable within approximately two years of the acquisition date. The Company accounted for the transaction as a business combination and utilized an independent third-party to assist in determining the fair value of the acquired intangible assets. The accounting purchase price was $ 39.6 million, comprised of $ 17.1 million of cash and $ 22.5 million of contingent consideration payable, which was included within accounts payable, accrued expenses, and other liabilities on the Consolidated Statements of Financial Condition. The Company recorded $ 32.0 million of amortizable intangible assets and $ 7.4 million of goodwill as of the acquisition date. The acquired intangible assets consist of customer relationships and technology and have useful lives ranging from 1 to 15 years. In 2022, the Company recognized a decrease of $ 1.6 million to the contingent consideration payable due to the finalization of the first earn-out period consideration, which was recorded as a gain in other, net on the Consolidated Statements of Operations. In May 2022, the Company made a payment of $ 8.3 million to settle the first earn-out period consideration. As of December 31, 2022, the remaining outstanding contingent consideration payable was $ 12.3 million . On November 30, 2020, the Company acquired Regulatory Services GmbH, the pan-European regulatory reporting business of Deutsche Börse Group (“Regulatory Reporting Hub”). The purchase price consisted of $ 22.5 million in cash paid at closing and up to $ 24.6 million in contingent consideration payable in cash within 18 months of the closing. The Company accounted for the transaction as a purchase of assets and recorded $ 37.4 million in amortizable intangible assets as of the acquisition date. In April 2022, the Company made a final payment of $ 17.9 million to settle the contingent consideration payable.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	7. Goodwill and Intangible Assets Goodwill and intangible assets with indefinite lives were $ 154.8 million as of each of December 31, 2022 and 2021 , respectively. Intangible assets that are subject to amortization, including the related accumulated amortization, are comprised of the following: December 31, 2022 December 31, 2021 Cost Accumulated Net carrying Cost Accumulated Net carrying (In thousands) Customer relationships $ 129,991 $ ( 34,310 ) $ 95,681 $ 132,197 $ ( 19,813 ) $ 112,384 Technology and other intangibles 11,430 ( 9,046 ) 2,384 11,430 ( 7,437 ) 3,993 Total $ 141,421 $ ( 43,356 ) $ 98,065 $ 143,627 $ ( 27,250 ) $ 116,377 Amortization expense associated with identifiable intangible assets was $ 16.4 million, $ 13.4 million and $ 3.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. Annual estimated total amortization expense is $ 17.3 million, $ 14.9 million, $ 12.0 million, $ 10.3 million and $ 9.0 million for the years ended December 31, 2023 through 2027 , respectively.

Capitalized Software, Furniture

Capitalized Software, Furniture, Equipment and Leasehold Improvements	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Capitalized Software, Furniture, Equipment and Leasehold Improvements	8. Capitalized Software, Furniture, Equipment and Leasehold Improvements Capitalized software development costs, furniture, equipment and leasehold improvements, net of accumulated depreciation and amortization, are comprised of the following: As of December 31, 2022 2021 (In thousands) Software development costs $ 218,848 $ 183,998 Computer hardware and related software 37,614 45,986 Office hardware 8,455 8,866 Furniture and fixtures 6,952 7,120 Leasehold improvements 30,660 31,021 302,529 276,991 Accumulated depreciation and amortization ( 202,273 ) ( 180,930 ) Total $ 100,256 $ 96,061 During the years ended December 31, 2022 and 2021, software development costs totaling $ 38.7 million and $ 33.1 million, respectively, were capitalized. Non-capitalized software costs and routine maintenance costs are expensed as incurred and are included in employee compensation and benefits and professional and consulting fees in the Consolidated Statements of Operations.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes The provision for income taxes consists of the following: Year Ended December 31, 2022 2021 2020 (In thousands) Current: Federal $ 52,865 $ 36,661 $ 30,215 State and local 20,716 17,238 19,130 Foreign 21,030 19,018 15,538 Total current provision 94,611 72,917 64,883 Deferred: Federal ( 5,830 ) 2,249 7,474 State and local ( 1,350 ) 778 1,439 Foreign 633 91 1,186 Total deferred provision ( 6,547 ) 3,118 10,099 Provision for income taxes $ 88,064 $ 76,035 $ 74,982 Pre-tax income from U.S. operations was $ 236.4 million, $ 234.6 million and $ 288.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. Pre-tax income from foreign operations was $ 101.9 million, $ 99.3 million and $ 86.1 million for the years ended December 31, 2022, 2021 and 2020, respectively. The difference between the U.S. federal statutory tax rate of 21 % and the Company's effective tax rate is as follows: Year Ended December 31, 2022 2021 2020 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % State and local taxes - net of federal benefit 4.6 4.4 4.4 Credits and deductions related to research activities ( 0.4 ) ( 0.4 ) ( 0.3 ) Foreign rate differential benefit ( 0.1 ) ( 0.2 ) ( 0.4 ) Excess tax benefit from stock-based compensation ( 0.1 ) ( 2.9 ) ( 5.4 ) Other, net 1.0 0.9 0.7 Effective tax rate 26.0 % 22.8 % 20.0 % The following is a summary of the Company’s net deferred tax assets: As of December 31, 2022 2021 (In thousands) Deferred tax assets: Stock compensation expense $ 3,451 $ 2,683 Operating lease liabilities 17,842 18,688 Deferred Compensation 2,425 2,876 Other 1,774 128 Total deferred tax assets 25,492 24,375 Valuation allowance — — Net deferred tax assets 25,492 24,375 Deferred tax liabilities: Depreciation ( 9,956 ) ( 9,847 ) Capitalized software development costs ( 3,923 ) ( 9,417 ) Goodwill and intangible assets ( 4,829 ) ( 4,311 ) Operating lease right-of-use assets ( 14,176 ) ( 14,940 ) Deferred tax (liability) asset, net $ ( 7,392 ) $ ( 14,140 ) The Company or one of its subsidiaries files U.S. federal, state and foreign income tax returns. During the year ended December 31, 2022 , the Company's provision for income taxes included $ 3.2 million of expense related to a settlement with New York State to resolve the 2010 to 2014 audits. The Company is currently under a New York State income tax examination for tax years 2015 through 2017 and a New York City income tax examination for the tax years 2016 through 2018 . At this time, the Company cannot estimate when the examinations will conclude or the impact such examinations will have on the Company’s Consolidated Financial Statements, if any. Generally, other than the New York City and New York State audits, the Company is no longer subject to tax examinations by tax authorities for years prior to 2019. A reconciliation of the unrecognized tax benefits is as follows: Year Ended December 31, 2022 2021 2020 (In thousands) Balance at beginning of year $ 15,089 $ 16,317 $ 6,831 Increases based on tax positions related to the current period — — — Increases based on tax positions related to prior periods 160 — 9,486 (Decreases) based on tax positions related to prior periods — ( 1,228 ) — (Decreases) related to cash settlements with taxing authorities ( 5,414 ) — — Balance at end of year $ 9,835 $ 15,089 $ 16,317 As of December 31, 2022, the Company recorded $ 9.8 million of net unrecognized tax benefits which, if recognized, would affect the Company’s effective tax rate. Due to the uncertainty related to the timing and potential outcome of the audits, the Company cannot reasonably estimate the amount of the unrecognized tax benefit that could be adjusted in the next 12 months. During the years ended December 31, 2022, 2021 and 2020, the Company recognized gross expenses of $ 5.8 million, $ 3.3 million and $ 3.7 million, respectively, in penalties and interest. The Company had $ 7.9 million and $ 8.3 million accrued for the payment of interest and penalties at December 31, 2022 and 2021, respectively. The Company will recognize any U.S. income tax expense the Company may incur on global intangible low-taxed income as income tax expense in the period in which the tax is incurred.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stockholders' Equity	10. Stockholders’ Equity Common Stock As of December 31, 2022 and 2021 , the Company had 110,000,000 authorized shares of voting common stock and 10,000,000 authorized shares of non-voting common stock. Voting common stock entitles the holder to one vote per share of common stock held. The following is a summary of the changes in the Company’s outstanding shares of voting common stock: Year Ended December 31, 2022 2021 2020 (In thousands) Outstanding shares of voting common stock at the beginning of year 37,919 38,005 37,936 Exercise of stock options 29 92 177 Issuance of restricted stock, net of cancellations 66 48 56 Shares withheld for withholding tax payments ( 86 ) ( 75 ) ( 125 ) Repurchases ( 280 ) ( 151 ) ( 39 ) Outstanding shares of voting common stock at the end of year 37,648 37,919 38,005 In January 2019, the Board of Directors authorized a new two-year share repurchase program for up to $ 100.0 million, which commenced in April 2019 and expired in March 2021. In January 2021, the Board of Directors authorized a new share repurchase program for up to $ 100.0 million that commenced in April 2021 and was exhausted in January 2022. In January 2022, the Board of Directors authorized a new share repurchase program for up to $ 150.0 million. Shares repurchased under each program will be held in treasury for future use. Dividends During 2022, 2021 and 2020, the Company paid quarterly cash dividends of $ 0.70 per share, $ 0.66 per share and $ 0.60 per share, respectively. Any future declaration and payment of dividends will be at the sole discretion of the Company’s Board of Directors. The Board of Directors may take into account such matters as general business conditions, the Company’s financial results and condition, capital requirements, contractual obligations, and legal and regulatory restrictions on the payment of dividends to the Company’s stockholders or by the Company’s subsidiaries to their respective parent entities, and any such other factors as the Board of Directors may deem relevant.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	11. Stock-Based Compensation Plans The Company maintains the 2020 Plan which provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, or other stock-based awards as incentives to encourage employees, consultants and non-employee directors to participate in the long-term success of the Company. As of December 31, 2022, there were 2,476,930 shares available for grant under the 2020 Plan. Total stock-based compensation expense was as follows: Year Ended December 31, 2022 2021 2020 (In thousands) Employees: Restricted stock and performance shares $ 24,593 $ 23,041 $ 21,310 Stock options 3,583 2,961 3,100 28,176 26,002 24,410 Non-employee directors: Restricted stock 1,688 1,312 1,203 Total stock-based compensation $ 29,864 $ 27,314 $ 25,613 The Company records stock-based compensation expense for employees in employee compensation and benefits and for non-employee directors in general and administrative expenses in the Consolidated Statements of Operations. Stock Options The exercise price of each option granted is equal to the market price of the Company’s common stock on the date of grant. Generally, option grants have provided for vesting over a three or five -year period. Options generally expire in six or ten years from the date of grant. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables, including the expected stock price volatility over the term of the awards, the risk-free interest rate, the expected dividend yield rate and the expected term. Expected volatilities are based on historical volatility of the Company’s stock. The risk-free interest rate is based on U.S. Treasury securities with a maturity value approximating the expected term of the option. The dividend yield rate is based on the expected annual dividends to be paid divided by the expected stock price. The expected term represents the period of time that options granted are expected to be outstanding based on actual and projected employee stock option exercise behavior. The weighted-average fair value for options granted during 2022, 2021 and 2020 was $ 101.38 , $ 137.66 and $ 91.43 , respectively. The following table represents the assumptions used for the Black-Scholes option-pricing model to determine the per share weighted-average fair value for options granted, excluding the two awards based on the Monte Carlo model discussed below: Year Ended December 31, 2022 2021 2020 Expected life (years) 5.0 5.0 5.0 Risk-free interest rate 1.5 % 0.4 % 1.6 % Expected volatility 32.6 % 31.2 % 26.8 % Expected dividend yield 0.7 % 0.4 % 0.6 % In addition to the option grants above, 76,868 stock options were granted to the Company’s President and Chief Operating Officer in January 2019 with an aggregate grant date fair value of $ 2.9 million, as determined by an independent third party using a Monte Carlo simulation model. The exercise price is $ 272.88 for 35,679 of the stock options and $ 294.71 for the remaining 41,189 stock options, which is equal to 125 % and 135 %, respectively, of the fair market value of the Company’s common stock on the grant date. Subject to the grantee’s continued service with the Company, the options will vest and become exercisable on January 22, 2024 . The options expire on July 22, 2024 . Key assumptions used for the Monte Carlo model included a risk-free interest rate of 2.6 %, volatility of 25.8 % and a dividend yield of 0.8 %. In November 2018, 148,524 stock options were granted to the Company’s Chief Executive Officer with a grant date fair value of $ 5.5 million, as determined by an independent third party using a Monte Carlo simulation model. The exercise price is $ 257.78 for 69,113 of the stock options and $ 278.40 for the remaining 79,411 stock options, which is equal to 125 % and 135 %, respectively, of the fair market value of the Company’s stock on the grant date. Subject to the grantee’s continued service with the Company, the options will vest and become exercisable on November 8, 2023 . The options expire on May 8, 2024 . Key assumptions used for the Monte Carlo model included a risk-free interest rate of 3.1 %, volatility of 25.9 % and a dividend yield of 0.8 %. The following table reports stock option activity during the three years ended December 31, 2022 and the intrinsic value as of December 31, 2022: Number of Shares Weighted-Average Exercise Price ($) Remaining Contractual Intrinsic Value ($) (In thousands) Outstanding at December 31, 2019 550,591 175.16 Granted 13,900 368.10 Canceled ( 218 ) 307.52 Exercised ( 176,901 ) 84.07 Outstanding at December 31, 2020 387,372 223.60 Granted 17,897 517.88 Canceled ( 616 ) 394.77 Exercised ( 91,900 ) 107.05 Outstanding at December 31, 2021 312,753 274.35 Granted 23,904 352.15 Canceled ( 1,646 ) 421.08 Exercised ( 28,758 ) 157.08 3,597 Outstanding at December 31, 2022 306,253 290.65 1.9 3,971 Exercisable at December 31, 2022 42,119 276.35 1.9 2,259 The intrinsic value is the amount by which the closing price of the Company’s common stock on December 31, 2022 of $ 278.89 or the price on the day of exercise exceeds the exercise price of the stock options multiplied by the number of shares. As of December 31, 2022, there was $ 4.1 million of total unrecognized compensation cost related to non-vested stock options. That cost is expected to be recognized over a weighted-average period of 1.0 year. Service-Based Restricted Stock and Restricted Stock Unit Awards Our annual compensation program includes share-based compensation awards as a component of certain employees’ total compensation. These awards are generally subject to annual vesting requirements over a three-year period beginning at the date of grant, which occurs in the first quarter of each year. Accordingly, the expense is generally amortized over the stated vesting period. In addition, we grant shared-based compensation awards in conjunction with certain new hires and for retention purposes. These awards generally vest over a three-year period and expense is recognized over the requisite service period. Performance Equity Awards The Company grants performance equity awards to certain executives and senior managers of the firm as a component of their total compensation and in conjunction with new hires and for retention purposes. Annual performance equity awards generally vest over a three-year period and contain both performance- and service-based elements. The Company has also granted awards with a five-year vesting period with performance- and service-based elements. In January 2020 and January 2021, annual performance equity awards were granted with three-year performance periods, whereby the final amount that vests will be determined based on the level of achievement by the Company of certain predetermined metrics, including pre-tax adjusted operating margin and market share for the following three fiscal years, including the year of grant. The final awarded pay-out for the awards granted in 2020 was certified at 98.7 % in January 2023. The final awarded pay-out for the awards granted in 2021 will range from zero to 200 %. Subject to the grantee’s continued service, any performance equity awarded to a participant will vest on the three-year anniversary of the grant date. Compensation expense for the three-year performance shares is measured at the grant date and expensed over the requisite service period with performance target achievement assessed at the end of each reporting period. In August 2021, the Chief Financial Officer received a performance equity award of 1,070 target shares in connection with his promotion to Chief Financial Officer. The award is substantially similar to the annual bonus performance equity awards granted in January 2021, except that the performance achievement will be determined using 2022 and 2023 fiscal years only. The award will fully vest on August 1, 2024 after certification of the performance criteria, subject to continued employment by the Chief Financial Officer through such date. In January 2022, annual performance equity awards were granted with a three-year performance period, whereby the final amount that vests will be determined based on the level of achievement by the Company of certain predetermined metrics, including pre-tax adjusted operating margin, U.S. credit market share, and revenue growth excluding U.S. credit for the following three fiscal years, including the year of grant. The final awarded payout for the awards granted in 2022 will range from zero to 200 %. Subject to the grantee’s continued service, any performance equity awarded to a participant will vest on the three-year anniversary of the grant date. Compensation expense for the three-year performance shares is measured at the grant date and expensed over the requisite service period with performance target achievement assessed at the end of each reporting period. In March 2022, the Chief Information Officer received a one-time sign-on equity award consisting, in part, of a performance stock unit award with a target of 3,986 shares. The award is substantially similar to the annual bonus performance equity awards granted in January 2022. The award will fully vest on March 1, 2025 after certification of the performance criteria, subject to continued employment by the Chief Information Officer through such date. The following table reports the Company's performance payout estimates for three-year performance period awards at December 31, 2022 as well as the target and maximum share payouts for each award date granted: Award Date 2022 Estimate Target Maximum January 15, 2020 11,915 12,298 18,447 January 15, 2021 8,776 12,185 24,370 August 1, 2021 969 1,070 2,140 January 31, 2022 15,701 18,155 36,310 March 1, 2022 3,447 3,986 7,972 In addition to the grants above, 18,914 performance shares were granted to the Company’s President and Chief Operating Officer in January 2019 with an aggregate fair value of $ 2.9 million as determined by an independent third party using a Monte Carlo simulation model. The performance share award provides that the number of shares earned will be based on the Company’s achievement of certain share price levels during the five-year performance period. The performance level is $ 272.88 for 8,969 of the performance shares and $ 294.71 for the remaining 9,945 performance shares, which is equal to 125 % and 135 %, respectively, of the fair market value of the Company’s common stock on the grant date. Each of the performance levels have been achieved. Subject to the grantee’s continued service with the Company, earned shares will vest on January 22, 2024 . Key assumptions used for the Monte Carlo simulation included a risk-free interest rate of 2.6 %, volatility of 25.9 % and a dividend yield of 0.8 %. In November 2018, 37,742 performance shares were granted to the Company’s Chief Executive Officer with a grant date fair value of $ 5.5 million as determined by an independent third party using a Monte Carlo simulation model. The performance share award provides that the number of shares earned will be based on the Company’s achievement of certain share price levels during the five-year performance period. The performance level is $ 257.78 for 17,942 of the performance shares and $ 278.40 for the remaining 19,800 performance shares, which is equal to 125 % and 135 %, respectively, of the fair market value of the Company’s stock on the grant date. Each of the performance levels have been achieved. Subject to the grantee’s continued service with the Company, earned shares will vest on November 8, 2023 . Key assumptions used for the Monte Carlo model included a risk-free interest rate of 3.1 %, volatility of 26.1 % and a dividend yield of 0.8 %. The following table reports restricted stock and performance share activity during the three years ended December 31, 2022: Number of Restricted Shares Weighted-Average Grant Date Fair Value Outstanding at December 31, 2019 346,032 $ 154.27 Granted 38,907 Performance share pay-out 19,401 Canceled ( 3,480 ) Vested ( 170,213 ) Outstanding at December 31, 2020 230,647 $ 224.63 Granted 47,142 Performance share pay-out — Canceled ( 3,911 ) Vested ( 111,268 ) Outstanding at December 31, 2021 162,610 $ 316.56 Granted 72,861 Performance share pay-out — Canceled ( 8,513 ) Vested ( 64,602 ) Outstanding at December 31, 2022 162,356 $ 321.04 As of December 31, 2022, there was $ 33.5 million of total unrecognized compensation expense related to non-vested restricted stock and performance shares. That cost is expected to be recognized over a weighted-average period of 1.4 years. Employee Stock Purchase Plans The Company previously maintained the MarketAxess Holdings Inc. 2015 Employee Stock Purchase Plan (the "Prior ESPP"), a non-qualified employee stock purchase plan for non-executive employees. Under the Prior ESPP, participants were granted the right to purchase shares of the Company's common stock based on the fair market value on the last day of the six-month offering period. On the purchase date, the Company granted to the participants a number of restricted stock units equal to 20 % of the aggregate shares purchased by the participant. These matching restricted stock units vested over a one-year period. The Company issued 483 , 806 and 729 matching restricted stock units in connection with the Prior ESPP for the years ended December 31, 2022, 2021 and 2020 , respectively. In January 2022, the Company's Compensation & Talent Committee terminated the Prior ESPP with an effective date of February 28, 2022 . In June 2022, the Company’s stockholders approved the MarketAxess Holdings Inc. 2022 Employee Stock Purchase Plan (the “ESPP”) pursuant to which a total of 121,221 shares of the Company’s Common Stock will be made available for purchase by employees. The ESPP is intended to qualify as an “employee stock purchase plan” meeting the requirements of Section 423 of the Internal Revenue Code. The ESPP was adopted by the Company’s Board of Directors in April 2022 and approved by the Company’s stockholders in June 2022. The ESPP has a series of six-month offering periods, with a new offering period beginning on the first trading day on or after February 16 and August 16 of each year. Subject to certain limitations, employees may contribute up to $ 2,000 of such employee’s total eligible compensation per month towards the purchase of common stock via payroll deductions. Purchase dates occur on the first trading day on or after February 15 and August 15 of each year and shares are purchased at a 15 % discount off the lesser of: (i) the fair market value per share on the first day of each offering period; and (ii) the fair market value per share on the purchase date, but in no event less than par value. The first offering period under the ESPP began on August 16, 2022.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	12. Earnings Per Share The following table sets forth basic and diluted weighted average shares outstanding used to compute earnings per share: Year Ended December 31, 2022 2021 2020 (In thousands, except per share amounts) Basic weighted average shares outstanding 37,468 37,508 37,359 Dilutive effect of stock options and restricted stock 175 589 785 Diluted weighted average shares outstanding 37,643 38,097 38,144 Basic earnings per share $ 6.68 $ 6.88 $ 8.01 Diluted earnings per share $ 6.65 $ 6.77 $ 7.85 Stock options and restricted stock totaling 310,447 shares, 41,240 shares and 21,127 shares for the years ended December 31, 2022, 2021 and 2020 , respectively, were excluded from the computation of diluted earnings per share because their effect would have been antidilutive. The computation of diluted shares can vary among periods due, in part, to the change in the average price of the Company’s common stock.

Credit Agreements and Short-ter

Credit Agreements and Short-term Financing	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Credit Agreements and Short-term Financing	13. Credit Agreements and Short-term Financing Prior Revolving Credit Agreements In October 2015, the Company entered into an amended and restated credit agreement (the “2015 Credit Agreement”) that provided for revolving loans and letters of credit up to an aggregate of $ 100.0 million. The 2015 Credit Agreement matured on November 13, 2020 and the Company entered into a new one-year credit agreement (the “2020 Credit Agreement”) with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent, that provided aggregate commitments totaling $ 500.0 million, consisting of a revolving credit facility and a $ 5.0 million letter of credit sub-limit for standby letters of credit. Borrowings under the 2020 Credit Agreement bore interest at a rate per annum equal to the base rate or adjusted LIBOR plus an applicable margin that varies with the Company’s consolidated total leverage ratio. The 2020 Credit Agreement required that the Company satisfy certain covenants, which include leverage ratios and minimum earnings before interest, tax, and depreciation and amortization (“EBITDA”) requirements. The Company did not incur any interest expense under the 2020 Credit Agreement for the year ended December 31, 2021. The Company incurred $ 0.8 million of interest expense under the 2015 Credit Agreement for the year ended December 31, 2020. 2021 Credit Agreement On October 15, 2021, the Company replaced the 2020 Credit Agreement with a new three-year revolving credit facility (the “2021 Credit Agreement”) provided by a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent, which provides aggregate commitments totaling $ 500.0 million, consisting of a revolving credit facility and a $ 5.0 million letter of credit sub-limit for standby letters of credit. The 2021 Credit Agreement will mature on October 15, 2024 , with the Company’s option to request up to two additional 364 -day extensions at the discretion of each lender and subject to customary conditions. Subject to satisfaction of certain specified conditions, the Company is permitted to upsize the 2021 Credit Agreement by up to $ 250.0 million in total . As of December 31, 2022 , the Company had no letters of credit outstanding and $ 500.0 million in available borrowing capacity under the 2021 Credit Agreement. Borrowings under the 2021 Credit Agreement will bear interest at a rate per annum equal to the base rate or adjusted LIBOR plus an applicable margin that varies with the Company’s consolidated total leverage ratio. The 2021 Credit Agreement requires that the Company satisfy certain covenants, which include a leverage ratio. The Company incurred $ 0.3 million of interest expense under the 2021 Credit Agreement for the year ended December 31, 2022 . The Company did no t incur any interest expense under the 2021 Credit Agreement for the year ended December 31, 2021. Collateralized Agreement In connection with its self-clearing operations, the Company’s U.S. broker-dealer subsidiary entered into an agreement (the “Collateralized Agreement”) with its settlement bank to provide loans to the subsidiary in amounts up to an aggregate of $ 200.0 million on an uncommitted basis. Borrowings under the Collateralized Agreement are collateralized by securities pledged by the Company’s broker-dealer subsidiary to the settlement bank, subject to applicable haircuts and concentration limits. Borrowings under the Collateralized Agreement will bear interest at a base rate per annum equal to the higher of the upper range of the Federal Funds Rate, 0.25% or one-month Secured Overnight Financing Rate (“SOFR” ), plus 1.00 %. The Company did no t incur any interest expense on borrowings under the Collateralized Agreement during the year ended December 31, 2022. The Company incurred $ 0.1 million of interest expense on borrowings under the Collateralized Agreement for each of the years ended December 31, 2021 and 2020. As of December 31, 2022 the Company had no borrowings outstanding and $ 200.0 million in available borrowing capacity under the Collateralized Agreement. Short-term Financing Under arrangements with their settlement banks, certain of the Company’s U.S. and U.K. operating subsidiaries may receive overnight financing in the form of bank overdrafts. The Company incurred interest expense on such overnight financing of $ 0.4 million, $ 0.8 million and $ 0.3 million during the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022 , the Company had no overdrafts payable outstanding.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	14. Leases The Company has operating leases for corporate offices with initial lease terms ranging from one-year to 15 years. Certain leases contain options to extend the initial term at the Company’s discretion . The Company accounts for the option to extend when it is reasonably certain of being exercised. The Company’s lease agreements do not contain any material residual value guarantees, restrictions or covenants. The following table presents the components of lease expense for the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, Lease cost: Classification 2022 2021 2020 (In thousands) Operating lease cost Occupancy $ 13,015 $ 13,202 $ 13,455 Operating lease cost for subleased/assigned properties Other, net 469 2,054 2,404 Variable lease costs Occupancy 96 13 26 Sublease income for subleased/assigned properties Other, net ( 405 ) ( 2,079 ) ( 2,420 ) Net lease cost $ 13,175 $ 13,190 $ 13,465 The Company determines whether an arrangement is, or includes, a lease at contract inception. Operating lease right-of-use assets and liabilities are recognized at commencement date and are initially measured based on the present value of lease payments over the defined lease term. As the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at the adoption date in determining the present value of lease payments. The weighted average remaining lease term and weighted average discount rate are as follows: As of December 31, Lease Term and Discount Rate 2022 2021 Weighted average remaining lease term (in years) 10.6 11.5 Weighted average discount rate 5.9 % 5.9 % The following table presents the maturity of lease liabilities as of December 31, 2022: (In thousands) 2023 $ 11,001 2024 11,481 2025 11,289 2026 10,790 2027 8,464 2028 and thereafter 59,630 Total lease payments 112,655 Less: imputed interest 29,979 Present value of lease liabilities $ 82,676

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies Legal In the normal course of business, the Company and its subsidiaries included in the consolidated financial statements may be involved in various lawsuits, proceedings and regulatory examinations. The Company assesses its liabilities and contingencies in connection with outstanding legal proceedings, if any, utilizing the latest information available. For matters where it is probable that the Company will incur a material loss and the amount can be reasonably estimated, the Company will establish an accrual for the loss. Once established, the accrual will be adjusted to reflect any relevant developments. When a loss contingency is not both probable and estimable, the Company does not establish an accrual. Based on currently available information, the outcome of the Company’s outstanding matters is not expected to have a material adverse impact on the Company’s financial position. It is not presently possible to determine the ultimate exposure to these matters and there is no assurance that the resolution of the outstanding matters will not significantly exceed any reserves accrued by the Company. Other The Company, through certain of its subsidiaries, executes bond transactions between its institutional investor and broker-dealer clients on a matched principal basis by serving as counterparty to both the buyer and the seller in trades. The Company’s U.S. broker-dealer subsidiary operates under a self-clearing model for the settlement of such transactions. The Company’s subsidiaries also settle their transactions through third-party clearing brokers or settlement agents. Settlement typically occurs within one to two trading days after the trade date. Cash settlement of the transaction occurs upon receipt or delivery of the underlying instrument that was traded. Under both the self-clearing and the third-party clearing models, the Company may be exposed to credit risk in the event a counterparty does not fulfill its obligation to complete a transaction or if there is an error in executing a matched principal transaction. Pursuant to the terms of the securities clearing agreements, each third-party clearing broker has the right to charge the Company for any losses they suffer resulting from a counterparty’s failure on any of the Company’s trades. The Company did not record any liabilities or losses with regard to counterparty failures for the three-year period ended December 31, 2022. In the normal course of business, the Company enters into contracts that contain a variety of representations, warranties and indemnification provisions. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of loss to be remote .

Segment and Geographic Informat

Segment and Geographic Information	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment and Geographic Information	16. Segment and Geographic Information The Company operates electronic platforms for the trading of fixed-income securities and provides related data, analytics, compliance tools and post-trade services. The Company considers its operations to constitute a single business segment because of the highly integrated nature of these products and services, the financial markets in which the Company competes and the Company’s worldwide business activities. The Company believes that results by geographic region or client sector are not necessarily meaningful in understanding its business. For the years ended December 31, 2022, 2021 and 2020, the U.K. was the only individual foreign country in which the Company had a subsidiary that accounted for 10 % or more of the total revenues or total long-lived assets. Revenues and long-lived assets are attributed to a geographic area based on the location of the particular subsidiary. Long-lived assets are defined as furniture, equipment, leasehold improvements and capitalized software . Revenues for the three years ended December 31, 2022, 2021 and 2020 and long-lived assets as of December 31, 2022 and 2021 were as follows: Year Ended December 31, 2022 2021 2020 (In thousands) Revenues Americas $ 581,935 $ 568,918 $ 583,164 Europe 119,112 110,068 89,751 Asia 17,253 19,965 16,210 Total $ 718,300 $ 698,951 $ 689,125 As of December 31, 2022 2021 (In thousands) Long-lived assets, as defined Americas $ 82,008 $ 75,328 Europe 17,723 20,547 Asia 525 186 Total $ 100,256 $ 96,061

Retirement and Deferred Compens

Retirement and Deferred Compensation Plans	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Retirement and Deferred Compensation Plans	17. Retirement and Deferred Compensation Plans The Company, through its U.S. and U.K. subsidiaries, offers its employees the opportunity to invest in defined contribution plans. For the years ended December 31, 2022, 2021 and 2020, the Company contributed $ 6.1 million, $ 5.8 million and $ 4.0 million, respectively, to the plans. The Company offers a non-qualified deferred cash incentive plan to certain officers and other employees. Under the plan, eligible employees may defer up to 100 % of their annual cash incentive pay. The Company has elected to fund its deferred compensation obligations through a rabbi trust. The rabbi trust is subject to creditor claims in the event of insolvency, but such assets are not available for general corporate purposes. Assets held in the rabbi trust are invested in mutual funds, as selected by the participants, which are designated as trading securities and carried at fair value. As of December 31, 2022 and 2021, the fair value of the mutual fund investments and deferred compensation obligations were $ 9.4 million and $ 11.2 million, respectively. Changes in the fair value of securities held in the rabbi trust and offsetting increases or decreases in the deferred compensation obligation are recognized in other, net in the Company’s Consolidated Statements of Operations.

Cash and Cash Equivalents and R

Cash and Cash Equivalents and Restricted Cash	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents and Restricted Cash	18. Cash and Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash as reported within the Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Consolidated Statements of Cash Flows: As of December 31, Statement of Financial Condition Location 2022 2021 2020 (In thousands) Cash and cash equivalents Cash and cash equivalents $ 430,746 $ 506,735 $ 460,858 Cash segregated for regulatory purposes Cash segregated under federal regulations 50,947 50,159 50,059 Deposits with clearing organizations and broker-dealers Receivables from broker-dealers, clearing organizations and customers 88,923 68,565 97,043 Other deposits Prepaid expenses and other assets 2,048 108 90 Total $ 572,664 $ 625,567 $ 608,050

Parent Company Information

Parent Company Information	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Parent Company Information	19. Parent Company Information The following tables present Parent Company-only financial information that should be read in conjunction with the consolidated financial statements of the Company. MarketAxess Holdings Inc. (Parent Company Only) Condensed Statements of Financial Condition As of December 31, 2022 December 31, 2021 (In thousands) ASSETS Cash and cash equivalents $ 43,909 $ 61,820 Investments, at fair value 5,343 6,327 Accounts receivable 769 — Receivable from subsidiaries 8,962 3,488 Intangible assets, net of accumulated amortization 23 25 Furniture, equipment, leasehold improvements and capitalized 19,557 21,596 Operating lease right-of-use assets 57,402 60,753 Investments in subsidiaries 985,222 982,029 Prepaid expenses and other assets 41,511 4,810 Income and other tax receivable 11,474 1,763 Total assets $ 1,174,172 $ 1,142,611 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Accrued employee compensation $ 9,693 $ 11,065 Income and other tax liabilities 12 5,026 Accounts payable, accrued expenses and other liabilities 11,087 9,233 Operating lease liabilities 72,287 75,978 Total liabilities 93,079 101,302 Stockholders' equity Preferred stock — — Series A Preferred Stock — — Common stock voting 123 123 Common stock non-voting — — Additional paid-in capital 345,468 330,262 Treasury stock ( 328,326 ) ( 232,712 ) Retained earnings 1,101,525 956,966 Accumulated other comprehensive loss ( 37,697 ) ( 13,330 ) Total stockholders' equity 1,081,093 1,041,309 Total liabilities and stockholders' equity $ 1,174,172 $ 1,142,611 MarketAxess Holdings Inc. (Parent Company Only) Condensed Statements of Operations and Comprehensive Income Year Ended December 31, 2022 2021 2020 (In thousands) Dividends from subsidiaries $ 257,200 $ 173,000 $ 30,000 Expenses Employee compensation and benefits 17,655 17,887 19,710 Depreciation and amortization 2,136 2,123 2,068 Professional and consulting fees 5,528 7,081 7,332 General and administrative 3,081 3,620 2,723 Total expenses 28,400 30,711 31,833 Operating income (loss) 228,800 142,289 ( 1,833 ) Other income (expense) Interest income 272 132 2,799 Interest expense ( 271 ) — ( 805 ) Equity in earnings of unconsolidated affiliate 1,126 — — Other, net ( 2,633 ) ( 2,950 ) ( 318 ) Total other income (expense) ( 1,506 ) ( 2,818 ) 1,676 Income (loss) before income taxes and equity in undistributed earnings of subsidiaries 227,294 139,471 ( 157 ) Benefit from income taxes ( 7,710 ) ( 6,472 ) ( 23,444 ) Income before equity in undistributed income of subsidiaries 235,004 145,943 23,287 Equity in undistributed income of subsidiaries 15,220 111,945 276,090 Net income 250,224 257,888 299,377 Other comprehensive income (loss), net ( 24,367 ) ( 8,680 ) 5,620 Comprehensive income $ 225,857 $ 249,208 $ 304,997 MarketAxess Holdings Inc. (Parent Company Only) Condensed Statements of Cash Flows Year Ended December 31, 2022 2021 2020 (In thousands) Cash flows from operating activities Net income $ 250,224 $ 257,888 $ 299,377 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,136 2,123 2,068 Amortization of operating lease right-of-use assets 3,347 4,484 4,117 Stock-based compensation expense 12,554 12,706 10,834 Deferred taxes ( 5,076 ) 1,712 3,644 Equity in undistributed income of subsidiaries ( 15,220 ) ( 111,945 ) ( 276,090 ) Other 441 — ( 671 ) Changes in operating assets and liabilities: (Increase) decrease in accounts receivable ( 769 ) 178 ( 115 ) Decrease (increase) in receivable from subsidiaries 7,931 47,371 ( 25,049 ) (Increase) in prepaid expenses and other assets ( 1,175 ) ( 219 ) ( 1,085 ) Decrease (increase) in mutual funds held in rabbi trust 984 ( 1,516 ) ( 1,328 ) (Increase) decrease in income and other tax receivables ( 9,711 ) 7,265 ( 1,240 ) (Decrease) increase in accrued employee compensation ( 1,372 ) 824 3,698 Increase (decrease) in income and other tax liabilities 62 ( 143 ) 6,676 Increase (decrease) in accounts payable, accrued expenses and other liabilities 443 ( 607 ) ( 442 ) (Decrease) in operating lease liabilities ( 3,689 ) ( 4,673 ) ( 4,055 ) Net cash provided by operating activities 241,110 215,449 20,339 Cash flows from investing activities Acquisition of business, net of cash and cash equivalents acquired — ( 17,079 ) — Acquisition of equity method investment ( 34,400 ) — — Investments in subsidiaries ( 8,326 ) — — Available-for-sale investments Proceeds from maturities and sales — — 170,657 Purchases — — ( 32,865 ) Purchases of furniture, equipment and leasehold improvements ( 96 ) ( 198 ) ( 337 ) Net cash (used in) provided by investing activities ( 42,822 ) ( 17,277 ) 137,455 Cash flows from financing activities Cash dividend on common stock ( 105,942 ) ( 99,791 ) ( 90,566 ) Exercise of stock options 672 7,096 4,007 Withholding tax payments on restricted stock vesting and stock option exercises ( 23,404 ) ( 33,890 ) ( 42,418 ) Repurchases of common stock ( 87,540 ) ( 63,189 ) ( 16,135 ) Proceeds from short-term borrowings 100,000 — 348,000 Repayments of short-term borrowings ( 100,000 ) — ( 348,000 ) Net cash (used in) financing activities ( 216,214 ) ( 189,774 ) ( 145,112 ) Effect of exchange rate changes on investments 15 ( 2,324 ) ( 5,176 ) Cash and cash equivalents including restricted cash Net increase (decrease) for the period ( 17,911 ) 6,073 7,506 Beginning of period 61,820 55,747 48,241 End of period $ 43,909 $ 61,820 $ 55,747 Supplemental cash flow information: Cash paid for income taxes $ 65,764 $ 41,103 $ 32,674 Cash paid for interest 271 — 805 Non-cash investing and financing activity: Exercise of stock options - cashless 3,845 2,750 10,866

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated. Certain reclassifications have been made to the prior periods’ consolidated financial statements in order to conform to the current period presentation. Such reclassifications are immaterial, individually and in the aggregate, to both current and all previously issued financial statements taken as a whole and have no effect on previously reported net income.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company defines cash equivalents as short-term interest-bearing investments with maturities at the time of purchase of three months or less.
Investments	Investments The Company determines the appropriate classification of securities at the time of purchase which are recorded in the Consolidated Statements of Financial Condition on the trade date. Securities are classified as available-for-sale or trading. Available-for-sale investments are carried at fair value with the unrealized gains or losses reported in accumulated other comprehensive loss in the Consolidated Statements of Financial Condition. Trading investments include U.S. Treasuries and are carried at fair value, with realized and unrealized gains or losses included in other, net in the Consolidated Statements of Operations.
Fair Value Financial Instruments	Fair Value Financial Instruments Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” A three-tiered hierarchy for determining fair value has been established that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as Level 1 (unadjusted quoted prices for identical assets or liabilities in active markets), Level 2 (inputs that are observable in the marketplace other than those inputs classified in Level 1) and Level 3 (inputs that are unobservable in the marketplace). The Company’s financial assets and liabilities measured at fair value on a recurring basis consist of its money market funds, trading securities, foreign currency forward contracts and contingent consideration payables associated with acquisitions. All other financial instruments are short-term in nature and the carrying amounts reported on the Consolidated Statements of Financial Condition approximate fair value.
Receivables from and Payables to Broker- dealers, Clearing Organizations and Customers	Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers Receivables from broker-dealers, clearing organizations and customers include amounts receivable for securities not delivered by the Company to the purchaser by the settlement date (“securities failed-to-deliver”) and cash deposits held at clearing organizations and clearing brokers to facilitate the settlement and clearance of matched principal transactions. Payables to broker-dealers, clearing organizations and customers include amounts payable for securities not received by the Company from a seller by the settlement date (“securities failed-to-receive”). Securities failed-to-deliver and securities failed-to-receive for transactions executed on a matched principal basis where the Company serves as a counterparty to both the buyer and the seller are recorded on a settlement date basis. The Company presents its securities failed-to-deliver and securities failed-to-receive balances on a net-by-counterparty basis within receivables from and payables to broker-dealers, clearing organizations and customers. The difference between the Company’s trade-date receivables and payables for unsettled matched principal transactions reflects commissions earned and is recorded within accounts receivable, net on a trade date basis.
Allowance for Credit Losses	Allowance for Credit Losses All accounts receivable have contractual maturities of less than one year and are derived from trading-related fees and commissions and revenues from products and services. The Company continually monitors collections and payments from its customers and maintains an allowance for doubtful accounts. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific collection issues that have been identified. Account balances are grouped for evaluation based on various risk characteristics, including billing type, legal entity, and geographic region. Additions to the allowance for credit losses are charged to bad debt expense, which is included in general and administrative expense in the Company’s Consolidated Statements of Operations. Balances that are determined to be uncollectable are written off against the allowance for credit losses. The allowance for credit losses was $ 0.6 million and $ 0.1 million as of December 31, 2022 and 2021, respectively. The provision for bad debts was $ 0.6 million, $ 0.2 million and $ 0.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. Write-offs and other charges against the allowance for credit losses were $ 0.1 million for each of the years ended December 31, 2022, 2021 and 2020 .
Depreciation and Amortization	Depreciation and Amortization Fixed assets are carried at cost less accumulated depreciation. The Company uses the straight-line method of depreciation over three to seven years . The Company amortizes leasehold improvements on a straight-line basis over the lesser of the life of the improvement or the remaining term of the lease.
Software Development Costs	Software Development Costs The Company capitalizes certain costs associated with the development of internal use software, including, among other items, employee compensation and related benefits and third-party consulting costs at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. Once the product is ready for its intended use, such costs are amortized on a straight-line basis over three years . The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable.
Cloud Computing Costs	Cloud Computing Costs The Company capitalizes certain costs associated with cloud computing arrangements, including, among other items, vendor software development costs billed to us that are part of the application development stage. These costs are recorded as a prepaid asset on the balance sheet and are amortized over the period of the hosting service contract, which ranges from one to five years . The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable.
Foreign Currency Translation and Forward Contracts	Foreign Currency Translation and Forward Contracts Assets and liabilities denominated in foreign currencies are translated using exchange rates at the end of the period; revenues and expenses are translated at average monthly rates. Gains and losses on foreign currency translation are a component of accumulated other comprehensive loss in the Consolidated Statements of Financial Condition. Transaction gains and losses are recorded in other, net in the Consolidated Statements of Operations. The Company enters into foreign currency forward contracts to economically hedge its foreign currency transaction gains and losses. Realized and unrealized gains and losses on these forward contracts are included in other, net in the Consolidated Statements of Operations. The Company records the fair value of the forward contract asset in prepaid expenses and other assets or the fair value of the forward contract liability in accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition.
Revenue Recognition	Revenue Recognition The Company’s classification of revenues in the Consolidated Statements of Operations represents revenues from contracts with customers disaggregated by type of revenue. The Company has four revenue streams as described below. Commission Revenue – The Company charges its broker-dealer clients variable transaction fees for trades executed on its platforms and, under certain plans, distribution fees or monthly minimum fees to use the platforms for a particular product area. Variable transaction fees are recognized on a trade date basis, are generally calculated as a percentage of the notional dollar volume of bonds traded on the platforms and vary based on the type, size, yield and maturity of the bond traded, as well as individual client incentives. Bonds that are more actively traded or that have shorter maturities generally generate lower commissions, while bonds that are less actively traded or that have longer maturities generally command higher commissions. Under the Company’s disclosed trading transaction fee plans, variable transaction fees, distribution fees and unused monthly fee commitments are invoiced and recorded on a monthly basis. For Open Trading trades that the Company executes between and among institutional investor and broker-dealer clients on a matched principal basis by serving as counterparty to both the buyer and the seller, the Company earns its commission through the difference in price between the two trades. The commission is collected upon settlement of the trade, which typically occurs within one to two trading days after the trade date. For the majority of the Company’s U.S. Treasury matched principal trades, commissions are invoiced and recorded on a monthly basis. The following table presents commission revenue by fee type : Year Ended December 31, 2022 2021 2020 (In thousands) Commission revenue by fee type Variable transaction fees Disclosed trading $ 321,603 $ 333,712 $ 343,427 Open Trading - matched principal trading 175,440 155,465 170,537 U.S. government bonds - matched principal trading 16,978 12,400 12,372 Total variable transaction fees 514,021 501,577 526,337 Distribution fees and unused minimum fees 127,162 119,431 108,108 Total commissions $ 641,183 $ 621,008 $ 634,445 Information services – Information services includes data licensed to the Company’s broker-dealer clients, institutional investor clients and data-only subscribers; professional and consulting services; technology software licenses; and maintenance and support services. The nature and timing of each performance obligation may vary as these contracts are either subscription-based services transferred over time, and may be net of volume-based discounts, or one-time services that are transferred at a point in time. Revenues for services transferred over time are recognized ratably over the contract period as the Company’s performance obligation is met whereas revenues for services transferred at a point in time are recognized in the period the services are provided. Customers are generally billed monthly, quarterly, or annually; revenues billed in advance are deferred and recognized ratably over the contract period. The following table presents information services revenue by timing of recognition: Year Ended December 31, 2022 2021 2020 (In thousands) Information services revenue by timing of recognition Services transferred over time $ 38,452 $ 37,341 $ 32,425 Services transferred at a point in time 862 834 1,916 Total information services revenues $ 39,314 $ 38,175 $ 34,341 Post-trade services – Post-trade services revenue is generated from regulatory transaction reporting, trade publication and trade matching services. Customers are generally billed monthly in arrears and revenue is recognized in the period transactions are processed. Revenues billed in advance are deferred and recognized ratably over the contract period. The Company also generates one-time implementation fees for onboarding clients which are invoiced and recognized in the period the implementation is completed. The following table presents post-trade services revenue by timing of recognition: Year Ended December 31, 2022 2021 2020 (In thousands) Post-trade services revenue by timing of recognition Services transferred over time $ 36,835 $ 38,850 $ 19,158 Services transferred at a point in time 42 72 302 Total post-trade services revenues $ 36,877 $ 38,922 $ 19,460 Other revenues – Other revenues primarily includes revenue from telecommunications line charges to broker-dealer clients. Contract liabilities consist of deferred revenues that the Company records when cash payments are received or due in advance of services to be performed. The revenue recognized from contract liabilities and the remaining balance is shown below: December 31, 2021 Payments received in advance of services to be performed Revenue recognized for services performed during the period Foreign Currency Translation December 31, 2022 (In thousands) Information services $ 3,528 $ 10,821 $ ( 11,228 ) $ — $ 3,121 Post-trade services 720 16,099 ( 15,876 ) ( 74 ) 869 Total deferred revenue $ 4,248 $ 26,920 $ ( 27,104 ) $ ( 74 ) $ 3,990 The majority of the Company’s contracts are short-term in nature with durations of less than one year. For contracts with original durations extending beyond one year, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 51.7 million as of December 31, 2022. The Company expects to recognize revenue associated with the remaining performance obligations over the next 55 months.
Stock-Based Compensation	Stock-Based Compensation The Company measures and recognizes compensation expense for all share-based payment awards based on their estimated fair values measured as of the grant date. These costs are recognized as an expense in the Consolidated Statements of Operations over the requisite service period, which is typically the vesting period, with an offsetting increase to additional paid-in capital. Forfeitures are recognized as they occur.
Income Taxes	Income Taxes Income taxes are accounted for using the asset and liability method. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized against deferred tax assets if it is more likely than not that such assets will not be realized in future years. Tax benefits for uncertain tax positions are recognized when it is more likely than not that the positions will be sustained upon examination based on their technical merits. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Consolidated Statements of Operations. All tax effects related to share-based payments are recorded in the provision for income taxes in the periods during which the awards are exercised or vest.
Business Combinations, Goodwill and Intangible Assets	Business Combinations, Goodwill and Intangible Assets Business combinations are accounted for under the purchase method of accounting. The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of certain assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives. The Company operates as a single reporting unit. Following an acquisition, goodwill no longer retains its identification with a particular acquisition, but instead becomes identifiable with the entire reporting unit. As a result, all of the fair value of the Company is available to support the value of goodwill. An impairment review of goodwill is performed on an annual basis, at year-end, or more frequently if circumstances change. Intangible assets with definite lives, including purchased technologies, customer relationships and other intangible assets, are amortized over their estimated useful lives which range from one to 15 years using either a straight-line or accelerated amortization method based on the pattern of economic benefit the Company expects to realize from such assets. Intangible assets are assessed for impairment when events or circumstances indicate the existence of a possible impairment.
Equity Investments and Consolidation	Equity Investments and Consolidation The Company evaluates equity investments for potential consolidation under the voting-interest or variable-interest models. The Company consolidates investees over which the Company determines it has control under the voting interest model, generally greater than 50% ownership, or for which the Company is the primary beneficiary under the variable-interest model. The Company uses the equity method of accounting when it exercises significant influence over the investee, but does not have operating control, generally between 20% and 50% ownership. Under the equity method of accounting, original investments are recorded at cost in prepaid expenses and other assets on the Consolidated Statements of Financial Condition and adjusted by the Company’s proportionate share of the investees’ undistributed earnings or losses. Equity investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable.
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing the net income attributable to common stock by the weighted-average number of shares of common stock outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average shares outstanding of common stock reflects the dilutive effect that could occur if convertible securities or other contracts to issue common stock were converted into or exercised for common stock.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Commission Revenue by Fee Type	The following table presents commission revenue by fee type : Year Ended December 31, 2022 2021 2020 (In thousands) Commission revenue by fee type Variable transaction fees Disclosed trading $ 321,603 $ 333,712 $ 343,427 Open Trading - matched principal trading 175,440 155,465 170,537 U.S. government bonds - matched principal trading 16,978 12,400 12,372 Total variable transaction fees 514,021 501,577 526,337 Distribution fees and unused minimum fees 127,162 119,431 108,108 Total commissions $ 641,183 $ 621,008 $ 634,445
Summary of Information Services Revenue by Timing of Recognition	The following table presents information services revenue by timing of recognition: Year Ended December 31, 2022 2021 2020 (In thousands) Information services revenue by timing of recognition Services transferred over time $ 38,452 $ 37,341 $ 32,425 Services transferred at a point in time 862 834 1,916 Total information services revenues $ 39,314 $ 38,175 $ 34,341
Summary of Post-Trade Services Revenue by Timing of Recognition	The following table presents post-trade services revenue by timing of recognition: Year Ended December 31, 2022 2021 2020 (In thousands) Post-trade services revenue by timing of recognition Services transferred over time $ 36,835 $ 38,850 $ 19,158 Services transferred at a point in time 42 72 302 Total post-trade services revenues $ 36,877 $ 38,922 $ 19,460
Summary of Revenue Recognized from Contract Liabilities and Remaining Balance	The revenue recognized from contract liabilities and the remaining balance is shown below: December 31, 2021 Payments received in advance of services to be performed Revenue recognized for services performed during the period Foreign Currency Translation December 31, 2022 (In thousands) Information services $ 3,528 $ 10,821 $ ( 11,228 ) $ — $ 3,121 Post-trade services 720 16,099 ( 15,876 ) ( 74 ) 869 Total deferred revenue $ 4,248 $ 26,920 $ ( 27,104 ) $ ( 74 ) $ 3,990

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Valuation of Company's Assets and Liabilities Measured at Fair Value	The following table summarizes the valuation of the Company’s assets and liabilities measured at fair value as categorized based on the hierarchy described in Note 2: Level 1 Level 2 Level 3 Total (In thousands) As of December 31, 2022 Assets Money market funds $ 59,173 $ — $ — $ 59,173 Trading securities U.S. Treasuries — 74,409 — 74,409 Mutual funds held in rabbi trust — 9,383 — 9,383 Total assets $ 59,173 $ 83,792 $ — $ 142,965 Liabilities Contingent consideration payable $ — $ — $ 12,340 $ 12,340 Foreign currency forward position — 1,688 — 1,688 Total liabilities $ — $ 1,688 $ 12,340 $ 14,028 As of December 31, 2021 Assets Money market funds $ 14,206 $ — $ — $ 14,206 Trading securities U.S. Treasuries — 24,883 — 24,883 Mutual funds held in rabbi trust — 11,195 — 11,195 Total assets $ 14,206 $ 36,078 $ — $ 50,284 Liabilities Contingent consideration payable $ — $ — $ 41,090 $ 41,090
Summary of the Change in the Company's Contingent Consideration Payable	The following table summarizes the change in the Company's Level 3 liabilities for the year ended December 31, 2022: December 31, 2021 Payments Unrealized (Gain)/Loss Realized (Gain)/Loss Foreign Currency Translation December 31, 2022 (In thousands) Contingent consideration payable $ 41,090 $ ( 26,164 ) $ 532 $ ( 1,769 ) $ ( 1,349 ) $ 12,340 The table below presents the range and average significant unobservable inputs used in the valuation of the Company's Level 3 liabilities: Valuation Technique Unobservable Inputs Range Average ($ in thousands) As of December 31, 2022 Contingent consideration payable Discounted cash flows Present value factor 0.99 0.99 April 2022-March 2023 variable fee $ 3,556 - $ 5,658 $ 4,607 Percentage of electronic trading volume 86.0 % - 96.6 % 91.3 % As of December 31, 2021 Contingent consideration payable Discounted cash flows Present value factor 0.95 - 1 0.98 Customer retention rate 84.0 % 84.0 % April 2021-March 2022 variable fee $ 2,703 - $ 3,086 $ 2,895 Percentage of electronic trading volume 86.0 % - 96.6 % 91.3 %
Carrying Value of Financial Asset and Liability Not Measured at Fair Value	The table below presents the carrying value, fair value and fair value hierarchy category of the Company’s financial assets and liabilities that are not measured at fair value on the Consolidated Statements of Financial Condition. The carrying values of the Company’s financial assets and liabilities not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximate fair value due to the short-term nature of the underlying assets and liabilities Carrying Value Fair Value Level 1 Level 2 Level 3 Total (In thousands) As of December 31, 2022 Financial assets not measured at fair value: Cash and cash equivalents $ 371,573 $ 371,573 $ 371,573 $ — $ — $ 371,573 Cash segregated under federal regulations 50,947 50,947 50,947 — — 50,947 Accounts receivable, net of allowance 78,450 78,450 — 78,450 — 78,450 Receivables from broker-dealers, clearing organizations and customers 476,335 476,335 88,923 387,412 — 476,335 Total $ 977,305 $ 977,305 $ 511,443 $ 465,862 $ — $ 977,305 Financial liabilities not measured at fair value: Payables to broker-dealers, clearing organizations and customers $ 303,993 $ 303,993 $ — $ 303,993 $ — $ 303,993 As of December 31, 2021 Financial assets not measured at fair value: Cash and cash equivalents $ 506,735 $ 506,735 $ 506,735 $ — $ — $ 506,735 Cash segregated under federal regulations 50,159 50,159 50,159 — — 50,159 Accounts receivable, net of allowance 63,881 63,881 — 63,881 — 63,881 Receivables from broker-dealers, clearing organizations and customers 408,346 408,346 68,565 339,781 — 408,346 Total $ 1,029,121 $ 1,029,121 $ 625,459 $ 403,662 $ — $ 1,029,121 Financial liabilities not measured at fair value: Payables to broker-dealers, clearing organizations and customers $ 229,325 $ 229,325 $ — $ 229,325 $ — $ 229,325
Summary of Foreign Currency Forward Contracts	The following table summarizes the Company’s foreign currency forward position : As of December 31, 2022 2021 (In thousands) Notional value $ 62,160 $ — Fair value of notional 60,472 — Fair value of the liability $ 1,688 $ —
Summary of Company's Investments	The following table summarizes the Company’s investments: Amortized Gross Gross Fair (In thousands) As of December 31, 2022 Trading securities U.S. Treasuries $ 74,943 $ — $ ( 534 ) $ 74,409 Mutual funds held in rabbi trust 11,474 — ( 2,091 ) 9,383 Total investments $ 86,417 $ — $ ( 2,625 ) $ 83,792 As of December 31, 2021 Trading securities U.S. Treasuries $ 24,994 $ — $ ( 111 ) $ 24,883 Mutual funds held in rabbi trust 9,941 1,254 — 11,195 Total investments $ 34,935 $ 1,254 $ ( 111 ) $ 36,078
Summary of Fair Value of Investments Based upon Contractual Maturities	The following table summarizes the fair value of the investments based upon the contractual maturities: As of December 31, 2022 2021 (In thousands) Less than one year $ 34,001 $ 11,195 Due in 1 - 5 years 49,791 24,883 Total $ 83,792 $ 36,078

Receivables from and Payables_2

Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers (Tables)	12 Months Ended
	Dec. 31, 2022
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Schedule of Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers	Receivables from and payables to broker-dealers, clearing organizations and customers consisted of the following: As of December 31, 2022 2021 Receivables from broker-dealers, clearing organizations and customers: (In thousands) Securities failed-to-deliver - broker-dealers and clearing organizations $ 144,523 $ 152,766 Securities failed-to-deliver - customers 235,056 182,052 Deposits with clearing organizations and broker-dealers 88,923 68,565 Other 7,833 4,963 Total $ 476,335 $ 408,346 Payables to broker-dealers, clearing organizations and customers: Securities failed-to-receive - broker-dealers and clearing organizations $ 224,816 $ 166,010 Securities failed-to-receive - customers 71,828 59,879 Other 7,349 3,436 Total $ 303,993 $ 229,325

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Company's Intangible Assets	December 31, 2022 December 31, 2021 Cost Accumulated Net carrying Cost Accumulated Net carrying (In thousands) Customer relationships $ 129,991 $ ( 34,310 ) $ 95,681 $ 132,197 $ ( 19,813 ) $ 112,384 Technology and other intangibles 11,430 ( 9,046 ) 2,384 11,430 ( 7,437 ) 3,993 Total $ 141,421 $ ( 43,356 ) $ 98,065 $ 143,627 $ ( 27,250 ) $ 116,377

Capitalized Software, Furnitu_2

Capitalized Software, Furniture, Equipment and Leasehold Improvements (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Capitalized Software Development Costs, Furniture, Equipment and Leasehold Improvements, Net of Accumulated Depreciation and Amortization	Capitalized software development costs, furniture, equipment and leasehold improvements, net of accumulated depreciation and amortization, are comprised of the following: As of December 31, 2022 2021 (In thousands) Software development costs $ 218,848 $ 183,998 Computer hardware and related software 37,614 45,986 Office hardware 8,455 8,866 Furniture and fixtures 6,952 7,120 Leasehold improvements 30,660 31,021 302,529 276,991 Accumulated depreciation and amortization ( 202,273 ) ( 180,930 ) Total $ 100,256 $ 96,061

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes	The provision for income taxes consists of the following: Year Ended December 31, 2022 2021 2020 (In thousands) Current: Federal $ 52,865 $ 36,661 $ 30,215 State and local 20,716 17,238 19,130 Foreign 21,030 19,018 15,538 Total current provision 94,611 72,917 64,883 Deferred: Federal ( 5,830 ) 2,249 7,474 State and local ( 1,350 ) 778 1,439 Foreign 633 91 1,186 Total deferred provision ( 6,547 ) 3,118 10,099 Provision for income taxes $ 88,064 $ 76,035 $ 74,982
Difference between the U.S. federal statutory tax rate and the Company's effective tax rate	The difference between the U.S. federal statutory tax rate of 21 % and the Company's effective tax rate is as follows: Year Ended December 31, 2022 2021 2020 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % State and local taxes - net of federal benefit 4.6 4.4 4.4 Credits and deductions related to research activities ( 0.4 ) ( 0.4 ) ( 0.3 ) Foreign rate differential benefit ( 0.1 ) ( 0.2 ) ( 0.4 ) Excess tax benefit from stock-based compensation ( 0.1 ) ( 2.9 ) ( 5.4 ) Other, net 1.0 0.9 0.7 Effective tax rate 26.0 % 22.8 % 20.0 %
Summary of Company's Net Deferred Tax Assets	The following is a summary of the Company’s net deferred tax assets: As of December 31, 2022 2021 (In thousands) Deferred tax assets: Stock compensation expense $ 3,451 $ 2,683 Operating lease liabilities 17,842 18,688 Deferred Compensation 2,425 2,876 Other 1,774 128 Total deferred tax assets 25,492 24,375 Valuation allowance — — Net deferred tax assets 25,492 24,375 Deferred tax liabilities: Depreciation ( 9,956 ) ( 9,847 ) Capitalized software development costs ( 3,923 ) ( 9,417 ) Goodwill and intangible assets ( 4,829 ) ( 4,311 ) Operating lease right-of-use assets ( 14,176 ) ( 14,940 ) Deferred tax (liability) asset, net $ ( 7,392 ) $ ( 14,140 )
Reconciliation of the Unrecognized Tax Benefits	A reconciliation of the unrecognized tax benefits is as follows: Year Ended December 31, 2022 2021 2020 (In thousands) Balance at beginning of year $ 15,089 $ 16,317 $ 6,831 Increases based on tax positions related to the current period — — — Increases based on tax positions related to prior periods 160 — 9,486 (Decreases) based on tax positions related to prior periods — ( 1,228 ) — (Decreases) related to cash settlements with taxing authorities ( 5,414 ) — — Balance at end of year $ 9,835 $ 15,089 $ 16,317

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Summary of the Change in the Company's Outstanding Shares of Common Stock	The following is a summary of the changes in the Company’s outstanding shares of voting common stock: Year Ended December 31, 2022 2021 2020 (In thousands) Outstanding shares of voting common stock at the beginning of year 37,919 38,005 37,936 Exercise of stock options 29 92 177 Issuance of restricted stock, net of cancellations 66 48 56 Shares withheld for withholding tax payments ( 86 ) ( 75 ) ( 125 ) Repurchases ( 280 ) ( 151 ) ( 39 ) Outstanding shares of voting common stock at the end of year 37,648 37,919 38,005

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	Total stock-based compensation expense was as follows: Year Ended December 31, 2022 2021 2020 (In thousands) Employees: Restricted stock and performance shares $ 24,593 $ 23,041 $ 21,310 Stock options 3,583 2,961 3,100 28,176 26,002 24,410 Non-employee directors: Restricted stock 1,688 1,312 1,203 Total stock-based compensation $ 29,864 $ 27,314 $ 25,613
Assumptions Used for the Black-Scholes Option-Pricing Model to Determine the Per Share Weighted Average Fair Value for Options Granted	The following table represents the assumptions used for the Black-Scholes option-pricing model to determine the per share weighted-average fair value for options granted, excluding the two awards based on the Monte Carlo model discussed below: Year Ended December 31, 2022 2021 2020 Expected life (years) 5.0 5.0 5.0 Risk-free interest rate 1.5 % 0.4 % 1.6 % Expected volatility 32.6 % 31.2 % 26.8 % Expected dividend yield 0.7 % 0.4 % 0.6 %
Stock Option Activity	The following table reports stock option activity during the three years ended December 31, 2022 and the intrinsic value as of December 31, 2022: Number of Shares Weighted-Average Exercise Price ($) Remaining Contractual Intrinsic Value ($) (In thousands) Outstanding at December 31, 2019 550,591 175.16 Granted 13,900 368.10 Canceled ( 218 ) 307.52 Exercised ( 176,901 ) 84.07 Outstanding at December 31, 2020 387,372 223.60 Granted 17,897 517.88 Canceled ( 616 ) 394.77 Exercised ( 91,900 ) 107.05 Outstanding at December 31, 2021 312,753 274.35 Granted 23,904 352.15 Canceled ( 1,646 ) 421.08 Exercised ( 28,758 ) 157.08 3,597 Outstanding at December 31, 2022 306,253 290.65 1.9 3,971 Exercisable at December 31, 2022 42,119 276.35 1.9 2,259
Schedule of Estimate, Target and Maximum Performance Share Payouts	The following table reports the Company's performance payout estimates for three-year performance period awards at December 31, 2022 as well as the target and maximum share payouts for each award date granted: Award Date 2022 Estimate Target Maximum January 15, 2020 11,915 12,298 18,447 January 15, 2021 8,776 12,185 24,370 August 1, 2021 969 1,070 2,140 January 31, 2022 15,701 18,155 36,310 March 1, 2022 3,447 3,986 7,972
Restricted Stock and Performance Share Activity	The following table reports restricted stock and performance share activity during the three years ended December 31, 2022: Number of Restricted Shares Weighted-Average Grant Date Fair Value Outstanding at December 31, 2019 346,032 $ 154.27 Granted 38,907 Performance share pay-out 19,401 Canceled ( 3,480 ) Vested ( 170,213 ) Outstanding at December 31, 2020 230,647 $ 224.63 Granted 47,142 Performance share pay-out — Canceled ( 3,911 ) Vested ( 111,268 ) Outstanding at December 31, 2021 162,610 $ 316.56 Granted 72,861 Performance share pay-out — Canceled ( 8,513 ) Vested ( 64,602 ) Outstanding at December 31, 2022 162,356 $ 321.04

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Basic and Diluted Weighted Average Shares Outstanding Used to Compute Earnings Per Share	The following table sets forth basic and diluted weighted average shares outstanding used to compute earnings per share: Year Ended December 31, 2022 2021 2020 (In thousands, except per share amounts) Basic weighted average shares outstanding 37,468 37,508 37,359 Dilutive effect of stock options and restricted stock 175 589 785 Diluted weighted average shares outstanding 37,643 38,097 38,144 Basic earnings per share $ 6.68 $ 6.88 $ 8.01 Diluted earnings per share $ 6.65 $ 6.77 $ 7.85

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Components of Lease Expense	The following table presents the components of lease expense for the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, Lease cost: Classification 2022 2021 2020 (In thousands) Operating lease cost Occupancy $ 13,015 $ 13,202 $ 13,455 Operating lease cost for subleased/assigned properties Other, net 469 2,054 2,404 Variable lease costs Occupancy 96 13 26 Sublease income for subleased/assigned properties Other, net ( 405 ) ( 2,079 ) ( 2,420 ) Net lease cost $ 13,175 $ 13,190 $ 13,465
Summary of Weighted Average Remaining Lease Term and Discount Rate	The weighted average remaining lease term and weighted average discount rate are as follows: As of December 31, Lease Term and Discount Rate 2022 2021 Weighted average remaining lease term (in years) 10.6 11.5 Weighted average discount rate 5.9 % 5.9 %
Schedule of Maturity of Lease Liabilities	The following table presents the maturity of lease liabilities as of December 31, 2022: (In thousands) 2023 $ 11,001 2024 11,481 2025 11,289 2026 10,790 2027 8,464 2028 and thereafter 59,630 Total lease payments 112,655 Less: imputed interest 29,979 Present value of lease liabilities $ 82,676

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Summary of Revenue and Long-lived Assets	Revenues for the three years ended December 31, 2022, 2021 and 2020 and long-lived assets as of December 31, 2022 and 2021 were as follows: Year Ended December 31, 2022 2021 2020 (In thousands) Revenues Americas $ 581,935 $ 568,918 $ 583,164 Europe 119,112 110,068 89,751 Asia 17,253 19,965 16,210 Total $ 718,300 $ 698,951 $ 689,125 As of December 31, 2022 2021 (In thousands) Long-lived assets, as defined Americas $ 82,008 $ 75,328 Europe 17,723 20,547 Asia 525 186 Total $ 100,256 $ 96,061

Cash and Cash Equivalents and_2

Cash and Cash Equivalents and Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Summary of Reconciliation of Cash and Cash Equivalents with Restricted or Segregated Cash	The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash as reported within the Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Consolidated Statements of Cash Flows: As of December 31, Statement of Financial Condition Location 2022 2021 2020 (In thousands) Cash and cash equivalents Cash and cash equivalents $ 430,746 $ 506,735 $ 460,858 Cash segregated for regulatory purposes Cash segregated under federal regulations 50,947 50,159 50,059 Deposits with clearing organizations and broker-dealers Receivables from broker-dealers, clearing organizations and customers 88,923 68,565 97,043 Other deposits Prepaid expenses and other assets 2,048 108 90 Total $ 572,664 $ 625,567 $ 608,050

Parent Company Information (Tab

Parent Company Information (Tables)	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Condensed Statements of Financial Condition	MarketAxess Holdings Inc. (Parent Company Only) Condensed Statements of Financial Condition As of December 31, 2022 December 31, 2021 (In thousands) ASSETS Cash and cash equivalents $ 43,909 $ 61,820 Investments, at fair value 5,343 6,327 Accounts receivable 769 — Receivable from subsidiaries 8,962 3,488 Intangible assets, net of accumulated amortization 23 25 Furniture, equipment, leasehold improvements and capitalized 19,557 21,596 Operating lease right-of-use assets 57,402 60,753 Investments in subsidiaries 985,222 982,029 Prepaid expenses and other assets 41,511 4,810 Income and other tax receivable 11,474 1,763 Total assets $ 1,174,172 $ 1,142,611 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Accrued employee compensation $ 9,693 $ 11,065 Income and other tax liabilities 12 5,026 Accounts payable, accrued expenses and other liabilities 11,087 9,233 Operating lease liabilities 72,287 75,978 Total liabilities 93,079 101,302 Stockholders' equity Preferred stock — — Series A Preferred Stock — — Common stock voting 123 123 Common stock non-voting — — Additional paid-in capital 345,468 330,262 Treasury stock ( 328,326 ) ( 232,712 ) Retained earnings 1,101,525 956,966 Accumulated other comprehensive loss ( 37,697 ) ( 13,330 ) Total stockholders' equity 1,081,093 1,041,309 Total liabilities and stockholders' equity $ 1,174,172 $ 1,142,611
Condensed Statements of Operations and Comprehensive Income	MarketAxess Holdings Inc. (Parent Company Only) Condensed Statements of Operations and Comprehensive Income Year Ended December 31, 2022 2021 2020 (In thousands) Dividends from subsidiaries $ 257,200 $ 173,000 $ 30,000 Expenses Employee compensation and benefits 17,655 17,887 19,710 Depreciation and amortization 2,136 2,123 2,068 Professional and consulting fees 5,528 7,081 7,332 General and administrative 3,081 3,620 2,723 Total expenses 28,400 30,711 31,833 Operating income (loss) 228,800 142,289 ( 1,833 ) Other income (expense) Interest income 272 132 2,799 Interest expense ( 271 ) — ( 805 ) Equity in earnings of unconsolidated affiliate 1,126 — — Other, net ( 2,633 ) ( 2,950 ) ( 318 ) Total other income (expense) ( 1,506 ) ( 2,818 ) 1,676 Income (loss) before income taxes and equity in undistributed earnings of subsidiaries 227,294 139,471 ( 157 ) Benefit from income taxes ( 7,710 ) ( 6,472 ) ( 23,444 ) Income before equity in undistributed income of subsidiaries 235,004 145,943 23,287 Equity in undistributed income of subsidiaries 15,220 111,945 276,090 Net income 250,224 257,888 299,377 Other comprehensive income (loss), net ( 24,367 ) ( 8,680 ) 5,620 Comprehensive income $ 225,857 $ 249,208 $ 304,997
Condensed Statements of Cash Flows	MarketAxess Holdings Inc. (Parent Company Only) Condensed Statements of Cash Flows Year Ended December 31, 2022 2021 2020 (In thousands) Cash flows from operating activities Net income $ 250,224 $ 257,888 $ 299,377 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,136 2,123 2,068 Amortization of operating lease right-of-use assets 3,347 4,484 4,117 Stock-based compensation expense 12,554 12,706 10,834 Deferred taxes ( 5,076 ) 1,712 3,644 Equity in undistributed income of subsidiaries ( 15,220 ) ( 111,945 ) ( 276,090 ) Other 441 — ( 671 ) Changes in operating assets and liabilities: (Increase) decrease in accounts receivable ( 769 ) 178 ( 115 ) Decrease (increase) in receivable from subsidiaries 7,931 47,371 ( 25,049 ) (Increase) in prepaid expenses and other assets ( 1,175 ) ( 219 ) ( 1,085 ) Decrease (increase) in mutual funds held in rabbi trust 984 ( 1,516 ) ( 1,328 ) (Increase) decrease in income and other tax receivables ( 9,711 ) 7,265 ( 1,240 ) (Decrease) increase in accrued employee compensation ( 1,372 ) 824 3,698 Increase (decrease) in income and other tax liabilities 62 ( 143 ) 6,676 Increase (decrease) in accounts payable, accrued expenses and other liabilities 443 ( 607 ) ( 442 ) (Decrease) in operating lease liabilities ( 3,689 ) ( 4,673 ) ( 4,055 ) Net cash provided by operating activities 241,110 215,449 20,339 Cash flows from investing activities Acquisition of business, net of cash and cash equivalents acquired — ( 17,079 ) — Acquisition of equity method investment ( 34,400 ) — — Investments in subsidiaries ( 8,326 ) — — Available-for-sale investments Proceeds from maturities and sales — — 170,657 Purchases — — ( 32,865 ) Purchases of furniture, equipment and leasehold improvements ( 96 ) ( 198 ) ( 337 ) Net cash (used in) provided by investing activities ( 42,822 ) ( 17,277 ) 137,455 Cash flows from financing activities Cash dividend on common stock ( 105,942 ) ( 99,791 ) ( 90,566 ) Exercise of stock options 672 7,096 4,007 Withholding tax payments on restricted stock vesting and stock option exercises ( 23,404 ) ( 33,890 ) ( 42,418 ) Repurchases of common stock ( 87,540 ) ( 63,189 ) ( 16,135 ) Proceeds from short-term borrowings 100,000 — 348,000 Repayments of short-term borrowings ( 100,000 ) — ( 348,000 ) Net cash (used in) financing activities ( 216,214 ) ( 189,774 ) ( 145,112 ) Effect of exchange rate changes on investments 15 ( 2,324 ) ( 5,176 ) Cash and cash equivalents including restricted cash Net increase (decrease) for the period ( 17,911 ) 6,073 7,506 Beginning of period 61,820 55,747 48,241 End of period $ 43,909 $ 61,820 $ 55,747 Supplemental cash flow information: Cash paid for income taxes $ 65,764 $ 41,103 $ 32,674 Cash paid for interest 271 — 805 Non-cash investing and financing activity: Exercise of stock options - cashless 3,845 2,750 10,866

Organization and Principal Bu_2

Organization and Principal Business Activity - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Line Items]
Date of incorporation	Apr. 11, 2000

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Revenue	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Significant Accounting Policies [Line Items]
Allowance for credit losses	$ 590	$ 140
Provision for bad debts	600	200	$ 500
Write-offs and other charges against the allowance for credit losses	$ 100	$ 100	$ 100
Number of revenue streams | Revenue	4
Settlement days of bond transaction	within one to two trading days
Maximum [Member]
Significant Accounting Policies [Line Items]
Contractual maturities accounts receivable	1 year
Estimated useful life of fixed assets	7 years
Hosting service contract, amortization period	5 years
Maximum [Member] | Business Combinations [Member]
Significant Accounting Policies [Line Items]
Estimated life of intangible assets	15 years
Minimum [Member]
Significant Accounting Policies [Line Items]
Estimated useful life of fixed assets	3 years
Hosting service contract, amortization period	1 year
Minimum [Member] | Business Combinations [Member]
Significant Accounting Policies [Line Items]
Estimated life of intangible assets	1 year
Minimum [Member] | Internally Developed Software [Member]
Significant Accounting Policies [Line Items]
Estimated life of intangible assets	3 years
ASU 2018-15 [Member]
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Retrospective Application Impracticable [true false]	false
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
ASU 2017-04 [Member]
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Retrospective Application Impracticable [true false]	false
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
ASU 2016-13 [Member]
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Retrospective Application Impracticable [true false]	false
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true

Significant Accounting Polici_5

Significant Accounting Policies - Summary of Commission Revenue by Fee Type (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commission revenue by fee type
Revenues	$ 718,300	$ 698,951	$ 689,125
Commissions [Member]
Commission revenue by fee type
Disclosed trading	321,603	333,712	343,427
Matched principal trading	175,440	155,465	170,537
Total variable transaction fees	514,021	501,577	526,337
Distribution fees and unused minimum fees	127,162	119,431	108,108
Revenues	641,183	621,008	634,445
Commissions [Member] | US Government Bonds [Member]
Commission revenue by fee type
Matched principal trading	$ 16,978	$ 12,400	$ 12,372

Significant Accounting Polici_6

Significant Accounting Policies - Summary of Information Services Revenue by Timing of Recognition (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Revenues	$ 718,300	$ 698,951	$ 689,125
Information Services [Member]
Significant Accounting Policies [Line Items]
Revenues	39,314	38,175	34,341
Information Services [Member] | Transferred over Time [Member]
Significant Accounting Policies [Line Items]
Revenues	38,452	37,341	32,425
Information Services [Member] | Transferred at a Point in Time [Member]
Significant Accounting Policies [Line Items]
Revenues	$ 862	$ 834	$ 1,916

Significant Accounting Polici_7

Significant Accounting Policies - Summary of Post-Trade Services Revenue by Timing of Recognition (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Revenues	$ 718,300	$ 698,951	$ 689,125
Post-trade Services [Member]
Significant Accounting Policies [Line Items]
Revenues	36,877	38,922	19,460
Post-trade Services [Member] | Transferred over Time [Member]
Significant Accounting Policies [Line Items]
Revenues	36,835	38,850	19,158
Post-trade Services [Member] | Transferred at a Point in Time [Member]
Significant Accounting Policies [Line Items]
Revenues	$ 42	$ 72	$ 302

Significant Accounting Polici_8

Significant Accounting Policies - Summary of Revenue Recognized from Contract Liabilities and Remaining Balance (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Significant Accounting Policies [Line Items]
Deferred revenues, beginning balance	$ 4,248
Payments received in advance of services to be performed	26,920
Revenue recognized for services performed during the period	(27,104)
Foreign Currency Translation	(74)
Deferred revenues, ending balance	3,990
Information Services [Member]
Significant Accounting Policies [Line Items]
Deferred revenues, beginning balance	3,528
Payments received in advance of services to be performed	10,821
Revenue recognized for services performed during the period	(11,228)
Deferred revenues, ending balance	3,121
Post-trade Services [Member]
Significant Accounting Policies [Line Items]
Deferred revenues, beginning balance	720
Payments received in advance of services to be performed	16,099
Revenue recognized for services performed during the period	(15,876)
Foreign Currency Translation	(74)
Deferred revenues, ending balance	$ 869

Significant Accounting Polici_9

Significant Accounting Policies - Additional Information (Detail 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 $ in Millions	Dec. 31, 2022 USD ($)
Significant Accounting Policies [Line Items]
Aggregate amount of transaction price allocated to remaining performance obligations	$ 51.7
Expected time to recognize revenue for remaining performance obligation	55 months

Regulatory Capital Requiremen_2

Regulatory Capital Requirements - Additional Information (Detail) $ in Millions	Dec. 31, 2022 USD ($)
Brokers And Dealers [Line Items]
Securities reserve deposit	$ 50.9
U.S. Subsidiaries
Brokers And Dealers [Line Items]
Aggregate net capital and financial resources in excess of required level	518.2
Aggregate net capital and financial resources, minimum capital requirement	27.1
U.S. Broker-Dealer Subsidiaries
Brokers And Dealers [Line Items]
Aggregate net capital and financial resources in excess of required level	314.1
Aggregate net capital and financial resources, minimum capital requirement	$ 3.7

Fair Value Measurements - Valua

Fair Value Measurements - Valuation of Company's Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Money market funds	$ 59,173	$ 14,206
Assets Fair Value Total	142,965	50,284
Liabilities
Contingent consideration payable	12,340	41,090
Total liabilities	14,028
Mutual Funds Held In Rabbi Trust [Member]
Assets
Trading securities, Fair value	9,383	11,195
Foreign Currency Forward Position [Member]
Liabilities
Foreign currency forward position	1,688
U.S. Treasuries [Member]
Assets
Trading securities, Fair value	74,409	24,883
Level 1 [Member]
Assets
Money market funds	59,173	14,206
Assets Fair Value Total	59,173	14,206
Level 2 [Member]
Assets
Assets Fair Value Total	83,792	36,078
Liabilities
Total liabilities	1,688
Level 2 [Member] | Mutual Funds Held In Rabbi Trust [Member]
Assets
Trading securities, Fair value	9,383	11,195
Level 2 [Member] | Foreign Currency Forward Position [Member]
Liabilities
Foreign currency forward position	1,688
Level 2 [Member] | U.S. Treasuries [Member]
Assets
Trading securities, Fair value	74,409	24,883
Level 3 [Member]
Liabilities
Contingent consideration payable	12,340	$ 41,090
Total liabilities	$ 12,340

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Transfers between Level 1, Level 2 and Level 3 securities	$ 0	$ 0
Proceeds from the sales and maturities of securities available-for-sale	0	19,400,000	$ 261,600,000
Net unrealized (losses) gains on trading securities	(2,600,000)	(300,000)	(400,000)
Realized gain	800,000	$ 100,000	$ 1,700,000
Unrealized loss	1,700,000
Collateral deposit with bank	1,900,000
Net realized gains or loss	$ 0
Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Business combination, contingent consideration payment period	18 months
Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Business combination, contingent consideration payment period	24 months

Fair Value Measurements - Summa

Fair Value Measurements - Summary of the Change in the Company's Contingent Consideration Payable (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Contingent consideration payable	$ 12,340	$ 41,090
Payments	(26,164)
Unrealized (Gain)/Loss	532
Realized (Gain)/Loss	(1,769)
Foreign Currency Translation	$ (1,349)

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Significant Unobservable Inputs Used in the Valuation of Company's Liabilities (Details) - Discounted Cash Flow [Member] $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Present value factor	0.99
Customer retention rate | Rate		84%
Average present value factor	0.99	0.98
Average customer retention rate | Rate		84%
Average April 2022-March 2023 variable fee	$ 4,607
Average April 2021-March 2022 variable fee		$ 2,895
Average percentage of electronic trading volume	0.913	0.913
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Present value factor		0.01
April 2022-March 2023 variable fee	$ 5,658
April 2021-March 2022 variable fee		$ 3,086
Percentage of electronic trading volume	96.60%	96.60%
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Present value factor | Rate		0.95%
April 2022-March 2023 variable fee	$ 3,556
April 2021-March 2022 variable fee		$ 2,703
Percentage of electronic trading volume	86%	86%

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value of Financial Asset and Liability Not Measured at Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial assets not measured at fair value:
Financial assets not measured at fair value	$ 142,965	$ 50,284
Level 1 [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	59,173	14,206
Level 2 [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	83,792	36,078
Financial Assets and Liabilities not Measured [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	977,305	1,029,121
Financial Assets and Liabilities not Measured [Member] | Payables to Broker-Dealers, Clearing Organizations and Customers [Member]
Financial liabilities not measured at fair value:
Financial liabilities not measured at fair value	303,993	229,325
Financial Assets and Liabilities not Measured [Member] | Cash and Cash Equivalents [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	371,573	506,735
Financial Assets and Liabilities not Measured [Member] | Cash Segregated under Federal Regulations [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	50,947	50,159
Financial Assets and Liabilities not Measured [Member] | Accounts Receivable, Net of Allowance [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	78,450	63,881
Financial Assets and Liabilities not Measured [Member] | Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	476,335	408,346
Financial Assets and Liabilities not Measured [Member] | Level 1 [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	511,443	625,459
Financial Assets and Liabilities not Measured [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	371,573	506,735
Financial Assets and Liabilities not Measured [Member] | Level 1 [Member] | Cash Segregated under Federal Regulations [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	50,947	50,159
Financial Assets and Liabilities not Measured [Member] | Level 1 [Member] | Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	88,923	68,565
Financial Assets and Liabilities not Measured [Member] | Level 2 [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	465,862	403,662
Financial Assets and Liabilities not Measured [Member] | Level 2 [Member] | Payables to Broker-Dealers, Clearing Organizations and Customers [Member]
Financial liabilities not measured at fair value:
Financial liabilities not measured at fair value	303,993	229,325
Financial Assets and Liabilities not Measured [Member] | Level 2 [Member] | Accounts Receivable, Net of Allowance [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	78,450	63,881
Financial Assets and Liabilities not Measured [Member] | Level 2 [Member] | Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	387,412	339,781
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	977,305	1,029,121
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member] | Payables to Broker-Dealers, Clearing Organizations and Customers [Member]
Financial liabilities not measured at fair value:
Financial liabilities not measured at fair value	303,993	229,325
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member] | Cash and Cash Equivalents [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	371,573	506,735
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member] | Cash Segregated under Federal Regulations [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	50,947	50,159
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member] | Accounts Receivable, Net of Allowance [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	78,450	63,881
Financial Assets and Liabilities not Measured [Member] | Carrying Value [Member] | Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	476,335	408,346
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	977,305	1,029,121
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member] | Payables to Broker-Dealers, Clearing Organizations and Customers [Member]
Financial liabilities not measured at fair value:
Financial liabilities not measured at fair value	303,993	229,325
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member] | Cash and Cash Equivalents [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	371,573	506,735
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member] | Cash Segregated under Federal Regulations [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	50,947	50,159
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member] | Accounts Receivable, Net of Allowance [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	78,450	63,881
Financial Assets and Liabilities not Measured [Member] | Fair Value [Member] | Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]
Financial assets not measured at fair value:
Financial assets not measured at fair value	$ 476,335	$ 408,346

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of Foreign Currency Forward Contracts (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivatives Fair Value [Line Items]
Notional value	$ 62,160	$ 0
Fair value of notional	60,472	0
Fair value of the liability	$ 1,688	$ 0

Fair Value Measurements - Sum_4

Fair Value Measurements - Summary of Company's Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Investments, Amortized cost	$ 86,417	$ 34,935
Investments, Gross unrealized gains		1,254
Investments, Gross unrealized losses	(2,625)	(111)
Investments, at fair value	83,792	36,078
U.S. Treasuries [Member]
Schedule Of Available For Sale Securities [Line Items]
Trading securities, Amortized cost	74,943	24,994
Trading securities, Gross unrealized losses	(534)	(111)
Trading securities, Fair value	74,409	24,883
Mutual Funds Held In Rabbi Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Trading securities, Amortized cost	11,474	9,941
Trading securities, Gross unrealized gains		1,254
Trading securities, Gross unrealized losses	(2,091)
Trading securities, Fair value	$ 9,383	$ 11,195

Fair Value Measurements - Sum_5

Fair Value Measurements - Summary of Fair Value of Investments Based upon Contractual Maturities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Less than one year	$ 34,001	$ 11,195
Due in 1 - 5 years	49,791	24,883
Total	$ 83,792	$ 36,078

Receivables from and Payables_3

Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers - Schedule of Receivables from and Payables to Broker-dealers, Clearing Organizations and Customers (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Receivables from broker-dealers, clearing organizations and customers:
Securities failed-to-deliver - broker-dealers and clearing organizations	$ 144,523	$ 152,766
Securities failed-to-deliver - customers	235,056	182,052
Deposits with clearing organizations and broker-dealers	88,923	68,565
Other	7,833	4,963
Total	476,335	408,346
Payables to broker-dealers, clearing organizations and customers:
Securities failed-to-receive - broker-dealers and clearing organizations	224,816	166,010
Securities failed-to-receive - customers	71,828	59,879
Other	7,349	3,436
Total	$ 303,993	$ 229,325

Acquisitions and Equity Inves_2

Acquisitions and Equity Investments - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Apr. 09, 2021	Nov. 30, 2020	Dec. 31, 2022	May 01, 2022	Apr. 01, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Contingent consideration payable			$ 1,600
Goodwill			154,789			$ 154,789
Contingent consideration paid			12,340			$ 41,090
RFQ Hub Holdings LLC [Member]
Business Acquisition [Line Items]
Recorded investments				$ 34,400
Proportionate share in net earnings			1,100
RFQ Hub Holdings LLC [Member] | Prepaid Expenses And Other Assets [Member]
Business Acquisition [Line Items]
Recorded investments			35,500
Muni Brokers L L C [Member]
Business Acquisition [Line Items]
Cash consideration	$ 17,100
Contingent consideration payable			$ 12,300
Amortizable intangible assets	32,000
Goodwill	$ 7,400
Business combination, contingent consideration payment period	2 years
Contingent consideration paid				$ 8,300
Muni Brokers L L C [Member] | Accounts Payable, Accrued Expenses and Other Liabilities [Member]
Business Acquisition [Line Items]
Cash consideration	$ 17,100
Contingent consideration payable	22,500
Business Combination, Consideration Transferred	39,600
Regulatory Services GmbH of Deutsche Borse Group [Member]
Business Acquisition [Line Items]
Cash consideration		$ 22,500
Amortizable intangible assets		$ 37,400
Business combination, contingent consideration payment period		18 months
Contingent consideration paid					$ 17,900
Maximum [Member]
Business Acquisition [Line Items]
Business combination, contingent consideration payment period			24 months
Maximum [Member] | Muni Brokers L L C [Member]
Business Acquisition [Line Items]
Contingent consideration payable	$ 25,000
Maximum [Member] | Muni Brokers L L C [Member] | Customer Relationships and Technology [Member]
Business Acquisition [Line Items]
Useful lives	15 years
Maximum [Member] | Regulatory Services GmbH of Deutsche Borse Group [Member]
Business Acquisition [Line Items]
Contingent consideration payable		$ 24,600
Minimum [Member]
Business Acquisition [Line Items]
Business combination, contingent consideration payment period			18 months
Minimum [Member] | Muni Brokers L L C [Member] | Customer Relationships and Technology [Member]
Business Acquisition [Line Items]
Useful lives	1 year

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 154,789	$ 154,789
Amortization expense associated with identifiable intangible assets	16,400	13,400	$ 3,900
Estimated total amortization expense 2023	17,300
Estimated total amortization expense 2024	14,900
Estimated total amortization expense 2025	12,000
Estimated total amortization expense 2026	10,300
Estimated total amortization expense 2027	9,000
Indefinite-lived Intangible Assets [Member]
Goodwill [Line Items]
Goodwill and intangible assets with indefinite lives	$ 154,800	$ 154,800

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Company's Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Cost	$ 141,421	$ 143,627
Accumulated amortization	(43,356)	(27,250)
Net carrying amount	98,065	116,377
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Cost	129,991	132,197
Accumulated amortization	(34,310)	(19,813)
Net carrying amount	95,681	112,384
Technology and Other Intangibles [Member]
Finite Lived Intangible Assets [Line Items]
Cost	11,430	11,430
Accumulated amortization	(9,046)	(7,437)
Net carrying amount	$ 2,384	$ 3,993

Capitalized Software, Furnitu_3

Capitalized Software, Furniture, Equipment and Leasehold Improvements - Capitalized Software Development Costs, Furniture, Equipment and Leasehold Improvements, Net of Accumulated Depreciation and Amortization (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Furniture, equipment, leasehold improvements and capitalized software, Gross	$ 302,529	$ 276,991
Accumulated depreciation and amortization	(202,273)	(180,930)
Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization	100,256	96,061
Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Furniture, equipment, leasehold improvements and capitalized software, Gross	218,848	183,998
Computer Hardware and Related Software [Member]
Property, Plant and Equipment [Line Items]
Furniture, equipment, leasehold improvements and capitalized software, Gross	37,614	45,986
Office Hardware [Member]
Property, Plant and Equipment [Line Items]
Furniture, equipment, leasehold improvements and capitalized software, Gross	8,455	8,866
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Furniture, equipment, leasehold improvements and capitalized software, Gross	6,952	7,120
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Furniture, equipment, leasehold improvements and capitalized software, Gross	$ 30,660	$ 31,021

Capitalized Software, Furnitu_4

Capitalized Software, Furniture, Equipment and Leasehold Improvements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Software development costs	$ 38.7	$ 33.1

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 52,865	$ 36,661	$ 30,215
State and local	20,716	17,238	19,130
Foreign	21,030	19,018	15,538
Total current provision	94,611	72,917	64,883
Deferred:
Federal	(5,830)	2,249	7,474
State and local	(1,350)	778	1,439
Foreign	633	91	1,186
Total deferred provision	(6,547)	3,118	10,099
Provision for income taxes	$ 88,064	$ 76,035	$ 74,982

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Pre Tax Income [Line Items]
Pre-tax income from U.S. operations	$ 236,400	$ 234,600	$ 288,300
U.S. federal statutory tax rate	21%	21%	21%
Provision for income taxes	$ 88,064	$ 76,035	$ 74,982
Unrecognized tax benefits	9,835	15,089	16,317	$ 6,831
Recognized penalties and interest on unrecognized tax benefits	5,800	3,300	3,700
Penalties and interest accrued on unrecognized tax benefits	7,900	8,300
New York State [Member]
Schedule Of Pre Tax Income [Line Items]
Provision for income taxes	$ 3,200
New York State [Member] | Earliest Tax Year [Member]
Schedule Of Pre Tax Income [Line Items]
Income tax year under examination	2015
New York State [Member] | Latest Tax Year [Member]
Schedule Of Pre Tax Income [Line Items]
Income tax year under examination	2017
New York City [Member] | Earliest Tax Year [Member]
Schedule Of Pre Tax Income [Line Items]
Income tax year under examination	2016
New York City [Member] | Latest Tax Year [Member]
Schedule Of Pre Tax Income [Line Items]
Income tax year under examination	2018
Foreign Country [Member]
Schedule Of Pre Tax Income [Line Items]
Pre-tax income from foreign operations	$ 101,900	$ 99,300	$ 86,100

Income Taxes - Difference Betwe

Income Taxes - Difference Between the Company's Reported Provision for Income Taxes and the U.S. Federal Statutory Rate (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	21%	21%	21%
State and local taxes - net of federal benefit	4.60%	4.40%	4.40%
Credits and deductions related to research activities	(0.40%)	(0.40%)	(0.30%)
Foreign rate differential benefit	(0.10%)	(0.20%)	(0.40%)
Excess tax benefit from stock-based compensation	(0.10%)	(2.90%)	(5.40%)
Other, net	1%	0.90%	0.70%
Effective tax rate	26%	22.80%	20%

Income Taxes - Summary of Compa

Income Taxes - Summary of Company's Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Stock compensation expense	$ 3,451	$ 2,683
Operating lease liabilities	17,842	18,688
Deferred Compensation	2,425	2,876
Other	1,774	128
Total deferred tax assets	25,492	24,375
Net deferred tax assets	25,492	24,375
Deferred tax liabilities:
Depreciation	(9,956)	(9,847)
Capitalized software development costs	(3,923)	(9,417)
Goodwill and intangible assets	(4,829)	(4,311)
Operating lease right-of-use assets	(14,176)	(14,940)
Deferred tax (liability) asset, net	$ (7,392)	$ (14,140)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of the Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 15,089	$ 16,317	$ 6,831
Increases based on tax positions related to prior periods	160		9,486
(Decreases) based on tax positions related to prior periods		(1,228)
(Decreases) related to cash settlements with taxing authorities	(5,414)
Balance at end of year	$ 9,835	$ 15,089	$ 16,317

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended			12 Months Ended
	Jan. 31, 2021	Jan. 31, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 31, 2022
Class of Stock [Line Items]
Common stock, shares authorized			110,000,000	110,000,000		110,000,000	110,000,000
Common stock entitles						one
Shares repurchase program authorized									$ 150,000,000
Cash dividends declared per common share			$ 0.70	$ 0.66	$ 0.60	$ 2.80	$ 2.64	$ 2.40
Share Repurchase Program [Member]
Class of Stock [Line Items]
Shares repurchase program period		2 years
Shares repurchase program authorized	$ 100,000,000	$ 100,000,000
Share repurchase program, commencement date		2019-04
Share repurchase program, commencement date	Apr. 30, 2021
Common Stock Non-Voting [Member]
Class of Stock [Line Items]
Common stock, shares authorized			10,000,000	10,000,000		10,000,000	10,000,000
Common Stock Voting [Member]
Class of Stock [Line Items]
Common stock, shares authorized			110,000,000	110,000,000		110,000,000	110,000,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of the Companys Change in the Common Stock (Detail) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Outstanding shares of voting common stock at the beginning of year	37,918,956
Exercise of stock options	28,758	91,900	176,901
Outstanding shares of voting common stock at the end of year	37,648,148	37,918,956
Voting Common Stock [Member]
Class of Stock [Line Items]
Outstanding shares of voting common stock at the beginning of year	37,919,000	38,005,000	37,936,000
Exercise of stock options	29,000	92,000	177,000
Issuance of restricted stock, net of cancellations	66,000	48,000	56,000
Shares withheld for withholding tax payments	(86,000)	(75,000)	(125,000)
Repurchases	(280,000)	(151,000)	(39,000)
Outstanding shares of voting common stock at the end of year	37,648,000	37,919,000	38,005,000

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended					12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Aug. 31, 2021	Jan. 31, 2019	Nov. 30, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant under the stock incentive plan						2,476,930
Period vested for option grants						5 years
Weighted-average fair value option granted						$ 101.38	$ 137.66	$ 91.43
Number of awards excluded from option-pricing model						2
Grant date fair value						$ 3,597
Fair value assumptions, Dividend yield rate						0.70%	0.40%	0.60%
Closing price of common stock						$ 278.89
Unrecognized compensation costs related to non-vested						$ 4,100
Weighted-average period over which cost is expected to be recognized						1 year
Pay-out for the awards granted								98.70%
Grant date deemed probable to vest						$ 2,259
Employee stock purchase plan description						In January 2022, the Company's Compensation & Talent Committee terminated the Prior ESPP with an effective date of February 28, 2022
Incentive Stock Options [Member] | President and Chief Operating Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock option equity instruments granted during the period				76,868
Grant date fair value				$ 2,900
Share-based compensation arrangement by share-based payment award award vesting date				Jan. 22, 2024
Fair value assumptions, Risk free interest rate				2.60%
Fair value assumptions, Volatility rate				25.80%
Fair value assumptions, Dividend yield rate				0.80%
Share-based compensation arrangement by share-based payment award, options expiry date				Jul. 22, 2024
Incentive Stock Options [Member] | President and Chief Operating Officer [Member] | Range One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value option granted				$ 272.88
Number of stock option equity instruments granted during the period				35,679
Percentage of fair market value of the common stock on the grant date				125%
Incentive Stock Options [Member] | President and Chief Operating Officer [Member] | Range Two [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value option granted				$ 294.71
Number of stock option equity instruments granted during the period				41,189
Percentage of fair market value of the common stock on the grant date				135%
Incentive Stock Options [Member] | Chief Executive Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock option equity instruments granted during the period					148,524
Grant date fair value					$ 5,500
Share-based compensation arrangement by share-based payment award award vesting date					Nov. 08, 2023
Fair value assumptions, Risk free interest rate					3.10%
Fair value assumptions, Volatility rate					25.90%
Fair value assumptions, Dividend yield rate					0.80%
Share-based compensation arrangement by share-based payment award, options expiry date					May 08, 2024
Incentive Stock Options [Member] | Chief Executive Officer [Member] | Range One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value option granted					$ 257.78
Number of stock option equity instruments granted during the period					69,113
Percentage of fair market value of the common stock on the grant date					125%
Incentive Stock Options [Member] | Chief Executive Officer [Member] | Range Two [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value option granted					$ 278.40
Number of stock option equity instruments granted during the period					79,411
Percentage of fair market value of the common stock on the grant date					135%
Restricted Stock and Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs related to non-vested						$ 33,500
Weighted-average period over which cost is expected to be recognized						1 year 4 months 24 days
Performance Based Share [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Pay-out ranges, Minimum						0%	0%
Pay-out ranges, Maximum						200%	200%
Number of non-option equity instruments granted during the period		3,986	1,070
Performance Based Share [Member] | Chief Executive Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value					$ 5,500
Share-based compensation arrangement by share-based payment award award vesting date					Nov. 08, 2023
Fair value assumptions, Risk free interest rate					3.10%
Fair value assumptions, Volatility rate					26.10%
Fair value assumptions, Dividend yield rate					0.80%
Number of non-option equity instruments granted during the period					37,742
Performance Based Share [Member] | Chief Executive Officer [Member] | Range One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of non-option equity instruments granted during the period					17,942
Fair value per share on the grant date					$ 257.78
Percentage of fair market value of the common stock on the grant date					125%
Performance Based Share [Member] | Chief Executive Officer [Member] | Range Two [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of non-option equity instruments granted during the period					19,800
Fair value per share on the grant date					$ 278.40
Percentage of fair market value of the common stock on the grant date					135%
Performance Based Share [Member] | Chief Operating Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value				$ 2,900
Share-based compensation arrangement by share-based payment award award vesting date		Mar. 01, 2025	Aug. 01, 2024	Jan. 22, 2024
Fair value assumptions, Risk free interest rate				2.60%
Fair value assumptions, Volatility rate				25.90%
Fair value assumptions, Dividend yield rate				0.80%
Number of non-option equity instruments granted during the period				18,914
Performance Based Share [Member] | Chief Operating Officer [Member] | Range One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of non-option equity instruments granted during the period				8,969
Fair value per share on the grant date				$ 272.88
Percentage of fair market value of the common stock on the grant date				125%
Performance Based Share [Member] | Chief Operating Officer [Member] | Range Two [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of non-option equity instruments granted during the period				9,945
Fair value per share on the grant date				$ 294.71
Percentage of fair market value of the common stock on the grant date				135%
Employees Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant under the stock incentive plan	121,221
Period vested for option grants						1 year
Percentage of fair market value of the common stock on the grant date	15%
Number of non-option equity instruments granted during the period						483	806	729
Percentage of shares grant to participants						20%
Employee contribution on purchase of common stock	$ 2,000
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period vested for option grants						3 years
Options Expiration Period						6 years
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period vested for option grants						5 years
Options Expiration Period						10 years

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 28,176	$ 26,002	$ 24,410
Employees [Member] | Restricted Stock and Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	24,593	23,041	21,310
Employees [Member] | Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	3,583	2,961	3,100
Non-Employee Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	29,864	27,314	25,613
Non-Employee Directors [Member] | Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 1,688	$ 1,312	$ 1,203

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Assumptions Used for the Black-Scholes Option-Pricing Model to Determine the Per Share Weighted Average Fair Value for Options Granted (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Expected life (years)	5 years	5 years	5 years
Risk-free interest rate	1.50%	0.40%	1.60%
Expected volatility	32.60%	31.20%	26.80%
Expected dividend yield	0.70%	0.40%	0.60%

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Number of Shares, Beginning balance	312,753	387,372	550,591
Number of Shares, Granted	23,904	17,897	13,900
Number of Shares, Canceled	(1,646)	(616)	(218)
Number of Shares, Exercised	(28,758)	(91,900)	(176,901)
Number of Shares, Ending Balance	306,253	312,753	387,372
Number of Shares, Exercisable	42,119
Weighted Average Exercise Price, Beginning Balance	$ 274.35	$ 223.60	$ 175.16
Weighted Average Exercise Price, Granted	352.15	517.88	368.10
Weighted Average Exercise Price, Canceled	421.08	394.77	307.52
Weighted Average Exercise Price, Exercised	157.08	107.05	84.07
Weighted Average Exercise Price, Ending Balance	290.65	$ 274.35	$ 223.60
Weighted Average Exercise Price, Exercisable	$ 276.35
Remaining Contractual Term, Outstanding at December 31, 2022	1 year 10 months 24 days
Remaining Contractual Term, Exercisable at December 31, 2022	1 year 10 months 24 days
Intrinsic Value, Exercised	$ 3,597
Intrinsic Value, Ending Balance	3,971
Intrinsic Value, Exercisable	$ 2,259

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans - Schedule of Estimated, Target and Maximum Share Payouts (Details)	Dec. 31, 2022 shares
January 15, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Date	Jan. 15, 2020
2021 Estimate	11,915
Target	12,298
Maximum	18,447
January 15, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Date	Jan. 15, 2021
2021 Estimate	8,776
Target	12,185
Maximum	24,370
August 1, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Date	Aug. 01, 2021
2021 Estimate	969
Target	1,070
Maximum	2,140
January 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Date	Jan. 31, 2022
2021 Estimate	15,701
Target	18,155
Maximum	36,310
March 1, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Date	Mar. 01, 2022
2021 Estimate	3,447
Target	3,986
Maximum	7,972

Stock-Based Compensation Plan_7

Stock-Based Compensation Plans - Restricted Stock and Performance Share Activity (Detail) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Shares, Beginning balance	162,610	230,647	346,032
Number of Restricted Shares, Granted	72,861	47,142	38,907
Number of Restricted Shares, Performance share pay-out	0	0	19,401
Number of Restricted Shares, Canceled	(8,513)	(3,911)	(3,480)
Number of Restricted Shares, Vested	(64,602)	(111,268)	(170,213)
Number of Restricted Shares, Ending balance	162,356	162,610	230,647
Weighted Average Grant Date Fair Value, Beginning balance	$ 316.56	$ 224.63	$ 154.27
Weighted Average Grant Date Fair Value, Ending balance	$ 321.04	$ 316.56	$ 224.63

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Weighted Average Shares Outstanding Used to Compute Earnings Per Share (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Basic weighted average shares outstanding	37,468,000	37,508,000	37,359,000
Dilutive effect of stock options and restricted stock	175,000	589,000	785,000
Diluted weighted average shares outstanding	37,643,000	38,097,000	38,144,000
Basic earnings per share	$ 6.68	$ 6.88	$ 8.01
Diluted earnings per share	$ 6.65	$ 6.77	$ 7.85

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock Options and Restricted Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stock options and restricted stock excluded from the computation of diluted earnings per share	310,447	41,240	21,127

Credit Agreements and Short-t_2

Credit Agreements and Short-term Financing - Additional Information (Detail) - USD ($)			1 Months Ended	12 Months Ended
	Oct. 15, 2021	Nov. 13, 2020	Oct. 31, 2015	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Line Of Credit Facility [Line Items]
Revolving loans and letters of credit			$ 100,000,000
Expiration period of credit agreement			Nov. 13, 2020
Interest expense on borrowings				$ 0	$ 100,000	$ 100,000
Line of credit facility, description				On October 15, 2021, the Company replaced the 2020 Credit Agreement with a new three-year revolving credit facility (the “2021 Credit Agreement”) provided by a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent,
Interest expense on short-term debt				$ 400,000	800,000	300,000
Outstanding overdrafts payable				0
Collateralized Agreement [Member]
Line Of Credit Facility [Line Items]
Maximum available borrowings to subsidiary under agreement				200,000,000
Outstanding borrowings under agreement				0
Unused borrowing capacity, amount under agreement				$ 200,000,000
Collateralized Agreement [Member] | Base Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate, stated percentage				1%
Prior Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Period of credit agreement		1 year
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Revolving loans and letters of credit	$ 500,000,000	$ 500,000,000
Expiration period of credit agreement	Oct. 15, 2024
Period of credit agreement	3 years			364 days
Letter of credit outstanding				$ 0
Amount available under credit agreement				500,000,000
Additional borrowings under credit agreement				250,000,000
Interest expense on borrowings				$ 300,000	$ 0	$ 800,000
Standby Letters of Credit [Member]
Line Of Credit Facility [Line Items]
Sub-limit for letter of credit	$ 5,000,000	$ 5,000,000

Leases - Additional Information

Leases - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022
Lessee Lease Description [Line Items]
Operating lease, option to extend	Certain leases contain options to extend the initial term at the Company’s discretion
Operating lease, existence of option to extend [true false]	true
Minimum [Member]
Lessee Lease Description [Line Items]
Term of lease contract	1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Term of lease contract	15 years

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease Cost [Line Items]
Net lease cost	$ 13,175	$ 13,190	$ 13,465
Other, net [Member]
Lease Cost [Line Items]
Operating lease cost for subleased/assigned properties	469	2,054	2,404
Sublease income for subleased/assigned properties	(405)	(2,079)	(2,420)
Occupancy [Member]
Lease Cost [Line Items]
Operating lease cost	13,015	13,202	13,455
Variable lease costs	$ 96	$ 13	$ 26

Leases - Summary of Weighted Av

Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term (in years)	10 years 7 months 6 days	11 years 6 months
Weighted average discount rate	5.90%	5.90%

Leases - Schedule of Maturity o

Leases - Schedule of Maturity of Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 11,001
2024	11,481
2025	11,289
2026	10,790
2027	8,464
2028 and thereafter	59,630
Total lease payments	112,655
Less: imputed interest	29,979
Present value of lease liabilities	$ 82,676	$ 88,425

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Settlement days of bond transaction	within one to two trading days

Segment and Geographic Inform_3

Segment and Geographic Information - Additional Information (Detail) - Segment	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues From External Customers And Long Lived Assets [Line Items]
Number of operating segment	1
Geographic Concentration Risk [Member] | Total Revenue and Long-lived Assets [Member] | United Kingdom [Member]
Revenues From External Customers And Long Lived Assets [Line Items]
Concentration Risk, Percentage	10%	10%	10%

Segment and Geographic Inform_4

Segment and Geographic Information - Summary of Revenue and Long-lived Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 718,300	$ 698,951	$ 689,125
Long-lived assets	100,256	96,061
Americas [Member]
Segment Reporting Information [Line Items]
Revenues	581,935	568,918	583,164
Long-lived assets	82,008	75,328
Europe [Member]
Segment Reporting Information [Line Items]
Revenues	119,112	110,068	89,751
Long-lived assets	17,723	20,547
Asia [Member]
Segment Reporting Information [Line Items]
Revenues	17,253	19,965	$ 16,210
Long-lived assets	$ 525	$ 186

Retirement and Deferred Compe_2

Retirement and Deferred Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Contribution to defined plans	$ 6.1	$ 5.8	$ 4
Non-qualified deferred cash incentive plan maximum eligibility percentage of employees	100%
Mutual fund investments and deferred compensation obligation, at fair value	$ 9.4	$ 11.2

Cash and Cash Equivalents and_3

Cash and Cash Equivalents and Restricted Cash - Summary of Reconciliation of Cash and Cash Equivalents with Restricted or Segregated Cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 430,746	$ 506,735
Cash segregated under federal regulations	50,947	50,159
Deposits with clearing organizations and broker-dealers	88,923	68,565
Total	572,664	625,567	$ 608,050
Cash and Cash Equivalents [Member]
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	430,746	506,735	460,858
Cash Segregated under Federal Regulations and Other [Member]
Cash And Cash Equivalents [Line Items]
Cash segregated under federal regulations	50,947	50,159	50,059
Receivables from Broker-Dealers, Clearing Organizations and Customers [Member]
Cash And Cash Equivalents [Line Items]
Deposits with clearing organizations and broker-dealers	88,923	68,565	97,043
Prepaid Expenses and Other Assets [Member]
Cash And Cash Equivalents [Line Items]
Other deposits	$ 2,048	$ 108	$ 90

Parent Company Information - Co

Parent Company Information - Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 430,746	$ 506,735
Investments, at fair value	83,792	36,078
Accounts receivable	78,450	63,881
Intangible assets, net of accumulated amortization	98,065	116,377
Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization	100,256	96,061
Operating lease right-of-use assets	66,106	70,960
Prepaid expenses and other assets	68,289	27,066
Total assets	1,607,775	1,530,452
Liabilities
Accrued employee compensation	56,302	59,719
Income and other tax liabilities	28,448	40,456
Accounts payable, accrued expenses and other liabilities	55,263	71,218
Operating lease liabilities	82,676	88,425
Total liabilities	526,682	489,143
Stockholders' equity
Preferred stock	0	0
Common stock	123	123
Additional paid-in capital	345,468	330,262
Treasury stock	328,326	232,712
Retained earnings	1,101,525	956,966
Accumulated other comprehensive loss	(37,697)	(13,330)
Total stockholders' equity	1,081,093	1,041,309	$ 955,061	$ 770,091
Total liabilities and stockholders' equity	1,607,775	1,530,452
MarketAxess Holdings Inc. (Parent) [Member]
ASSETS
Cash and cash equivalents	43,909	61,820
Investments, at fair value	5,343	6,327
Accounts receivable	769	0
Receivable from subsidiaries	8,962	3,488
Intangible assets, net of accumulated amortization	23	25
Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization	19,557	21,596
Operating lease right-of-use assets	57,402	60,753
Investments in subsidiaries	985,222	982,029
Prepaid expenses and other assets	41,511	4,810
Income and other tax receivable	11,474	1,763
Total assets	1,174,172	1,142,611
Liabilities
Accrued employee compensation	9,693	11,065
Income and other tax liabilities	12	5,026
Accounts payable, accrued expenses and other liabilities	11,087	9,233
Operating lease liabilities	72,287	75,978
Total liabilities	93,079	101,302
Stockholders' equity
Preferred stock	0	0
Common stock	123	123
Additional paid-in capital	345,468	330,262
Treasury stock	(328,326)	(232,712)
Retained earnings	1,101,525	956,966
Accumulated other comprehensive loss	(37,697)	(13,330)
Total stockholders' equity	1,081,093	1,041,309
Total liabilities and stockholders' equity	1,174,172	1,142,611
Series A Preferred Stock [Member]
Stockholders' equity
Preferred stock	0	0
Series A Preferred Stock [Member] | MarketAxess Holdings Inc. (Parent) [Member]
Stockholders' equity
Preferred stock	$ 0	$ 0

Parent Company Information - _2

Parent Company Information - Condensed Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Expenses
Employee compensation and benefits	$ 182,104	$ 170,916	$ 156,885
Depreciation and amortization	61,446	53,447	35,996
Professional and consulting fees	33,949	41,925	32,304
General and administrative	19,200	14,501	12,697
Total expenses	391,424	361,716	314,397
Operating income (loss)	326,876	337,235	374,728
Other income (expense)
Interest income	5,040	401	2,446
Interest expense	(700)	(842)	(1,142)
Other, net	5,946	(2,871)	(1,673)
Total other income (expense)	11,412	(3,312)	(369)
Benefit from income taxes	88,064	76,035	74,982
Net income	250,224	257,888	299,377
Comprehensive income	225,857	249,208	304,997
MarketAxess Holdings Inc. (Parent) [Member]
Dividends from subsidiaries	257,200	173,000	30,000
Expenses
Employee compensation and benefits	17,655	17,887	19,710
Depreciation and amortization	2,136	2,123	2,068
Professional and consulting fees	5,528	7,081	7,332
General and administrative	3,081	3,620	2,723
Total expenses	28,400	30,711	31,833
Operating income (loss)	228,800	142,289	(1,833)
Other income (expense)
Interest income	272	132	2,799
Interest expense	(271)	0	(805)
Equity in earnings of unconsolidated affiliate	1,126	0	0
Other, net	(2,633)	(2,950)	(318)
Total other income (expense)	(1,506)	(2,818)	1,676
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries	227,294	139,471	(157)
Benefit from income taxes	(7,710)	(6,472)	(23,444)
Income before equity in undistributed income of subsidiaries	235,004	145,943	23,287
Equity in undistributed income of subsidiaries	15,220	111,945	276,090
Net income	250,224	257,888	299,377
Other comprehensive income (loss), net	(24,367)	(8,680)	5,620
Comprehensive income	$ 225,857	$ 249,208	$ 304,997

Parent Company Information - _3

Parent Company Information - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income	$ 250,224	$ 257,888	$ 299,377
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	61,446	53,447	35,996
Amortization of operating lease right-of-use assets	5,708	6,799	6,842
Stock-based compensation expense	29,864	27,314	25,613
Deferred taxes	(6,547)	3,118	10,099
Other	555	(466)	(550)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(15,136)	15,598	(18,015)
(Increase) in prepaid expenses and other assets	(4,249)	2,214	(1,977)
(Decrease) increase in accrued employee compensation	(3,417)	(2,607)	14,961
Increase (decrease) in income and other tax liabilities	(4,768)	(5,638)	16,189
Increase (decrease) in accounts payable, accrued expenses and other liabilities	11,384	215	6,006
(Decrease) in operating lease liabilities	(6,373)	(7,001)	(5,788)
Net cash provided by operating activities	289,231	282,091	404,489
Cash flows from investing activities
Acquisitions, net of cash and cash equivalents acquired	0	(17,078)	(23,297)
Acquisition of equity method investment	(34,400)	0	0
Proceeds from maturities and sales	0	0	170,657
Purchases	0	0	(32,865)
Purchases of furniture, equipment and leasehold improvements	(13,142)	(17,493)	(15,010)
Net cash (used in) provided by investing activities	(86,272)	(67,694)	68,867
Cash flows from financing activities
Cash dividend on common stock	(105,942)	(99,792)	(90,566)
Exercise of stock options	672	7,096	4,007
Withholding tax payments on restricted stock vesting and stock option exercises	(23,404)	(33,890)	(42,418)
Repurchases of common stock	(87,540)	(63,189)	(16,135)
Proceeds from short-term borrowings	100,000	70,348	578,356
Repayments of short-term borrowings	(100,000)	(70,348)	(578,356)
Net cash (used in) financing activities	(242,378)	(189,775)	(145,112)
Effect of exchange rate changes on investments	(13,484)	(7,105)	5,553
Cash and cash equivalents including restricted cash
Net increase (decrease) for the period	(52,903)	17,517	333,797
Beginning of period	625,567	608,050	274,253
End of period	572,664	625,567	608,050
Supplemental cash flow information:
Cash paid for income taxes	88,677	70,003	45,046
Cash paid for interest	652	830	1,142
Non-cash investing and financing activity:
Exercise of stock options - cashless	3,845	2,750	10,866
MarketAxess Holdings Inc. (Parent) [Member]
Cash flows from operating activities
Net income	250,224	257,888	299,377
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,136	2,123	2,068
Amortization of operating lease right-of-use assets	3,347	4,484	4,117
Stock-based compensation expense	12,554	12,706	10,834
Deferred taxes	(5,076)	1,712	3,644
Equity in undistributed income of subsidiaries	(15,220)	(111,945)	(276,090)
Other	(441)	0	(671)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(769)	178	(115)
Decrease (increase) in receivable from subsidiaries	(7,931)	(47,371)	25,049
(Increase) in prepaid expenses and other assets	(1,175)	(219)	(1,085)
(Increase) decrease in income and other tax receivables	(9,711)	7,265	(1,240)
(Decrease) increase in accrued employee compensation	(1,372)	824	3,698
Increase (decrease) in income and other tax liabilities	62	(143)	6,676
Increase (decrease) in accounts payable, accrued expenses and other liabilities	443	(607)	(442)
(Decrease) in operating lease liabilities	(3,689)	(4,673)	(4,055)
Net cash provided by operating activities	241,110	215,449	20,339
Cash flows from investing activities
Acquisitions, net of cash and cash equivalents acquired	0	(17,079)
Acquisition of equity method investment	(34,400)	0	0
Investments in subsidiaries	(8,326)
Proceeds from maturities and sales			170,657
Purchases			(32,865)
Purchases of furniture, equipment and leasehold improvements	(96)	(198)	(337)
Net cash (used in) provided by investing activities	(42,822)	(17,277)	137,455
Cash flows from financing activities
Cash dividend on common stock	(105,942)	(99,791)	(90,566)
Exercise of stock options	672	7,096	4,007
Withholding tax payments on restricted stock vesting and stock option exercises	(23,404)	(33,890)	(42,418)
Repurchases of common stock	(87,540)	(63,189)	(16,135)
Proceeds from short-term borrowings	100,000		348,000
Repayments of short-term borrowings	100,000		(348,000)
Net cash (used in) financing activities	(216,214)	(189,774)	(145,112)
Effect of exchange rate changes on investments	15	(2,324)	(5,176)
Cash and cash equivalents including restricted cash
Net increase (decrease) for the period	(17,911)	6,073	7,506
Beginning of period	61,820	55,747	48,241
End of period	43,909	61,820	55,747
Supplemental cash flow information:
Cash paid for income taxes	65,764	41,103	32,674
Cash paid for interest	271		805
Non-cash investing and financing activity:
Exercise of stock options - cashless	3,845	2,750	10,866
Mutual Funds Held In Rabbi Trust [Member]
Changes in operating assets and liabilities:
(Increase) decrease in trading investments	1,813	(2,306)	(2,671)
Mutual Funds Held In Rabbi Trust [Member] | MarketAxess Holdings Inc. (Parent) [Member]
Changes in operating assets and liabilities:
(Increase) decrease in trading investments	$ 984	$ (1,516)	$ (1,328)