VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

MarketAxess Holdings Inc. vs MSCI Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

MarketAxess Holdings Inc.

MKTX · NASDAQ Global Select Market

Market cap (USD)$6.8B
Gross margin (TTM)72.2%
Operating margin (TTM)40.4%
Net margin (TTM)29.2%
SectorFinancials
IndustryFinancial - Capital Markets
CountryUS
Data as of2025-12-23
Moat score
74/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into MarketAxess Holdings Inc.'s moat claims, evidence, and risks.

View MKTX analysis

MSCI Inc.

MSCI · New York Stock Exchange

Market cap (USD)$40.9B
Gross margin (TTM)82.4%
Operating margin (TTM)54.7%
Net margin (TTM)38.4%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2025-12-28
Moat score
76/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into MSCI Inc.'s moat claims, evidence, and risks.

View MSCI analysis

Comparison highlights

  • Moat score gap: MSCI Inc. leads (76 / 100 vs 74 / 100 for MarketAxess Holdings Inc.).
  • Segment focus: MarketAxess Holdings Inc. has 2 segments (87.1% in Trade Execution Solutions); MSCI Inc. has 4 segments (55.9% in Index).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: MarketAxess Holdings Inc. has 6 moat types across 3 domains; MSCI Inc. has 4 across 3.

Primary market context

MarketAxess Holdings Inc.

Trade Execution Solutions

Market

Electronic fixed-income trade execution platforms (credit and rates)

Geography

Global

Customer

Institutional investors, broker-dealers, and alternative liquidity providers

Role

Electronic trading venue / marketplace operator

Revenue share

87.1%

MSCI Inc.

Index

Market

Investment indexes and index licensing

Geography

Global

Customer

Institutional investors and asset managers

Role

Index provider / benchmark administrator

Revenue share

55.9%

Side-by-side metrics

MarketAxess Holdings Inc.
MSCI Inc.
Ticker / Exchange
MKTX - NASDAQ Global Select Market
MSCI - New York Stock Exchange
Market cap (USD)
$6.8B
$40.9B
Gross margin (TTM)
72.2%
82.4%
Operating margin (TTM)
40.4%
54.7%
Net margin (TTM)
29.2%
38.4%
Sector
Financials
Financials
Industry
Financial - Capital Markets
Financial - Data & Stock Exchanges
HQ country
US
US
Primary segment
Trade Execution Solutions
Index
Market structure
Oligopoly
Oligopoly
Market share
19% (reported)
23%-27% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
74 / 100
76 / 100
Moat domains
Network, Demand, Legal
Network, Demand, Legal
Last update
2025-12-23
2025-12-28

Moat coverage

Shared moat types

Data Workflow LockinCompliance AdvantageSwitching Costs General

MarketAxess Holdings Inc. strengths

Two Sided NetworkData Network EffectsEcosystem Complements

MSCI Inc. strengths

De Facto Standard

Segment mix

MarketAxess Holdings Inc. segments

Full profile >

Trade Execution Solutions

Oligopoly

87.1%

Services (Data, Post-Trade and Technology)

Competitive

12.9%

MSCI Inc. segments

Full profile >

Index

Oligopoly

55.9%

Analytics

Oligopoly

23.6%

Sustainability and Climate

Competitive

11.4%

Private Assets

Competitive

9%

Want the full wide moat stocks list?

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Proven models entering the expansion stage with unit economics that work.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.