WIDE MOAT STOCKS COMPARISON

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Stock Comparison

MarketAxess Holdings Inc. vs Tradeweb Markets 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)$5.7B
Gross margin (TTM)67.5%
Operating margin (TTM)40.5%
Net margin (TTM)35.2%
SectorFinancials
IndustryFinancial - Capital Markets
CountryUS
Data as of2026-08-23
Moat score
100/ 100

Partial score covering 86% of segment weight.

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

Tradeweb Markets Inc.

TW · Nasdaq Global Select Market

Market cap (USD)$22.6B
Gross margin (TTM)68.1%
Operating margin (TTM)44.1%
Net margin (TTM)40.7%
SectorFinancials
IndustryFinancial - Capital Markets
CountryUS
Data as of2026-08-23
Moat score
87/ 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 Tradeweb Markets Inc.'s moat claims, evidence, and risks.

View TW analysis

Comparison highlights

  • Segment focus: MarketAxess Holdings Inc. has 2 segments (85.6% in Trade Execution Solutions); Tradeweb Markets Inc. has 6 segments (53.3% in Rates).
  • Moat breadth: MarketAxess Holdings Inc. has 3 moat types across 2 domains; Tradeweb Markets Inc. has 2 across 2.

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

85.6%

Tradeweb Markets Inc.

Rates

Market

Electronic dealer-to-client and all-to-all trading in rates (government bonds, mortgages/TBA MBS, interest rate swaps)

Geography

Global

Customer

Institutional, wholesale dealers, and retail via ATS

Role

Electronic marketplace / trading venue

Revenue share

53.3%

Side-by-side metrics

MarketAxess Holdings Inc.
Tradeweb Markets Inc.
Ticker / Exchange
MKTX - NASDAQ Global Select Market
TW - Nasdaq Global Select Market
Market cap (USD)
$5.7B
$22.6B
Gross margin (TTM)
67.5%
68.1%
Operating margin (TTM)
40.5%
44.1%
Net margin (TTM)
35.2%
40.7%
Sector
Financials
Financials
Industry
Financial - Capital Markets
Financial - Capital Markets
HQ country
US
US
Primary segment
Trade Execution Solutions
Rates
Market structure
Oligopoly
Oligopoly
Market share
17.9% (estimated)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
100 / 100 (partial, 86% coverage)
87 / 100
Moat domains
Network, Demand
Network, Demand
Last update
2026-09-05
2026-09-05

Moat coverage

Shared moat types

Two Sided NetworkData Workflow Lockin

MarketAxess Holdings Inc. strengths

Data Network Effects

Tradeweb Markets Inc. strengths

No unique moat types yet.

Segment mix

MarketAxess Holdings Inc. segments

Full profile >

Trade Execution Solutions

Oligopoly

85.6%

Services (Data, Post-Trade and Technology)

Competitive

14.4%

Tradeweb Markets Inc. segments

Full profile >

Rates

Oligopoly

53.3%

Credit

Oligopoly

23.8%

Equities

Competitive

6.2%

Money Markets

Oligopoly

8.5%

Market Data

Competitive

6.5%

Other

Competitive

1.8%

Act on this comparison

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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.