Shares declined 0.9% following earnings, reflecting investor caution despite record revenues and volume growth, likely due to concerns over softer April trading volumes, market share pressure from new issuance, and cautious outlook on near-term trading trends.

• Total revenue rose 12% to a record $233 million, driven by strong growth (20%) outside U.S. credit and sustained momentum in new initiatives contributing roughly half of incremental revenue.
• Trading ADV reached record highs, supporting record commission revenue and double-digit growth in variable transaction revenue across credit products and U.S. treasuries.
• Emerging markets franchise expanded significantly, with 30% volume growth and increased client participation, contributing 68% of credit incremental commission revenue over the trailing 12 months.
• U.S. high-grade market share declined in April, impacted by historically high new issuance activity and inflated TRACE volumes from duplicate reports; adjustments suggest share erosion was partially artificial.
• Management highlighted a challenging April with declining trading volumes due to lower volatility and tighter credit spreads, signaling potential near-term deceleration despite longer-term strategic investments and technology advancements.