July 20 (Reuters) - MarketAxess Holdings (MKTX.O) reported a better-than-expected second-quarter profit on Thursday, as a bustling Eurobond market helped offset the hit from a decline in U.S. government bond trading.
The New York-based bond trader reported a profit of $1.59 per share for the three months ended June 30, beating analysts’ estimates of $1.57 per share, according to Refinitiv data.
MarketAxess is an electronic trading platform for institutional investors and broker-dealers to trade corporate bonds and other fixed-income products.
That prompted Eurobond investors to keep rejigging their portfolios, boosting trading volumes for the segment by 30.2% in the second quarter.
However, a 33.1% slump in trading volumes for U.S. government bonds proved a drag.
Persons:
MarketAxess, Sri Hari, Pooja Desai, Maju Samuel
Organizations:
MarketAxess Holdings, The, European Central Bank, U.S . Federal Reserve, Treasury, Sri, Thomson
Locations:
The New York, Washington, Bengaluru