MKTX MarketAxess Holdings Inc

On October 14, 2019, MarketAxess Holdings Inc. (the “Company”), as borrower, amended its Amended and Restated Credit Agreement, dated as of October 30, 2015 (as amended, restated, supplemented or otherwise modified prior to October 14, 2019, the “Existing Credit Agreement”, and as modified by the Second Amendment (as defined below), the “Credit Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative agent and the lenders party thereto to, among other things, (1) extend the maturity date under the Credit Agreement to October 19, 2020, (2) remove the consolidated interest coverage financial covenant under the Credit Agreement and (3) add a regulatory net capital financial covenant under the Credit Agreement with respect to MarketAxess Corporation and MarketAxess Capital Limited, the Company’s broker-dealer subsidiaries (the “Second Amendment”). Pursuant to the financial covenant added by the Second Amendment, the Company will not permit the monthly regulatory net capital of these subsidiaries to be less than the amount that is 25% greater than the amount required to meet all net capital requirements imposed by any applicable regulatory authority. Except as amended by the Second Amendment, all other terms and conditions of the Credit Agreement remain in full force and effect.

Pursuant to the Credit Agreement, JPMorgan is committed to lend up to $100.0 million, including the issuance of letters of credit thereunder in its discretion under a revolving credit facility (the “Credit Facility”). As of the date hereof, the Company had $1.0 million in letters of credit outstanding and $99.0 million in available borrowing capacity under the Credit Facility.

The foregoing description of the Second Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Second Amendment, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.