• MarketAxess Holdings average operating margin for 2023 was 43.7%, a 5% decline from 2022.
• MarketAxess Holdings average operating margin for 2022 was 46%, a 10.42% decline from 2021.
• MarketAxess Holdings average operating margin for 2021 was 51.35%, a 2.17% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.