Q2 beat expectations, delivering the best Q2 in company history, driven primarily by platform resilience and growth in fixed income/data businesses. Adjusted EPS of $1.90, net revenue of $2.7B up 5%, recurring revenue of $1.4B up 8%.

Announced acquisition of MarketAxess at $167 per share, expected to be EPS-accretive in year one with $100M in expense synergies. Rates business up 24%, futures/options OI up 20%; ECB rate hikes drove European/UK rates to record highs.

Raised full-year FIDS recurring revenue guidance to 7%-8%; exchange recurring revenue expected to grow at a high single-digit rate; full-year capital expenditures of approximately $850M.

Management is optimistic about AI data monetization, private credit, and fixed income network prospects, but attention should be paid to acquisition integration, peak leverage of 3.4x, and rising expenses.