As previously reported, Raymond James downgraded MarketAxess to Market Perform from Outperform. Analyst Patrick O'Shaughnessy said competitor Tradeweb appears to be gaining share with a Q4 50bps increase quarter-over-quarter versus MarketAxess's 40bps increase quarter over quarter and estimates Tradeweb made positive gains in the US high-yield bond market versus a decline for MarketAxess. The analyst believes Tradeweb's growing credibility as a competitor could impact investors' assumptions about MarketAxess' future share gains, making it more difficult to maintain a premium valuation.