Technology Crossover Ventures Cuts MarketAxess Stake

Technology Crossover Ventures has cut its stake in MarketAxess Holdings Inc. to 1.9%, Reuters reported. The private equity firm held a reported 5.5% of the company in May, making it one of the largest shareholders. MarketAxess, which has a market value of $914 million, was formed in 2000 by Bear Stearns, Chase Manhattan and J.P. Morgan to create an online multi dealer credit markets platform, Reuters wrote.

(Reuters) – Private equity firm Technology Crossover Ventures reported that it cut its stake in MarketAxess Holdings Inc to 1.9 percent, almost a month after media reports said the electronic bond-trading platform operator could be up for sale.

Technology Crossover Ventures had reported a 5.5 percent stake in MarketAxess in a filing with the U.S. Securities and Exchange Commission in May, making it one of the largest shareholder in the company.

MarketAxess, which has a market value of $914 million, was formed in 2000 by Bear Stearns, Chase Manhattan and J.P. Morgan to create an online multi dealer credit markets platform.

Shares of the company closed at $27.68 on Monday on Nasdaq. (Reporting by Tanya Agrawal in Bangalore; Editing by Viraj Nair)