MKTX — what changed in the latest 10-Q
A section-by-section comparison of MKTX's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-07 vs the prior 10-Q · 2026-05-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +48 | −21 | ~32 | 64 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~6 | 8 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-07
The 4.2% decrease in our U.S. high-grade volume was principally due to a decrease in our estimated market share. Estimated U.S. high-grade market volume as reported by the FINRA Trade Reporting and Compliance Engine (“TRACE”) increased by 13.2% to $2.8 trillion for the three months ended June 30, 20…
Employee compensation and benefits decreased by $3.1 million, primarily due to lower severance costs and bonus accruals.
Professional and consulting fees increased by $0.8 million, primarily due to higher legal expenses, partially offset by cost-savings initiatives.
Occupancy increased by $0.2 million, primarily due to higher office management and facilities expense.
Marketing and advertising expenses increased by $0.5 million, primarily due to an increase in advertising expense and timing of sales-related events.
Text removed vs the prior filing · source: 10-Q · 2026-05-07
The 10.9% increase in our U.S. high-grade volume was principally due to an increase in estimated market volumes partially offset by a decrease in our estimated market share. Estimated U.S. high-grade market volume as reported by the FINRA Trade Reporting and Compliance Engine (“TRACE”) increased by …
Employee compensation and benefits increased by $8.3 million primarily due to higher salary and benefit cost and higher severance costs, including repositioning charges related to changes in the Company’s management structure.
Marketing and advertising expenses increased by $0.3 million primarily due to higher sales-related travel and entertainment costs.
Clearing costs increased by $0.2 million primarily due to higher trading volumes.
Our other income (expense) for the three months ended March 31, 2026 and 2025, and the resulting dollar and percentage changes, were as follows:
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice