What MCAP does

MCAP Inc. is a U.S.-based public holding company (OTC: MCAP) that, through its wholly-owned subsidiary MCAP LLC — a FINRA- and SIPC-registered broker-dealer — provides principal market making and electronic execution services across global equities and fixed income markets. Founded in 2008 and headquartered in New York with additional offices in Orlando and London, MCAP serves 1,000+ institutional clients including asset managers, broker-dealers, hedge funds, and proprietary trading firms across 50+ global exchanges, 40+ countries, and 22 currencies, processing 500,000+ transactions monthly across 10,000+ securities.

The product portfolio spans three lines: (1) Market Making, where MCAP deploys proprietary capital to provide two-sided liquidity in international equities, ADRs, U.S. Treasuries, Mortgage-Backed Securities, and Certificates of Deposit with 24/5 coverage; (2) Platform Solutions, headlined by QwickRoute — an automated RFQ (aRFQ) auction protocol connecting 50+ institutional clients to 15 liquidity providers, with 92%+ of Q4 2025 executions priced at or inside NBBO and average auction completion in 1.9 seconds — and QwickBonds, a blockchain-integrated digital bond trading platform acquired in February 2023; and (3) Data Analytics, offering real-time and historical execution-quality dashboards. Underlying the platform is a proprietary technology stack including Advanced Market Strategies (AMS), Dynamic Liquidity Provision (DLP), Smart Dealer Selector (SDS), Dynamic Volatility Control (DVC), Adaptive Quote Requirement (AQR), and Custom Algorithmic Solutions (CAS), delivered via FIX, Bloomberg, and API connectivity into client electronic trading workflows.

MCAP generates revenue through three streams: principal trading income from bid-ask spreads (contributing $75M of net trading income in FY2025), platform and transaction fees from QwickRoute and QwickBonds (which grew 140% year-over-year in 2025), and analytics subscriptions. The company employs 11–50 staff, reported FY2025 total revenue of $105M, EBITDA of $21M, and diluted EPS of $0.59, and pays quarterly dividends of $0.10 per share. Its go-to-market is exclusively enterprise direct sales targeting institutional desks, with no disclosed public pricing or reseller channels.

Name

MCAP

Legal name

MCAP Inc.

Website

https://mcapmarkets.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

MCAP Inc. is a public financial technology holding company whose subsidiary MCAP LLC is a FINRA/SIPC-registered broker-dealer providing principal market making in equities and fixed income alongside the QwickRoute aRFQ and QwickBonds electronic execution platforms for institutional clients across 50+ global markets.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Market Making (Principal Trading): MCAP acts as principal liquidity provider, trading with proprietary capital across equities and fixed income. Revenue generated through bid-ask spreads, with net trading income of $75 million in 2025. The company commits its own capital and takes on risk, resulting in principal capacity trading.
2. Platform Solutions (QwickRoute/QwickBonds): Provides advanced trading platforms and algorithmic execution solutions. Platform Solutions division saw 140% revenue increase year-over-year in 2025. Revenue likely generated through platform access fees, transaction fees, or subscription model for institutional clients accessing the aRFQ protocol.
3. Fixed Income Trading: Market making in U.S. Treasuries, Mortgage-Backed Securities, and Certificates of Deposit. Trading conducted on net or principal basis with price mark-ups/down, commission equivalents, and principal spreads. May also receive payment for order flow.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

MCAP is a securities market operator and electronic market maker that provides principal liquidity across equities (including international equities and ADRs) and fixed income (U.S. Treasuries, Mortgage-Backed Securities, Certificates of Deposit), executing more than 500,000 trades per month across 50+ global exchanges. Through its subsidiary MCAP LLC (a registered FINRA/SIPC broker-dealer) and the QwickRoute and QwickBonds platforms, MCAP delivers algorithmic execution, automated RFQ (aRFQ) auction protocols, and data analytics to institutional clients.

Product overview

MCAP offers a unified financial technology platform combining Market Making services (principal liquidity in Equities and Fixed Income) with Platform Solutions (QwickRoute for ETF and equity RFQ execution, QwickBonds for bond market automation). The company's proprietary technology includes algorithmic execution tools, real-time analytics, and connectivity solutions across 50+ global markets serving 1,000+ active clients. The platform processes 500,000+ monthly transactions through intelligent order routing and multi-dealer auction protocols.

Differentiator

Problem solved

Functional benefit

Brands

• QwickRoute: Automated RFQ liquidity platform providing competitive auction-based execution for ETFs and other securities with the aRFQ™ protocol.
• QwickBonds

Products and services

• Market Making MCAP's principal liquidity provision service across Equities and Fixed Income (international equities, ADRs, U.S. Treasuries, MBS, Brokered CDs), using proprietary capital and risk management tools to deliver competitive pricing, tight spreads, and minimal market impact for institutional clients.
• QwickRoute Advanced trading platform providing automated RFQ (aRFQ) liquidity protocols for ETFs and equities, with intelligent order routing, competitive auction execution, connectivity to 15+ liquidity providers, and a client portal for real-time monitoring. Serves 50+ institutional clients with execution analytics.
• QwickBonds Digital bond market platform acquired by MCAP, providing bond trading automation and blockchain integration for fixed income markets.
• Data Analytics Data analytics suite providing real-time and historical trading performance insights, cost metrics, market trend analysis, customizable dashboards, detailed cost analysis, and targeted reporting for best execution evaluation.

Quantifiable outcome

• 92%+ of aRFQ executions priced at or inside NBBO with near-zero market impact
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Virtu Financial: Public global electronic market maker providing liquidity across equities, ETFs, fixed income, and currencies via proprietary technology. Closest publicly traded comparable to MCAP given the overlap in principal market making, multi-asset electronic execution, and platform-style offerings.
• Tradeweb Markets: Leading electronic trading platform for fixed income, ETFs, and derivatives, serving institutional clients globally. Highly comparable to MCAP's fixed income market making, QwickBonds digital bond platform, and institutional execution focus.
• MarketAxess: Electronic trading platform specializing in fixed income, particularly credit. Comparable to MCAP on the platform side — institutional fixed income trading workflows, RFQ-style execution, and analytics offerings that mirror MCAP's QwickBonds and analytics modules.

Broad incumbents

• Citadel Securities: One of the largest global electronic market makers across equities, ETFs, options, and fixed income. Overlaps with MCAP's principal liquidity provision and electronic execution but at significantly greater scale and across a broader asset class footprint.
• Jane Street: Global trading firm with a strong ETF and equities market making franchise. Directly comparable to MCAP's aRFQ ETF and equities market making activities, though with substantially more capital and global reach.
• Hudson River Trading: Quantitative trading firm providing electronic liquidity across equities, futures, options, and fixed income. Comparable to MCAP on the algorithmic/electronic execution side, particularly in equities and ETFs, but at materially larger scale.
• Optiver: Global electronic market maker in equities, ETFs, options, fixed income, and FX. Comparable to MCAP's principal liquidity provision across multiple asset classes and its use of proprietary technology to drive execution quality.
• Two Sigma Securities: Technology-driven trading firm operating across equities, ETFs, and fixed income with a focus on electronic market making and execution. Comparable on the electronic trading and proprietary technology dimensions.

Emerging players

• IEX: U.S. alternative trading system (ATS) focused on improving execution quality for institutional and retail investors. Comparable to MCAP's emphasis on execution quality, multi-dealer liquidity, and best-execution analytics, though at a smaller and more U.S.-centric scale.
• GTS: Electronic market maker focused on ETFs, equities, and fixed income, with a hybrid principal/agency model. Comparable to MCAP's specialist/principal liquidity model and ETF-focused execution capabilities, though with a different scale and client mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mcap-llc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MCAP