UPDATE 1-MarketAxess Q1 profit beats estimates by a cent

* Q1 EPS $0.08 vs est $0.07

* Q1 rev up 7.4 pct to $24.6 mln

* Commission rev up 5.7 pct to $20.4 mln

April 29 (Reuters) - MarketAxess Holdings Inc (MKTX.O), an electronic operator of bond-trading platform, posted quarterly earnings that topped Wall Street estimates by a cent, helped mainly by higher trading volumes and fees.

"Increased trading volumes combined with higher fee capture per million traded resulted in stronger revenue growth, improved margins and higher earnings," Chief Executive Richard McVey said in a statement.

For the first quarter, the company earned $2.8 million, or 8 cents per share, compared with $1.6 million, or 5 cents a share, a year ago.

The company's revenue grew 7.4 percent to 24.6 million while commission revenue, the largest contributor to total revenue, rose 5.7 percent to 20.4 million.

Analysts on average expected earnings of 7 cents a share, before special items, on revenue of $24.19 million, according to Reuters Estimates.

Shares of the company closed at $9.44 Tuesday on the Nasdaq. (Reporting by Santosh Nadgir in Bangalore; Editing by Ratul Ray Chaudhuri)