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27
Richard McVey
Chairman and Chief Executive Officer
MarketAxess Holdings
Last year: 28

The crisis year 2008 was as challenging for MarketAxess Holdings as for any firm operating in the capital markets. "Revenues were flat, and volume and market share dropped," recalls Richard McVey, chairman and CEO. Yet, he notes, the New York–based trading platform for fixed-income securities was "still profitable." MarketAxess had proved its staying power. Today its share price, which fell as low as $3.96 in October 2008, is above $25. This year's first quarter was the company's first with $50 million in revenue, and 2012 is on pace to break last year's record of $181 million. Launched in 2000 as an incubation project of J.P. Morgan & Co., where McVey was head of North America fixed-income sales, MarketAxess has absorbed other shocks, including the Internet bubble and troughs in the bond market. McVey, 52, credits a "collaborative, no-excuses culture" that keeps the 240 employees focused on how to capitalize on market structure changes that generate demand for electronic trading. Growth opportunities include core products such as high-yield corporates, where Market­Axess' market share is 12 percent, and credit default swaps, for which the company is poised to meet regulatory specifications as a swap execution facility. "We think trends will keep moving in our direction," says McVey.