< The 2014 Tech 50: Moving Out of the Lab and Into the Cloud

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Richard McVey
Chairman and Chief Executive Officer
MarketAxess Holdings
Last year: 26

Bond markets have been through cyclical ups and downs since MarketAxess Holdings’ e-trading platform, led by former J.P. Morgan & Co. head of North American fixed-income sales Richard McVey, emerged from that bank’s LabMorgan incubator in 2000. McVey has maintained a steady hand throughout, as chairman and CEO from the beginning and over MarketAxess’ ten years as a publicly traded company, and his vision and patience are being vindicated: MarketAxess is posting record profits ($107 million pretax in 2013, up 20 percent, on $239 million in revenue) and volumes in its high-grade, high-yield and emerging-markets asset classes. “Our credibility reflects ongoing demand for electronic trading in credit,” says the 54-year-old, at a time of “reduced market-making capacity and liquidity in the secondary markets.” MarketAxess, which in the first quarter of 2014 claimed a 13.4 percent share of the U.S. high-grade market, is applying technology and creativity in what McVey terms “a strategy to embrace new ways of trading credit.” It includes an alliance with BlackRock and a set of “all to all” protocols, called Open Trading, that contrasts with the traditional dealer-to-client model. Last year MarketAxess bolstered its European and posttrade services presence with the £25.3 million ($38.5 million) acquisition of Xtrakter from Brussels-based Euroclear.

 
The 2014 Tech 50


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Dave Cross
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IAN CURCIO 2011
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FayFoto/Boston
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Teri Pengilley
Thomas Secunda
Bloomberg
Jeffrey Sprecher
Intercontinental Exchange
Catherine Bessant
Bank of America Corp.
Stephen Neff
Fidelity Investments
Lance Uggla
Markit
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Photographer:Charlie Simokaitis
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Mark McQueen
Robert Goldstein
BlackRock
David Craig
Thomson Reuters
Phupinder Gill
CME Group
Anna Ewing
NASDAQ
OMX Group
R. Martin Chavez
Goldman Sachs Group
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Christopher Elston
Deborah Hopkins
Citi Ventures
Dan Mathisson
Credit Suisse
Daniel Coleman
KCG Holdings
Michael Spencer
ICAP
Michael Bodson
Depository Trust &
Clearing Corp.
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Todd Plitt
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Joe Ratterman
BATS Global Markets
Dominique Cerutti
Euronext
Ron Levi
GFI Group
Gaurav Suri
D.E. Shaw Group
Charles Li
Hong Kong
Exchanges and
Clearing
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Larry Lettera/ Camera 1
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XT
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Lou Eccleston
S&P Capital IQ
Lee Olesky
Tradeweb Markets
Richard McVey
MarketAxess Holdings
Seth Merrin
Liquidnet Holdings
Antoine
Shagoury

London Stock
Exchange Group
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Production
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Wayne R. Martin
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Thorsten Jansen
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Adam B. Auel
Christopher
Perretta

State Street Corp.
Kevin Rhein
Wells Fargo & Co.
Peter Carr
Morgan Stanley
Hauke Stars
Deutsche Börse
Robert Alexander
Capital One
Financial Corp.
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Paul Elledge
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Stephen Brashear
David Gershon
SuperDerivatives
Chris Corrado
MSCI
Joseph Squeri
Citadel
Tanuja Randery
BT Global Services
John Bates
Software AG
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Photo Credit: Kevin Irby
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Gary Scholten
Principal Financial Group
David Gledhill
DBS Bank
Simon Garland
Kx Systems
Cristóbal Conde
FinTech Innovation Lab
Jeff Parker
EidoSearch
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Jeff Smith Photo
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Kim Fournais &
Lars Seier Christensen

Saxo Bank
Kenneth Marlin
Marlin & Associates
Tyler Kim
MaplesFS
Jim McGuire
Charles Schwab Corp.
Jim Minnick
eVestment
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tomohisa ichiki
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David Poultney
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A.E. Fletcher Photography
Steven O’Hanlon
Numerix
Sebastián Ceria
Axioma
Yasuki Okai
Nomura Research Institute
Niki Beattie
Market Structure Partners
Mas Nakachi
OpenGamma