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The 2016 Trading Technology 40: Nicholas Themelis

< The 2016 Trading Technology 4013Nicholas ThemelisChief Information OfficerMarketAxess HoldingsLast year: 15

How are things going at MarketAxess Holdings? “We’re killing it!” says Nicholas Themelis, chief information officer of the New York–based fixed-income trading platform operator. Much of the enthusiasm these days revolves around Open Trading, the all-to-all protocol MarketAxess launched in 2012 in hopes of widening the circle of platform participants: It’s been gaining momentum amid liquidity concerns in the corporate-bond market. In fourth-quarter 2015, Open Trading’s volume doubled year-over-year, to $27.6 billion, and its liquidity providers, or price makers, increased to 469 from 307; its protocol was used on more than 13 percent of MarketAxess’s combined U.S. high-grade and high-yield volume, up from 7 percent. Much else at publicly held MarketAxess is going through the roof. For full-year 2015 revenue rose 15 percent from the previous year, to $303 million; pretax income jumped 25 percent, to $148 million; total trading volume was up 28 percent, to $979 billion; and MarketAxess’s share of the U.S. high-grade market was 16.8 percent, compared with 14.5 percent. Themelis, 52, points out that the company is making headway in Europe with Trax, a data and posttrade solutions provider that was called Xtrakter when MarketAxess bought it from Euroclear in 2012. “Regulations in Europe are pushing toward electronic trading, which requires good pretrade price transparency,” says Themelis, who joined the company in 2004 and was formerly chief information officer for North America and global head of fixed income technology at Barclays Capital. “With Xtrakter we acquired unique data capabilities, and data is fuel for e-trading.” He adds: “We have global clients. It’s not good enough to be great in the U.S. and just good in other places.”


 2016 Trading Technology 40Click below to view profiles
1. Raymond Tierney IIIBloomberg2. Richard PragerBlackRock3. Chris IsaacsonBATS Global Markets4. Jonathan RossKCG Holdings5. Bradley PetersonNasdaq
6. Brad LevyMarkit7. Dan KeeganCiti8. Ronald DePoaloFidelity Institutional9. Raj MahajanGoldman Sachs Group10. Ari StudnitzerCME Group
11. Mayur KapaniIntercontinental Exchange12. Gerald O’ConnellCBOE Holdings13. Nicholas ThemelisMarketAxess Holdings14. Gil MandelzisEBS BrokerTec (ICAP)15. Bill Chow and Richard LeungHong Kong Exchanges and Clearing
16. Rob ParkIEX Group17. Philip WeisbergThomson Reuters18. John Mackay (Mack) GillMillenniumIT19. Robert CornishInternational Securities Exchange20. Paul HamillCitadel Securities
21. Eric NollConvergex22. Tyler Moeller and Joshua WalskyBroadway Technology23. Rishi NangaliaREDI Holdings24. Veronica AugustssonCinnober Financial Technology25. Alasdair HaynesAquis Exchange
26. Manoj NarangMana Partners27. Gaurav SuriArcesium28. Robert SloanS3 Partners29. Anton Katz and Stephen MockAQR Capital Mgmt30. Stu TaylorAlgomi
31. D. Keith Ross Jr.PDQ Enterprises32. Donal ByrneCorvil33. Alfred EskandarPortware34. R. Cromwell CoulsonOTC Markets Group35. Masayuki HosakaRakuten
36. Peter Maragos and David KaratDash Financial37. Amar KuchinadElectronifie38. Jennifer NayarSR Labs39. Dave SnowdonMetamako40. Dan RajuTradier