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The 2016 Trading Technology 40: Nicholas Themelis

No. 13 Nicholas Themelis, MarketAxess Holdings

Nicholas Themelis
Chief Information Officer
MarketAxess Holdings
Last 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 40

1. Raymond Tierney III
2. Richard Prager
3. Chris Isaacson
BATS Global Markets
4. Jonathan Ross
KCG Holdings
5. Bradley Peterson
6. Brad Levy
7. Dan Keegan
8. Ronald DePoalo
Fidelity Institutional
9. Raj Mahajan
Goldman Sachs Group
10. Ari Studnitzer
CME Group
11. Mayur Kapani
Intercontinental Exchange
12. Gerald O’Connell
CBOE Holdings
13. Nicholas Themelis
MarketAxess Holdings
14. Gil Mandelzis
EBS BrokerTec (ICAP)
15. Bill Chow and Richard Leung
Hong Kong Exchanges and Clearing
16. Rob Park
IEX Group
17. Philip Weisberg
Thomson Reuters
18. John Mackay (Mack) Gill
19. Robert Cornish
International Securities Exchange
20. Paul Hamill
Citadel Securities
21. Eric Noll
22. Tyler Moeller and Joshua Walsky
Broadway Technology
23. Rishi Nangalia
REDI Holdings
24. Veronica Augustsson
Cinnober Financial Technology
25. Alasdair Haynes
Aquis Exchange
26. Manoj Narang
Mana Partners
27. Gaurav Suri
28. Robert Sloan
S3 Partners
29. Anton Katz and Stephen Mock
AQR Capital Mgmt
30. Stu Taylor
31. D. Keith Ross Jr.
PDQ Enterprises
32. Donal Byrne
33. Alfred Eskandar
34. R. Cromwell Coulson
OTC Markets Group
35. Masayuki Hosaka
36. Peter Maragos and David Karat
Dash Financial
37. Amar Kuchinad
38. Jennifer Nayar
SR Labs
39. Dave Snowdon
40. Dan Raju

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