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The 2015 Trading Technology 40: Nicholas Themelis

#15 Nicholas Themelis, Chief Information Officer, MarketAxess Holdings

15
Nicholas Themelis
Chief Information Officer
MarketAxess Holdings

MarketAxess Holdings has an answer for the bond market’s liquidity woes: Open Trading, a protocol introduced in 2012, “provides all participants a way to interact with each other for the first time,” says Nicholas Themelis, chief information officer of the New York–based company. “We’re changing the world.” The anonymous, all-to-all trading functionality may be compelling — “those connectivity points [among dealers and money managers] just didn’t exist in the past,” the 51-year-old explains — but the take-up is gradual. MarketAxess, which according to research firm Greenwich Associates handles 86 percent of electronic trading in corporate bonds, is executing just 6 percent of its transactions through Open Trading. “Why couldn’t it be 15 percent or 40 percent?” asks the upbeat Themelis. His answer: While “lots of companies are talking” about structural fixes, “we’re proving this works. We’re able to leverage the community we’ve built and connect liquidity pockets wherever they may be.” Formed in 2000 and a public company since 2004, MarketAxess reported a record $767 billion in total trading volume last year; its $475 billion U.S. high-grade volume accounted for 14.5 percent of that part of the market. Themelis, who joined MarketAxess in 2004 and previously held regional CIO positions at Barclays Capital and Lehman Brothers Holdings, is currently focusing on the first-quarter launch of Open Trading in Europe and on growing demand for data services. “Participants want more data and context around the market before they are comfortable putting in a price,” he notes.

See also Themelis's profile in the 2013 Trading Technology 40.

The 2015 Trading Technology 40

1
2
3
4
5
Kevin Kometer
CME Group
Richard Prager
BlackRock
Raymond Tierney III
Bloomberg Tradebook
Jonathan Ross
KCG Holdings
Charles Vice
Intercontinental Exchange
6
7
8
9
10
Chris Isaacson
BATS Global Markets
Bradley Peterson
Nasdaq OMX Group
Brad Levy
MarkitSERV
Dan Keegan
Citi
Ronald DePoalo
Fidelity Institutional
11
12
13
14
15
Gerard Beatty
Goldman Sachs Group
Gerald O'Connell
CBOE Holdings
Brenda Hoffman
TMX Group
Billy Hult
Tradeweb Markets
Nicholas Themelis
MarketAxess Holdings
16
17
18
19
20
Bina Kalola
Bank of America Merrill Lynch
Gil Mandelzis
EBS-BrokerTec (ICAP)
Steven Randich
Financial Industry Regulatory Authority
Jerry Dobner
GFI Group
Michael Liberman
BlueMountain Capital Management
21
22
23
24
25
Bill Chow and Richard Leung
Hong Kong Exchanges and Clearing
Jamie Selway
Investment Technology Group
Brad Katsuyama
IEX Group
John Mackay (Mack) Gill
MillenniumIT
Jamil Nazarali
Citadel Execution Services
26
27
28
29
30
Robert Cornish
International Securities Exchange
Tyler Moeller andJoshua Walksy
Broadway Technology
Rishi Nangalia
REDI Holdings
Manoj Narang
Tradeworx,
Thesys Technologies
Oki Matsumoto
Monex Group
31
32
33
34
35
Alasdair Haynes
Aquis Exchange
Veronica Augustsson
Cinnober Financial Technology
Stu Taylor
Algomi
Luís Otávio Saliba Furtado
BM&FBovespa
Tal Cohen
Chi-X Global Holdings
36
37
38
39
40
Donal Byrne
Corvil
R. Cromwell Coulson
OTC Markets Group
Alfred Eskandar
Portware
Richard Korhammer
SR Labs
Hazem Dawani
OptionsCity Software


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