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The 2015 Tech 50: Richard McVey

The MarketAxess chairman and CEO jumps to No. 22 on this year’s Tech 50 ranking.

22
Richard McVey
Chairman and Chief Executive Officer
MarketAxess Holdings

In 2012 fixed-income technology innovator MarketAxess Holdings introduced Open Trading, an anonymous, all-to-all model designed to help address the credit markets’ liquidity challenges. Chairman and CEO Richard McVey admits he wasn’t sure back then how it would fly, and Open Trading had its share of outside skeptics. But it has turned out to be a major success driver across product classes for New York–based MarketAxess, which in the first quarter posted record revenue of $77 million, up 21 percent year-over-year, while boosting its share of U.S. high-grade bond trading to 15.6 percent from 13.4 percent. Open Trading, which is a single, inclusive pool for money managers, dealers, hedge funds and other market participants, accounted for 9 percent of MarketAxess activity in the first quarter, compared with 2 percent a year earlier. To put that in perspective, the largest dealer on MarketAxess has an 11 to 12 percent share. “We’re proving that all-to-all trading in corporate bonds works,” says McVey, 55, a former head of fixed-income sales at J.P. Morgan & Co. who has headed MarketAxess since it emerged from the bank’s LabMorgan incubator in 2000. “It’s a valuable new source of liquidity for investors and dealers,” McVey adds. April marked the second anniversary of an Open Trading alliance with BlackRock (see Robert Goldstein, No. 5), which early this year was extended to Europe. A pickup in volatility that began late last year “is driving investors and dealers to the MarketAxess platform,” McVey says. “They get busy, and they know they can move risk here.”

See the full story, “The 2015 Tech 50: Racers to the Edge.”


The 2015 Tech 50

1. Jeffrey Sprecher
Intercontinental Exchange
2. Catherine Bessant
Bank of America Corp.
3. Phupinder Gill
CME Group
4. Lance Uggla
Markit
5. Robert Goldstein
BlackRock
6. Shawn Edwards &
Vlad Kliatchko
Bloomberg
7. R. Martin Chavez
Goldman Sachs Group
8. Deborah Hopkins
Citi Ventures
9. Stephen Neff
Fidelity Investments
10. Adena Friedman
Nasdaq OMX Group
11. David Craig
Thomson Reuters
12. Daniel Coleman
KCG Holdings
13. Michael Spencer
ICAP
14. Michael Bodson
Depository Trust & Clearing Corp.
15. Charles Li
Hong Kong Exchanges and Clearing
16. Chris Concannon
BATS Global Markets
17. Christopher Perretta
State Street Corp.
18. Antoine Shagoury
London Stock Exchange Group
19. Kevin Rhein
Wells Fargo & Co.
20. Neil Katz
D.E. Shaw & Co.
21. Lee Olesky
Tradeweb Markets
22. Richard McVey
MarketAxess Holdings
23. Seth Merrin
Liquidnet Holdings
24. Robert Alexander
Capital One Financial Corp.
25. Frank Bisignano
First Data Corp.
26. John Marcante
Vanguard Group
27. Joseph Squeri
Citadel
28. Lou Eccleston
TMX Group
29. Claude Honegger
Credit Suisse
30. Chris Corrado
MSCI
31. David Gledhill
DBS Bank
32. John Bates
Software AG
33. Michael Cooper
BT Radianz
34. Gary Scholten
Principal Financial Group
35. Sunil Hirani
trueEX Group
36. Hauke Stars
Deutsche BÖrse
37. Brian Conlon
First Derivatives
38. Jim Minnick
eVestment
39. Lars Seier Christensen & Kim Fournais
40. Tyler Kim
MaplesFS
41. Jim McGuire
Charles Schwab Corp.
42. Steven O'Hanlon
Numerix
43. Sebastián Ceria
Axioma
44. Yasuki Okai
NRI Holdings America
45. Stephane Dubois
Xignite
46. Mazy Dar
OpenFin
47. Brian Sentance
Xenomorph Software
48. Mas Nakachi
OpenGamma
49. John Lehner
BNY Mellon Technology Solutions Group
50. Jock Percy
Perseus

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