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.
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| Thomas Secunda Bloomberg | Jeffrey Sprecher Intercontinental Exchange | Catherine Bessant Bank of America Corp. | Stephen Neff Fidelity Investments | Lance Uggla Markit |
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| 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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| 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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| 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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| 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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| 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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| David Gershon SuperDerivatives | Chris Corrado MSCI | Joseph Squeri Citadel | Tanuja Randery BT Global Services | John Bates Software AG |
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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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| 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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| Steven O’Hanlon Numerix | Sebastián Ceria Axioma | Yasuki Okai Nomura Research Institute | Niki Beattie Market Structure Partners | Mas Nakachi OpenGamma |