< The 2014 Tech 50: Moving Out of the Lab and Into the Cloud
23
Richard McVey
Chairman and Chief Executive Officer
MarketAxess Holdings
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.
The 2014 Tech 50
1 |
1 |
3 |
4 |
5 |
Thomas Secunda Bloomberg |
Jeffrey Sprecher Intercontinental Exchange |
Catherine Bessant Bank of America Corp. |
Stephen Neff Fidelity Investments |
Lance Uggla Markit |
6 |
7 |
8 |
9 |
10 |
Robert Goldstein BlackRock |
David Craig Thomson Reuters |
Phupinder Gill CME Group |
Anna Ewing NASDAQ OMX Group |
R. Martin Chavez Goldman Sachs Group |
11 |
12 |
13 |
14 |
15 |
Deborah Hopkins Citi Ventures |
Dan Mathisson Credit Suisse |
Daniel Coleman KCG Holdings |
Michael Spencer ICAP |
Michael Bodson Depository Trust & Clearing Corp. |
16 |
17 |
18 |
19 |
20 |
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 |
21 |
22 |
23 |
24 |
25 |
Lou Eccleston S&P Capital IQ |
Lee Olesky Tradeweb Markets |
Richard McVey MarketAxess Holdings |
Seth Merrin Liquidnet Holdings |
Antoine London Stock Exchange Group |
26 |
27 |
28 |
29 |
30 |
Christopher State Street Corp. |
Kevin Rhein Wells Fargo & Co. |
Peter Carr Morgan Stanley |
Hauke Stars Deutsche Börse |
Robert Alexander Capital One Financial Corp. |
31 |
32 |
33 |
34 |
35 |
David Gershon SuperDerivatives |
Chris Corrado MSCI |
Joseph Squeri Citadel |
Tanuja Randery BT Global Services |
John Bates Software AG |
36 |
37 |
38 |
39 |
40 |
Gary Scholten Principal Financial Group |
David Gledhill DBS Bank |
Simon Garland Kx Systems |
Cristóbal Conde FinTech Innovation Lab |
Jeff Parker EidoSearch |
41 |
42 |
43 |
44 |
45 |
Kim Fournais & Saxo Bank |
Kenneth Marlin Marlin & Associates |
Tyler Kim MaplesFS |
Jim McGuire Charles Schwab Corp. |
Jim Minnick eVestment |
46 |
47 |
48 |
49 |
50 |
Steven O’Hanlon Numerix |
Sebastián Ceria Axioma |
Yasuki Okai Nomura Research Institute |
Niki Beattie Market Structure Partners |
Mas Nakachi OpenGamma |