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The 2017 Tech 40: Richard McVey

< The 2017 Tech 4023. Richard McVeyChairman and Chief Executive OfficerMarketAxess HoldingsLast year: 21

In the first quarter of 2017, MarketAxess Holdings increased its share of U.S. high-grade corporate bond trading volume to 15.9 percent, a full percentage point higher than in the 2016 period. The steadily rising market-share measure is just one of many indicators of sustained momentum at the fixed-income platform operator that then-J.P. Morgan managing director Richard McVey founded in 2000. The flip side of 15.9 percent is the vast majority of trading that has yet to go electronic. "Our job is to keep enhancing the trading system and make it easy for people to trade electronically," says McVey, 57, chair and CEO since the firm's inception. He says that MarketAxess, which went public in 2004 and staked out a leadership position in corporates, is making progress across all four of its core product areas: high grade, high yield, Eurobonds, and emerging markets. He notes that "a lot of companies in our space have struggled" in attempting to serve a "complicated and fragmented market" that has chronic liquidity issues. With 1,200 institutional investors and broker-dealers on the network, MarketAxess is reaping the benefits of investing profits back into the business — first-quarter pretax income rose 25 percent year-over-year, to $56 million, and revenue 17 percent, to $104 million, both records — and building on a home-grown technology foundation that rivals cannot match, McVey contends.

 The 2017 Tech 40Click below to view profiles
1. Adena FriedmanNASDAQ2. Catherine BessantBank of
America Corp.3. Robert GoldsteinBlackRock4. Jeffrey SprecherIntercontinental Exchange5. Lance UgglaIHS Markit
6. Shawn Edwards & Vlad KliatchkoBloomberg7. David CraigThomson Reuters8. Michael SpencerNEX Group9. Don CallahanCitigroup10. Elisha WieselGoldman Sachs Group
11. Michael BodsonDepository Trust & Clearing Corp.12. Terrence DuffyCME Group13. Charles LiHong Kong Exchanges and Clearing14. Sean BelkaFidelity Investments15. Chris ConcannonCBOE Holdings
16. Guy ChiarelloFirst Data Corp.17. Steven LieblichCitadel18. David RutterR3CEV19. Blythe MastersDigital Asset Holdings20. Alfred SpectorTwo Sigma Investments
21. Neil KatzD.E. Shaw Group22. Lee OleskyTradeweb Markets23. Richard McVeyMarketAxess Holdings24. David GledhillDBS Bank25. Seth MerrinLiquidnet Holdings
26. Antoine ShagouryState Street Corp.27. Peter Brown &
Robert Mercer
Renaissance Technologies28. Lou EcclestonTMX Group29. Peter CherecwichNorthern Trust Corp.30. Mike ChinnS&P Global Market Intelligence
31. Chris CorradoLondon Stock Exchange Group32. Neal PawarAQR Capital Management33. Gary NorcrossFidelity National Information Services34. Steven O'HanlonNumerix35. Sebastián CeriaAxioma
36. Brian ConlonFirst Derivatives and Kx Systems37. Tyler KimMaplesFS38. Michael CooperBT Radianz39. Robert SchifelliteBroadridge Financial Solutions40. Jim MinnickeVestment