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The 2017 Tech 40: Richard McVey

  • By Peter Vasiliev

23. Richard McVey
Chairman and Chief Executive Officer
MarketAxess Holdings
Last 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 40
1. Adena Friedman
NASDAQ
2. Catherine Bessant
Bank of
America Corp.
3. Robert Goldstein
BlackRock
4. Jeffrey Sprecher
Intercontinental Exchange
5. Lance Uggla
IHS Markit
6. Shawn Edwards & Vlad Kliatchko
Bloomberg
7. David Craig
Thomson Reuters
8. Michael Spencer
NEX Group
9. Don Callahan
Citigroup
10. Elisha Wiesel
Goldman Sachs Group
11. Michael Bodson
Depository Trust & Clearing Corp.
12. Terrence Duffy
CME Group
13. Charles Li
Hong Kong Exchanges and Clearing
14. Sean Belka
Fidelity Investments
15. Chris Concannon
CBOE Holdings
16. Guy Chiarello
First Data Corp.
17. Steven Lieblich
Citadel
18. David Rutter
R3CEV
19. Blythe Masters
Digital Asset Holdings
20. Alfred Spector
Two Sigma Investments
21. Neil Katz
D.E. Shaw Group
22. Lee Olesky
Tradeweb Markets
23. Richard McVey
MarketAxess Holdings
24. David Gledhill
DBS Bank
25. Seth Merrin
Liquidnet Holdings
26. Antoine Shagoury
State Street Corp.
27. Peter Brown &
Robert Mercer
Renaissance Technologies
28. Lou Eccleston
TMX Group
29. Peter Cherecwich
Northern Trust Corp.
30. Mike Chinn
S&P Global Market Intelligence
31. Chris Corrado
London Stock Exchange Group
32. Neal Pawar
AQR Capital Management
33. Gary Norcross
Fidelity National Information Services
34. Steven O'Hanlon
Numerix
35. Sebastián Ceria
Axioma
36. Brian Conlon
First Derivatives and Kx Systems
37. Tyler Kim
MaplesFS
38. Michael Cooper
BT Radianz
39. Robert Schifellite
Broadridge Financial Solutions
40. Jim Minnick
eVestment

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