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 |
凯瑟琳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 |