Ernst & Young Entrepreneur Of The Year®
CEO, Chairman of the Board
MarketAxess Holdings, Inc.
New York, NY
Entrepreneurs often succeed by overcoming the challenges that others allow to defeat them. For Richard McVey, success came by automating — and therefore changing — entrenched bond trading practices. By combining knowledge gained through work with drive and determination, McVey has led MarketAxess, his publicly traded, industry-leading company, to a market capitalization of well over $1 billion.
McVey credits some of his success to having had very positive experiences playing sports through childhood and into his college years. “I’ve always been competitive,” he says. “The sense of competition and working well within a team environment has been beneficial throughout my career.”
His first job after business school was on the trading floor of a bank in Cleveland. It was there McVey learned the Eurodollars futures business. That experience led him to Chicago’s financial exchanges. “I learned the financial business there,” he says. “You really felt the excitement of the business on those floors. It’s where I learned how to navigate that environment.”
Recognizing his talent and experience, JPMorgan asked McVey to run its North American fixed income sales as managing director. MarketAxess was incubated within the firm’s LabMorgan and eventually spun off.
Over the years, McVey had watched the futures industry transform from old-time trading to automation. He saw that the technology, economic benefits and efficiencies outweighed resistance from the incumbents on the floors. “I was seeing the same movie watching the way bonds traded in the late 1990s. There was far too much manual intervention for low-margin trades,” he notes.