Click here to close now.

SYS-CON MEDIA Authors: Bart Copeland, Andreas Grabner, Liz McMillan, Dana Gardner, Elizabeth White

News Feed Item

Pioneer of Fixed Income Electronic Trading: MarketAxess Founder Richard McVey Named Ernst & Young National Entrepreneur Of The Year® 2012 Financial Services Award Winner

McVey honored for pioneering a new way of trading and transforming the way business is conducted in the fixed income market

NEW YORK, Nov. 18, 2012 /PRNewswire/ -- Richard McVey, Founder of MarketAxess, has been named the Ernst & Young National Entrepreneur Of The Year® 2012 Financial Services Award winner. The Ernst & Young Entrepreneur Of The Year Award is the country's most prestigious business award for entrepreneurs. The award encourages entrepreneurial activity and recognizes leaders and visionaries who demonstrate innovation, financial success and personal commitment as they create and build world-class businesses.

McVey was recognized for transforming the way trading is conducted in the corporate bond market by leveraging his experience and knowledge of the fixed income markets to create an electronic trading model that increases liquidity and ease of execution. Over the past 12 years, McVey has been faced with several challenges, including slowed trading activity as a result of Sept. 11, 2001, decreased funding, and the credit crisis of 2008, which led to an evaporation of liquidity and widening of credit spreads. Despite all, McVey weathered the storm and MarketAxess has grown from two employees to over 200 in 2011.

"We are delighted to honor Richard McVey with this prestigious award and commend him for his accomplishment of not only changing the way people conduct fixed income, but for seizing opportunities in the most troubling of economic times," said Bryan Pearce, Americas Director, Entrepreneur Of The Year, Ernst & Young LLP. "Entrepreneurs like Richard are not only committed to transforming industries but remain steadfast with their convictions in the wake of unprecedented challenges."

Challenges from the beginning

McVey began his career in the futures industry in Cleveland, priming him to run the JP Morgan futures brokerage operations in North America during the 1990s. It was there that McVey realized the potential that electronic trading held for the fixed income markets. In 2000, MarketAxess – a client-to-multi-dealer trading platform that allows institutional investors to request bids and offers on corporate bonds from broker-dealers and choose whom to trade with, was born.

Since then, McVey and MarketAxess have endured several threatening challenges. The first hit in 2008, when the credit crisis took hold. The company's stock price plummeted, and the market consensus pointed toward large dealers not being able to survive. With JP Morgan, Chase and Bear Stearns as the company's founding investors, these large firms were driving MarketAxess's growth and liquidity at the time.

Opportunity through crisis

As things started to look grim, McVey realized that in order to flourish, he needed to alter the MarketAxess business model. As such, he moved quickly to broaden the company's sources of liquidity, and more than doubled the number of dealers between 2008 and present. McVey had the foresight to adjust to the new liquidity constraints that the large dealers had and by doing so, positioned MarketAxess to emerge though the crisis even stronger. The company's market share has been in an increasing growth position since the first quarter of 2009.

An unparalleled vision and commitment to the future

In 2000, there was no meaningful electronic trading in corporate bonds; trading took place bilaterally between dealers using phone calls, emails and faxes. Electronic trading was a radical concept for the corporate bond market and a significant departure from the way the market was accustomed to operating prior to 2000. McVey leveraged his knowledge of the markets and his relationships in the industry to convince some of the largest dealers to bring liquidity to his platform. He remained committed to his strategic vision that electronic trading would be the future of fixed incoming trading markets. In doing so, MarketAxess has emerged as a leader in its field and McVey has created an enterprise committed to success.

National Entrepreneur Of The Year 2012 Financial Services finalists

In addition to McVey, the Ernst & Young Entrepreneur Of The Year Financial Services national finalists were: Gerald J. Ford, Chairman of the Board, Diamond-A-Ford Corporation, based in Dallas, Texas, a successful holding company that makes strategic acquisitions and investments in the financial services industry; Ron Clarke, President, CEO and Chairman of the Board, FleetCor Technologies Inc., based in Norcross, Ga., a leading global provider of fleet cards and specialty payments to business; and Sunnie S. Kim, President and CEO, Hana Financial, Inc., based in Los Angeles, Calif., a full-service financial institution that provides factoring, trade financing, Small Business Administration loans, asset lending, commercial real estate loans and mortgage banking.

National Entrepreneur Of The Year® 2012 Overall Award winner

Hamdi Ulukaya, Founder of Chobani, was named the Ernst & Young National Entrepreneur Of The Year® 2012 Overall Award winner.

Video and photos

To view video clips of all of the Entrepreneur Of The Year winners, please visit ey.com/us/eoy. Photos of the winners are also available by request.

Sponsors

Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards are nationally sponsored in the United States by SAP America and the Ewing Marion Kauffman Foundation.

About Ernst & Young's Entrepreneur Of The Year

Ernst & Young's Entrepreneur Of The Year is the world's most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 140 cities in 50 countries.

About Ernst & Young LLP's Strategic Growth Markets practice

Ernst & Young LLP's Strategic Growth Markets (SGM) practice guides leading high-growth companies. Our multidisciplinary team of elite professionals provides perspective and advice to help our clients accelerate market leadership. SGM delivers assurance, tax, transactions and advisory services to thousands of companies spanning all industries. Ernst & Young is the undisputed leader in taking companies public, advising key government agencies on the issues impacting high-growth companies and convening the experts who shape the business climate. For more information, please visit us at ey.com/us/strategicgrowthmarkets, or follow news on Twitter at EY_Growth.

About Ernst & Young

Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

For more information, please visit ey.com.

This news release has been issued by Ernst & Young LLP, a client-serving member firm of Ernst Young Global Limited operating in the US.

 

 

 

SOURCE Ernst & Young

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use c...
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, includin...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of present...
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applicatio...
VictorOps is making on-call suck less with the only collaborative alert management platform on the market. With easy on-call scheduling management, a real-time incident timeline that gives you contextual relevance around your alerts and powerful reporting features that make post-mortems more effective, VictorOps helps your IT/DevOps team solve problems faster.
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, will discuss why containers should be paired with new architectural practices such as microservices ra...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been ...
Companies today struggle to manage the types and volume of data their customers and employees generate and use every day. With billions of requests daily, operational consistency can be elusive. In his session at Big Data Expo, Dave McCrory, CTO at Basho Technologies, will explore how a distributed systems solution, such as NoSQL, can give organizations the consistency and availability necessary to succeed with on-demand data, offering high availability at massive scale.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, de...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
Security can create serious friction for DevOps processes. We've come up with an approach to alleviate the friction and provide security value to DevOps teams. In her session at DevOps Summit, Shannon Lietz, Senior Manager of DevSecOps at Intuit, will discuss how DevSecOps got started and how it has evolved. Shannon Lietz has over two decades of experience pursuing next generation security solutions. She is currently the DevSecOps Leader for Intuit where she is responsible for setting and driv...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Thanks to Docker, it becomes very easy to leverage containers to build, ship, and run any Linux application on any kind of infrastructure. Docker is particularly helpful for microservice architectures because their successful implementation relies on a fast, efficient deployment mechanism – which is precisely one of the features of Docker. Microservice architectures are therefore becoming more popular, and are increasingly seen as an interesting option even for smaller projects, instead of bein...