Richard McVey is the founder of MarketAxess and currently the company’s CEO.
He is also one of two co-chairs at the Center for Financial Markets, which serves as an “independent think tank” on important issues involving financial services, including investment banking and derivatives. In this role he has appeared in media outlets like CNBC, CNNMoney, The New York Times, and Bloomberg TV.
Additionally, McVey was a featured speaker at the California Department of Corporations’ public forum on reforming trading markets from Oct.
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Early Life
He was born on July 2, 1959, in Painesville, Ohio, USA and named Richard Mitchell McVey.
His dad ran an oil company. In 1981, Richard received a B.S. in finance at Miami University. During college, he was part of the golf team, as well as having a job on the school paper. He also was a member of Kappa Alpha fraternity.
In 1983, McVey earned a Master of Business Administration from the Kelley School of Business at Indiana University.
Career
Upon graduating, Richard McVey took a position with the former Dean Witter which is now part of Morgan Stanley. After 4 years he was the firm’s youngest vice president, and in 1987 became head of trading at Dean Witter Shearson, which is now Citigroup’s Smith Barney unit. There he oversaw Morgan Stanley’s merger with Dean Witter.
In late 1998, McVey and his colleagues formed Market Axess to establish an electronic trading platform for over-the-counter equity derivatives.
MarketAxess
McVey founded MarketAxess with $12 million in venture capital from TowerBrook Capital Partners and earlier investors, including Centerview Partners, Atlas Venture and the venture arms of Alliance Capital Management Inc., Cambridge Technology Partners and O’Connor & Associates. MarketAxess’ offices are located at One Gateway Center, 10th Floor in Jersey City.] By 2000, the platform was providing trading services to a number of firms. By then McVey was CEO.in 2000 and acquired Trading Edge Inc. in 2001.
In 2004, MarketAxess went public with a stock value of $11 per share. In the first nine days after it went public, its stock price was increased to $14.44. The company’s worth was more than $1.3 billion. In 2008, the company earned $99 million in revenues. McVey was a co-chair of the Securities Industry Association’s working group on electronic trading and helped develop standards for trade processing and reporting that were implemented by Nasdaq OMX, NYSE Euronext and other U.S. stock exchanges.
According to Richard McVey, one of the main benefits of electronic trading is its quicker performance. It typically takes 1/10 to 1/50 of a second to carry out, in comparison to days or weeks with manual transactions.
Personal life
Wife (Lara Spencer)
Children Richard McVey and Lara Spencer wed on September 1, 2018 in Vail, Colorado. They had 135 guests in attendance to help them.
Lara Spencer had a long career as an entertainment reporter, including on the show The Insider, before she left to spend more time with family.
Spencer is currently co-anchoring Good Morning America. Lara also hosts the show Flea Market Flip on both HGTV and Great American Country.
The two started dating in the summer of 2017. They had their first date in Nashville.
Lara has been married before. Her ex-husband, David Haffenreffer, is a real estate broker.Spencer and David have two children – a daughter, Katharine, and a son, Duff.
Rick has three daughters from his previous marriage. His eldest daughter Taylor is a Miami University graduate.
Richard McVey Net Worth
McVey is a successful entrepreneur who founded and is the Chief Executive Officer MarketAxess. MarketAxess controls 85% of all US electronic trading and this has made McVey one of the wealthiest people in America.
MarketAxess is headquartered in New York City and has offices across the world. As of 2021, MarketAxess has over 1800 firms from all across the globe. In 2020, MarketAxess’ total revenues increased 34.8% to $689.1 million, or about $511.4 million in 2019 dollars. As of October 2020, MarketAxess is worth $20.43 billion. Rick left JP Morgan to found MarketAxess, a financial technology company. He had been their MD & Head-North America Fixed Income Sales McVey also serves as a member on the Miami University Foundation Board of Directors. For these reasons, entrepreneur Richard McVey has an estimated net worth of $625 million.
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