About Richard Mcvey
In December 2021, McVey announced a MarketAxess initiative to help minority, women, and veteran-owned broker dealers gain access to large asset managers. He stated that the company's "open trading" model "eliminates trading barriers and allows anyone to trade with anyone else," and that the initiative would create new opportunities for diverse dealers while adding liquidity to the trading system. McVey said the company had received a positive response from firms including BlackRock, AllianceBernstein, and others, and described the effort as part of institutional investors' ESG priorities.
Throughout 2020 and 2021, McVey reported record trading volumes on MarketAxess, attributing growth to increased adoption of electronic trading during the COVID-19 pandemic. He said that once traders experience electronic trading, they "really don't go back," and noted that the company saw a record number of client firms and individual traders in March 2020. McVey has described MarketAxess's focus as primarily on credit markets, including high-grade corporate bonds, high-yield, and emerging market debt, which he characterized as historically less liquid. He has also expressed support for price transparency in bond markets, stating it "creates a fair market for everyone" and reduces transaction costs.
Source: AI-verified profile updated from Richard Mcvey's recent appearances.
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Transcript (5 segments)
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Jim Cramer0:10
Came out this evening that is not what I said.
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Richard Mcvey0:13
That's exactly right, Jim. We had a great quarter, and all thanks to our clients for the tremendous support they have for our trading platform around the world. But you know, these are going to be tough comps for any companies like ours in the trading and exchange space, given the huge volumes that went through last spring. I came into March thinking that if we could get anywhere close to last year's levels, it would be a big win, and we actually surpassed last March and set new records. So it was a great month for the business and really a great record quarter as well.
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Jim Cramer0:53
Okay, now a lot of people will be saying, well, wait a second, there'll be record treasury issuance, but the fact is...
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Richard Mcvey1:11
Primarily credit markets, high grade, high yield, emerging markets, municipal bonds, and other credit instruments that historically are less liquid. It's been a great business for us and it continues to grow. We think we've been the fastest grower in the space for the past decade and feel really proud of our results in the first quarter to kick off the new year.
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Jim Cramer1:33
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