Richard Mcvey on market access
From MarketAxess CEO on initiative to help diverse broker dealers · · CNBC Television
“It is all about increased trading community for the diversity and minority owned dealer community. The unique part about our business model is we have created this wide open marketplace for global bonds trading through open trading that eliminates trading barriers and allows anyone to trade with anyone else.”
On , Richard Mcvey, Founder & Executive Chairman at MarketAxess, spoke about market access during MarketAxess CEO on initiative to help diverse broker dealers on CNBC Television.
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.