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In the 90's, corporate bonds traded entirely through dealers via phone calls and faxes. While at the bank, McVey saw an opportunity to digitize the market by allowing investors to trade with each other instead of solely with the dealers.
McVey took his idea to JP Morgan's internal incubator program, called LabMorgan, and won funding to start an electronic bond trading platform. He called it MarketAxess, and launched in 2000 with JPM and Bear Stearns as major backers.pic.twitter.com/M9grkkDuDV
The early days of MarketAxess came with challenges. McVey had to slowly build liquidity on his platform by leveraging old bank relationships. He also had to weather credit shocks like the 9/11 terrorist attacks and, later, the 2008 financial crisis.
Today, MarketAxess is the dominant electronic platform for corporate bonds, with over 20% market share. McVey's bet on electronic trading paid off in spades - his company is worth $18 billion and was the 3rd best performing stock of the 2010s:pic.twitter.com/3RE4CpPT9C
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