|By PR Newswire||
|November 18, 2012 02:01 AM EST||
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.
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
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
Jan. 25, 2015 02:00 AM EST Reads: 2,630
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
Jan. 25, 2015 01:45 AM EST Reads: 2,220
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
Jan. 25, 2015 01:00 AM EST Reads: 2,432
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by mining large volumes of unstructured data, and how data tracking delivers uptime when it matters most.
Jan. 25, 2015 12:30 AM EST Reads: 3,366
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
Jan. 24, 2015 11:45 PM EST Reads: 2,323
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
Jan. 24, 2015 11:00 PM EST Reads: 1,443
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP and chief architect at BSQUARE Corporation; Seth Proctor, CTO of NuoDB, Inc.; and Andris Gailitis, C...
Jan. 24, 2015 11:00 PM EST Reads: 2,339
SYS-CON Events announced today that ActiveState, the leading independent Cloud Foundry and Docker-based PaaS provider, has been named “Silver Sponsor” of SYS-CON's DevOps Summit New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. ActiveState believes that enterprises gain a competitive advantage when they are able to quickly create, deploy and efficiently manage software solutions that immediately create business value, but they face many challenges that prevent them from doing so. The Company is uniquely positioned to help address these challenges thro...
Jan. 24, 2015 09:00 PM EST Reads: 1,695
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Jan. 24, 2015 06:15 PM EST Reads: 3,718
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science from the University of California, Berkeley.
Jan. 24, 2015 06:00 PM EST Reads: 2,874
SYS-CON Media announced that Cisco, a worldwide leader in IT that helps companies seize the opportunities of tomorrow, has launched a new ad campaign in Cloud Computing Journal. The ad campaign, a webcast titled 'Is Your Data Center Ready for the Application Economy?', focuses on the latest data center networking technologies, including SDN or ACI, and how customers are using SDN and ACI in their organizations to achieve business agility. The Cisco webcast is available on-demand.
Jan. 24, 2015 05:00 PM EST Reads: 1,077
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. He discussed opportunities and challenges ahead for the IoT from a market and technical point of vie...
Jan. 24, 2015 03:15 PM EST Reads: 2,920
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 24, 2015 02:30 PM EST Reads: 2,106
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
Jan. 24, 2015 02:15 PM EST Reads: 2,767
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the technology industry and how do they see opportunities for other women in their area of expertise.
Jan. 24, 2015 01:45 PM EST Reads: 2,049
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Jan. 24, 2015 01:00 PM EST Reads: 3,694
“The age of the Internet of Things is upon us,” stated Thomas Svensson, senior vice-president and general manager EMEA, ThingWorx, “and working with forward-thinking companies, such as Elisa, enables us to deploy our leading technology so that customers can profit from complete, end-to-end solutions.” ThingWorx, a PTC® (Nasdaq: PTC) business and Internet of Things (IoT) platform provider, announced on Monday that Elisa, Finnish provider of mobile and fixed broadband subscriptions, will deploy ThingWorx® platform technology to enable a new Elisa IoT service in Finland and Estonia.
Jan. 24, 2015 11:00 AM EST Reads: 1,379
Advanced Persistent Threats (APTs) are increasing at an unprecedented rate. The threat landscape of today is drastically different than just a few years ago. Attacks are much more organized and sophisticated. They are harder to detect and even harder to anticipate. In the foreseeable future it's going to get a whole lot harder. Everything you know today will change. Keeping up with this changing landscape is already a daunting task. Your organization needs to use the latest tools, methods and expertise to guard against those threats. But will that be enough? In the foreseeable future attacks w...
Jan. 24, 2015 11:00 AM EST Reads: 2,808
As enterprises move to all-IP networks and cloud-based applications, communications service providers (CSPs) – facing increased competition from over-the-top providers delivering content via the Internet and independently of CSPs – must be able to offer seamless cloud-based communication and collaboration solutions that can scale for small, midsize, and large enterprises, as well as public sector organizations, in order to keep and grow market share. The latest version of Oracle Communications Unified Communications Suite gives CSPs the capability to do just that. In addition, its integration ...
Jan. 24, 2015 11:00 AM EST Reads: 2,749
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, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
Jan. 24, 2015 10:45 AM EST Reads: 2,840