|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
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
Oct. 21, 2016 12:15 PM EDT Reads: 858
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Oct. 21, 2016 12:00 PM EDT Reads: 8,033
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
Oct. 21, 2016 11:00 AM EDT Reads: 907
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Oct. 21, 2016 10:50 AM EDT Reads: 160
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Oct. 21, 2016 10:45 AM EDT Reads: 1,633
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium will exhibit at the 19th International Cloud Expo®, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
Oct. 21, 2016 10:30 AM EDT Reads: 1,219
Donna Yasay, President of HomeGrid Forum, today discussed with a panel of technology peers how certification programs are at the forefront of interoperability, and the answer for vendors looking to keep up with today's growing industry for smart home innovation. "To ensure multi-vendor interoperability, accredited industry certification programs should be used for every product to provide credibility and quality assurance for retail and carrier based customers looking to add ever increasing num...
Oct. 21, 2016 09:15 AM EDT Reads: 243
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Oct. 21, 2016 08:45 AM EDT Reads: 11,118
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
Oct. 21, 2016 08:45 AM EDT Reads: 1,365
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to impr...
Oct. 21, 2016 08:00 AM EDT Reads: 5,574
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Oct. 21, 2016 07:45 AM EDT Reads: 3,731
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Oct. 21, 2016 07:15 AM EDT Reads: 1,280
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service.
Oct. 21, 2016 07:15 AM EDT Reads: 877
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Oct. 21, 2016 06:45 AM EDT Reads: 1,788
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
Oct. 21, 2016 06:15 AM EDT Reads: 4,641
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Oct. 21, 2016 05:45 AM EDT Reads: 5,050
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Oct. 21, 2016 05:00 AM EDT Reads: 3,941
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Oct. 21, 2016 04:30 AM EDT Reads: 3,075
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Oct. 21, 2016 04:15 AM EDT Reads: 1,717
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.
Oct. 21, 2016 04:00 AM EDT Reads: 10,932