Rick McVey, Class of 1977, is a Wall Street entrepreneur and innovator. He is the Chairman and CEO of MarketAxess, an electronic bond-trading firm he founded in 2000.
In an industry that is not widely understood by most of us, Rick made trading bonds fairer and more accessible to all customers, large and small, by introducing electronic trading versus the previously known and used process. That process involved placing an order by phone and then having it processed through investment banks, securing significant profits on the trades by the banks and investment firms.
The lower costs due to electronic trading provide better returns for millions of investors. Companies are able to issue bonds at more attractive rates and provide better pricing to investors. The corporate bond market has now evolved from an exclusive club into a more democratic place with hundreds of new participants. Along the way, Rick has been extremely successful and has used that success to the advantage of many.
Rick led the IPO for MarketAxess in 2004, and the company has been one of the fastest growing financial services firms over the last decade. MarketAxess (MKTX) was added to the S&P 500 Stock Index in 2019.
A graduate of Miami University of Ohio, Rick recently donated the funds for construction of a new data science building on the Oxford campus to be known as the Richard M. McVey Data Science Building. His donation was one of the top-five largest single gifts in Miami’s history. Miami President, Greg Crawford called the gift “central” to fulfilling Miami’s vision of creating an academic epicenter of data science.
The building will house one of Miami’s newest departments, Emerging Technology in Business and Design, as well as the departments of Statistics and Mathematics; the Armstrong Institute for Interactive Media Studies, and the Center for Analytics and Data Science. The building will facilitate partnerships with the Farmer School of Business and the College of Engineering and Computing.
Previously Rick had endowed the funds to support Miami’s golf team when it was in danger of being terminated by the Athletic Department for lack of funds. He currently serves as a member of the Miami University Foundation Board of Directors, where he is chair of the investment committee for the Miami endowment.
Through his friend Brian Brennan, former Browns wide receiver, Rick has become an active supporter of Boys Hope Girls Hope of Northeast Ohio. He has endowed a number of student scholarships, and was a lead donor for the new community center. Rick was named to the Chronicle of Philanthropy Top 50 Donor list for 2020.
At Riverside Rick was an active member of the student body. He played Varsity Golf and Varsity Basketball, was a member of the Varsity ”R” club, and on the Log (school paper) staff. He was inducted into the National Honor Society and was a member of 4-year Scholarship Club.
It is not surprising that because he was well regarded by his peers and the faculty while in school, he is now highly respected in the industry where he has made his career and contributed so much
Congratulations Rick.