Richard McVey is an American entrepreneur and businessman who is best known for his leadership endeavors at Market Axess. He has served as the CEO and chairman of the company for two decades.Rick is a master in the financial world of trading, but he is also known for his innovations in technology and for developing an electronic trading platform. He is also married to a celebrity media personality. To help you become more familiar with him, here are 10 things you didn't know about Richard McVey.
1. He founded Market Axess
McVey is not only the chief executive officer and chairman of Market Axess, he also founded the company. He launched the electronic trading platform for fixed income products and corporate bonds in April of 2000. The business has flourished over the last 20 years and he remains at the helm.
2. He's a native of Ohio
McVey was born in Painesville, Ohio in 1960. He ws raised in a suburb of Cleveland. He is currently 60 years old. He prefers to go by the name of Rick to friends and family. After completing his college studies in 1983, he returned to Cleveland to work at a bank.
3. He was educated in Ohio
After completing his high school requirements and graduating, Rick continued his educational Miami University in the state of Ohio. He enrolled in the finance program at the institution where he earned his bachelor's degree in the subject. He went on to attend the Kelley School of Business at Indiana University where he earned his MBA degree in 1983.
4. Richard's father was an important influence on his career
Rick's father was involved in upper management. He ran an oil company. His dad was also active in stock market investing. He left an impression on Rick with his investment activities and it encouraged McVey to follow in his father's footsteps by founding a finance company and leading the business himself.
5. Richard McVey has been married twice
Rick is currently married to his second wife, Laura Spencer. The couple married on September 1, 2018. Spencer is a co-anchor for the weekday news program "Good Morning America. McVey was previously married, but the union failed, ending in divorce. He does have three daughters from that marriage. This is the second marriage for Laura as well. Rick's current wife has 2 children from a previous marriage.
6. He is a multi-millionaire
As of the Fall of 2020, Richard McVey's net worth is valued at an estimated $611 million dollars. He has nearly a quarter billion in Market Axess stock. He has been involved in trading on the stock market for the past 16 years. His salary as chairman of the Board and Chief Executive Officer of the company is well over $3 million per year. Interestingly, his wife Laura is also worth $6 million which she earned in her career as a journalist and television personality.
7. He's a regular trader
We also learned that Mr. McVey is an avid trader. He has sold more than $126,651 m worth of his MKTX stock in the past 16 years. This is a skill that his father possessed as well. He knows when to sell, when to trade and when to hold his stock holdings. It's been reported that his most recent sale was for 25,000 units of stock that was valued at just under $13 million. In May of 2012, McVey made his largest trade when he exercised $2,400,000 worth of Market Axess stock. He traded 888,889 units of the stock in a single trade. Since the year 2004, he has averaged 27,977 stock units in trading approximately every 47 days.
8. He started his career working at a bank
Rick McVey began his career in finance at a bank located in the city of Cleveland. His official position was as a trader. Although it was more of a hobby that his father just happened to be good at, Rick took trading assets seriously. He fine tuned his skills working at a financial institution before trying it on his own.
9. Rick McVey has worked for a few different financial institutions
Prior to earning his fortune, Rick McVey has worked for a variety of well known financial institutions. After leaving the Cleveland based bank, he accepted a position with the Chicago Mercantile Exchange. This gave him a more diversified career experience. After leaving Chicago Mercantile Exchange, he was invited to join JP Morgan in New York. It was there that he developed a vision for how electronic trading could be improved and how he could use the knowledge that he gained to provide this valuable service for others in the financial arena.
10. Richard McVey became an entrepreneur
In the year 2000, Rick McVey decided that it was time for him to put the knowledge that he gained through the years to good use. He developed and launched his own company that he named Market Axess this year. The business is centered around an electronic trading platform. He started the venture with a mere two employees in addition to himself. He is the founder of the company, and he led the company into its initial public offering. The publicly traded Market Axess has made hm a very wealthy man. He has served as the CEO and chairman of the business, from the time of its formal opening through the present day. Rick gained a fair degree of notoriety for the success of the business. He is highly respected for his knowledge and innovation in making the trading process easy through electronic processes. He's not only a financial whiz, but Rick McVey is also a tech genius. Rick became the recipient of the "Ernst & Young National Entrepreneur of the Year" award for his contribution to financial services through the work that he has done with Market Axess. This distinguished honor was bestowed upon him in 2012.
Written by Allen Lee
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