The 2015 Trading Technology 40: Nicholas Themelis
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The 2015 Trading Technology 40: Nicholas Themelis

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#15 Nicholas Themelis, Chief Information Officer, MarketAxess Holdings

< The 2015 Trading Technology 40: Going with the Flow

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Nicholas Themelis

Chief Information Officer

MarketAxess Holdings

Last year: 18


MarketAxess Holdings has an answer for the bond market’s liquidity woes: Open Trading, a protocol introduced in 2012, “provides all participants a way to interact with each other for the first time,” says Nicholas Themelis, chief information officer of the New York–based company. “We’re changing the world.” The anonymous, all-to-all trading functionality may be compelling — “those connectivity points [among dealers and money managers] just didn’t exist in the past,” the 51-year-old explains — but the take-up is gradual. MarketAxess, which according to research firm Greenwich Associates handles 86 percent of electronic trading in corporate bonds, is executing just 6 percent of its transactions through Open Trading. “Why couldn’t it be 15 percent or 40 percent?” asks the upbeat Themelis. His answer: While “lots of companies are talking” about structural fixes, “we’re proving this works. We’re able to leverage the community we’ve built and connect liquidity pockets wherever they may be.” Formed in 2000 and a public company since 2004, MarketAxess reported a record $767 billion in total trading volume last year; its $475 billion U.S. high-grade volume accounted for 14.5 percent of that part of the market. Themelis, who joined MarketAxess in 2004 and previously held regional CIO positions at Barclays Capital and Lehman Brothers Holdings, is currently focusing on the first-quarter launch of Open Trading in Europe and on growing demand for data services. “Participants want more data and context around the market before they are comfortable putting in a price,” he notes.


See also Themelis's profile in the 2013 Trading Technology 40.


 

The 2015 Trading Technology 40



1

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2

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4

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5

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Kevin Kometer

CME Group Richard Prager

BlackRock Raymond Tierney III

Bloomberg Tradebook Jonathan Ross

KCG Holdings Charles Vice

Intercontinental Exchange 6

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7

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Zef Nikolla

8

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9

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10

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Chris Isaacson

BATS Global Markets Bradley Peterson

Nasdaq OMX Group Brad Levy

MarkitSERV Dan Keegan

Citi Ronald DePoalo

Fidelity Institutional 11

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Mark McQueen

12

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13

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14

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15

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Margaret Fox

Gerard Beatty

Goldman Sachs Group Gerald O'Connell

CBOE Holdings Brenda Hoffman

TMX Group Billy Hult

Tradeweb Markets Nicholas Themelis

MarketAxess Holdings 16

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17

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18

Steve Randich
Martin H. Simon

19

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Todd Plitt

20

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A.E. Fletcher Photography

Bina Kalola

Bank of America Merrill Lynch Gil Mandelzis

EBS-BrokerTec (ICAP) Steven Randich

Financial Industry Regulatory Authority Jerry Dobner

GFI Group Michael Liberman

BlueMountain Capital Management 21

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22

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Photographer:http://www.digitalh

23

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24

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Dennis Degnan

25

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Paul Elledge

Bill Chow and Richard Leung

Hong Kong Exchanges and Clearing Jamie Selway

Investment Technology Group Brad Katsuyama

IEX Group John Mackay (Mack) Gill

MillenniumIT Jamil Nazarali

Citadel Execution Services 26

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27

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28

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Picasa

29

SENATE BANKING
Andrew Harrer

30

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Takashi KATO

Robert Cornish

International Securities Exchange Tyler Moeller andJoshua Walksy

Broadway Technology Rishi Nangalia

REDI Holdings Manoj Narang

Tradeworx,

Thesys Technologies Oki Matsumoto

Monex Group 31

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32

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unknown

33

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Douglas Kurn

34

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Luludi/LUZ

35

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William Neumann Photography

Alasdair Haynes

Aquis Exchange Veronica Augustsson

Cinnober Financial Technology Stu Taylor

Algomi Luís Otávio Saliba Furtado

BM&FBovespa Tal Cohen

Chi-X Global Holdings 36

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37

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38

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39

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40

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Donal Byrne

Corvil R. Cromwell Coulson

OTC Markets Group Alfred Eskandar

Portware Richard Korhammer

SR Labs Hazem Dawani

OptionsCity Software


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