Concannon joins MarketAxess from CBOE; New US exchange to fight incumbents

Dan Barnes

Bond venue operator and data provider MarketAxess has named Chris Concannon, as president and chief operating officer, effective as of January 22, 2019.

He will oversee day-to-day operations, corporate development, long-term technology strategy and global data strategy, reporting to Rick McVey, chief executive officer of MarketAxess. He will also join the board of directors, with a particular focus on the Company’s corporate strategy.

Concannon joins MarketAxess from Cboe Global Markets where he served as president and chief operating officer. He joined Cboe in 2017 following its acquisition of Bats Global Markets, where he was CEO. He had been was responsible for Cboe’s transaction businesses, including global derivatives, US and European equities, and global foreign exchange – as well as overseeing the company’s technology, operations, risk, and marketing divisions.

As CEO of Bats, Concannon led that company’s initial public offering in 2016, as well as its acquisition by Cboe in February 2017, creating one of the world’s largest exchange holding companies.

US equity market operators, including Cboe, are facing new competition from a new market being launched by nine retail broker-dealers, banks, financial services firms, and global market makers. Called Members Exchange or MEMX, the new exchange will be owned entirely by its founding members and will introduce more competition to the marketplace. MEMX will file an application with the Securities and Exchange Commission in early 2019 for approval to operate as a national securities exchange.

The founding members of MEMX are: Bank of America Merrill Lynch, Charles Schwab, Citadel Securities, E*TRADE, Fidelity Investments, Morgan Stanley, TD Ameritrade, UBS, and Virtu Financial.

It will offer investors a platform and features that the firm says will benefit both retail and institutional investors, including:
• A limited number of order types to promote simple and transparent interactions
• Investments in the best and latest technology to deliver fast and efficient execution
• Lower pricing on market data and connectivity and transaction fees
• No speedbumps

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