MKTX had a virtual lock on entering and executing in the client to dealer CDS transaction space...guess what? It was one of two major initiatives Ms. Millet was charged with when they hired her. Kelly couldn't execute. Moreover, MKTX was the first to launch an all electronic interdealer brokerage; another Millet priority...he failed there too.

Bottom line, Rick McVey has single-handed ruined one of the most incredible opportunities in fixed income in the last ten years...his company, ahead of the curve 9 years ago, had every opportunity to blow the doors off and become a major force in e-trading, data, and settlement processing...what he's ended up with is:

A company that has cumbersome technology, an antiquated business model, no vision, poor leadership and employee morale, and a cash balance that could have otherwise been used to acquire cheap assets over the past two years. Instead of a $2 billion market cap, he's got a $300 million cap...about the same as 2004.

If you can't grow your business in a competition-less environment, what makes you think he can do it now that everyone, and I mean everyone, is going to want to be in the space?

and finally, for all you interested fans out there...I do in fact know someone at the firm...but I AM WHO I AM, and thou art not me you see.