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NEW YORK - Financial technology company Capitolis announced Monday the appointment of Richard Schiffman as Chief Product Officer, bringing over 30 years of experience to the firm as it prepares for its next growth phase.
Schiffman, who will report to CEO and founder Gil Mandelzis, joins Capitolis from MarketAxess (NASDAQ:MKTX), where he was the first employee and helped build the company into an industry leader. During his more than 20-year tenure at MarketAxess, the company reached a peak market capitalization of $21 billion, served over 2,000 customers, and employed more than 800 people. Currently valued at $6.37 billion, MarketAxess maintains strong financial health with a 61.85% gross profit margin and consistent dividend payments for 17 consecutive years, according to InvestingPro data.
At MarketAxess, Schiffman held several key positions including Chief Technology Officer and most recently Global Head of Trading Solutions, where he was responsible for product development and various trading businesses. Under his leadership, the company achieved 7.67% revenue growth over the last twelve months, though InvestingPro data shows the stock has faced challenges, falling significantly over the last three months.
"Rich is the proven leader we have been looking for to drive our product roadmap and delivery," said Mandelzis in the press release. "His track record of building innovative products will help accelerate Capitolis’ next phase of growth and expansion."
Prior to MarketAxess, Schiffman served as Managing Director at BlackRock Financial Management and as Vice President and Manager of Fixed Income Research Technology at J.P. Morgan.
Capitolis has recently expanded its business, launching new products and growing its client network. The company has also received additional strategic bank investments and acquired Capitalab, BGC Group’s Rates Compression and Margin Optimization business.
Schiffman’s appointment follows other recent executive hires including Amol Naik as Chief Operating Officer and Melanie Carucci as Global Head of Sales.
Founded in 2017, Capitolis aims to create safer financial markets by addressing capital constraints. The company is backed by venture capital firms including Canapi Ventures and Sequoia Capital, as well as major banks like Barclays, Citi, and J.P. Morgan. For a deeper analysis of MarketAxess’s financial performance and future prospects, including 8 additional ProTips and comprehensive valuation metrics, visit InvestingPro to access the detailed Pro Research Report.
In other recent news, MarketAxess Holdings Inc. reported its second-quarter 2025 earnings, with earnings per share surpassing expectations. Despite this strong performance, the company’s stock saw a decline in pre-market trading. The company also announced a record 22.5% market share in U.S. credit portfolio trading for September 2025, even as it faced a decline in overall U.S. high-grade market share due to high levels of new issuance activity. MarketAxess’s U.S. high-yield portfolio trading market share reached a record 25.9% in September, marking a 730 basis point increase year-over-year.
Additionally, MarketAxess launched Axess IQ Connect, a web-based application providing wealth management advisors with real-time access to fixed-income market data. This platform, designed for Private Banks and Wealth Managers, offers liquidity data and bond pricing through the company’s AI-powered pricing engine. Jefferies has adjusted its price target for MarketAxess to $208.00 from $217.00, maintaining a Hold rating on the stock. This adjustment follows the company’s second-quarter results and July volume report, leading Jefferies to reduce its earnings per share estimates for the remainder of 2025 by 3% and for 2026 by 1%.
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