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James Toffey
Chief Executive Officer
Benchmark Solutions
(PNR)

Disrupting one set of outmoded market practices was not enough for James Toffey. Fifteen years after he founded Tradeweb, the first electronic multidealer marketplace for fixed-income securities (now led by Lee Olesky, No. 24), Toffey, 50, is reaching for a Holy Grail: real-time, continuous, stock-market-like price transparency for bonds. As CEO of Benchmark Solutions, formed in New York in 2009 with backing from private equity firm Warburg Pincus, Toffey saw the credit crisis as "an impetus for regulatory and market structure change." He recruited technologists steeped in product valuations and analytics to develop the Market Calibrated Framework, which generates prices algorithmically based on millions of data inputs. Benchmark emerged from stealth mode in July 2011, introducing its BMark Real-Time solution initially for corporate bonds and credit default swaps, and eventually for other over-the-counter asset classes. In April, Benchmark announced a strategic partnership with FactSet Research Systems and a data delivery deal with BNY Mellon Capital Markets. Fundamental market change is a tall order, but Toffey is unfazed: "Everyone looks back and thinks Tradeweb was a no-brainer, but it wasn't. It takes a while to get these things going."