< The 2015 Tech 50: Racers to the Edge

There was never anything tentative about Michael Spencer’s careerlong drive into the automated future of finance. He says that even 30 to 40 years ago he saw that leadership in financial services goes hand in hand with “technology enablement,” which in turn is “essential for disruption and innovation.” By the early 2000s he was in a position to act on those ideas, having created and climbed to the top of the biggest interdealer brokerage, London-based ICAP. The Internet bubble had burst, but Spencer’s vision of an industry transformed by electronic trading motivated a series of strategic bets — an early tone-setter being the $240 million acquisition of fixed-income platform BrokerTec Global in 2003 — that he has never hedged. “We didn’t cut back on investments in technology, even in hard times,” says the 60-year-old CEO — and the recent postcrisis years of economic and regulatory uncertainty were hard on trading businesses. “We are always thinking long-term.” Since 2007, ICAP has spent a total of £1.6 billion ($2.3 billion) on technology. In the 12 months ended March 31, new-initiative investments in electronic markets, posttrade and information services rose by £1 million year-over-year, to £43 million. New-wave business lines, including EBS BrokerTec (combining fixed income and foreign exchange) and risk-focused Traiana and TriOptima, are generating three fourths of group profits, which were £229 million pretax in the last fiscal year. As far as ICAP has come in a decade, “we still have a long way to go,” says Spencer. He uses Euclid Opportunities, a strategic incubation fund ICAP formed in 2011, as a lens on what’s next in fintech. So pleased is he with portfolio holdings like OpenGamma (see Mas Nakachi, No. 48) and hedge fund analytics provider ENSO Financial that “we’d consider investing more, even at higher valuations.”

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The 2015 Tech 50

1. Jeffrey Sprecher Intercontinental Exchange 2. Catherine Bessant Bank of America Corp. Solana vs. Bitcoin vs. Ethereum: How Do They Compare? Sponsored by CME Group April 29, 2025 3. Phupinder Gill CME Group 4. Lance Uggla Markit 5. Robert Goldstein BlackRock

6. Shawn Edwards & Vlad Kliatchko Bloomberg 7. R. Martin Chavez Goldman Sachs Group 8. Deborah Hopkins Citi Ventures 9. Stephen Neff Fidelity Investments 10. Adena Friedman Nasdaq OMX Group

11. David Craig Thomson Reuters 12. Daniel Coleman KCG Holdings 13. Michael Spencer ICAP 14. Michael Bodson Depository Trust & Clearing Corp. 15. Charles Li Hong Kong Exchanges and Clearing

16. Chris Concannon BATS Global Markets 17. Christopher Perretta State Street Corp. 18. Antoine Shagoury London Stock Exchange Group 19. Kevin Rhein Wells Fargo & Co. 20. Neil Katz D.E. Shaw & Co.

21. Lee Olesky Tradeweb Markets 22. Richard McVey MarketAxess Holdings 23. Seth Merrin Liquidnet Holdings 24. Robert Alexander Capital One Financial Corp. 25. Frank Bisignano First Data Corp.

26. John Marcante Vanguard Group 27. Joseph Squeri Citadel 28. Lou Eccleston TMX Group 29. Claude Honegger Credit Suisse 30. Chris Corrado MSCI

31. David Gledhill DBS Bank 32. John Bates Software AG 33. Michael Cooper BT Radianz 34. Gary Scholten Principal Financial Group 35. Sunil Hirani trueEX Group

36. Hauke Stars Deutsche BÖrse 37. Brian Conlon First Derivatives 38. Jim Minnick eVestment 39. Lars Seier Christensen & Kim Fournais 40. Tyler Kim MaplesFS

41. Jim McGuire Charles Schwab Corp. 42. Steven O'Hanlon Numerix 43. Sebastián Ceria Axioma 44. Yasuki Okai NRI Holdings America 45. Stephane Dubois Xignite

46. Mazy Dar OpenFin 47. Brian Sentance Xenomorph Software 48. Mas Nakachi OpenGamma 49. John Lehner BNY Mellon Technology Solutions Group 50. Jock Percy Perseus