The 2015 Trading Technology 40: Tal Cohen

#35 Tal Cohen, Chief Executive Officer, Chi-X Global Holdings

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< The 2015 Trading Technology 40: Going with the Flow

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Tal Cohen
Chief Executive Officer
Chi-X Global Holdings
2012: 21

While Chi-X Europe, now part of BATS Global Markets (see Chris Isaacson, No. 6), shot to the top in pan-European equity trading, with market share exceeding 20 percent, other operations under the Chi-X Global Holdings umbrella, owned by a bank consortium, made similar inroads in Australia and Canada. Tal Cohen — Chi-X Global’s CEO since 2010 after two years heading Chi-X Canada and ten years with the Instinet unit of Nomura Holdings (which founded and still leads the Chi-X consortium) — sees Japan as an immediate growth opportunity and envisions his alternative exchange company’s future as that of a “serial global start-up.” Viewing the sprawling Asia-Pacific region as ripe for expansion, the 41-year-old says Chi-X will “advocate for positive market structure reform and acquire technologies to bring innovation, efficiency and, most importantly, transparency into that market.” A selling point, Cohen adds, is that New York–based Chi-X makes use of its own technology, which instills confidence among users. Three-year-old Chi-X Australia has an 18 percent market share. Chi-X Canada’s nearly 22 percent share includes the volume of the retail-focused CX2 platform, which was launched in September 2013 and accounts for 5 percent. At Chi-X Japan, in business since 2010, Nomura-Instinet veteran Makoto Nagahori was named president and CEO om February 2014 amid a surge of optimism about Abenomics’ effect on the markets. In July, the addition of Yamawa Securities Co. and Ark Securities Co. brought the number of trading participants to 23, and Chi-Match VWAP Cross, introduced in September, within a month was the fastest-growing, broker-neutral VWAP (volume-weighted average price) trade-crossing platform in Japan.


The 2015 Trading Technology 40

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2
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3
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4
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5
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Kevin Kometer
CME Group
Richard Prager
BlackRock
Raymond Tierney III
Bloomberg Tradebook
Jonathan Ross
KCG Holdings
Charles Vice
Intercontinental Exchange
6
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7
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Zef Nikolla

8
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9
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10
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Chris Isaacson
BATS Global Markets
Bradley Peterson
Nasdaq OMX Group
Brad Levy
MarkitSERV
Dan Keegan
Citi
Ronald DePoalo
Fidelity Institutional
11
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Mark McQueen

12
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13
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14
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15
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Margaret Fox

Gerard Beatty
Goldman Sachs Group
Gerald O’Connell
CBOE Holdings
Brenda Hoffman
TMX Group
Billy Hult
Tradeweb Markets
Nicholas Themelis
MarketAxess Holdings
16
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17
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18
Steve Randich

Martin H. Simon

19
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Todd Plitt

20
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A.E. Fletcher Photography

Bina Kalola
Bank of America Merrill Lynch
Gil Mandelzis
EBS-BrokerTec (ICAP)
Steven Randich
Financial Industry Regulatory Authority
Jerry Dobner
GFI Group
Michael Liberman
BlueMountain Capital Management
21
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22
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Photographer:http://www.digitalh

23
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24
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Dennis Degnan

25
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Paul Elledge

Bill Chow and Richard Leung
Hong Kong Exchanges and Clearing
Jamie Selway
Investment Technology Group
Brad Katsuyama
IEX Group
John Mackay (Mack) Gill
MillenniumIT
Jamil Nazarali
Citadel Execution Services
26
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Picasa

29
SENATE BANKING

Andrew Harrer

30
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Takashi KATO

Robert Cornish
International Securities Exchange
Tyler Moeller andJoshua Walksy
Broadway Technology
Rishi Nangalia
REDI Holdings
Manoj Narang
Tradeworx,
Thesys Technologies
Oki Matsumoto
Monex Group
31
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32
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unknown

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Douglas Kurn

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Luludi/LUZ

35
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William Neumann Photography

Alasdair Haynes
Aquis Exchange
Veronica Augustsson
Cinnober Financial Technology
Stu Taylor
Algomi
Luís Otávio Saliba Furtado
BM&FBovespa
Tal Cohen
Chi-X Global Holdings
36
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37
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38
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40
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Donal Byrne
Corvil
R. Cromwell Coulson
OTC Markets Group
Alfred Eskandar
Portware
Richard Korhammer
SR Labs
Hazem Dawani
OptionsCity Software

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