< The 2015 Trading Technology 40: Going with the Flow

ICAP’s world-leading interdealer brokerage business, particularly the traditional human-voice variety, has suffered in recent years from declining volumes and low volatility. The outlook is decidedly brighter for bets ICAP has placed on electronic trading and posttrade services. One of those bets was Traiana, a provider of pretrade risk management and posttrade infrastructure that ICAP acquired in 2007 and that accounted for £25 million ($39 million) of the London-based company’s £108 million in posttrade risk and information revenue in the six months ended September 30. Traiana’s founder, Gil Mandelzis, stayed on and has since moved up in the ICAP hierarchy. In 2012 he became CEO of foreign exchange marketplace EBS. On December 4, ICAP chief executive Michael Spencer announced that EBS (which ICAP bought from a banking consortium in 2006) and the other pillar of his electronic markets strategy, fixed-income and repo platform BrokerTec (acquired in 2003), would be combined as EBS-BrokerTec, with Mandelzis, 46, as CEO. An Israeli native with an MBA from INSEAD, Mandelzis says EBS has been through “dramatic changes over the past two years” and has evolved from “a single-product market operator into a multi-product technology company” that has “outinvested the competition” in terms of innovation and product development. EBS is positioned to offer trading solutions to “institutional investors in any type of liquidity, product or trading style — and we will take that same philosophy to BrokerTec.”

 
The 2015 Trading Technology 40

1	2	3	4	5
Kevin Kometer CME Group	Richard Prager BlackRock	Raymond Tierney III Bloomberg Tradebook	Jonathan Ross KCG Holdings	Charles Vice Intercontinental Exchange
6	7 Zef Nikolla	8	9	10
Chris Isaacson BATS Global Markets	Bradley Peterson Nasdaq OMX Group	Brad Levy MarkitSERV	Dan Keegan Citi	Ronald DePoalo Fidelity Institutional
11 Mark McQueen	12	13	14	15 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	17	18 Martin H. Simon	19 Todd Plitt	20 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	22 Photographer:http://www.digitalh	23	24 Dennis Degnan	25 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	27	28 Picasa	29 Andrew Harrer	30 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	32 unknown	33 Douglas Kurn	34 Luludi/LUZ	35 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	37	38	39	40
Donal Byrne Corvil	R. Cromwell Coulson OTC Markets Group	Alfred Eskandar Portware	Richard Korhammer SR Labs	Hazem Dawani OptionsCity Software