Trading Technology 30: Raymond Tierney

Raymond Tierney
No. 6
President and Chief Executive Officer
Bloomberg Tradebook

Raymond Tierney

Raymond Tierney

So vast is the Bloomberg financial media empire, including the globe-spanning Bloomberg Professional terminal network, that some of its crown jewels may not be fully appreciated by the casual observer. One of these is Bloomberg Tradebook, founded in 1996 and led for the past 20 months by president and CEO Raymond Tierney. Standing alone, Tradebook is a direct-access agency brokerage powerhouse, offering algorithms and analytics to support complex multiproduct trading strategies on more than 100 markets. It handles 1 percent of average daily U.S. equity market volume. In the Bloomberg Professional universe, however, Tradebook is one of a slew of trading facilities and tools, including the venerable Trade Order Management System and an industry-leading fixed-income platform. Tierney, formerly global head of equity trading at Morgan Stanley Investment Management, oversees 330 employees, 135 of them technologists in research and development. He says he has “restructured the business around the clients” to the point that traders are called execution consultants. Tradebook’s revenues rose 8 percent in 2011, he says, while business from hedge funds and long-only funds in the U.S. jumped 16 percent and 7 percent, respectively. “The regulatory environment has made the world more complex,” Tierney adds. “I’m trying to simplify it.”

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