< The 2016 Trading Technology 40

Stock exchanges in emerging markets are modernizing their technology — in some cases they are starting up — and that spells opportunity for MillenniumIT, the Sri Lanka–based London Stock Exchange Group subsidiary selling what is touted as the world’s fastest trading platform. In May, for example, Peruvian stock exchange Bolsa de Valores de Lima went live with MillenniumIT’s multiasset trading platform and smart order router. Demand has been running high in Latin America: MillenniumIT plans to go live with a similar upgrade on Argentina’s Caja de Valores later this year, according to CEO John Mackay (Mack) Gill, 46. Last July the Johannesburg Stock Exchange selected MillenniumIT to expand beyond equities into derivatives and fixed income. But Gill notes that in the developed world speed has become less of a focus as trading systems must adjust to regulatory requirements like those of Europe’s second Markets in Financial Instruments Directive. “Even though [MiFID II] has been delayed, the big story in Europe has been the push from the buy side to get more support for block trading and more visibility” into liquidity opportunities, Gill says. Over the past year MillenniumIT has worked with the LSEG-affiliated Turquoise platform to develop new trading strategies for Turquoise Block Discovery, a system for large orders launched at the end of 2014. Regulatory reforms also place new burdens on clearinghouses to provide greater transparency, and here MillenniumIT’s posttrade technology comes into play. “We’re talking microsecond-level ability to process trades and manage portfolio risk through a clearing environment,” says Gill. “At the end of the day, that’s a sea change.” Longer-term, Gill says he’s “very bullish on the potential for smart contracts to be the killer app of the blockchain world. They will transform many aspects of how we operate our markets, especially in the posttrade space.”

 
2016 Trading Technology 40

1. Raymond Tierney III Bloomberg 2. Richard Prager BlackRock Finding, Applying for, and Winning Grant Funding: Tips for Nonprofits Sponsored by Fidelity Investments April 29, 2025 3. Chris Isaacson BATS Global Markets 4. Jonathan Ross KCG Holdings 5. Bradley Peterson Nasdaq

6. Brad Levy Markit 7. Dan Keegan Citi 8. Ronald DePoalo Fidelity Institutional 9. Raj Mahajan Goldman Sachs Group 10. Ari Studnitzer CME Group

11. Mayur Kapani Intercontinental Exchange 12. Gerald O’Connell CBOE Holdings 13. Nicholas Themelis MarketAxess Holdings 14. Gil Mandelzis EBS BrokerTec (ICAP) 15. Bill Chow and Richard Leung Hong Kong Exchanges and Clearing

16. Rob Park IEX Group 17. Philip Weisberg Thomson Reuters 18. John Mackay (Mack) Gill MillenniumIT 19. Robert Cornish International Securities Exchange 20. Paul Hamill Citadel Securities

21. Eric Noll Convergex 22. Tyler Moeller and Joshua Walsky Broadway Technology 23. Rishi Nangalia REDI Holdings 24. Veronica Augustsson Cinnober Financial Technology 25. Alasdair Haynes Aquis Exchange

26. Manoj Narang Mana Partners 27. Gaurav Suri Arcesium 28. Robert Sloan S3 Partners 29. Anton Katz and Stephen Mock AQR Capital Mgmt 30. Stu Taylor Algomi

31. D. Keith Ross Jr. PDQ Enterprises 32. Donal Byrne Corvil 33. Alfred Eskandar Portware 34. R. Cromwell Coulson OTC Markets Group 35. Masayuki Hosaka Rakuten

36. Peter Maragos and David Karat Dash Financial 37. Amar Kuchinad Electronifie 38. Jennifer Nayar SR Labs 39. Dave Snowdon Metamako 40. Dan Raju Tradier