< The 2016 Trading Technology 40
36
Peter Maragos and David Karat
Chief Executive Officer and Chief Marketing Officer
Dash Financial
PNR
Best execution is particularly tough in options markets, which generate vast quantities of data in an increasingly complex trading environment, with 14 exchanges now operating in the U.S. “The buy side is under increasing pressure to understand best execution,” Peter Maragos says. “Essential to this is a comprehension of order-routing practices and how algorithms and routers meet challenges relating to performance and liquidity capture.” To Maragos and David Karat, co-founders of Dash Financial, these circumstances cry out for a neutral, technology-driven agency brokerage that serves the interests of client firms. They started to put the pieces together in 2009. Maragos, now 39, had spent about seven years as CEO of trading systems developer SDS Financial Technologies; Karat, 43, was with Investment Technology Group at that time, followed by a year with Credit Suisse. They laid the groundwork for Dash, in part with assets from SDS, in stealth mode and launched their New York–based venture in 2011. Touting what its founders call bespoke innovation, Dash developed a suite of algorithms and trading tools tailored to options market microstructure, as well as deliverables including “full transparency at the order level,” Karat says, taking advantage of technological advances like the HTML5 cross-platform programming language. “We crafted the most intelligent routers to harness the shifting sands in options markets at optimal economics for the client,” says Maragos, adding that Dash executes about 6 percent of all U.S. daily options volume. The company’s innovation prowess is literally on display in Dash360, a highly graphical data-visualization dashboard released in January that, in Maragos’s words, “redefines transparency in the U.S. equity and options markets.” Karat adds that institutional traders get “the full picture into how their orders are being routed and executed.”
2016 Trading Technology 40
1. Raymond Tierney III 2. Richard Prager 3. Chris Isaacson 4. Jonathan Ross 5. Bradley Peterson |
6. Brad Levy 7. Dan Keegan 8. Ronald DePoalo 9. Raj Mahajan 10. Ari Studnitzer |
11. Mayur Kapani 12. Gerald O’Connell 13. Nicholas Themelis 14. Gil Mandelzis 15. Bill Chow and Richard Leung |
16. Rob Park 17. Philip Weisberg 18. John Mackay (Mack) Gill 19. Robert Cornish 20. Paul Hamill |
21. Eric Noll 22. Tyler Moeller and Joshua Walsky 23. Rishi Nangalia 24. Veronica Augustsson 25. Alasdair Haynes |
26. Manoj Narang 27. Gaurav Suri 28. Robert Sloan 29. Anton Katz and Stephen Mock 30. Stu Taylor |
31. D. Keith Ross Jr. 32. Donal Byrne 33. Alfred Eskandar 34. R. Cromwell Coulson 35. Masayuki Hosaka |
36. Peter Maragos and David Karat 37. Amar Kuchinad 38. Jennifer Nayar 39. Dave Snowdon 40. Dan Raju |
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