< The 2016 Tech 50

18
David Rutter
Chief Executive Officer
R3CEV
PNR

As a great leap in financial technology, what could compare with the distributed ledger applications that R3CEV is developing with a consortium of 55 financial institutions? CEO David Rutter looks back 20 years to a joint venture agreement that the Chicago Board of Trade struck with two firms that led to the introduction of trading on computer screens. One of the brokerages was Prebon Yamane, where Rutter was managing director for the Americas and later a co-owner. “It was considered outrageous then to think about the electronic trading of U.S. Treasuries and bond futures, with cross margining and the like,” Rutter recalls. “That was the first attempt to electronically trade cash Treasuries and futures.” His involvement in advanced trading technology didn’t stop there. Rutter built an e-markets business for Bridge Information Systems and, after two years as CEO of Prebon Energy, spent ten years at ICAP, rising to CEO of electronic broking, the business that included trading platform acquisitions BrokerTec Global and EBS. “I’ve always been pushing technology innovation,” says the 53-year-old. Reflecting Rutter’s enthusiasm for what New York–based R3 is pursuing, the company states on its website that distributed ledger technology could “change financial services as profoundly as the Internet changed media and entertainment.” Rutter says: “There has never been such a transformative technology for finance. This will change the way transactions are recorded forever.” Co-founded in 2014 by Rutter, CFO and former Sandler O’Neill + Partners investment banker Jesse Edwards and COO and ex–Standard Chartered executive Todd McDonald, R3 announced the blockchain consortium last September. Barclays, JPMorgan Chase & Co. and Goldman Sachs Group were in the initial group of nine. An additional 13, including Bank of America Corp., Citigroup and Morgan Stanley, had joined by month’s end, another 22 by December and 11 more as of late June. “A good way to think about it is that we’re pushing financial data into the cloud in a cryptographically secure way,” Rutter says. “If you are going to transform the way payments are made or securities are issued or settled, you can’t have a couple firms on the ledger. It requires a broader adoption from the start.”

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The 2016 Tech 50


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1. Catherine
Bessant
Bank of America Corp.

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2. Jeffrey Sprecher
Intercontinental Exchange

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3. Lance Uggla
Markit

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4. Phupinder Gill
CME Group

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5. Shawn Edwards and Vlad Kliatchko
Bloomberg

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6. R. Martin Chavez
Goldman Sachs Group

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7. Robert Goldstein
BlackRock

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8. Adena Friedman
Nasdaq

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9. Deborah Hopkins
Citi Ventures

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10. Daniel Coleman
KCG Holdings

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11. Stephen Neff
Fidelity Investments

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12. David Craig
Thomson Reuters

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13. Michael Spencer
ICAP

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14. Michael Bodson
Depository Trust & Clearing Corp.

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15. Charles Li
Hong Kong Exchanges and Clearing

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16. Chris Concannon
BATS Global Markets

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17. Blythe Masters
Digital Asset Holdings

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18. David Rutter
R3CEV

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19. Neil Katz
D.E. Shaw & Co.

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20. Lee Olesky
Tradeweb Markets

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21. Richard McVey
MarketAxess Holdings

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22. Seth Merrin
Liquidnet Holdings

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23. Robert Alexander
Capital One Financial Corp.

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24. Brad Katsuyama
IEX Group

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25. Antoine Shagoury
State Street Corp.

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26. David Gledhill
DBS Bank

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27. Lou Eccleston
TMX Group

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28. Andreas Preuss
Deutsche BÖrse

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29. Dan Schulman
PayPal Holdings

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30. Scott Dillon
Wells Fargo & Co.

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31. Mike Chinn
S&P Global Market Intelligence

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32. Craig Donohue
Options Clearing Corp.

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33. Gary Norcross
Fidelity National Information Services

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34. Steven O'Hanlon
Numerix

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35. Sebastián Ceria
Axioma

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36. Michael Cooper
BT Radianz

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37. Tyler Kim
MaplesFS

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38. Neal Pawar
AQR Capital Management

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39. David Harding
Winton Capital Management

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40. Chris Corrado
London Stock Exchange Group

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41. Brian Conlon
First Derivatives

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42. Jim Minnick
eVestment

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43. Stephane Dubois
Xignite

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44. Mazy Dar
OpenFin

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45. Yasuki Okai
NRI Holdings America

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46. Kim Fournais
Saxo Bank

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47. Jock Percy
Perseus

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48. Robert Schifellite
Broadridge Financial Solutions

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49. Brian Sentance
Xenomorph Software

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50. Pieter van der Does
Adyen