< The 2016 Trading Technology 40

For a technology start-up, not to mention the software it produces, life expectancy is short. As a 13-year-old company averaging 35 percent revenue growth in recent years, Broadway Technology has decidedly beaten the odds. When then-20-somethings Tyler Moeller and Joshua Walsky set up shop in New York, they weren’t exactly starting from scratch. Their TOC system had proved its mettle in proprietary trading, and some big Wall Street names, including eventual investor Goldman Sachs Group, were interested in its fixed-income capabilities. “We have people happy using 15-year-old systems,” notes CTO Walsky, 39, whose working relationship with CEO Moeller began in the 1990s at CarOrder.com, which did not survive the dot-com bubble. The durability is a testament to TOC’s architecture, which was ahead of its time in being multi-asset-ready and therefore extendable into derivatives and currencies. “The world moved in the direction of our platform,” says Moeller, 40. Things did get complicated. Broadway had to keep pace in the low-latency race, but the 100-employee company — heavily populated with computer science graduates like Moeller (BS and master’s in engineering from Massachusetts Institute of Technology) and Walsky (BA and master’s in engineering from Cornell University) — was built for speed. On that point, however, Moeller says the industry has evolved to where “it’s more cost-effective to be smarter in the way you trade than throwing money” at speed. Business intelligence and analytics become key; in another stroke of prescience, TOC was designed as a “data-oriented system,” Walsky explains, with flexibility and scalability to meet such trading and support needs as risk management, surveillance and compliance. “It is a dynamic compute engine,” he says. “We are still inventing on top of the platform,” which is a year and a half into a substantial rewrite dubbed TOC 4.

 
2016 Trading Technology 40

1. Raymond Tierney III Bloomberg 2. Richard Prager BlackRock Advisors and Their Clients Call for New Asset Classes in Model Portfolios Sponsored by BlackRock May 6, 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