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The 2016 Tech 50: Chris Concannon

The Bats Global Markets president and CEO remains at No. 16 on the Tech 50 ranking.

< The 2016 Tech 5016Chris ConcannonPresident and Chief Executive OfficerBats Global MarketsLast year: 16

Bats Global Markets’ first attempt at an IPO, on March 23, 2012, was an embarrassment. A technical breakdown forced the company to abort the offering on its own exchange. The demons were exorcised on April 15, 2016, when 15.3 million Bats Global Markets shares began trading on BZX Exchange, one of the Lenexa, Kansas–based company’s four equity platforms. “The IPO was not the finish line,” says Chris Concannon, 48, president since December 2014 and CEO since March 2015. Investors clearly have agreed, pushing the $19 offering price as high as $29 on May 31 before it fell to $25 as of early July. In the context of the company’s business accomplishments, the IPO was almost an afterthought. Founded in 2005 as an alternative trading system and licensed as a U.S. exchange in 2008, Bats is now No. 2 in U.S. equity market share and No. 1 in Europe, runs two fast-growing U.S. options markets and owns foreign exchange platform Hotspot, whose acquisition from KCG Holdings was engineered by Concannon last year. In early May, Bats reported that its first-quarter operating income had virtually doubled, to $62 million, from a year earlier. The company also claimed a market-leading 26.2 percent share of trading in exchange-traded funds — it has been No. 1 since February 2014 — with 14 listings added in the first quarter, bringing the total to 70. On April 1, Bats acquired news and data provider ETF.com as part of its plan to be “a major player across the entire ETF ecosystem,” says Concannon, a graduate of Catholic University’s Columbus School of Law, onetime Securities and Exchange Commission staff attorney, former head of transaction services at Nasdaq and president and COO of Virtu Financial. “I have always loved the exchange business,” he says, adding, “The growth of fintech services will undoubtedly redefine the costs of investing.” He believes blockchain, or distributed ledger, “will play a role in the future of the financial services sector,” but “we are at the very beginning of the discovery process.”

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 The 2016 Tech 50 Click below to view profiles
1. Catherine
Bessant
Bank of America Corp.2. Jeffrey SprecherIntercontinental Exchange3. Lance UgglaMarkit4. Phupinder GillCME Group5. Shawn Edwards and Vlad KliatchkoBloomberg6. R. Martin ChavezGoldman Sachs Group
7. Robert GoldsteinBlackRock8. Adena FriedmanNasdaq9. Deborah HopkinsCiti Ventures10. Daniel ColemanKCG Holdings11. Stephen NeffFidelity Investments12. David CraigThomson Reuters
13. Michael SpencerICAP14. Michael BodsonDepository Trust & Clearing Corp. 15. Charles LiHong Kong Exchanges and Clearing16. Chris ConcannonBATS Global Markets17. Blythe MastersDigital Asset Holdings18. David RutterR3CEV
19. Neil KatzD.E. Shaw & Co.20. Lee OleskyTradeweb Markets21. Richard McVeyMarketAxess Holdings22. Seth MerrinLiquidnet Holdings23. Robert AlexanderCapital One Financial Corp.24. Brad KatsuyamaIEX Group
25. Antoine ShagouryState Street Corp.26. David GledhillDBS Bank27. Lou EcclestonTMX Group28. Andreas PreussDeutsche BÖrse29. Dan SchulmanPayPal Holdings30. Scott DillonWells Fargo & Co.
31. Mike ChinnS&P Global Market Intelligence32. Craig DonohueOptions Clearing Corp.33. Gary NorcrossFidelity National Information Services34. Steven O'HanlonNumerix35. Sebastián CeriaAxioma36. Michael CooperBT Radianz
37. Tyler KimMaplesFS38. Neal PawarAQR Capital Management39. David HardingWinton Capital Management40. Chris CorradoLondon Stock Exchange Group41. Brian ConlonFirst Derivatives42. Jim MinnickeVestment
43. Stephane DuboisXignite44. Mazy DarOpenFin45. Yasuki OkaiNRI Holdings America46. Kim FournaisSaxo Bank47. Jock PercyPerseus48. Robert SchifelliteBroadridge Financial Solutions
49. Brian SentanceXenomorph Software50. Pieter van der DoesAdyen