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The 2016 Tech 50: David Rutter

The R3CEV CEO debuts at No. 18 on our annual Tech 50 ranking.

< The 2016 Tech 5018David RutterChief Executive OfficerR3CEVPNR

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.”

Visit The 2016 Tech 50: Making Financial Services Faster, Cheaper, Bigger for more.


 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