< The 2016 Tech 50

Canada has become an attractive and competitive destination for financial market operators. The March 2015 launch of Aequitas NEO Exchange and Nasdaq’s December acquisition of Chi-X Canada were shots across the bow of long-established TMX Group and its flagship Toronto Stock Exchange. Twenty months into his run as TMX’s CEO, Lou Eccleston believes the incumbent has what it takes to beat back the newcomers. The former Bloomberg, Thomson Financial and McGraw Hill Financial executive regards TMX as “a Canadian institution with a global model.” He adds, “Global players come to us,” noting international participation in such TMX entities as the Natural Gas Exchange and the TSX Venture Exchange, which for start-ups has been an effective springboard to more-senior exchanges. In character with his 2010–’14 tenure as president of McGraw Hill’s S&P Capital IQ, where he built an in-house innovation hub, Eccleston, 59, is steering his company on a decidedly digital and disruptive course. TMX is “a technology-driven solutions provider that happens to operate markets,” he asserts. A year ago, soon after a strategic review that was one of his first actions, Eccleston opened the eXplore TMX Innovation Lab, which has a mission of “leveraging emerging and in-house technology and intellectual capital to create products and services that will provide competitive advantages to clients in Canada, across North America and around the world.” The lab is but one entry in a paper titled “The TMX Innovation Economy Partnership,” which catalogues dozens of internal and external technology initiatives, including support of the Canada-wide Accelerate Finance ecosystem and sponsorship of what is billed as “the world’s largest blockchain trade show,” debuting in September in Toronto. Two 2016 hires tell the tale of what Eccleston says is TMX’s “foundation in analytical-insight and intellectual-property businesses”: Anthony Di Iorio, a leader in Canada’s Bitcoin and blockchain community, as chief digital officer, and Tom Wadden, a former TD Bank technologist, as head of data science and analytics in the TMX Insights unit.

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The 2016 Tech 50

1. Catherine Bessant Bank of America Corp. 2. Jeffrey Sprecher Intercontinental Exchange 3. Lance Uggla Markit Advisors and Their Clients Call for New Asset Classes in Model Portfolios Sponsored by BlackRock May 6, 2025 4. Phupinder Gill CME Group 5. Shawn Edwards and Vlad Kliatchko Bloomberg 6. R. Martin Chavez Goldman Sachs Group

7. Robert Goldstein BlackRock 8. Adena Friedman Nasdaq 9. Deborah Hopkins Citi Ventures 10. Daniel Coleman KCG Holdings 11. Stephen Neff Fidelity Investments 12. David Craig Thomson Reuters

13. Michael Spencer ICAP 14. Michael Bodson Depository Trust & Clearing Corp. 15. Charles Li Hong Kong Exchanges and Clearing 16. Chris Concannon BATS Global Markets 17. Blythe Masters Digital Asset Holdings 18. David Rutter R3CEV

19. Neil Katz D.E. Shaw & Co. 20. Lee Olesky Tradeweb Markets 21. Richard McVey MarketAxess Holdings 22. Seth Merrin Liquidnet Holdings 23. Robert Alexander Capital One Financial Corp. 24. Brad Katsuyama IEX Group

25. Antoine Shagoury State Street Corp. 26. David Gledhill DBS Bank 27. Lou Eccleston TMX Group 28. Andreas Preuss Deutsche BÖrse 29. Dan Schulman PayPal Holdings 30. Scott Dillon Wells Fargo & Co.

31. Mike Chinn S&P Global Market Intelligence 32. Craig Donohue Options Clearing Corp. 33. Gary Norcross Fidelity National Information Services 34. Steven O'Hanlon Numerix 35. Sebastián Ceria Axioma 36. Michael Cooper BT Radianz

37. Tyler Kim MaplesFS 38. Neal Pawar AQR Capital Management 39. David Harding Winton Capital Management 40. Chris Corrado London Stock Exchange Group 41. Brian Conlon First Derivatives 42. Jim Minnick eVestment

43. Stephane Dubois Xignite 44. Mazy Dar OpenFin 45. Yasuki Okai NRI Holdings America 46. Kim Fournais Saxo Bank 47. Jock Percy Perseus 48. Robert Schifellite Broadridge Financial Solutions

49. Brian Sentance Xenomorph Software 50. Pieter van der Does Adyen