< The 2016 Trading Technology 40

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17
Philip Weisberg
Global Head of Foreign Exchange, Rates and Credit
Thomson Reuters
PNR

Cooper Union electrical engineering major Philip Weisberg began his career in 1989, writing trade blotters and getting coffee for traders in the currency group at J.P. Morgan & Co. He would go on to become a major force in the automation of foreign exchange trading. Working in the bank’s LabMorgan technology incubator in the late 1990s, Weisberg led the development of FXall, becoming CEO of the electronic trading platform when the business was spun out in 2001. He was still running the company in 2012 (ranking 35th on Institutional Investor’s Tech 50 that year) when Thomson Reuters acquired it for $625 million. In his current role as the financial data giant’s global head of foreign exchange, rates and credit, Weisberg, 48, has overseen the integration of FXall into Thomson Reuters’ FX Trading platform, which includes the company’s Matching central limit order book and Dealing peer-to-peer conversational trading system. “Marrying up the two companies was a great benefit because we could provide the combination of services to clients,” he says. The 14,000 Dealing counterparties and 1,500 FXall buy-side traders using Matching have access to electronic communication networks and other liquidity venues with a total average daily trading volume of more than $350 billion. “Technology has enabled all the market participants to basically see each other and connect with each other,” Weisberg says. Regulatory reform — including increased capital requirements and restrictions on proprietary trading in the wake of the financial crisis — is having a major impact on the forex market, says Weisberg, who represents Thomson Reuters in the Bank for International Settlements’ Market Participants Group. “People are redefining what is acceptable behavior on a sales floor and on a trading floor,” he explains, “and in order to meet those requirements, while it’s not mandated that the trades be done electronically, it’s a much easier way to reach the higher hurdles that the industry is setting in terms of conduct.”

 

 
2016 Trading Technology 40


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1. Raymond Tierney III
Bloomberg

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2. Richard Prager
BlackRock

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3. Chris Isaacson
BATS Global Markets

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4. Jonathan Ross
KCG Holdings

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5. Bradley Peterson
Nasdaq

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6. Brad Levy
Markit

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7. Dan Keegan
Citi

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8. Ronald DePoalo
Fidelity Institutional

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9. Raj Mahajan
Goldman Sachs Group

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10. Ari Studnitzer
CME Group

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11. Mayur Kapani
Intercontinental Exchange

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12. Gerald O’Connell
CBOE Holdings

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13. Nicholas Themelis
MarketAxess Holdings

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14. Gil Mandelzis
EBS BrokerTec (ICAP)

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15. Bill Chow and Richard Leung
Hong Kong Exchanges and Clearing

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16. Rob Park
IEX Group

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17. Philip Weisberg
Thomson Reuters

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18. John Mackay (Mack) Gill
MillenniumIT

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19. Robert Cornish
International Securities Exchange

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20. Paul Hamill
Citadel Securities

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21. Eric Noll
Convergex

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22. Tyler Moeller and Joshua Walsky
Broadway Technology

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23. Rishi Nangalia
REDI Holdings

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24. Veronica Augustsson
Cinnober Financial Technology

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25. Alasdair Haynes
Aquis Exchange

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26. Manoj Narang
Mana Partners

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27. Gaurav Suri
Arcesium

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28. Robert Sloan
S3 Partners

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29. Anton Katz and Stephen Mock
AQR Capital Mgmt

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30. Stu Taylor
Algomi

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31. D. Keith Ross Jr.
PDQ Enterprises

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32. Donal Byrne
Corvil

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33. Alfred Eskandar
Portware

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34. R. Cromwell Coulson
OTC Markets Group

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35. Masayuki Hosaka
Rakuten

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36. Peter Maragos and David Karat
Dash Financial

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37. Amar Kuchinad
Electronifie

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38. Jennifer Nayar
SR Labs

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39. Dave Snowdon
Metamako

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40. Dan Raju
Tradier