This content is from: Portfolio

The 2016 Trading Technology 40: Philip Weisberg

< The 2016 Trading Technology 4017Philip WeisbergGlobal Head of Foreign Exchange, Rates and CreditThomson ReutersPNR

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 40Click below to view profiles
1. Raymond Tierney IIIBloomberg2. Richard PragerBlackRock3. Chris IsaacsonBATS Global Markets4. Jonathan RossKCG Holdings5. Bradley PetersonNasdaq
6. Brad LevyMarkit7. Dan KeeganCiti8. Ronald DePoaloFidelity Institutional9. Raj MahajanGoldman Sachs Group10. Ari StudnitzerCME Group
11. Mayur KapaniIntercontinental Exchange12. Gerald O’ConnellCBOE Holdings13. Nicholas ThemelisMarketAxess Holdings14. Gil MandelzisEBS BrokerTec (ICAP)15. Bill Chow and Richard LeungHong Kong Exchanges and Clearing
16. Rob ParkIEX Group17. Philip WeisbergThomson Reuters18. John Mackay (Mack) GillMillenniumIT19. Robert CornishInternational Securities Exchange20. Paul HamillCitadel Securities
21. Eric NollConvergex22. Tyler Moeller and Joshua WalskyBroadway Technology23. Rishi NangaliaREDI Holdings24. Veronica AugustssonCinnober Financial Technology25. Alasdair HaynesAquis Exchange
26. Manoj NarangMana Partners27. Gaurav SuriArcesium28. Robert SloanS3 Partners29. Anton Katz and Stephen MockAQR Capital Mgmt30. Stu TaylorAlgomi
31. D. Keith Ross Jr.PDQ Enterprises32. Donal ByrneCorvil33. Alfred EskandarPortware34. R. Cromwell CoulsonOTC Markets Group35. Masayuki HosakaRakuten
36. Peter Maragos and David KaratDash Financial37. Amar KuchinadElectronifie38. Jennifer NayarSR Labs39. Dave SnowdonMetamako40. Dan RajuTradier