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The 2016 Trading Technology 40: Dan Keegan

No. 7 Dan Keegan, Head of Equities, Americas, Citi

Dan Keegan
Head of Equities, Americas
Last year: 9

Four years ago veteran electronic trading executive Dan Keegan, then Citi’s global head of cash equities, predicted that 80 percent of institutional volume would eventually be concentrated among five sell-side firms. Now three years into the job of head of equities, Americas, Keegan, 47, continues the consolidation refrain while aiming to ensure that Citi is a survivor. “The competitive landscape is changing radically” as the top banks deal with new capital requirements and regulatory pressures, he notes. Certainly, New York–based Citi has not been spared capital and cost constraints during what Keegan terms “seven years of right-sizing,” but now “the opportunity is there to build out our business.” Next-generation technology has to be part of it because “the world is governed by best execution,” says Keegan, who joined Citi in 2007 when it acquired Automated Trading Desk, where he was head of institutional equities. Earlier he had built JPMorgan Chase & Co.’s electronic execution services business. Keegan is touting Optimus 2.0, now being rolled out after a “soft launch” last year, as “one of the most important advancements in the execution space.” Rather than trying to muscle ahead in the algorithmic arms race, Citi is positioning Optimus as a tool for clients to assess and choose from an often confusing array of strategy and routing options. Instead of “pushing product,” Keegan says, Citi is offering clients “a road map, the optimal path to achieving their stated objectives.” He expects to build on the firm’s first-mover advantage with versions 3.0 and beyond. Keegan has positioned himself as an honest broker in the industry-regulator dialogue on market structure. He is a director of BATS Global Markets (see Chris Isaacson, No. 3), which recently withdrew its initial support of the controversial exchange application of IEX Group (see Rob Park, No. 16).

2016 Trading Technology 40

1. Raymond Tierney III
2. Richard Prager
3. Chris Isaacson
BATS Global Markets
4. Jonathan Ross
KCG Holdings
5. Bradley Peterson
6. Brad Levy
7. Dan Keegan
8. Ronald DePoalo
Fidelity Institutional
9. Raj Mahajan
Goldman Sachs Group
10. Ari Studnitzer
CME Group
11. Mayur Kapani
Intercontinental Exchange
12. Gerald O’Connell
CBOE Holdings
13. Nicholas Themelis
MarketAxess Holdings
14. Gil Mandelzis
EBS BrokerTec (ICAP)
15. Bill Chow and Richard Leung
Hong Kong Exchanges and Clearing
16. Rob Park
IEX Group
17. Philip Weisberg
Thomson Reuters
18. John Mackay (Mack) Gill
19. Robert Cornish
International Securities Exchange
20. Paul Hamill
Citadel Securities
21. Eric Noll
22. Tyler Moeller and Joshua Walsky
Broadway Technology
23. Rishi Nangalia
REDI Holdings
24. Veronica Augustsson
Cinnober Financial Technology
25. Alasdair Haynes
Aquis Exchange
26. Manoj Narang
Mana Partners
27. Gaurav Suri
28. Robert Sloan
S3 Partners
29. Anton Katz and Stephen Mock
AQR Capital Mgmt
30. Stu Taylor
31. D. Keith Ross Jr.
PDQ Enterprises
32. Donal Byrne
33. Alfred Eskandar
34. R. Cromwell Coulson
OTC Markets Group
35. Masayuki Hosaka
36. Peter Maragos and David Karat
Dash Financial
37. Amar Kuchinad
38. Jennifer Nayar
SR Labs
39. Dave Snowdon
40. Dan Raju

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