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The 2016 Trading Technology 40: Dan Keegan

< The 2016 Trading Technology 40 7 Dan Keegan Head of Equities, Americas Citi 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 Click below to view profiles
1. Raymond Tierney III Bloomberg2. Richard Prager BlackRock3. Chris Isaacson BATS Global Markets4. Jonathan Ross KCG Holdings5. Bradley Peterson Nasdaq
6. Brad Levy Markit7. Dan Keegan Citi8. Ronald DePoalo Fidelity Institutional9. Raj Mahajan Goldman Sachs Group10. Ari Studnitzer CME Group
11. Mayur Kapani Intercontinental Exchange12. Gerald O’Connell CBOE Holdings13. Nicholas Themelis MarketAxess Holdings14. Gil Mandelzis EBS BrokerTec (ICAP)15. Bill Chow and Richard Leung Hong Kong Exchanges and Clearing
16. Rob Park IEX Group17. Philip Weisberg Thomson Reuters18. John Mackay (Mack) Gill MillenniumIT19. Robert Cornish International Securities Exchange20. Paul Hamill Citadel Securities
21. Eric Noll Convergex22. Tyler Moeller and Joshua Walsky Broadway Technology23. Rishi Nangalia REDI Holdings24. Veronica Augustsson Cinnober Financial Technology25. Alasdair Haynes Aquis Exchange
26. Manoj Narang Mana Partners27. Gaurav Suri Arcesium28. Robert Sloan S3 Partners29. Anton Katz and Stephen Mock AQR Capital Mgmt30. Stu Taylor Algomi
31. D. Keith Ross Jr. PDQ Enterprises32. Donal Byrne Corvil33. Alfred Eskandar Portware34. R. Cromwell Coulson OTC Markets Group35. Masayuki Hosaka Rakuten
36. Peter Maragos and David Karat Dash Financial37. Amar Kuchinad Electronifie38. Jennifer Nayar SR Labs39. Dave Snowdon Metamako40. Dan Raju Tradier