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The 2016 Trading Technology 40: Block Orders to Blockchain

Technology executives in financial markets excel by blending day-to-day attention to operational detail with a grasp of emerging trends.

  • Editors

If trading makes the financial world go round, then technology is the energy and gravity. The objectives of initiating, processing and clearing transactions are simple. Ensuring the necessary capacity and reliability while keeping pace with the latest technological capabilities in a highly competitive and regulation-heavy environment is something else entirely.

The Trading Technology 40 show the way. The leaders spotlighted in the fifth annual Institutional Investor ranking have distinguished themselves as managers of systems and people — and of the interfaces between the two. They stand out in an industry that is still haunted by the vulnerabilities exposed by the May 2010 flash crash even as it has ventured out to the leading edge of cloud computing and data analytics, containerized software and application programming interfaces, ultra-low-latency communications and the distributed ledger technology known as blockchain.

They are people like Jonathan Ross (No. 4), chief technology officer of KCG Holdings, who doesn’t limit his sights to the financial services realm. A former video game programmer, Ross sees the future through the lens of search engines, for which powerful hardware is being developed “to process raw data at an amazing rate,” he says. “A lot of it can be very applicable to trading.”

Anton Katz, one of two technologists representing AQR Capital Management (No. 29), considers the possibility that “in a few years it may not make sense to run your own data center.”

“Complexity is a fact in our business, and the challenges are only becoming more integrated and complex,” says Joshua Walsky, CTO and co-founder, with CEO Tyler Moeller, of Broadway Technology (No. 22). “There is the regulatory environment, products like swaps, various challenges related to scale in functionality and geography. ”

Raymond Tierney III, who moved last year from Bloomberg Tradebook to become Bloomberg’s global head of trading solutions, tops the ranking, rising two places from last year. The financial data giant’s order management systems business boosted revenue 10 percent in 2015. Like others, Tierney has an eye on the blockchain: “The digital ledger will change the industry in significant ways over the next five to ten years.”

The Trading Technology 40 were selected by Institutional Investor editors, taking into account nominations and other input from industry experts. The leadership criteria include recent and career accomplishments and contributions to individual companies and to the industry at large; scope and complexity of executive responsibilities; and pure technological innovation. In the profiles, last year’s rank is shown in parentheses; “PNR” denotes “previously not ranked.”

The ranking was compiled under the direction of Senior Contributing Editor Jeffrey Kutler. Individual profiles were written by Kutler; Editor Michael Peltz; Asia Bureau Chief Allen T. Cheng; Content Editor Anne Szustek; Associate Editor Kaitlin Ugolik; Senior Writers Frances Denmark and Julie Segal; and Research Staff Writer Jess Delaney.

 

 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