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The 2016 Trading Technology 40: Peter Maragos and David Karat

< The 2016 Trading Technology 40
36Peter Maragos and David KaratChief Executive Officer and Chief Marketing OfficerDash FinancialPNR

Best execution is particularly tough in options markets, which generate vast quantities of data in an increasingly complex trading environment, with 14 exchanges now operating in the U.S. “The buy side is under increasing pressure to understand best execution,” Peter Maragos says. “Essential to this is a comprehension of order-routing practices and how algorithms and routers meet challenges relating to performance and liquidity capture.” To Maragos and David Karat, co-founders of Dash Financial, these circumstances cry out for a neutral, technology-driven agency brokerage that serves the interests of client firms. They started to put the pieces together in 2009. Maragos, now 39, had spent about seven years as CEO of trading systems developer SDS Financial Technologies; Karat, 43, was with Investment Technology Group at that time, followed by a year with Credit Suisse. They laid the groundwork for Dash, in part with assets from SDS, in stealth mode and launched their New York–based venture in 2011. Touting what its founders call bespoke innovation, Dash developed a suite of algorithms and trading tools tailored to options market microstructure, as well as deliverables including “full transparency at the order level,” Karat says, taking advantage of technological advances like the HTML5 cross-platform programming language. “We crafted the most intelligent routers to harness the shifting sands in options markets at optimal economics for the client,” says Maragos, adding that Dash executes about 6 percent of all U.S. daily options volume. The company’s innovation prowess is literally on display in Dash360, a highly graphical data-visualization dashboard released in January that, in Maragos’s words, “redefines transparency in the U.S. equity and options markets.” Karat adds that institutional traders get “the full picture into how their orders are being routed and executed.”

 

 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