This content is from: Portfolio

The 2016 Trading Technology 40: Rishi Nangalia

< The 2016 Trading Technology 4023Rishi NangaliaChief Executive OfficerREDI HoldingsLast year: 28

Technology has been a consistently strong suit for REDI Holdings, the Spear, Leeds & Kellogg institutional e-trading pioneer Goldman Sachs Group acquired in 2000 and spun off in 2013. But independence was complicated for CEO Rishi Nangalia. Because REDI was structured as a joint venture, the 40-year-old reports to multiple owners, including Goldman, Bank of America Merrill Lynch and Citadel, while dealing with the growing pains of a virtual start-up and navigating the treacherous competitive landscape into which it was thrust. The good news is the financial services industry is warming up to the consortium model as a way to spread the costs and lower the risks of innovation, and REDI has worked out the kinks. “The open and collaborative nature of our platform stands REDI apart from other fintech firms,” says Nangalia, who started with Goldman’s e-trading team in 2001 and spent two years methodically planning the joint venture’s launch in July 2013. “We think we’re on the cusp of bringing some exciting new technologies to Wall Street,” the CEO says. Nangalia sees REDI as a bridge between established entities and technologies and new players like OpenFin, developer of cross-platform desktop software using the HTML5 language, and enterprise mobile app company PowWow. “Unlike other industries, fintech requires start-ups to work with incumbents to drive true change and innovation,” Nangalia notes. New-tech cultures prize openness and sharing, which historically would have clashed with the proprietary attitudes of traditional finance. But with banks showing signs of becoming more collaborative, Nangalia believes vendors should be too, for their clients’ benefit. His team is currently building an open, collaborative, cloud-based platform; mobile products for iOS; and middle-office enhancements he dubs “OMS [order management system] lite.”

 

 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