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The 2016 Trading Technology 40: Chris Isaacson

< The 2016 Trading Technology 403Chris IsaacsonGlobal Chief Information Officer BATS Global MarketsLast year: 6

As recently as 2008, BATS Global Markets — then BATS Trading — was an alternative trading system making the transition to full exchange status. Almost overnight, in January 2009, BATS was the third-largest exchange company in notional value traded, and it was upward from there, with virtually every leap assisted by, if not dependent on, the technology Chris Isaacson had been developing since the firm’s start in 2005. In early 2015, BATS completed the integration of the Direct Edge exchanges it had acquired the year before, and from September through November it was the world’s biggest equity exchange operator, according to World Federation of Exchanges data. In December, BATS’s U.S. equity market share was 21 percent, up from 20.8 percent a year earlier; BATS Chi-X Europe remained No. 1 in its markets at 23.7 percent, rising from 22 percent; the opening of a second U.S. options market pushed BATS’s share of that asset class to 10.1 percent from 6.3 percent a year earlier; and foreign exchange platform Hotspot, acquired last March from KCG Holdings, boosted its market share to 12.7 percent from December 2014’s 11.6 percent. Lenexa, Kansas–based BATS Global Markets filed in December for an IPO, conjuring memories of its most glaring failure, the March 2012 systems crash that aborted the previous IPO attempt. Isaacson, 37, global CIO since 2014 after seven years as COO, has his sights set on market-structure and regulatory developments that promise “greater transparency and efficiency across the trading landscape.” These include technology-enabled agency trading in forex, Markets in Financial Instruments Directive (MiFID II) preparations in Europe and “across all markets innovation and optimization in clearing and settlement with the potential use of blockchain technology.”

 

 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