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The 2016 Trading Technology 40: John Mackay (Mack) Gill

< The 2016 Trading Technology 4018John Mackay (Mack) GillChief Executive OfficerMillenniumITLast year: 24

Stock exchanges in emerging markets are modernizing their technology — in some cases they are starting up — and that spells opportunity for MillenniumIT, the Sri Lanka–based London Stock Exchange Group subsidiary selling what is touted as the world’s fastest trading platform. In May, for example, Peruvian stock exchange Bolsa de Valores de Lima went live with MillenniumIT’s multiasset trading platform and smart order router. Demand has been running high in Latin America: MillenniumIT plans to go live with a similar upgrade on Argentina’s Caja de Valores later this year, according to CEO John Mackay (Mack) Gill, 46. Last July the Johannesburg Stock Exchange selected MillenniumIT to expand beyond equities into derivatives and fixed income. But Gill notes that in the developed world speed has become less of a focus as trading systems must adjust to regulatory requirements like those of Europe’s second Markets in Financial Instruments Directive. “Even though [MiFID II] has been delayed, the big story in Europe has been the push from the buy side to get more support for block trading and more visibility” into liquidity opportunities, Gill says. Over the past year MillenniumIT has worked with the LSEG-affiliated Turquoise platform to develop new trading strategies for Turquoise Block Discovery, a system for large orders launched at the end of 2014. Regulatory reforms also place new burdens on clearinghouses to provide greater transparency, and here MillenniumIT’s posttrade technology comes into play. “We’re talking microsecond-level ability to process trades and manage portfolio risk through a clearing environment,” says Gill. “At the end of the day, that’s a sea change.” Longer-term, Gill says he’s “very bullish on the potential for smart contracts to be the killer app of the blockchain world. They will transform many aspects of how we operate our markets, especially in the posttrade space.”

 

 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