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The 2016 Trading Technology 40: Gerald O’Connell

< The 2016 Trading Technology 4012Gerald O’ConnellChief Information OfficerCBOE HoldingsLast year: 12

After more than 30 years in technology positions at CBOE Holdings, 23 of them as chief information officer, Gerald O’Connell asserts that the multiexchange operator is more competitive than ever. And the 64-year-old isn’t done innovating. Following its 2014 success in expanding trading hours on its popular Volatility Index to nearly 24 hours a day, five days a week, the Chicago-based company extended hours for more options products in 2015. Additional trading capability and lower latency are on the agenda for 2016, but even more significant, O’Connell says, is a new matching engine. Known as Vector, the system is being developed from scratch and will be launched on the CBOE Futures Exchange in the second half of the year. “CBOE’s Vector is being designed for maximum flexibility and scalability, and, we believe, will be an industry leader in terms of latency,” boasts O’Connell. “We think we’ll be leapfrogging most of the industry with this new technology.” He estimates latency will improve by a factor of five to ten over the current system, Command. In addition to speeding up order tracking and trades, Vector is expected to introduce new risk controls, some at the request of customers and some mandated by the U.S. Commodity Futures Trading Commission, according to O’Connell. In September, CBOE teamed up with Environmental Financial Products, the market development firm led by futures pioneer Richard Sandor, to launch the American Financial Exchange, designed to bring standardization and transparency to short-term lending among small and midsize banks. AFX will use the new Vector 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