< The 2015 Trading Technology 40: Going with the Flow

While Chi-X Europe, now part of BATS Global Markets (see Chris Isaacson, No. 6), shot to the top in pan-European equity trading, with market share exceeding 20 percent, other operations under the Chi-X Global Holdings umbrella, owned by a bank consortium, made similar inroads in Australia and Canada. Tal Cohen — Chi-X Global’s CEO since 2010 after two years heading Chi-X Canada and ten years with the Instinet unit of Nomura Holdings (which founded and still leads the Chi-X consortium) — sees Japan as an immediate growth opportunity and envisions his alternative exchange company’s future as that of a “serial global start-up.” Viewing the sprawling Asia-Pacific region as ripe for expansion, the 41-year-old says Chi-X will “advocate for positive market structure reform and acquire technologies to bring innovation, efficiency and, most importantly, transparency into that market.” A selling point, Cohen adds, is that New York–based Chi-X makes use of its own technology, which instills confidence among users. Three-year-old Chi-X Australia has an 18 percent market share. Chi-X Canada’s nearly 22 percent share includes the volume of the retail-focused CX2 platform, which was launched in September 2013 and accounts for 5 percent. At Chi-X Japan, in business since 2010, Nomura-Instinet veteran Makoto Nagahori was named president and CEO om February 2014 amid a surge of optimism about Abenomics’ effect on the markets. In July, the addition of Yamawa Securities Co. and Ark Securities Co. brought the number of trading participants to 23, and Chi-Match VWAP Cross, introduced in September, within a month was the fastest-growing, broker-neutral VWAP (volume-weighted average price) trade-crossing platform in Japan.

 
The 2015 Trading Technology 40

1	2	3	4	5
Kevin Kometer CME Group	Richard Prager BlackRock	Raymond Tierney III Bloomberg Tradebook	Jonathan Ross KCG Holdings	Charles Vice Intercontinental Exchange
6	7 Zef Nikolla	8	9	10
Chris Isaacson BATS Global Markets	Bradley Peterson Nasdaq OMX Group	Brad Levy MarkitSERV	Dan Keegan Citi	Ronald DePoalo Fidelity Institutional
11 Mark McQueen	12	13	14	15 Margaret Fox
Gerard Beatty Goldman Sachs Group	Gerald O'Connell CBOE Holdings	Brenda Hoffman TMX Group	Billy Hult Tradeweb Markets	Nicholas Themelis MarketAxess Holdings
16	17	18 Martin H. Simon	19 Todd Plitt	20 A.E. Fletcher Photography
Bina Kalola Bank of America Merrill Lynch	Gil Mandelzis EBS-BrokerTec (ICAP)	Steven Randich Financial Industry Regulatory Authority	Jerry Dobner GFI Group	Michael Liberman BlueMountain Capital Management
21	22 Photographer:http://www.digitalh	23	24 Dennis Degnan	25 Paul Elledge
Bill Chow and Richard Leung Hong Kong Exchanges and Clearing	Jamie Selway Investment Technology Group	Brad Katsuyama IEX Group	John Mackay (Mack) Gill MillenniumIT	Jamil Nazarali Citadel Execution Services
26	27	28 Picasa	29 Andrew Harrer	30 Takashi KATO
Robert Cornish International Securities Exchange	Tyler Moeller andJoshua Walksy Broadway Technology	Rishi Nangalia REDI Holdings	Manoj Narang Tradeworx, Thesys Technologies	Oki Matsumoto Monex Group
31	32 unknown	33 Douglas Kurn	34 Luludi/LUZ	35 William Neumann Photography
Alasdair Haynes Aquis Exchange	Veronica Augustsson Cinnober Financial Technology	Stu Taylor Algomi	Luís Otávio Saliba Furtado BM&FBovespa	Tal Cohen Chi-X Global Holdings
36	37	38	39	40
Donal Byrne Corvil	R. Cromwell Coulson OTC Markets Group	Alfred Eskandar Portware	Richard Korhammer SR Labs	Hazem Dawani OptionsCity Software