< The 2015 Trading Technology 40: Going with the Flow
34
Luís Otávio Saliba Furtado
Chief Technology and Information Security Officer
BM&FBovespa
Last year: 36
In October record equity and derivatives volumes — amid domestic electoral uncertainties and a general worldwide surge in market volatility — served as a stress test for the multiple technology projects undertaken since the 2008 merger of the São Paulo Stock Exchange and the Brazilian Mercantile and Futures Exchange. The systems of what is today BM&FBovespa held up well. In fact, PUMA, the cross-asset trading platform running on CME Group technology, has been operating without interruption since July 15, 2013. “One of the lessons we’ve learned is it’s very important to do exhaustive tests with market participants prior to going live,” says Luís Otávio Saliba Furtado, the former IBM Corp. executive who has been BM&FBovespa’s technology and information security chief since 2011. As the modernization program continued last year, five legacy data centers were consolidated into a single new facility with expanded co-location capacity. And, working with Sweden’s Cinnober Financial Technology, BM&FBovespa completed the first phase of integrating its four clearinghouses into one. That derivatives-focused project involved “decommissioning about 45 legacy systems and turning on about 30 new systems,” says Furtado, 48. Meanwhile, a new cross-asset risk system effectively “gives back collateral to investors, which is good for everyone.” Although exchange competition is brewing, the dominant market operator will open its clearinghouse “to whoever is approved to operate in the Brazilian market,” Furtado says. “But in 2014 we hardly heard from anyone on this subject.”
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 | 8 | 9 | 10 |
| Chris Isaacson BATS Global Markets | Bradley Peterson Nasdaq OMX Group | Brad Levy MarkitSERV | Dan Keegan Citi | Ronald DePoalo Fidelity Institutional |
| 11 | 12 | 13 | 14 | 15 |
| 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 | 19 | 20 |
| 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 | 23 | 24 | 25 |
| 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 | 29 | 30 |
| 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 | 33 | 34 | 35 |
| 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 |
