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The 2015 Trading Technology 40: Bill Chow and Richard Leung
#21 Bill Chow and Richard Leung, Co–Chief Technology Officers, Hong Kong Exchanges and Clearing
Richard Leung
Shanghai–Hong Kong Stock Connect, the so-called through train for trading between the Shanghai and Hong Kong exchanges, went live November 17 after a series of delays. But those were mainly regulatory and political in nature. For this ambitious program, a cornerstone of Hong Kong Exchanges and Clearing chief executive Charles Li’s cross-border game plan, the technology performed without a hitch. Credit the HK$3 billion ($387 million) Orion project, a comprehensive IT overhaul that co-CTOs Bill Chow and Richard Leung have been shepherding since 2012. Stock Connect was just the most visible example of the flexibility and scalability of Orion, which touches all asset classes and stages of the trading cycle and involved integrations of data and clearing systems from the likes of Calypso Technology and Nasdaq OMX Group. Since the through train started allowing both international and domestic investors to bypass China’s strict capital controls, northbound volumes — trading originating in Hong Kong — have exceeded southbound totals. Hopes are high that southbound activity will pick up as mainland investors increase their exposure to offshore equities. “HKEx’s IT group is ready to support any system changes for Stock Connect,” says Chow, 58, a 22-year veteran with the company. Leung, 51, who joined in 2012 after three years as CTO of Chi-X Global, notes, “The program is expandable and could be a model for other asset classes.”
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 |