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The 2015 Trading Technology 40: Michael Liberman

#20 Michael Liberman, Chief Operating Officer, BlueMountain Capital Management

20
Michael Liberman
Chief Operating Officer
BlueMountain Capital Management

Fixed-income markets need “a change in mind-set,” asserts BlueMountain Capital Management’s Michael Liberman. “People have to rethink how they operate,” and “new tools” are called for. Last year the $20 billion, New York–based hedge fund firm released a protocol for large corporate-credit transactions that COO Liberman believes can be part of the solution for an asset class plagued by illiquidity. “Trading a large block in credit is incredibly challenging,” explains Liberman, 50, a staunch advocate of open-source technology whom BlueMountain co-founders Andrew Feldstein and Stephen Siderow recruited from Goldman Sachs Group in 2004. Now a managing partner presiding over one of the alternative-investment sector’s most innovative technology shops, Liberman adds: “Banks have tried to create single-dealer platforms. But we believe more of an all-to-all approach is needed.” BlueMountain designed the protocol to bring together the maximum number of traders with interest in a particular security. For the firm’s internal initiatives, Liberman continues to expand his quantitative strategies team — it doubled in 2013, to 40 members, and added ten in 2014 — while regulatory concerns weigh more heavily on management. Liberman says BlueMountain is developing a system to capture a complete picture of its financing — “the cost of it, the capital commitment of it, the certainty of it, and other franchise values and relationship values that exist.”

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


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