The 2015 Trading Technology 40: Michael Liberman

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

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< The 2015 Trading Technology 40: Going with the Flow

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Michael Liberman
Chief Operating Officer
BlueMountain Capital Management
Last year: 14

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

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Kevin Kometer
CME Group
Richard Prager
BlackRock
Raymond Tierney III
Bloomberg Tradebook
Jonathan Ross
KCG Holdings
Charles Vice
Intercontinental Exchange
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Zef Nikolla

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Chris Isaacson
BATS Global Markets
Bradley Peterson
Nasdaq OMX Group
Brad Levy
MarkitSERV
Dan Keegan
Citi
Ronald DePoalo
Fidelity Institutional
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Mark McQueen

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Margaret Fox

Gerard Beatty
Goldman Sachs Group
Gerald O’Connell
CBOE Holdings
Brenda Hoffman
TMX Group
Billy Hult
Tradeweb Markets
Nicholas Themelis
MarketAxess Holdings
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Steve Randich

Martin H. Simon

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Todd Plitt

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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
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Photographer:http://www.digitalh

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Dennis Degnan

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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
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Picasa

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SENATE BANKING

Andrew Harrer

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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
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unknown

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Douglas Kurn

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Luludi/LUZ

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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
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Donal Byrne
Corvil
R. Cromwell Coulson
OTC Markets Group
Alfred Eskandar
Portware
Richard Korhammer
SR Labs
Hazem Dawani
OptionsCity Software

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