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The 2015 Trading Technology 40: Rishi Nangalia

#28 Rishi Nangalia, Chief Executive Officer, REDI Holdings

28
Rishi Nangalia
Chief Executive Officer
REDI Holdings

At REDI Holdings’ launch in July 2013, CEO Rishi Nangalia called the Goldman Sachs Group spin-off a mature start-up, a best-of-both-worlds blending of firm financial footing with entrepreneurial élan. A member of Goldman’s e-trading team since 2001, Nangalia had spent two years preparing REDI for independence. Now it reports to multiple owners (including Goldman, Bank of America Merrill Lynch and Citadel), and its 150 employees, up from 70 at the start, are enhancing and selling the REDIPlus technology, which traces its roots to 1990s-era Spear, Leeds & Kellogg, the trading and clearing systems innovator Goldman acquired in 2000. REDI broke new ground in execution management systems with the consortium ownership model, but it was a restructuring transaction nonetheless, and Nangalia concedes there was “transition risk” of the customer defections that inevitably follow changes in control. Besides the “natural churn in this business,” he says, the new enterprise faced “a challenging environment for overall market volumes.” On the upside, in 2014 dozens of firms, including Credit Suisse Advanced Execution Services, joined or added products to REDI’s multibroker network, now with some 125 members. Active clients grew 20 percent, to more than 800, with the integration of BAML’s InstaQuote. Nangalia, 39, says revenue was “stable in a year of massive transition.” He believes growth will take off as the financial industry increasingly outsources innovation to specialists like REDI. He is confident the firm has “the governance model, capital and market expertise” for the multiyear commitment required.

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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