< The 2015 Trading Technology 40: Going with the Flow
28
Rishi Nangalia
Chief Executive Officer
REDI Holdings
Last year: 23
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 |
