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The 2015 Tech 50: Sunil Hirani

The trueEX Group CEO debuts at No. 35 on this year’s Tech 50 ranking.

< The 2015 Tech 50: Racers to the Edge35Sunil HiraniChief Executive OfficertrueEX GroupPNR

When mandatory electronic swaps trading began in earnest early last year, there were more than 20 swap execution facilities, venues that emerged to meet postcrisis transparency and clearing requirements. Today there are fewer than ten; most are run by brokerages like ICAP that historically dominated swaps trading or by electronic execution titans like Bloomberg and Tradeweb Markets. An exception is trueEX Group, which billed itself as “the first Dodd-Frank-compliant swaps exchange” in September 2012, when it obtained Designated Contract Market status for interest rate swaps from the Commodity Futures Trading Commission. SEF approval came a year later, and today the 45-employee New York firm, founded by Sunil Hirani, captures 5.7 percent of overall SEF volume and as much as 15 percent of the Bloomberg- and Tradeweb-dominated half of the market that deals directly with the buy side. “We’re providing choice to consumers in a market that’s dominated by incumbents,” says CEO Hirani, a onetime Lockheed software engineer who came out of Deutsche Bank’s derivatives group in the late 1990s to co-found the pioneering credit default swaps platform Creditex Group, which Intercontinental Exchange bought in 2008 for $513 million. The 48-year-old attributes trueEX’s success to its focus on nondollar, nonstandard swaps. “The world is episodic; the world is custom — you need to give people flexibility,” he says. Last year Hirani and Donald Wilson, CEO of Chicago-based DRW Trading Group, co-founded Digital Asset Holdings, which in March named former JPMorgan Chase & Co. executive Blythe Masters as CEO to lead its development of blockchain technology for transaction settlements. The two ventures “complement each other,” Hirani says, and can do much to “enhance the security, speed and efficiency” of derivatives trading.

See the full story, “The 2015 Tech 50: Racers to the Edge.”

 The 2015 Tech 50 Click below to view profiles
1. Jeffrey SprecherIntercontinental Exchange2. Catherine BessantBank of America Corp.3. Phupinder GillCME Group4. Lance UgglaMarkit5. Robert GoldsteinBlackRock
6. Shawn Edwards &
Vlad KliatchkoBloomberg
7. R. Martin ChavezGoldman Sachs Group8. Deborah HopkinsCiti Ventures9. Stephen NeffFidelity Investments 10. Adena FriedmanNasdaq OMX Group
11. David CraigThomson Reuters12. Daniel ColemanKCG Holdings13. Michael SpencerICAP14. Michael BodsonDepository Trust & Clearing Corp.15. Charles LiHong Kong Exchanges and Clearing
16. Chris ConcannonBATS Global Markets17. Christopher PerrettaState Street Corp.18. Antoine ShagouryLondon Stock Exchange Group19. Kevin RheinWells Fargo & Co.20. Neil KatzD.E. Shaw & Co.
21. Lee OleskyTradeweb Markets22. Richard McVeyMarketAxess Holdings23. Seth MerrinLiquidnet Holdings24. Robert AlexanderCapital One Financial Corp.25. Frank BisignanoFirst Data Corp.
26. John MarcanteVanguard Group27. Joseph SqueriCitadel28. Lou EcclestonTMX Group29. Claude HoneggerCredit Suisse30. Chris CorradoMSCI
31. David GledhillDBS Bank32. John BatesSoftware AG33. Michael CooperBT Radianz34. Gary ScholtenPrincipal Financial Group35. Sunil HiranitrueEX Group
36. Hauke StarsDeutsche BÖrse37. Brian ConlonFirst Derivatives38. Jim MinnickeVestment39. Lars Seier Christensen & Kim Fournais40. Tyler KimMaplesFS
41. Jim McGuireCharles Schwab Corp.42. Steven O'HanlonNumerix43. Sebastián CeriaAxioma44. Yasuki OkaiNRI Holdings America45. Stephane DuboisXignite
46. Mazy DarOpenFin47. Brian SentanceXenomorph Software48. Mas NakachiOpenGamma49. John LehnerBNY Mellon Technology Solutions Group50. Jock PercyPerseus