< The 2014 Tech 50: Moving Out of the Lab and Into the Cloud
24
Seth Merrin
Chief Executive Officer
Liquidnet Holdings
Last year: 17
Institutions like BlackRock and Goldman Sachs Group have come up short in their attempts to run electronic platforms for corporate-bond trading. MarketAxess Holdings earns increasing profits at it, but the vast majority of the potential liquidity is still up for grabs, and Seth Merrin, founder and CEO of 13-year-old, buy side–centric equities pool Liquidnet, is setting his sights on it. In March, New York–based Liquidnet Holdings announced its acquisition of Vega-Chi, which launched Europe’s first multilateral trading facility for convertible bonds in 2010, adding European and U.S. high yields in 2012. With that technology, Merrin envisions “building out the largest institutional-sized liquidity pool dedicated to corporate bonds.” Liquidnet’s 740 member firms, he notes, “own 85 percent of the corporate bonds in the U.S. and Europe. They will come together to create a marketplace for bonds.” A serial entrepreneur, Merrin, 54, founded Merrin Financial, which introduced buy-side order management systems in the 1980s, and co-founded application-integration-software company VIE Systems in the 1990s. He is enhancing Liquidnet in other ways, notably with liquidity and transparency controls that have “systematized our clients’ access and [data] preferences.” In June, however, the Securities and Exchange Commission cited Liquidnet for shoddy information practices and penalized the firm $2 million. In April, Bob Garrett, formerly head of equity trading and prime services technology at Wells Fargo Securities, assumed the newly created position of head of technology.
The 2014 Tech 50
1
1
3
4
5
Thomas Secunda
Bloomberg Jeffrey Sprecher
Intercontinental Exchange Catherine Bessant
Bank of America Corp. Stephen Neff
Fidelity Investments Lance Uggla
Markit 6
7
8
9
10
Robert Goldstein
BlackRock David Craig
Thomson Reuters Phupinder Gill
CME Group Anna Ewing
NASDAQ
OMX Group R. Martin Chavez
Goldman Sachs Group 11
12
13
14
15
Deborah Hopkins
Citi Ventures Dan Mathisson
Credit Suisse Daniel Coleman
KCG Holdings Michael Spencer
ICAP Michael Bodson
Depository Trust &
Clearing Corp. 16
17
18
19
20
Joe Ratterman
BATS Global Markets Dominique Cerutti
Euronext Ron Levi
GFI Group Gaurav Suri
D.E. Shaw Group Charles Li
Hong Kong
Exchanges and
Clearing 21
22
23
24
25
Lou Eccleston
S&P Capital IQ Lee Olesky
Tradeweb Markets Richard McVey
MarketAxess Holdings Seth Merrin
Liquidnet Holdings Antoine
Shagoury
London Stock
Exchange Group 26
27
28
29
30
Christopher
Perretta
State Street Corp. Kevin Rhein
Wells Fargo & Co. Peter Carr
Morgan Stanley Hauke Stars
Deutsche Börse Robert Alexander
Capital One
Financial Corp. 31
32
33
34
35
David Gershon
SuperDerivatives Chris Corrado
MSCI Joseph Squeri
Citadel Tanuja Randery
BT Global Services John Bates
Software AG 36
37
38
39
40
Gary Scholten
Principal Financial Group David Gledhill
DBS Bank Simon Garland
Kx Systems Cristóbal Conde
FinTech Innovation Lab Jeff Parker
EidoSearch 41
42
43
44
45
Kim Fournais &
Lars Seier Christensen
Saxo Bank Kenneth Marlin
Marlin & Associates Tyler Kim
MaplesFS Jim McGuire
Charles Schwab Corp. Jim Minnick
eVestment 46
47
48
49
50
Steven O’Hanlon
Numerix Sebastián Ceria
Axioma Yasuki Okai
Nomura Research Institute Niki Beattie
Market Structure Partners Mas Nakachi
OpenGamma