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The 2014 Trading Technology 40: Raymond Tierney III

Raymond Tierney III
President and Chief Executive Officer
Bloomberg Tradebook
Last year: 3

In each asset class handled by Bloomberg Tradebook, the agency brokerage serving more than 1,000 clients within the Bloomberg financial information and technology empire, volumes have grown at least 10 percent — foreign exchange by an outsize 400 percent — since 2010. That was when Raymond Tierney, who had spent 16 years with Morgan Stanley, the last four as Morgan Stanley Investment Management’s global head of equity trading, took the helm. He cites as one recent boost to Tradebook the BPool liquidity-capture service. Jointly developed with alternative trading system firm BIDS  Trading, BPool attracted 150 clients within a year of its 2012 launch and, drawing from multiple Bloomberg liquidity pools, was filling equity orders in 40,000-share blocks, on average. “BPool has gone from effectively being a start-up to capturing north of 5 percent of the block-crossing business out there,” boasts Tierney, who commands a team of 300. Under  Tierney’s watch Bloomberg  Tradebook also introduced equities self-clearing with outsourcer Broadridge Financial Solutions, a move that “enhances our value proposition and furthers our commitment to partner with clients on both the buy side and the sell side.”   The CEO adds: “I don’t believe for one second that Tradebook can sustain itself just trying to compete as a broker. I view  Tradebook as a technology laboratory for the rest of the firm. The electronic evolution we’ve seen in equities is spreading to other asset classes, and we are planning for that.”

See also Tierney's profile in the 2013 Trading Technology 40 and the 2012 Trading Technology 30.

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