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The 2017 Trading Tech 40: Mayur Kapani
No. 8 Mayur Kapani, Chief Technology Officer, Intercontinental Exchange


In 2006, when Mayur Kapani joined Intercontinental Exchange in Atlanta from the Philadelphia Stock Exchange, ICE operated a single trading platform. Today — more than three years after ICE completed its acquisition of NYSE Euronext — it consists of 11 exchanges, six clearinghouses, and a big and growing data business. Kapani took on global infrastructure responsibility in May 2016 when he was promoted from senior vice president of trading technology to chief technology officer, a title last held by Edwin Marcial, who left the company in October 2014. (No. 1 in 2014, Marcial is now advising and investing in start-ups.)
Before becoming CTO, Kapani headed teams responsible for ICE's futures and options exchanges, the Trade Vault data repository, ICE Benchmark Administration, and SuperDerivatives. The last is a data business that ICE acquired in late 2014 for $350 million; a year later it purchased Interactive Data Corp. for $5.2 billion. Data services revenue more than doubled in 2016, to $2 billion, or roughly one third of ICE's total revenue before subtracting transaction-based expenses. "High-quality, trusted data is more in demand than ever thanks to regulatory requirements for independent valuations, the standardization of products for electronic trading and clearing, increasing indexation and passive investments, fragmentation in the markets, and the need to trade with algorithms and quantitatively driven programs," Kapani, 48, observed in a recent interview on the ICE website. "That increased need for data is sparking a related need for technology that organizes data inputs, supports real-time market analysis, and delivers access and connectivity to global markets." ICE announced an agreement February 15 to acquire communications and connectivity services provider TMX Atrium from Toronto's TMX Group, and the business will become part of ICE Data Services and its Secure Financial Transaction Infrastructure.
![]() 2. Chris Isaacson Bats Global Markets ![]() 3. Bradley Peterson Nasdaq ![]() 4. Brad Levy MarkitSERV ![]() 5. Dan Keegan Citi |
![]() 6. Glenn Lesko Bloomberg Tradebook ![]() 7. Bryan Durkin CME Group ![]() 8. Mayur Kapani Intercontinental Exchange ![]() 9. Mike Blum KCG Holdings ![]() 10. Raj Mahajan Goldman Sachs Group |
![]() 11. Ronald DePoalo Fidelity Institutional ![]() 12. Nick Themelis MarketAxess Holdings ![]() 13. Jenny Knott NEX Optimisation ![]() 14. Billy Hult Tradeweb Markets ![]() 15. Rob Park IEX Group |
![]() 16. Bill Chow & Richard Leung Hong Kong Exchanges and Clearing ![]() 17. John Mackay (Mack) Gill MillenniumIT ![]() 18. Paul Hamill Citadel Securities ![]() 19. Eric Noll Convergex ![]() 20. Veronica Augustsson Cinnober Financial Technology |
![]() 21. Tyler Moeller & Joshua Walsky Broadway Technology ![]() 22. Alasdair Haynes Aquis Exchange ![]() 23. Gaurav Suri Arcesium ![]() 24. Manoj Narang Mana Partners ![]() 25. Michael Chin & Neill Penney Thomson Reuters |
![]() 26. Robert Sloan S3 Partners ![]() 27. Anton Katz & Stephen Mock AQR Capital Management ![]() 28. Donal Byrne Corvil ![]() 29. Stu Taylor Algomi ![]() 30. Alfred Eskandar Portware |
![]() 31. Steven Randich Financial Industry Regulatory Authority ![]() 32. R. Cromwell Coulson OTC Markets Group ![]() 33. Peter Maragos Dash Financial ![]() 34. John Fawcett Quantopian ![]() 35. Donald Ross III PDQ Enterprises |
![]() 36. Jennifer Nayar Vela Trading Technologies ![]() 37. Dan Raju Tradier ![]() 38. Susan Estes OpenDoor Trading ![]() 39. David Mercer LMAX Exchange ![]() 40. Oki Matsumoto Monex Group |
Mayur Kapani
Chief Technology Officer
Intercontinental Exchange
Last year: 11
In 2006, when Mayur Kapani joined Intercontinental Exchange in Atlanta from the Philadelphia Stock Exchange, ICE operated a single trading platform. Today — more than three years after ICE completed its acquisition of NYSE Euronext — it consists of 11 exchanges, six clearinghouses, and a big and growing data business. Kapani took on global infrastructure responsibility in May 2016 when he was promoted from senior vice president of trading technology to chief technology officer, a title last held by Edwin Marcial, who left the company in October 2014. (No. 1 in 2014, Marcial is now advising and investing in start-ups.)
Before becoming CTO, Kapani headed teams responsible for ICE’s futures and options exchanges, the Trade Vault data repository, ICE Benchmark Administration, and SuperDerivatives. The last is a data business that ICE acquired in late 2014 for $350 million; a year later it purchased Interactive Data Corp. for $5.2 billion. Data services revenue more than doubled in 2016, to $2 billion, or roughly one third of ICE’s total revenue before subtracting transaction-based expenses. “High-quality, trusted data is more in demand than ever thanks to regulatory requirements for independent valuations, the standardization of products for electronic trading and clearing, increasing indexation and passive investments, fragmentation in the markets, and the need to trade with algorithms and quantitatively driven programs,” Kapani, 48, observed in a recent interview on the ICE website. “That increased need for data is sparking a related need for technology that organizes data inputs, supports real-time market analysis, and delivers access and connectivity to global markets.” ICE announced an agreement February 15 to acquire communications and connectivity services provider TMX Atrium from Toronto’s TMX Group, and the business will become part of ICE Data Services and its Secure Financial Transaction Infrastructure.