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The 2017 Trading Tech 40: Billy Hult

< Wall Street's Nerds: The World's Most Powerful Trading Executives14. Billy HultPresidentTradeweb MarketsPNR

It is essential to keep up with the accelerating pace of technological change in financial markets — but, notes Billy Hult, patience is also a virtue because it can take time for cycles to turn favorable. He says that his job is to put Tradeweb Markets, a pioneering fixed-income trading platform operator that has diversified with derivatives and exchange-traded funds, in a position to succeed as market conditions evolve, and 2016 turned out to be a big year for core products like interest rate swaps and mortgage-backed securities. The flurry of activity following the U.S. presidential election had Tradeweb running on all cylinders. "We were beneficiaries of a changing market environment and were positioned well for the conditions postelection," says Hult, 47, who joined New York–based Tradeweb in 2000 from Société Générale and has been its president since 2008.

On November 9, Tradeweb's volume of U.S. Treasury securities was almost double its 60-day average and 59 percent higher than on June 27 after the U.K. Brexit vote. November's $7.9 trillion total for 20-plus products across all Tradeweb platforms was a post–financial crisis record for the company, which launched its first marketplace, for U.S. Treasuries, in 1998 and is currently majority-owned by Thomson Reuters. November saw year-over-year volume increases of 153 percent in credit derivatives, 87 percent in rates derivatives, and 73 percent in cash credit. The last category includes corporate bonds, a business that Tradeweb entered in 2014. "We built a competitive platform and are best positioned to challenge incumbent offerings with more comprehensive trading solutions," Hult says. "We have been patient and are making significant progress."


 The 2017 Trading Tech 40Click below to view profiles
1. Richard PragerBlackRock2. Chris IsaacsonBats Global Markets3. Bradley PetersonNasdaq4. Brad LevyMarkitSERV5. Dan KeeganCiti
6. Glenn LeskoBloomberg Tradebook7. Bryan DurkinCME Group8. Mayur KapaniIntercontinental Exchange9. Mike BlumKCG Holdings10. Raj MahajanGoldman Sachs Group
11. Ronald DePoaloFidelity Institutional12. Nick ThemelisMarketAxess Holdings13. Jenny KnottNEX Optimisation14. Billy HultTradeweb Markets15. Rob ParkIEX Group
16. Bill Chow & Richard LeungHong Kong Exchanges and Clearing17. John Mackay (Mack) GillMillenniumIT18. Paul HamillCitadel Securities19. Eric NollConvergex20. Veronica AugustssonCinnober Financial Technology
21. Tyler Moeller & Joshua WalskyBroadway Technology22. Alasdair HaynesAquis Exchange23. Gaurav SuriArcesium24. Manoj NarangMana Partners25. Michael Chin & Neill PenneyThomson Reuters
26. Robert SloanS3 Partners27. Anton Katz & Stephen MockAQR Capital Management28. Donal ByrneCorvil29. Stu TaylorAlgomi30. Alfred EskandarPortware
31. Steven RandichFinancial Industry Regulatory Authority32. R. Cromwell CoulsonOTC Markets Group33. Peter MaragosDash Financial34. John FawcettQuantopian35. Donald
Ross III
PDQ Enterprises
36. Jennifer NayarVela Trading Technologies37. Dan RajuTradier38. Susan EstesOpenDoor Trading39. David MercerLMAX Exchange40. Oki MatsumotoMonex Group