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The 2017 Tech 40: Adena Friedman

< The 2017 Tech 401. Adena FriedmanPresident and Chief Executive OfficerNASDAQLast year: 8

How good is Nasdaq's technology? Look at the sales of the global exchange operator's Nasdaq Market Technology unit, the fact that more than 90 marketplaces around the world run on Nasdaq systems, and the impact of the Nasdaq Financial Framework, which Adena Friedman, then president and COO of Nasdaq, unveiled in May 2016. The framework is "the next-generation architecture for market technology that really carries our clients into the future, allowing seamless access to and implementation of cloud computing, advanced messaging, blockchain, and other leading-edge components," Friedman explains. CEO since January 1, when she succeeded Robert Greifeld, Friedman says the framework is a key factor in the steady stream of business for Nasdaq Market Technology, which generated $275 million, or 12 percent, of parent Nasdaq's total 2016 net revenue and reported $47 million of order intake in this year's first quarter. The framework figured in the April announcement of an extensive trading, clearing, and risk management systems upgrade for Hong Kong Exchanges and Clearing's main derivatives market; and in an agreement, revealed in May, to supply trading technology to the new AIFC Exchange in Kazakhstan's Astana International Financial Center.

"Technology allows us to think much bigger and look further into the future than we otherwise could," says Friedman, 48, who started at Nasdaq in 1993 as an intern and took one detour, to be chief financial officer of Carlyle Group, from 2011 to 2014. She returned to Nasdaq as president, overseeing technology, information, and corporate businesses that together accounted for more than two thirds of total revenue. Among the high points of her first half-year as CEO was "The Promise of Market Reform," a proposed blueprint for regulatory and market-structure measures to boost both private and public capital formation, make exchange listings more appealing, and encourage "long-termism" in investment and corporate strategies. Reaction in the investment community and in Washington has been positive, Friedman says, but adds, "This is just the beginning. Laws don't change quickly."

In April she announced the launch of Nasdaq Ventures, to take minority stakes in potentially disruptive start-ups that align strategically with Nasdaq objectives.

 The 2017 Tech 40Click below to view profiles
1. Adena FriedmanNASDAQ2. Catherine BessantBank of
America Corp.3. Robert GoldsteinBlackRock4. Jeffrey SprecherIntercontinental Exchange5. Lance UgglaIHS Markit
6. Shawn Edwards & Vlad KliatchkoBloomberg7. David CraigThomson Reuters8. Michael SpencerNEX Group9. Don CallahanCitigroup10. Elisha WieselGoldman Sachs Group
11. Michael BodsonDepository Trust & Clearing Corp.12. Terrence DuffyCME Group13. Charles LiHong Kong Exchanges and Clearing14. Sean BelkaFidelity Investments15. Chris ConcannonCBOE Holdings
16. Guy ChiarelloFirst Data Corp.17. Steven LieblichCitadel18. David RutterR3CEV19. Blythe MastersDigital Asset Holdings20. Alfred SpectorTwo Sigma Investments
21. Neil KatzD.E. Shaw Group22. Lee OleskyTradeweb Markets23. Richard McVeyMarketAxess Holdings24. David GledhillDBS Bank25. Seth MerrinLiquidnet Holdings
26. Antoine ShagouryState Street Corp.27. Peter Brown &
Robert Mercer
Renaissance Technologies28. Lou EcclestonTMX Group29. Peter CherecwichNorthern Trust Corp.30. Mike ChinnS&P Global Market Intelligence
31. Chris CorradoLondon Stock Exchange Group32. Neal PawarAQR Capital Management33. Gary NorcrossFidelity National Information Services34. Steven O'HanlonNumerix35. Sebastián CeriaAxioma
36. Brian ConlonFirst Derivatives and Kx Systems37. Tyler KimMaplesFS38. Michael CooperBT Radianz39. Robert SchifelliteBroadridge Financial Solutions40. Jim MinnickeVestment