< The 2017 Tech 40

18. David Rutter
Chief Executive Officer
R3 CEV
Last year: 18

It is not hard to envision how distributed-ledger technology could streamline some financial industry operations that are in dire need of modernization. Implementation is another matter, requiring an early start in wrangling the necessary partners and teams, agreeing on technology approaches, funding system development, and taking the proverbial arrows in the back for trying to lead the pack. David Rutter has been through all that since co-founding R3 CEV in 2014. Adopting a consortium financing and development model that has attracted more than 80 banks, asset managers, clearinghouses, and others, the blockchain startup appeared to hit a rough patch late last year. Members including Banco Santander, Goldman Sachs Group, and Morgan Stanley pulled out. In April, JPMorgan Chase & Co. followed suit, reportedly preferring its own initiative, Quorum. But on May 23, R3 said it had raised $107 million in Series A funding from Bank of America Merrill Lynch, BNP Paribas, Ping An of China, and 36 other participants in "the world's largest distributed-ledger technology investment to date." The firm expects to bring in more in an additional tranche, which will be open to R3 members and nonmember institutional investors, later in the year. "R3 has proven the collaborative model can successfully drive innovation in financial services to a degree never before seen," Rutter, 54, former CEO of Prebon Energy and former CEO of ICAP Electronic Broking, said in the funding announcement.

 
The 2017 Tech 40

1. Adena Friedman NASDAQ 2. Catherine Bessant Bank of America Corp. 3. Robert Goldstein BlackRock 4. Jeffrey Sprecher Intercontinental Exchange Private Markets Investment Outlook Q2 2025: Opportunities Amid Uncertainty Sponsored by Schroders Capital May 1, 2025 5. Lance Uggla IHS Markit

6. Shawn Edwards & Vlad Kliatchko Bloomberg 7. David Craig Thomson Reuters 8. Michael Spencer NEX Group 9. Don Callahan Citigroup 10. Elisha Wiesel Goldman Sachs Group

11. Michael Bodson Depository Trust & Clearing Corp. 12. Terrence Duffy CME Group 13. Charles Li Hong Kong Exchanges and Clearing 14. Sean Belka Fidelity Investments 15. Chris Concannon CBOE Holdings

16. Guy Chiarello First Data Corp. 17. Steven Lieblich Citadel 18. David Rutter R3CEV 19. Blythe Masters Digital Asset Holdings 20. Alfred Spector Two Sigma Investments

21. Neil Katz D.E. Shaw Group 22. Lee Olesky Tradeweb Markets 23. Richard McVey MarketAxess Holdings 24. David Gledhill DBS Bank 25. Seth Merrin Liquidnet Holdings

26. Antoine Shagoury State Street Corp. 27. Peter Brown & Robert Mercer Renaissance Technologies 28. Lou Eccleston TMX Group 29. Peter Cherecwich Northern Trust Corp. 30. Mike Chinn S&P Global Market Intelligence

31. Chris Corrado London Stock Exchange Group 32. Neal Pawar AQR Capital Management 33. Gary Norcross Fidelity National Information Services 34. Steven O'Hanlon Numerix 35. Sebastián Ceria Axioma

36. Brian Conlon First Derivatives and Kx Systems 37. Tyler Kim MaplesFS 38. Michael Cooper BT Radianz 39. Robert Schifellite Broadridge Financial Solutions 40. Jim Minnick eVestment