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The 2017 Tech 40: David Rutter

< The 2017 Tech 4018. David RutterChief Executive OfficerR3 CEVLast 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 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