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The 2017 Trading Tech 40: Bill Chow and Richard Leung

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16. Bill Chow & Richard LeungCo-heads of Information TechnologyHong Kong Exchanges and ClearingLast year: 15

How critical is technology to Hong Kong Exchanges and Clearing? It is "one of our competitive edges," asserts HKEx co-head of information technology Bill Chow. Without "robust systems," he says, "it would be very hard to remain competitive. Many market participants have a lot of choices now. They will use other markets if we do not provide quality products supported by good infrastructure." Chow, 60, who also has the chief technology officer title and has been with HKEx since 1993, has partnered with co-head Richard Leung, 53, since 2011, when Leung joined the company after serving as Chi-X Global's CTO for three years.

They have delivered numerous system upgrades and supported the international growth championed by CEO Charles Li, including the 2012 acquisition of the London Metal Exchange and the launches of the Stock Connect trading links with Shanghai and Shenzhen that went live in 2014 and 2016, respectively. "We had to have the right technology, processes, and people to launch the Connect program," Leung says. It was not easy to link together markets that have "very different microstructures," he adds, but "we now have experience in operating the only international stock exchange that offers access to the mainland equity market." Among current priorities is "a new trading system for our securities market, scheduled for launch in the fourth quarter," Leung says. "We used open systems technology to give us the flexibility to add new functionality and increase capacity over the next decade."

The executives seek to strike a balance between the drive to innovate and the need to meet day-to-day business and operational requirements. "Innovation, efficiency, and reliability go together," Chow says. "We are committed to continuous introduction of new technology for delivery of new products and services while maintaining a very good track record in system availability."

 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