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The 2017 Trading Tech 40: Steven Randich

< Wall Street's Nerds: The World's Most Powerful Trading Executives31. Steven RandichChief Information OfficerFinancial Industry Regulatory AuthorityPNR

The corporate sector has no monopoly on cloud computing, machine learning, or any other trend in technology. By the end of 2016, the Financial Industry Regulatory Authority had moved 90 percent of its data to the Amazon Web Services cloud, and the rest will be done this year. "We are recognized as one of the leaders in implementing AWS," boasts FINRA chief information officer Steven Randich. A onetime managing principal of IBM Global Services who has been a CIO of the Chicago Stock Exchange, Nasdaq, and Citigroup, the 54-year-old is running a real technology shop: Some firms are paying FINRA for assistance in making similar transitions. Other regulators "want to get on the cloud and partner with us to build shared applications," Randich says, though he is not far enough along to name names.

His Washington-based self-regulatory and market surveillance agency takes in an average of 50 billion market events a day — trades, trade cancellations, and quote changes; it's not unusual for FINRA to deal with rows of data totaling in the trillions. To get better and faster at finding needles in those haystacks, Randich is working on machine learning systems that can identify patterns of market manipulation more effectively than existing automated methods that throw up too many false positives. Algorithms perform the surveillance and kick out the data for humans to act on. "Innovation is key to our business as a regulator," says Randich, a University of Chicago MBA who has been with FINRA since March 2013. "Financial markets have become very electronic. The only way to catch the bad guys is through sophisticated technology."


 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