This content is from: Research

The 2017 Trading Tech 40: Donald Ross III

  • By Peter Vasiliev

35. Donald Ross III
Chief Executive Officer
PDQ Enterprises
PNR

As its patented auction trading process gathered momentum in 2016, PDQ Enterprises rebranded its broker-dealer and anointed a new chief executive. The brokerage and alternative trading system operator formerly known as PDQ ATS is now CODA Markets, embodying the acronym Centralized On-Demand Auctions. In October, Donald Ross III succeeded his father, D. Keith Ross Jr. (No. 31 last year), as CEO. The Glenview, Illinois–based firm's slogan, "The power of pause," refers to a slowdown in the trade, not unlike the speed bump that brought notoriety to IEX Group and its Investors Exchange. However, PDQ and CODA explicitly serve the interests of liquidity seekers by creating a dedicated auction book — for 20 milliseconds in the case of its CODA Micro product, one second in CODA One, or 30 seconds in CODA Block. It is "an inclusive market that maximizes liquidity at the lowest cost and promotes level competition among all participants," Ross III, 34, says.

Before becoming CEO, he served for two years as chief strategy officer, contributing to "the development of sophisticated tools and analytics that will provide institutional subscribers with previously unavailable insight into liquidity profiles and market dynamics," as Ross Jr., now in what he calls "the active role of executive chairman," noted when he handed over the reins. The younger Ross, who has a BS in learning and organizational change from Northwestern University, spent most of his career with Getco, where he started as an intern during the time his father was CEO of that algorithmic trading pioneer.


The 2017 Trading Tech 40
1. Richard Prager
BlackRock
2. Chris Isaacson
Bats Global Markets
3. Bradley Peterson
Nasdaq
4. Brad Levy
MarkitSERV
5. Dan Keegan
Citi
6. Glenn Lesko
Bloomberg Tradebook
7. Bryan Durkin
CME Group
8. Mayur Kapani
Intercontinental Exchange
9. Mike Blum
KCG Holdings
10. Raj Mahajan
Goldman Sachs Group
11. Ronald DePoalo
Fidelity Institutional
12. Nick Themelis
MarketAxess Holdings
13. Jenny Knott
NEX Optimisation
14. Billy Hult
Tradeweb Markets
15. Rob Park
IEX Group
16. Bill Chow & Richard Leung
Hong Kong Exchanges and Clearing
17. John Mackay (Mack) Gill
MillenniumIT
18. Paul Hamill
Citadel Securities
19. Eric Noll
Convergex
20. Veronica Augustsson
Cinnober Financial Technology
21. Tyler Moeller & Joshua Walsky
Broadway Technology
22. Alasdair Haynes
Aquis Exchange
23. Gaurav Suri
Arcesium
24. Manoj Narang
Mana Partners
25. Michael Chin & Neill Penney
Thomson Reuters
26. Robert Sloan
S3 Partners
27. Anton Katz & Stephen Mock
AQR Capital Management
28. Donal Byrne
Corvil
29. Stu Taylor
Algomi
30. Alfred Eskandar
Portware
31. Steven Randich
Financial Industry Regulatory Authority
32. R. Cromwell Coulson
OTC Markets Group
33. Peter Maragos
Dash Financial
34. John Fawcett
Quantopian
35. Donald
Ross III
PDQ Enterprises
36. Jennifer Nayar
Vela Trading Technologies
37. Dan Raju
Tradier
38. Susan Estes
OpenDoor Trading
39. David Mercer
LMAX Exchange
40. Oki Matsumoto
Monex Group

Related Content