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The 2017 Trading Tech 40: Donald Ross III

< Wall Street's Nerds: The World's Most Powerful Trading Executives35. Donald Ross IIIChief Executive OfficerPDQ EnterprisesPNR

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 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