August 16, 2023

Introducing the 2023 TabbFORUM 40
Innovators in Financial Markets

The TabbFORUM 40 honors top innovators
in capital markets, leaders whose blend ofvision, strategy and execution sets themapart in applying technology for maximum
advantage. This second annual list,
researched by TabbFORUM Contributing
Editor Jeffrey Kutler, recognizes theachievements and influence of 40
outstanding disruptors and differencemakers having the greatest impact at theintersection of finance and technology.
Plus, a list of 10 More to Watch.
Innovation isn’t created in a vacuum, and it certainly isn’t everywhere all the time. But
when the culture and environment are right, it can be a persistent force for growth andchange in businesses and economies, ultimately for the benefit of societies well served byopen competition. Financial services has come to embrace innovation as much as anyother industry, certainly in parallel with technology, which in turn fuels this particularenergy.
The TabbFORUM 40 are a diverse group representing various facets of finance. Whatthey have in common is innovation as an essential ingredient in how their organizations
excel. As modern as this phenomenon is, the TabbFORUM 40 includes companies thatoriginated in the 18th century (a predecessor of BNY Mellon, and Intercontinental
Exchange’s New York Stock Exchange) along with ventures less than a decade old(BMLL Technologies and Fireblocks among them).
Technology is both “an accelerant and a way forward,” in the words of Brad Levy, CEO ofSymphony Communication Services, which was founded in 2014.

“Technology is not the source of all innovation, but it does carry a big stick,” says CEOBilly Hult of Tradeweb, a product of the 1990s “pre-fintech” wave. “Our business has
always been about optimizing the balance between humans and technology, so a
potential sea change like artificial intelligence and machine learning becomes anopportunity to recalibrate that balance and ask what else can we do for clients.”
Adena Friedman, chair and CEO of Nasdaq, which launched its market in 1971 and now
calls itself “a leading global technology company” with a capital markets focus, was asked
during the World Economic Forum’s January meeting if economic uncertainty andcorporate cutbacks would stifle innovation. “Instead of letting every sprout grow,” shereplied, “you’re going to choose which sprouts are going to grow into trees, and you’regoing to really go hard after those.”
The 40 honorees include Levy, Hult and Friedman and were selected from TabbFORUM
research, with consideration given to nominations and recommendations from thecommunity, and based on qualities of the individual executives including leadership,results and reputation; impact on domestic and/or global markets; achievements bothrecent and over the course of a career; and pure technology advances, implementations
and R&D. Below the 40 are 10 More to Watch on the leading edge of change andinnovation in financial markets.

THE TABBFORUM 40 2023••••••••••••••••••••••••

Nicolas Aguzin, Chief Executive Officer, Hong Kong Exchanges & Clearing
Brian Bejile, Chief Executive Officer, OctauraPeter B. Cherecwich, President of Asset Servicing, Northern Trust Corp.
Christopher R. Concannon, Chief Executive Officer, MarketAxess Holdings
Mazy Dar, Chief Executive Officer, OpenFin
Dante Disparte, Chief Strategy Officer and Head of Global Policy, Circle Internet Financial
Terrence A. Duffy, Chairman and Chief Executive Officer, CME Group
Shawn Edwards, Chief Technology Officer, and Vlad Kliatchko, Chief Product Officer andVice Chairman, Bloomberg LP
Rob Flatley, Chief Executive Officer, TS Imagine
Brian Franz, Global Chief Information Officer and Head of Enterprise Resiliency, State
Street Corp.
Adena T. Friedman, Chair and Chief Executive Officer, Nasdaq
Thomas P. Gallagher, Chairman and Chief Executive Officer, Miami International Holdings
Roman Ginis, Chief Executive Officer, Imperative Execution
Timothy C. Gokey, Chief Executive Officer, Broadridge Financial Solutions
Alasdair Haynes, Chief Executive Officer, Aquis Exchange
William Hult, Chief Executive Officer, Tradeweb Markets
Paul Humphrey, Chief Executive Officer, BMLL Technologies
Chris Isaacson, Executive Vice President and Chief Operating Officer, Cboe Global
Markets
Brad Levy, Chief Executive Officer, Symphony Communication Services
David Mercer, Chief Executive Officer, LMAX Group
Jennifer Nayar, President and Chief Executive Officer, Sterling Trading Tech
Douglas L. Peterson, President and Chief Executive Officer, S&P GlobalJennifer Peve, Global Head of Strategy and Innovation, Depository Trust & Clearing
Corp.
Roman Regelman, Global Head of Securities Services and Digital, Bank of New York
Mellon Corp.

••••••••••••••••

Yuval Rooz, Chief Executive Officer, Digital Asset Holdings
Jessica Rusu, Chief Data, Information and Intelligence Officer, U.K. Financial Conduct
Authority
David E. Rutter, Chief Executive Officer, R3
Cynthia E. Sachs, Chief Executive Officer, Versana
David Schwimmer, Chief Executive Officer, London Stock Exchange Group
Michael Shaulov, Chief Executive Officer, Fireblocks
Matt Smith, Chief Executive Officer, SteelEye
Nick Solinger, Chief Executive Officer, FIA TechJeffrey C. Sprecher, Chair and Chief Executive Officer, Intercontinental Exchange
Stacie Swanstrom, Chief Product Officer, Pico
David Taylor, Chief Executive Officer, Exegy
Jigar Thakkar, Chief Technology Officer and Head of Engineering, MSCI
Mona M. Vernon, Head of Fidelity Labs
Jeffrey Wecker, Chief Technology Officer, Two Sigma Investments
Theodor Weimer, Chief Executive Officer, Deutsche Börse
Peng Zhao, Chief Executive Officer, Citadel Securities

Jennifer Peve, Global Head of Strategy andInnovation, Depository Trust & Clearing Corp.
At a DTCC event in Singapore late last year, CEO Frank La Sallaobserved, “The rapid and disruptive developments in the past few
years not only allowed us to operate in a way that we could never
have envisioned before, but also propelled us to look at long-term
trends and transform from within to survive in the new world.”
Then just a few months in the top job, the former BNY Mellon executive said thatsystemically important utilities like DTCC “have to lead – not react – by driving innovation
with a purpose to improve the client experience, but more important, protect the stability
and integrity of the global financial system.”That tall order was essentially the keynote struck earlier in the year by managing director
Jennifer Peve in Driving Innovation with Purpose. “Our purpose is to protect the stability
and integrity of the global financial system,” wrote DTCC’s global head of strategy andinnovation. “We do that by focusing on our core responsibilities of seamlessly processing
securities transactions [amounting to $2.5 quadrillion in 2022] and by innovating to adapt
to rapidly changing external and internal environments. As we look to the future, DTCC
remains deeply committed to innovation as we lead some of the most significant,technology-driven initiatives in the industry.”
Formerly executive director of OTC product management at CME Group, Peve joined
DTCC in 2015 as executive director, business development and fintech strategy office. Asof 2021 she was head of strategy and business development, charged with positioning
DTCC “as the bridge between legacy and emerging technologies.” Having led blockchain
and digital technology initiatives including Project Ion (in settlements) and Project Whitney(private securities), Peve played a key role in honing an innovative edge under then-CEOMichael Bodson, belying the half-century-old post-trade utility’s historical image as mere“plumbing.” Another Bodson legacy is a growing cadre of women in senior roles, including
five of the nine current management committee members: Peve, chief information officer
Lynn Bishop, clearing and securities services president Susan Cosgrove, chief financial
officer Renee Laroche-Morris and general counsel Ann Shuman.
©2009-2023 by the TABB Group, LLC, and contributors