May 09, 2022

Introducing the TabbFORUM 40 Top
Innovators in Financial Markets

Who are the top tech executives in thecapital markets -- leaders who possess thatspecial blend of vision, strategy andexecution? Look no further than theinaugural TabbFORUM 40. Here is a list of
the top 40 technology-driven innovators,
those disruptors and difference-makers whoare having the greatest impact on financial
markets. Plus, a list of the 10 To Watch.
Through economic cycles, uncertainties, crises
and volatility, the financial markets consistently
prove to be not only reliable and resilient, but also engines of growth and innovation.
Facing a constant and ever-more challenging barrage of risks and stresses, capital
markets have repeatedly demonstrated their operational strengths as well as those of
their underlying infrastructures, while supporting and nurturing cultures of experimentationand entrepreneurship.
How does it happen? Start with leadership and management, and in this industry, aspecial blend of vision, strategy and execution. The TabbFORUM 40 spotlights thosetechnology-driven innovators, disruptors and difference-makers who are having thegreatest impact on financial markets, on how far they have advanced, and on where they
are headed.
This inaugural selection is the result of TabbFORUM research, with consideration given to
nominations and recommendations from the community, and is based on qualities of theindividual executives including leadership, results and reputation; impact on domestic
and/or global markets; achievements both recent and over the course of a career; andpure technology advances, implementations and R&D.

The honorees – in addition to the TabbFORUM 40 profiles, 10 others are recognized who
are working on leading-edge developments – come from all across market andtransaction lifecycles, multiple asset classes, and are at the cutting edge of such areas
as operational efficiency and resiliency, trading systems, and market structure, data andanalytics.
Among the 40 are top exchange company CEOs (Intercontinental Exchange’s Jeffrey
Sprecher and Nasdaq’s Adena Friedman); chief technology officers at organizations
managing petabyte-scale databases (Bloomberg’s Shawn Edwards and Two Sigma’s
Jeffrey Wecker); serial product and technology inventors who are still going strong after
five decades (Thomas Peterffy and Richard Sandor); former regulators now making
waves in the crypto world (Brian Brooks and J. Christopher Giancarlo); and the distinctive,
thought-provoking voices of a current regulator (SEC Commissioner Hester Peirce) anddisruptive-tech-focused asset manager (Cathie Wood).

The TabbFORUM 40 2022
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•

Michael C. Bodson, President and Chief Executive Officer, Depository Trust &Clearing Corp.
Brian P. Brooks, Chief Executive Officer, Bitfury Group
Charles Cascarilla, Chief Executive Officer, Paxos
Sebastian Ceria, Chief Executive Officer, Qontigo (Deutsche Börse Group)
Nadine Chakar, Executive Vice President, Head of State Street DigitalMartin Chavez, Vice Chairman, Sixth Street Partners, Director, Santander Group
Peter B. Cherecwich, President of Asset Servicing, Northern Trust Corp.
Mazy Dar, Chief Executive Officer, OpenFin
Terrence A. Duffy, Chairman and Chief Executive Officer, CME Group
Shawn Edwards, Chief Technology Officer, and Vlad Kliatchko, Chief Product
Officer and Vice Chairman, Bloomberg LP
Bridget E. Engle, Chief Operations and Technology Officer, BNY Mellon
Henry A. Fernandez, Chairman and Chief Executive Officer, MSCIPatrick Flannery, Chief Executive Officer, MayStreet
Adena T. Friedman, President and Chief Executive Officer, Nasdaq
Thomas P. Gallagher, Chairman and Chief Executive Officer, Miami International
Holdings
J. Christopher Giancarlo, Senior Counsel, Willkie Farr & Gallagher
Robert Gutmann, Chief Executive Officer, NYDIG
Alasdair Haynes, Chief Executive Officer, Aquis Exchange
Jeanine Hightower-Sellitto, Chief Executive Officer, Atomyze LLC
Paul Humphrey, Chief Executive Officer, BMLL
Chris Isaacson, Executive Vice President and Chief Operating Officer, Cboe Global
Markets
Brad Levy, Chief Executive Officer, Symphony Communication Services
Ronnie Mateo, Co-Chief Executive Officer, Trumid
Richard M. McVey, Chairman and Chief Executive Officer, MarketAxess Holdngs
David Mercer, Chief Executive Officer, LMAX Group
Michael Novogratz, Founder and Chief Executive Officer, Galaxy Digital Holdings
Lee Olesky, Chairman and Chief Executive Officer, Tradeweb Markets
Hester Peirce, Commissioner, Securities and Exchange Commission

•
•
•
•
•
•
•
•
•
•
•
•

Thomas Peterffy, Chairman, Interactive Brokers
Yuval Rooz, Chief Executive Officer, Digital Asset Holdings
Richard L. Sandor, Chairman and Chief Executive Officer, American Financial
Exchange
Travis Schwab, Chief Executive Officer, Eventus
Nick Solinger, Chief Executive Officer, FIA Tech
Jeffrey C. Sprecher, Chairman and Chief Executive Officer, Intercontinental
Exchange
Andrea Remyn Stone, Group Head, Data & Analytics, London Stock Exchange
Group
Stacie Swanstrom, Chief Product Officer, Pico
Mona M. Vernon, Head of Fidelity Labs
Jeffrey Wecker, Chief Technology Officer, Two Sigma Investments
Cathie Wood, Chief Executive Officer, ARK Investment Management
Peng Zhao, Chief Executive Officer, Citadel Securities

Michael C. Bodson, President and Chief Executive
Officer, Depository Trust & Clearing Corp.
Processing well over $2 quadrillion in securities transactions
annually, providing custody and asset services for $73.5 trillion
worth of issues, serving 6,300 client firms in 70 countries, DTCC
is an essential cog in the machinery of finance. As an industryowned utility, it ensures global markets’ safety and stability “byseamlessly clearing and settling transactions every day,” says
Michael Bodson, president and CEO of DTCC and threeprincipal operating subsidiaries. Since becoming CEO in 2012 – he had joined DTCC in2007 after 20 years in senior operations positions at Morgan Stanley, and is retiring inAugust – Bodson has flawlessly maintained the post-trade plumbing while also cultivating
an edgier, more innovation-driven culture belying the firm’s staid “legacy” reputation. It
sponsors a fintech incubator and has undertaken artificial intelligence and cloudcomputing transformation initiatives.
Intent on understanding the implications of potentially disruptive blockchain, or distributed
ledger technology, DTCC bought a minority stake in Digital Asset Holdings, Bodson took
a seat on its board, and the two organizations jointly tested the waters. “We intend to use
our more than 40 years of experience and expertise to help shape the future and lead thedevelopment and implementation of this technology,” the CEO said at a 2016 DTCC
symposium. In 2021, DTCC hired Brian Oliver, formerly of Citadel Securities and IHS
Markit, as head of business development – digital securities management, based in
London and reporting to head of strategy and business development Jennifer Peve, aformer CME Group executive who joined DTCC in 2015.
DTCC has mapped a path to implementing central clearing in the U.S. Treasuries market,
and it will be ushering the securities industry toward T+1, or one-day, settlement, from
T+2, over the next two years.

Following a 2021 distributed-ledger proof of concept, DTCC has begun
implementing Project Ion, “modeled around a netted T+0 settlement cycle but capable ofsupporting T+2, T+1, T+0 or extended settlement cycles.”Brian P. Brooks, Chief Executive Officer, Bitfury
Group“Disruptive regulator” may be an oxymoron, but Brian Brooks
made the idea plausible. As acting Comptroller of the Currency
from May 2020 to January 2021, heading the U.S. national bankregulatory agency, Brooks called himself “the first fintech
Comptroller” and encouraged cryptocurrency experimentationand innovation. For example, a July 2020 interpretive letter told
national banks and federal savings associations that they had
authority to provide cryptocurrency custody services. “From safe deposit boxes to virtual
vaults,” Brooks stated, “we must ensure banks can meet the financial services needs oftheir customers today. This opinion clarifies that banks can continue satisfying theircustomers’ needs for safeguarding their most valuable assets, which today for tens of
millions of Americans includes cryptocurrency.”
The letter was signed by senior deputy Comptroller and chief counsel Jonathan Gould,
who in February 2022 was appointed chief legal officer of Bitfury Group, where Brooks
became CEO last October. Gould, a former Senate Banking Committee chief counsel,
was “sitting at the table for some of the most important policy conversations impacting thecrypto industry in the United States,” Brooks said, which “will be extremely valuable as
Bitfury endeavors to play a larger role in these conversations around the world. We arethrilled to have Jonathan on board as we seek to leverage our best-in-class technology
and team to bring blockchain into the mainstream.”
Based in Amsterdam and founded in 2011 by Valery Vavilov, now chairman and chief
vision officer, Bitfury grew from a bitcoin mining operation into a “Web 3” infrastructurecompany with an array of hardware, security and software technologies – in Brooks’
words, “a diversified portfolio [that] has immense opportunity and is well positioned forlong-term success.”
A University of Chicago law graduate, Brooks spent 17 years with the O’Melveny & Myersfirm. He was its managing partner in Washington before becoming vice chairman of
OneWest Bank in 2011, where the previous Comptroller of the Currency, Joseph Otting,
was also a top executive (as was Trump administration Treasury Secretary Steven
Mnuchin). Brooks was executive vice president, general counsel and corporate secretaryof Fannie Mae from 2014 to 2018, then chief legal officer of crypto exchange company
Coinbase, until Otting brought him into the Comptroller’s office as first deputy and chief
operating officer in April 2020.
Returning to the Capitol last December to address a House Financial Services
Committee hearing, Brooks spelled out as a “threshold issue . . . whether it makes more
sense to continue to keep crypto activities largely out of the regulated financial system, orto bring them inside the system precisely so they can be supervised and operated withappropriate levels of risk management.”

Charles Cascarilla, Chief Executive Officer, Paxos“The U.S. financial system is exceedingly slow,” Charles “Chad”
Cascarilla declared in House Financial Services
Committee testimony last December. He co-founded Paxos in2012 convinced that blockchain held the key to speeding things
up, so that it doesn’t take five days to transfer funds
internationally, and settlement risk – “trillions of dollars worth ofcapital held up in transactions that have not yet settled” – can be
minimized. Cascarilla earned that moment in the limelight as aprominent “crypto native” alongside leaders of Circle Internet Financial, Coinbase and
FTX.
Operating as a New York State-chartered trust company, with a national charter
application approved last year, Paxos introduced itBit as the first regulated cryptocurrency
exchange, as well as the USDP stablecoin. Cascarilla argued that “regulation should
establish a level playing field and safeguard consumers, while still encouraging theinnovation that helps ordinary people, especially those disadvantaged by the status quo,”and that blockchain technology can “replatform” and “revolutionize” financial services bymaking them more efficient, accessible and economical.
With ABN AMRO, Bank of America, Societe Generale and Wedbush Securities among its
institutional customers, Paxos got Securities and Exchange Commission approval in 2019
to pilot settlement of stock trades on the blockchain. It applied last October for a fullequities clearing agency registration. In February, Paxos congratulated the SEC forformally proposing to reduce the U.S. equities settlement timetable to T+1 (one day after
the trade date) from T+2.
A former analyst and portfolio manager and co-founder of Liberty City Ventures, a Paxos
backer, Cascarilla believes reform won’t stop there: “U.S. equities settlement is opaqueand relies on outdated technology. The Paxos Settlement Service reduces risk, enables
greater trading liquidity and provides ownership transparency, which will revolutionize
securities markets.” As asserted in a Paxos blog, “T+1 and T+0 are possible today if the
SEC opens the market to competition.”Sebastian Ceria, Chief Executive Officer, Qontigo(Deutsche Börse Group)
Deutsche Börse’s Roadmap 2020 strategic plan targeted“programmatic M&A and new technologies.” In 2020 and 2021,
respectively, the parent of Frankfurt Stock Exchange, Eurex andClearstream purchased majority stakes in U.S. trading algorithm
and analytics developer Quantitative Brokers and Swissregulated digital asset venture Crypto Finance. Preceding thosetransactions, in 2019, was the $850 million acquisition of New York-based analytics
software innovator Axioma, which Deutsche Börse CEO Theodor Weimer termed “a stepchange for our pre-trading business.” Axioma was combined with its German parent’s
STOXX and DAX index businesses. Axioma CEO Sebastian Ceria, now leading the larger
enterprise dubbed Qontigo, described it as “a growth company that is uniquely equipped
to help clients capitalize on the critical trends now reshaping the investment management
landscape.” The indexing expertise plus “Axioma’s best-of-breed analytical capabilities inrisk management, portfolio construction and performance attribution is expected to resultin strong near-term revenue synergies and creation of a platform for future growth.” (TheirEBITDA through nine months last year jumped 69%, to €137 million.)
A Carnegie Mellon University (Tepper School of Business) operations research PhD, anda member of the National Academy of Engineering, Ceria was teaching at Columbia
University in New York before he founded Axioma in 1998 as a mathematical modelingconsultancy. In 2001 he began selling portfolio optimization software, eventuallyleveraging cloud computing and other high-performance capabilities to offer an array ofsolutions, data and services for a global, multi-asset customer base. Qontigo has reported
a significant expansion over the past year in the Axioma equity risk model suite as well as
enhancements to its granular and factor-based fixed income models.
Ceria is emphatic about the role and importance of technology. He recruited as Qontigo’s
chief operating officer Neal Pawar, who was previously group chief information officer at
Deutsche Bank and before that held comparably senior positions at AQR CapitalManagement, UBS Wealth Management and D.E. Shaw Group.
Tech is “the best friend of investment managers,” Ceria said in an online Q&A. Whether
active or passive, firms “have to raise their game . . . either by delivering competitively
superior risk-adjusted returns, by being more efficient – i.e., achieving the advantages
and economies of scale – or some combination of the two. And the deployment of modern
technology is an essential element in that overall mix.”Nadine Chakar, Executive Vice President, Head ofState Street Digital
It is a measure of the importance attached to digitization that
State Street Corp. called on Nadine Chakar, executive vicepresident of State Street Global Markets, to head the State
Street Digital division when it launched last June. The asset
servicing giant – it had $43.7 trillion in assets under custody
and/or administration and $4.1 trillion under management at
yearend 2021 – put the initiative in the context of a “long history of innovation and strong
foundation within the digital servicing space,” citing its Alpha open and interoperable data
and deals already in place to serve as administrator of bitcoin exchange-traded funds.
The GlobaLink technology platform was to be “an integral component of State Street
Digital and will be enhanced into a digital multi-asset platform,” anticipating creation of“new liquidity venues for our clients and investors worldwide.”“We have been developing a number of digital capabilities and other solutions as well as
partnering and investing in the infrastructure that forms the foundation of State Street
Digital,” said Chakar, who reports to chief operating officer Lou Maiuri. “State Street has amajor role to play in the evolution of digital market infrastructure, and this new division will
help us bring our expertise and resources to the conversation. As digital currencies andtokenization not only gain momentum, but transform financial infrastructure and operating
models, we can help our clients bridge the gap between the industry of today and the oneof tomorrow.”
Chakar was previously global head of operations for the Manulife Global Wealth andAsset Management Division, and before that was at BNY Mellon as the global head ofFinancial Institutions and head of eCommerce Strategy and Research and Financial
Markets Infrastructure.
In December, State Street collaborated with Vanguard and distributed ledger technology(DLT) developer Symbiont on completion of the first live trade for foreign exchange
forward contracts leveraging blockchain and smart contracts. It demonstrated a way to“reduce our customers’ operational challenges through process automation and state of
the art technologies.” Warren Pennington, head of Vanguard’s Investment Management
FinTech Strategies Group, said, “The lower risk and increased speed will lead to lower
costs and improved outcomes for investors.”
In another DLT application, State Street’s Charles River Development subsidiary in
February announced a collaboration giving investment firms access to corporate bondliquidity from the LedgerEdge ecosystem via the Charles River Inventory Hub and Orderand Execution Management System.

Martin Chavez, Vice Chairman, Sixth Street
Partners, Director, Santander Group
Goldman Sachs Group has had a long and impressive line oftechnologists designing systems and executing strategies onbehalf of the firm and its clients, none of them more visionary
and transformative than R. Martin Chavez. A computer scientist
and software entrepreneur with interests in life sciences as wellas finance, Chavez was a Goldman Sachs partner from 2006
through 2019 who served as global co-head of the securities division, chief information
officer (overseeing a force of 9,000 engineers) and chief financial officer. He has gone on
to be a partner at investment firm Sixth Street Partners; is a Santander Group nonexecutive director and chairman of its board’s innovation and technology committee; andis in advisory capacities with artificial intelligence and deep learning start-up Abacus.AI,
the Digital Dollar Project, data control, governance and security company Ketch, and anumber of medical-tech innovators such as Earli in cancer detection.
“When I began building ‘digital twins’ in the 1970s, it was 30 years too early – thecomputers couldn’t keep up,” Chavez said in a LinkedIn post about Jennifer Doudna,
Nobel laureate for her work with CRISPR, who was named Sixth Street’s chief scienceadviser. “Now, we are at last entering a golden age of biotech innovation.” A company Dr.
Doudna founded, Mammoth Biosciences, is a Sixth Street investment. Another example isdigital analytics company Heap, which closed a $110 million Series D financing in
December led by Sixth Street and with the Growth Equity business within Goldman Sachs
Asset Management participating.
Chavez, who has a computer science master’s degree from Harvard University and a
medical information sciences PhD from Stanford University, was chief technology officer
and co-founder of Quorum Software Systems (1989-1993), global head of energy
derivatives at Credit Suisse Financial Products (1997-2000) and CEO and co-founder of
Kiodex (2000-2004), which was acquired by SunGard Data Systems. He made a lasting
impact with his work on Goldman’s 1990s-vintage Securities Database, SecDB, which hesays “transformed the trading business into a software business.” In 2013, SecDB
became available to institutional clients with application programming interfaces via
the Marquee platform.
A 2016 New York Times article noted that Goldman was increasing its recruiting ofstudents with science and technology majors while the firm’s overall headcount was littlechanged, and Chavez was quoted as saying, “I’m pretty sure there are going to be newjobs 10 or 20 years from now that none of us could even imagine today.”Peter B. Cherecwich, President of Asset Servicing,Northern Trust Corp.
For all the hype surrounding cryptocurrencies and digital assets
building up around them, established custodians like Northern
Trust were in no hurry to jump into that fray. The underlying
blockchain technology was more intriguing. Northern Trust, now
with $16.2 trillion in assets under custody and administration, in2017 launched the first blockchain platform for the historicallyopaque and inefficient private equity transaction lifecycle. Considered a significant proof
of concept, it streamlined expensive, duplicative and time-consuming legal andadministrative processes, said Peter Cherecwich, then Northern Trust’s president ofcorporate and institutional services.
Two years later, Cherecwich announced a course correction: Even as “the platform
delivers real-time insight and transparency to all parties, including fund managers,
investors and auditors, and enables regulatory access when required . . . For the benefitof our clients and the industry as a whole, it’s now time to hand over the reins to atechnology provider with deep fintech expertise,” namely Broadridge Financial Solutions.
It was a stick-to-the-knitting decision, not a retreat from innovation. Cherecwich, whojoined Northern from State Street Corp. in 2007 and is now an executive vice president
and president of asset servicing, has been blogging since 2018 on technology and related
management issues, and the Chicago-based bank has continued its run with, forexample, enhanced digitization of unstructured data for alternative asset investors, inpartnership with Accelex; and a related machine learning application in asset-ownerresearch management. In December 2020, Northern Trust and Standard Chartered’s SC
Ventures launched Zodia Custody for digital assets. The startup’s U.K. Financial Conduct
Authority registration seven months later was “a significant milestone,” Cherecwich said,
enabling support of “the growing number of institutional asset owners, family offices andasset managers around the world investing in this emerging asset class.”

Mazy Dar, Chief Executive Officer, OpenFin“Powerful and easy-to-use APIs,” a feature touted by OpenFin
with its operating system for enterprise productivity, are wellwithin reach for financial firms in 2022. Not so in the early
2000s. OpenFin CEO Mazy Dar saw the need and helped
launch a movement.
“The legacy financial desktop is rife with applications that cannot
share information with one another,” said an
OpenFin article posted last December. “This contrasts sharply with the experiences Appleand Google deliver on our smartphones” – easy access, practical prompting and autopopulating from one application to the next, not to mention the ability to connect fromanywhere that was a necessity over the past two years of remote working.

Dar observed institutions “paying for all kinds of powerful applications, but whose
employees are not able to leverage them to their full extent. The insights they gain are
offset by the sheer frustration of navigating these platforms.”
Inspired by what the likes of Google had achieved with consumer interfaces, andorchestrating available tools, OpenFin launched in New York in 2010 and drew global
financial institutions and start-ups alike into its vision of bringing “seamless functionality to
the financial desktop to dramatically reduce the inefficiency of manually re-keying
information and switching between windows.” Backed by Bain Capital Ventures, HSBC,
JPMorgan Chase and other investors, OpenFin assembled a community of “thousands ofthought leaders, product specialists, and software engineers”; an ecosystem of more than
3,500 apps; over 2,400 banks, asset managers and hedge funds; and 300,000 users
overall.
Dar, who has a Cornell University degree in computer science and French literature,
started out as a programmer at UBS. He became chief strategy officer of credit
derivatives brokerage Creditex, which was acquired in 2008 by Intercontinental
Exchange, where he stayed on until 2010. OpenFin took its concept to industry-standard
level through the Financial Desktop Connectivity and Collaboration Consortium (FDC3),
which the company founded in 2017 and contributed a year later to the Fintech Open
Source Foundation (FINOS). Then-FINOS chairman Brad Levy, currently CEO ofSymphony Communication Services, called financial-desktop interoperability “one of themost important open source initiatives in financial services.”

Terrence A. Duffy, Chairman and Chief Executive
Officer, CME Group
Revenue at CME Group, at $4.7 billion, declined a slight 4% in
2021, lagging the growth of some other top exchange operators.
But that hardly represents the whole story – present and past –of the world’s largest derivatives marketplace, where operating
income held steady, at $2.6 billion, and where average dailyvolume is on a healthy upswing. ADV overall
this February increased 19% year-over-year, to 29 million contracts, with significant
spikes in equity index contracts (46%, led by 58% growth in Micro E-mini Equity Index
Futures), options (20%, with Equity Index options at 82%), and SOFR futures, based on
the principal U.S. benchmark alternative to Libor (833%, within the interest rate category
whose total ADV climbed 13%).
Economic uncertainty has driven derivatives trading to record levels, noted CME Group
chief executive Terrence Duffy, as fourth-quarter 2021 ADV grew 26%, to 20.5 million
contracts, followed by 24.6 million in January. CME succeeds as a platform forinnovations like e-mini and micro size products and, recently, options on Micro Bitcoin andMicro Ether futures. All but a small fraction of trades are executed on the round-the-clock,round-the-world Globex network, which was the first electronic system of its kind when it
went live in 1992. A Center for Innovation and Competitive Markets Advisory Council –with members including Nobel Prize winners as well as Duffy and CME chairman
emeritus Leo Melamed – carry the tradition forward, and another technology milestone isin process: a 10-year partnership with Google Cloud to enhance the markets’ accessibility
and efficiency. Google made a $1 billion equity investment in CME, and Kendal
Vroman was appointed chief transformation officer to oversee the migration.
Duffy grew up professionally as a Chicago Mercantile Exchange member since 1981 andboard member since 1995. He has had chairman and/or CEO titles since 2002, and in2007 presided over the landmark CME-Chicago Board of Trade merger. The New York
Mercantile Exchange was acquired in 2008, and 10 years later came NEX Group and its
BrokerTec (fixed income) and EBS (foreign exchange) platforms. Other executives in the
CME spotlight include Suzanne Sprague, senior managing director and global head ofclearing and post-trade services; Sean Tully, senior managing director, global head ofrates and OTC products; and Sunil Cutinho, chief information officer, this year succeeding
Kevin Kometer, who retired after being CIO since 2008.

Shawn Edwards, Chief Technology Officer, andVlad Kliatchko, Chief Product Officer and Vice
Chairman, Bloomberg LP“Team building is hugely important,” says Bloomberg chief
technology officer Shawn Edwards. It could hardly be otherwise
at a financial information and networking enterprise of
Bloomberg’s scale, complexity and global reach. Not even the
top of the tech-management pyramid is a solo act. It’s Edwards
in partnership with Vlad Kliatchko. Both have been at the company 19 years. Edwards ran
the global engineering group before becoming CTO in 2008. Kliatchko rose to head ofglobal engineering in 2012, now overseeing about 7,000 software developers andinfrastructure engineers. That’s in addition to joining the management committee in 2018
and being promoted to vice chairman and chief product officer at the start of this year.
Engineering is a literal window into what makes Bloomberg tick. Keeping pace with theever-expanding financial markets and demand for data and analytics, along with what thefirm’s founders fashioned as a “culture of constant innovation,” drives continuous growthin the engineering force – up from 5,000 five years ago. It’s distributed worldwide, withconcentrations in New York and London hubs. Micromanagement is not the way.
Edwards speaks of assembling teams around an appropriate mix of skill sets and“creating the right conditions to innovate quickly, to move fast and adapt.” What works inthe “organization of many teams,” Kliatchko says, is “to let people do what they do welland get out of the way.” The culture is attractive and exciting for those “who make theirown decisions and keep an entrepreneurial edge.”“We look decades ahead to create what our clients will someday need,” says the Tech at
Bloomberg home page. As Kliatschko puts it, “Everything we do is incremental on a longterm roadmap.”
System capacity, speed and reliability are paramount, and an infrastructure of some
70,000 servers in data centers, 100 petabytes of historical data, in addition to systems
that ingest some 300 billion real-time market data ticks each day, has proved resilient
through all volume and volatility peaks.

Investing significantly in R&D – as it has done for years in machine learning, natural
language processing and other emerging technologies to advance its product capabilities
and user interfaces – Bloomberg builds into its platform tools and solutions for customers
to integrate in such areas as trade workflows, alternative data and quantitative modeling.
Case in point: the cloud-based, open-architecture BQuant Enterprise, which Edwards said
is “a turnkey environment where [clients] can connect to their existing systems, bring theirown data, mix it with Bloomberg’s comprehensive data sets, and enhance thecollaboration of their investment professionals as they test and deploy new quantitative
investment strategies.”
On the cloud leading edge, Bloomberg made its real-time B-PIPE market data feedavailable on Amazon Web Services in 2018; last year, all enterprise data became
available cloud-native on AWS; and in March this year a B-PIPE collaboration
with Google Cloud made it “the only financial data provider to enable cloud-native accessto tick-for-tick data . . . including access to 35 million instruments, over 330 exchanges
and 80 billion ticks a day.”Bridget E. Engle, Chief Operations and Technology
Officer, BNY Mellon
Bank of New York Mellon Corp. is “a central orchestrator in the
global financial ecosystem, touching in excess of 20% ofinvestable assets globally,” CEO Thomas P. Gibbons wrote inhis 2021 annual report letter. The $15.9 billion-in-revenue
institution is “the world’s largest custodian, with nearly $47
trillion assets under custody and/or administration; we clear
about $10 trillion of securities and process over $2 trillion of
payments per day; and we manage $2.4 trillion of assets on behalf of our Investment andWealth Management clients,” he said, underscoring the principle of “leading with
innovation and earning trust every day . . . The heart of our strategy is to be an open
platform on which clients can build their businesses, offering best-in-class services,
technology and data,” Gibbons added, noting among other developments the formation of
a Digital Assets unit and “our quest to build the industry’s first multi-asset platform thatbridges digital asset custody, execution and administration seamlessly with traditional
assets.”All of that puts technology – and chief operations and technology officer Bridget Engle –at center stage. An executive committee member and one of the highest-ranking womenin corporate IT, Engle oversees an operations and technology agenda that in 2019 alone
involved nearly $5 billion in investments supporting resiliency, cybersecurity, innovative
digital solutions and every stage of the client investment lifecycle.
She joined BNY Mellon in 2017 – it had $30.6 trillion in assets under custody and/or
administration at the time – as chief information officer, with then-CEO Gerald Hassell
saying “her focus on aligning technology solutions to create value for clients will support
our ambition to be the investment industry technology leader.” Engle’s current title is thesame as that of Catherine Bessant at Bank of America, Engle’s previous employer, from2010 until 2021. (Bessant is currently vice chair of strategy.) Starting in 2010, Engle was

at BofA as global commercial banking and markets technology executive and consumer
banking technology and operations chief information officer. She was previously
Depository Trust & Clearing Corp. managing director and chief technology officer, andbefore that worked for 19 years at Lehman Brothers.
In a Google Cloud Summit presentation last year, Engle said that BNY Digital Assets wasbuilding a client-facing prototype and “will accelerate our development of solutions andcapabilities that our clients are really demanding,” Traders Magazine reported. When theunit filled senior positions last fall with executives from Amazon Web Services,
Commerzbank and Galaxy Digital, asset servicing CEO and head of digital Roman
Regelman called it “yet another example of our ongoing commitment to attract top talent
in a very competitive market to support our clients’ evolving needs across the investment
lifecycle.”

Henry A. Fernandez, Chairman and Chief Executive
Officer, MSCIMSCI’s indexing heritage traces back to Capital International in
the 1960s. The company’s growth in and beyond that originalcore has been led since the 1990s by Henry Fernandez, aformer managing director of Morgan Stanley (the MS in MSCI,
arising from a historical licensing arrangement). Including theindexes that stand as global investing benchmarks, MSCI is a
$2 billion-in-revenue, $40 billion market-cap enterprise encompassing analytical data anddecision support, with portfolio construction and risk management tools and “investment
solutions as a service.” It was on the spot in late February when, as the Ukraine crisis
heated up, a dedicated web page offered a Q&A on the conflict’s potential impact on
MSCI indexes, as well as articles on Federal Reserve rate hikes and inflation and oncompanies most exposed to revenue shortfalls.
Attentiveness to investor trends and needs resulted in a hyper-focus on ESG(environmental, social and governance) and climate issues with, for example, a Net-Zero
Knowledge Hub and national climate commitments tracker. “Our model indicates,” CEO
Fernandez wrote last year, “that without any change to current practices, thesecompanies will emit 16.8 gigatons of CO2e by 2050, leading to a planet that is 3.5˚Cwarmer by the end of the century. This trajectory demonstrates the tremendous challenge
in reaching net zero and the urgency to act now. Addressing climate change will require
the largest reconstruction of the global economy since the Industrial Revolution.”
In January, citing “record full-year and quarterly recurring sales and recurring net newsales, along with the 32nd consecutive quarter of double-digit subscription growth in our
index business,” Fernandez vowed to “continue investing and executing aggressively” inopportunities “including ESG and climate. The global race to net zero keeps accelerating,
and we have positioned MSCI as a leading provider of climate-related tools for the capital
markets industry.” Strategic partnerships announced in February with GeoQuant(providing the ESG Geopolitical Risk Dataset) and ELEVATE (Supply Chain ESG Risk
Ratings) “will enhance the capability of MSCI’s ESG data ecosystem,” MSCI said.

Another collaboration, with institutional digital-asset firm Menai Financial Group, brings “arobust set of tools” for investors eyeing that emerging space, Fernandez said. “We arecommitted to capturing market disruptions – like digital assets – and helping our clients
better understand their exposure to related trends as they construct portfolios with an eye
towards forces shaping our future.”

Patrick Flannery, Chief Executive Officer, MayStreet“The race is on,” Patrick Flannery said, “to figure out how to mosteffectively extract value out of the ocean of market data that getscreated each day.” That was in July 2020. MayStreet, which
CEO Flannery and chief technology officer Michael Lehr cofounded in New York in 2012, had just closed a $21
million Series A financing led by the Credit Suisse AssetManagement NEXT Investors fund. Coming eight months after
MayStreet had taken over as the data provider to the Securities and Exchange
Commission’s MIDAS (Market Information Data Analytics System) monitoring platform,
the funding was a booster shot for addressing “the incredibly exciting problem” thatveteran software engineer Flannery and his team were working to solve “in conjunction
with some of the world’s most demanding users of market data” – a steadily widening
circle of high-tech trading firms and top Wall Street names. “I have witnessed countlessexamples of legacy market data infrastructure that have caused a substantial drag on
performance for firms of all types,” said Rishi Nangalia, former CEO of REDI Global
Technologies (acquired in 2017 by Refinitiv) who became a MayStreet director andadviser. “MayStreet brings a powerful and scalable solution to these problems.”
As of May 2021, with the addition of 19 Asia-Pacific markets, MayStreet had largely
completed the global, multi-asset class buildout of the cloud-based Market Data
Lake repository of exchange data for pre-trade, trading and post-trade analytics. Fulldepth-of-book U.S. equity options data were added in October, followed by the HPQ (High
Performance Query) API for flexible near-real-time and historical full-depth data
streaming, and a new-generation Analytics Workbench in March. MayStreet’s otherflagship product is the ultra low latency Bellport Enterprise market data feed handler.
Manisha Kimmel, who was senior adviser, regulatory reporting in the office of then-SEC
chairman Jay Clayton, joined MayStreet in 2021 as chief policy officer. “The mostinteresting and impactful market structure issues being debated today center aroundmarket data,” Kimmel said, “and MayStreet is well positioned to be a productive voice andagent of change in the space.”Adena T. Friedman, President and Chief Executive
Officer, Nasdaq
Technology-driven from the start – its original “automatedquotation” system was billed as the first electronic stock market,
circa 1971 – Nasdaq has gotten ever more serious about“relentlessly reimagining the world of tomorrow,” to quote from a
mission statement. That world is “built on innovative technology
fueled by market-moving insights and driven by forward
thinking.”
Adena Friedman, CEO since 2017 and chief operating officer and chief financial officer
before that, has only doubled down on that vision. A Nasdaq lifer since earning a
Vanderbilt University MBA in 1993 (except for a 2011-2014 stint as Carlyle Group’s CFO),Friedman played a key role in acquisitions including the INET ECN trading platform and
OMX, the Nordic exchange operator that became the core of Nasdaq Market Technology,
which produced $463 million in 2021 revenue serving market infrastructures worldwide.
More recently, Nasdaq added asset management information servicer eVestment, trading
solutions vendor Cinnober, alternative data company Quandl and anti-fraud and -crime
software provider Verafin, further reinforcing what Friedman once termed a “pivot” toward
technology, data and analytics. Beginning this year, Nasdaq is phasing in a cloudcomputing framework, co-designed with Amazon Web Services, as the “capital markets
infrastructure of the future.”
Helming what she terms “Nasdaq’s journey as a technology business serving the financial
system,” Friedman has also championed workplace and board diversity, in part througha rule, approved in August 2021 by the Securities and Exchange Commission, requiring
listed U.S. companies to disclose board-level diversity statistics and to have, or explain
why they do not have, at least two directors from diverse backgrounds.

Thomas P. Gallagher, Chairman and Chief
Executive Officer, Miami International Holdings
A constant churn of entrepreneurial innovation enlivens theexchange marketplace. The 2014 book Flash Boys made asensation out of one start-up, IEX, but there is more to the newwave. Take, for example, Miami International Holdings (MIH)and its MIAX complex, which over 10 years has attained asizable share of U.S. listed options trading (lately above 14%),extended its reach into U.S. equities, and gone beyond with the 2020 acquisitions of
Minneapolis Grain Exchange (MGEX) and Bermuda Stock Exchange (BSX). The latter, afully electronic fit with MIH’s baseline strategy, was positioned as an outlet for MIH “toexpand its world-class technology, derivatives trading and regulatory expertise to address
emerging markets, such as digital assets, and provide the BSX with additional support in
the evolving global (re)insurance risk market.” Chairman and CEO Thomas Gallagher,
also BSX chairman, said that “the Bermuda government’s commitment to fintech

regulation and the country’s established (re)insurance market make the BSX
and Bermuda key components of MIH’s global ambitions.”
A lawyer and longtime adviser on corporate and securities matters including debt andequity financings, Gallagher was a principal founder of MIH – which has executive offices
in Princeton, New Jersey – and instrumental in managing the launch of Miami
International Securities Exchange (MIAX), which commenced trading in 2012, followed by
MIAX Pearl (2017) and MIAX Emerald (2019). Under the MIAX Pearl exchangelicense, MIAX Pearl Equities launched on September 29, 2020.
In March, Gallagher said he was especially proud to accept Fund Intelligence Operations
and Services’ Best Options Trading Platform award, “as global challenges resulting fromthe Covid-19 pandemic and geopolitical instability have led to unprecedented volatility andmarket turmoil over the past two years. Our technology is built and designed in-house tosupport the requirements of today’s electronic derivative markets.” Among available tools
is Vesica Technologies-powered SHIFT, billed as “the most powerful search engine forinvesting.” Under an agreement announced in March, MGEX will take delivery of a realtime, artificial-intelligence-driven clearing system developed by Stockholmbased Vermiculus.

J. Christopher Giancarlo, Senior Counsel, Willkie
Farr & Gallagher
So-called revolving doors, such as when a government official
becomes a private-sector lobbyist, are frowned upon if notprohibited. Not an issue for J. Christopher Giancarlo, who went
through a door of his own design when he stepped down as
Commodity Futures Trading Commission chairman in 2019.
His first move, to New York law firm Willkie Farr & Gallagher, was fairly conventional forsomeone with a legal, regulatory and financial markets background – he was executive
vice president and U.S. legal counsel of Fenics Software and EVP of the interdealer
brokerage that acquired it, GFI Group. However, while at the CFTC, Giancarlo called for
its organizational and technological transformation into a “21st century regulator,”established the LabCFTC innovation hub, and his “first do no harm” attitude toward digitalassets brought him popularity as “Crypto Dad” and thousands of Twitter followers. He ran
with it, titling his 2021 book Crypto Dad: The Fight for the Future of Money.
Expertise on crypto, its potential and policy implications are a big part of the Giancarlobrand. He founded the Digital Dollar Project, a partnership of Accenture and the nonprofit
Digital Dollar Foundation advocating for a U.S. digital currency, in part to ensure global
competitiveness. Other board and advisory roles range from the Chamber of Digital
Commerce, Baton Systems, BlockFi and CoinFund; to American Financial Exchange,
which sets the Ameribor Libor-alternative benchmark, where Giancarlo is a director; andhe was chairman of the Fannie Mae-Freddie Mac joint venture Common Securitization
Solutions. This January he joined the board of Digital Asset Holdings, which last year
raised $120 million in Series D financing.

Giancarlo’s guidance on the unsettled state of crypto asset regulation: “Take the ad hoc
cryptocurrency working group that I and [former Securities and Exchange Commission
chair] Jay Clayton created between the CFTC and SEC and develop it into a bureau,” withoversight from the congressional banking and agriculture committees. When Russian
sanctions were being discussed, Giancarlo told Coindesk that such actions “could drive
and accelerate work by China and Russia to develop CBDCs [central bank digitalcurrencies] and move portions of the globe off the dollar-based system that we have
today . . . In the same way [China has] done with 5G technology, they can be a major
exporter of CBDC infrastructure.”

Robert Gutmann, Chief Executive Officer, NYDIG
It may be only natural for hedge fund managers to dive into
digital as an alternative asset class. Alan Howard is actively
investing in the fintech and crypto sectors, and the firm he cofounded, Brevan Howard Asset Management, formed a digitalassets division last year. Michael Novogratz, formerly of
Fortress Investment Group, founded the investment andecosystem firm Galaxy Digital. But it was NYDIG, a subsidiaryof Stone Ridge Asset Management, making a $1 billion splash last December. That was
the round number raised in a growth equity financing, led by WestCap, that valued theventure above $7 billion and accelerated its “bitcoin for all” and “gateway to a new era offinancial products” visions. Participants in the funding ranged from the buy-now-pay-later
innovator Affirm to insurers MassMutual and New York Life, as well as Bessemer VenturePartners and Morgan Stanley. “Our roster of partnerships and strategic investors lays thefoundation for NYDIG to become the leading provider of bitcoin solutions for businesses
in any industry, and this new equity capital will further accelerate progress towards
making this exciting network accessible – and useful – to all,” said Robert Gutmann, CEO
of NYDIG and co-founder with Ross Stevens of Stone Ridge and NYDIG.
Stevens, CEO of Stone Ridge and executive chairman of NYDIG – the name is short for
New York Digital Investment Group – launched the offshoot in 2017. It adopted an
institutional-minded, long-term view of bitcoin as a global “open source monetary system,”
Gutmann explained in a podcast. NYDIG obtained a New York State virtual currency andmoney transmitter license and a trust company charter – “arguably the most robust andforward-thinking regulatory framework in the world for digital assets,” in Gutmann’s view.
NYDIG turned to former New York financial services superintendent Benjamin Lawsky,
architect of the “BitLicense,” as head of regulatory affairs.
NYDIG formed a bank solutions business, partnering with vendors such as FIS, Fiserv
and Jack Henry. Last October, it was designated sub-custodian for cryptocurrency
services offered by U.S. Bank, and in February it unveiled a bitcoin savings plan for
employee benefit programs. A New York Times ad heralded NYDIG’s work with banks
and credit unions “to bring bitcoin to Main Street.”
When Cboe Global Markets agreed to acquire the ErisX exchange, in which NYDIG
invested, Gutmann commented, “We share Cboe and ErisX’s vision of building an evenmore robust global marketplace for bitcoin spot and derivatives trading.”

Alasdair Haynes, Chief Executive Officer, Aquis
Exchange
From 2009 to 2011, Alasdair Haynes was chief executive of Chi-X
Europe, which challenged the old stock exchange order and was
acquired in 2011 by Bats Global Markets to become the top panEuropean market operator. (Now under Cboe Global Markets, its
fourth quarter, 2021 European equities market share was 19.8%.)
For Haynes, the competitive juices still flowed. In 2012 he founded Aquis Exchange in
London, which is still making enough waves to justify its description in an Evening
Standard headline as “The Challenger Stock Market Looking to Shake Up The City.” CEOHaynes worked to sell the start-up’s users on a subscription pricing model along with arule set that discouraged abusive non-client trading, oversaw development of highly
efficient home-grown technology, and formed Aquis Technologies to license the matchingengine and trade surveillance systems. It will be powering the Investre tokenized funds
trading market expected to launch this year.
Aquis is profitable, with revenue rising 37% in 2021’s first half, to £6.7 million, and 42% for
all of 2021. Its two pan-European multilateral trading facilities surpassed 6% in market
share last July. Adding Czech and Hungarian stocks this year brings Aquis’ numberof covered countries to 17.
Aquis Stock Exchange (AQSE), launched in 2020 when NEX Exchange was acquired
from CME Group, has segments designed for early-stage growth companies and larger,
more established businesses; it “introduced a number of strategic initiatives which havesignificantly improved liquidity, spreads and the overall attractiveness of the market,”
Haynes said in the interim results release last September. Aquis Exchange PLC has also
received Financial Conduct Authority approval to operate a bond trading market, AquisEIX.
Over more than three decades in The City, Haynes has worked at investment banks
including HSBC and UBS and before leading Chi-Ex spent 11 years heading Investment
Technology Group’s international business. In January, Haynes was appointed inauguralchair of TheCityUK Business Council, representing chairs, managing partners and chief
executives of around 35 high-growth, innovative companies in financial and related
professional services. The sector is “a national asset,” Haynes said, “so it is vital toensure the industry, government and regulators work together to present a coherent andunited vision for the industry at all levels.”Jeanine Hightower-Sellitto, Chief Executive Officer,
Atomyze LLC
Backed by a consortium of investors in the world of metals andmining, Atomyze stands out in the blockchain-ecosystem crowd
with a unique commodity tokenization strategy and a seasoned
executive team led by Jeanine Hightower-Sellitto. She spent
more than a decade in increasingly senior roles with electronicoptions-market operator International Securities Exchange andwas its chief operating officer for a year after ISE was acquired by Nasdaq in 2016. In July
2020, after nearly two years in the cryptocurrency space as Gemini Trust Co.’s managing
director of operations, Hightower-Sellitto took the helm at Connecticut-based Atomyze,
which in announcing the appointment spelled out the mission “to create a new trading
paradigm for physical assets by transferring real world objects such as palladium,
platinum, copper and cobalt into digital assets using blockchain technology.” Pointing to
her “more than 20 years of experience building markets and using disruptive technology
to develop platforms that serve the evolving needs of institutional investors” and“combination of financial services and blockchain experience,” Atomyze board chairman
John Macfarlane said, “We believe blockchain technology will improve access to trading
physical assets, will provide much needed liquidity to the market and ultimately help
evolve the way commodities are traded.”
Atomyze is well on its way in a “soft launch,” Hightower-Sellitto says, which began withpalladium and platinum asset-backed tokens (ABTs), with other metals to follow. The
company has licensing for 29 U.S. states, expects to be up to 43 by yearend, and ispursuing a trust company charter. The tokens represent title to physical assets, thechosen blockchain is Hyperledger Fabric, and the platform facilitates storage and otherlogistics for assets both digital and physical. The CEO points out that the metals are not
only in high demand and ripe for digitization and supply-chain innovation, but some will beessential in the transition to a greener economy.
Atomyze’s leadership includes chief technology officer Cory Wendling, former head ofengineering at Paxos, and chief commercial officer Matthew Ardizzone, who founded
capital-markets blockchain consulting firm Marlu Capital Partners. Atomyze rounded out
its board in April 2021 with the appointment of Thomas Erickson, a former commissionerof the Commodity Futures Trading Commission.

Paul Humphrey, Chief Executive Officer, BMLL
How big is big data? For BMLL it’s a proprietary 15 petabyte
warehouse of Level 3 market data from 65 venues – meaning
full-order-book, all-transaction granularity – engineered in the
AWS cloud in what is said to be the only commercially available
data-science-as-a-service platform of that type. That’s “all thepower required to turn big data into relevant insight and analytics
that help clients improve their trading analysis and outcomes.”

A TradingTech Best Trading Analytics Platform Award in February cited BMLL’s “ability toprovide some of the world’s most sophisticated institutions, including Tier 1 investmentbanks, buy side, hedge funds and global exchange groups, with the most granular Level 3
order book data alongside a comprehensive suite of analytics. Firms can now analyze
long-term cycles and trends, back-test strategies and generate alpha more predictably,
removing the operational complexities of data engineering.” Said CEO Paul Humphrey:“Access to data is getting easier, but access to alpha-generating analytics will remain apriority for market participants in 2022 as they look to gain a competitive edge.”
The platform was founded in University of Cambridge machine learning laboratories in
2014, with applications ranging from pre- and post-trade analytics to simulations tocompliance, and giving users cost-effective, instant web-portal access to the data scienceenvironment. Multi-asset market data is delivered into workflows via methods known as
Data Lab, Data Feed and Data Viz (visual components). The importance and value ofLevel 3 was explained in an article by chief product officer Elliot Banks: “For traders toachieve best execution and maximize trading performance, it is essential for them tounderstand and account for the nuances between the U.S. and European trading
landscape . . . It is only by examining the true depth of the order book – which can only beachieved through analysis of Level 3 data – that participants can truly understand market
behavior and maximize trading performance.”
Last November, BMLL pulled together global Level 3 futures data from CME, Eurex and
ICE in one harmonized format. “Packaging our futures product is a natural evolution to ourcore equities offering. As major trends such as the Libor transition and the explosion inretail trading in the futures environment take center stage, the ability to analyze thesecomplex and diverse data sets is vital,” said Humphrey, who has also been interim CEO
of Euronext London, global head of FICC at Euronext NV and CEO of Electronic Broking& Information at Tullett Prebon.
In February, BMLL became a founding member of the Sustainable Trading Initiative,
strategically important, Humphrey said, as “ESG is at the forefront of our minds.” In
March, former IEX, UBS, Refinitiv and Thomson Reuters executive Tim Baker joined
BMLL as senior adviser to build its U.S. presence.

Chris Isaacson, Executive Vice President and Chief
Operating Officer, Cboe Global Markets
The 2017 acquisition of Bats Global Markets brought the parentof the Chicago Board Options Exchange more than just productdiversification and international expansion. Central to the $3.2
billion deal was the sleek and battle-tested Bats technology
platform, on which all Cboe and Bats options, equities andfutures markets were to be unified by 2019 under the aegis of its
architect, Chris Isaacson. From 2005 he was a member of the founding team and chief
information officer of the Bats alternative trading system (ATS) in Kansas City thatmorphed into a full-scale, multi-exchange complex including BZX, on which Bats’ shareswere listed in 2016 and where Cboe’s now trade.

Isaacson is currently chief operating officer under Edward T. Tilly, Cboe CEO since 2013,
who characterized the combined Cboe Global Markets as “bringing together Cboe’s
product innovation, indexing expertise, and options and volatility market position, with
Bats’ proven proprietary technology infrastructure, global ETP [exchange-traded product]
listing and trading venues, global foreign exchange marketplace and market dataservices.” The $3.5 billion-in-revenue company “demonstrated our ability to diversify andstrengthen our revenue profile as a global market operator, something we believe will
accelerate in 2022 as we continue to broaden our geographic reach and extend access toour unique set of products and services around the globe,” Tilly said whenannouncing 2021 results.
Acquisitions and integrations continue to fuel Cboe’s momentum. In 2020 it added
Hanweck Associates and two other firms to Cboe Data and Access Solutions, acquired
the EuroCCP clearinghouse as well as Canada’s MATCHNow. The last, as of February2022, was fully migrated onto the tech platform and joining a more recent ATS
acquisition, BIDS Trading. The June 2021 purchase of Chi-X Asia Pacific brought
Australia and Japan into the Cboe footprint. Last October, Cboe agreed to bring Eris
Digital Holdings, known as ErisX, into the fold as Cboe Digital. Said Isaacson: “WithErisX, in a single step, Cboe is able to enter the digital-asset spot, data, derivatives andclearing ecosystem. Now is the right time to fully embrace and help define this emerging
asset class,” led by CEO Thomas Chippas “along with the ErisX management team offinance and technology veterans.”

Brad Levy, Chief Executive Officer, Symphony
Communication Services
When David Gurlé, who founded Symphony Communication
Services in 2014, stepped down as CEO in April 2021, thecompany, fueled by $510 million raised from institutional
investors, was in his words “a true digital transformation partner”
with its secure messaging and collaboration platform forfinancial services firms. Brad Levy rose from president and chiefcommercial officer to CEO. “The financial services industry has arrived at an inflection
point, as technological developments and demand for expanded digital offerings call for
true, industry-wide transformation,” Levy said when he joined Symphony in July 2020.
“From day one, I’ve admired how Symphony has evolved to meet the specific needs of its
clients, and I look forward to working with David and the Symphony team to grow ourcommunity.”
With a workflow infrastructure connecting more than 500,000 financial professionals,
serving over 1,000 institutions and powering over 2,000 community-built applications andbots, Symphony has, if anything, been picking up the pace. A 2021 yearend review notedacquisitions of voice communication systems innovator Cloud 9 Technologies andverified-identity directory StreetLinx; a multi-year agreement with Google Cloud as
primary cloud provider; partnerships with AccessFintech, Saphyre, Unqork and Quant
Insight, addressing various data and capital market needs; the rollout of Symphony 2.0,
the second-generation core collaboration platform “built in close partnership with financial

firms to address their workflow needs, from front to middle to back office, and from thebuy side to the sell side”; and a deal with HSBC Global Private Banking to develop anddeploy HSBC GPB Chat, enabling clients to interact in a secure and compliant way with
their relationship managers via one-to-one chat, group chat, document sharing andvideo/audio conferencing on WhatsApp or WeChat.
Levy knew Symphony and collaborative workflow solutions well. He spent 18 years withGoldman Sachs, which played a key role in the formation of Symphony, and was board
chairman of Symphony Software Foundation, now the Fintech Open Source Foundation.
After heading Goldman’s Principal Strategic Investments Group and before Symphony, he
was with IHS Markit (now part of S&P Global) as CEO of the MarkitServ derivatives
processing business and global head of the loan settlement and software services
division.
Symphony announced in February a partnership with Digital Asset to bring efficiencies tothe broadly syndicated loans market. “The loans market is a key part of our strategy,”
Levy said, and the partnership “will allow us to solve real pain points in this space. Further
automation in broadly syndicated loans workflows will flag and remove errors that can
typically arise from manual processes.”Ronnie Mateo, Co-Chief Executive Officer, Trumid
The early dot-com boom saw an explosion of R&D, within firms
and in newly formed consortiums, to electronify and attack pain
points in the vast and complex fixed income markets. After ashakeout, even as high-profile survivors MarketAxess andTradeweb thrived, there was still plenty of market share up for
grabs. Ronnie Mateo started Trumid in 2014 stressing liquidity,
offering a predictive Fair Value Model Price service, and ease ofuse on systems designed by credit market experts and participants.
The company has been well funded, its credibility underlined by the participation of funds
managed by BlackRock and T. Rowe Price in a $208 million financing last October, led by
Point Break Capital Management and with Motive Partners in the group. Trumid did someconsolidating of its own back in 2017 by acquiring Electronifie, then bringing the numberof buy- and sell-side institutions on the corporate bond network above 350.
Now with more than 600 institutions on board, Trumid in February had average dailyvolume of $1.7 billion, up 72% year-over-year. Reported 2021 highlights included 51%
growth in average number of users executing a trade, launch of the Trumid 3 version of
the platform, introduction of emerging markets trading, and the November elevation ofpresident and founding team member Mike Sobel to co-CEO with Mateo.
The promotion was “a natural progression,” said Mateo, who previously ran the credit
group of inter-dealer broker Trinity Brokers and was a managing director at Salomon
Brothers/Citibank trading corporate bonds and credit default swaps, emerging markets
and CDX indexes. “At Trumid,” he continued, “we dream big and we execute small. To
truly pull off the latter, we need every team member to spend all their focused energy onwhat they’re best at. This move embodies just that.” He called Sobel, who came fromcredit trading and management roles at Lehman Brothers and Barclays, “a proven worldclass operator and strategist.”
In December, in what Mateo hailed as a “massive win,” JPMorgan joined as a strategic
partner, would “utilize Trumid’s Attributed Trading protocol to provide liquidity directly to its
institutional clients” and work with Trumid “to integrate workflows and deliver innovative
market structure solutions for the credit market.” ION Markets in January announced aconnectivity upgrade to support Attributed Trading through the ION Credit solution.

Richard M. McVey, Chairman and Chief Executive
Officer, MarketAxess Holdngs
Amid the 1990s technology boom, J.P. Morgan & Co. stood up
the LabMorgan incubator. Out of it emerged MarketAxess,proposed by Richard McVey, a J.P. Morgan executive with
futures and options experience who in 1996 was appointed headof North American fixed income sales and investor client
relations. The pioneering web-based, multi-dealer credit markets
platform was launched in 2000 with McVey, chairman and CEO since inception, steering
its expansion from an initial focus on corporate bond trading into becoming a mainstay in
fixed income markets globally and across the trade cycle. Publicly owned since its 2004
IPO and in the S&P 500 as of 2019, MarketAxess along the way produced innovations
like Corporate BondTicker for pricing data (2002), request for quote functionality (patented
in 2009) and the all-to-all, liquidity enhancing Open Trading concept (2012), which wasrefined and spread internationally in alliance with BlackRock.
With record revenue of $699 million last year, MarketAxess reported average dailyvolumes of $10.5 billion total credit and $16.6 billion rates. Its estimated fourth-quarter
U.S. high-grade and high-yield market share was 19.5%, Eurobond share 13.2%. Total
client firms numbered 1,877, international 956.
McVey pointed to “strong performance across our core markets compared to prepandemic levels,” and “investments in new trading protocols and trading automation
solutions continue to gain traction, driving higher trading efficiency and lower trading costs
for our clients.” Reporting February statistics – total trading volume rose 17% from a year
earlier – he said that “volumes are approaching levels last seen during the pandemic, andcredit spreads and credit spread volatility have continued to increase, which, we believe,
are creating a more favorable environment for Open Trading, our differentiated liquidity
pool.”
Alongside McVey, as president and chief operating officer since 2019, is Chris
Concannon, a market technology leader in his own right, who was president and COO of
Cboe Global Markets and CEO of Bats Global Markets before Cboe acquired it in 2007.
Nick Themelis retired after 16 years as chief information officer and was succeeded in
March by Goldman Sachs Asset Management global co-head of technology Nash
Panchal, who reports to Concannon.

David Mercer, Chief Executive Officer, LMAX
Group
High-performance, low latency transaction technology,
combined with advocacy of open access, institutional-grade
transparency and reliability, made LMAX a currency-market
force to be reckoned with as it completed a management buyout
in 2018 under CEO David Mercer. Four years on, the group
operates five exchanges; has matching centers in London, NewYork and Tokyo and 11 offices worldwide; and aims to become pre-eminent not just in
foreign exchange, but also cryptocurrency.
Validation and a new burst of energy came last July in the form of a $300 million
ownership stake taken by J.C. Flowers & Co., for a $1 billion valuation. “LMAX Group is
an exciting and well-respected company with a leading position in a market with great
potential, making it a highly compelling opportunity for our firm,” said managing director
Christopher Flowers. “The LMAX Group exchange infrastructure offers efficiency andtransparency, both of which are in high demand by the growing numbers of institutional
participants in foreign exchange and cryptocurrency trading.”
The group consists of LMAX Exchange, which has a CLOB (central limit order book)
execution model and is regulated by the U.K. Financial Conduct Authority as a multilateral
trading facility; LMAX Global, a regulated FX, metals and commodities broker offering
access to deep institutional FX liquidity, tight spreads and transparent execution with no“last look” that can delay or reject a trade; and the LMAX Digital spot crypto exchange.
Experienced with frequent price changes and volume swings in currencies, “LMAX Grouphas built both its institutional FX and cryptocurrency execution venues on the same low
latency, high throughput institutional-grade infrastructure to manage this kind of intense
volatility,” LMAX Group explained in a February post on The Block. Mercer told Markets
Media that based on “conversations with some of the biggest asset managers in theworld, [he] would be surprised if they weren’t offering a crypto product this year. LMAX ishere to help build an institutional ecosystem, and we view it as a long-term opportunity.”
With more than 500 investors actively trading, LMAX Digital had a daily record $6.5 billion
volume on May 19, Mercer said in his first half, 2021 review.
Where he stands on improving FX market practices is evident in survey reports ontransaction cost analysis metrics, restoring trust, and “The Road to FX Reformation.”

Michael Novogratz, Founder and Chief Executive
Officer, Galaxy Digital Holdings
In February 2021, Michael Novogratz predicted a $100,000
bitcoin price by yearend. It didn’t go higher than $69,000, butthat was still 10 times what it was in 2017 when the hedge fundbillionaire publicly expressed regret that he didn’t buy more
cryptocurrency on an earlier dip. He has so far proved right on
the trend, at least, and he put everything on the line –strategically and reputationally – with Galaxy Digital, the multifaceted digital-asset
enterprise he founded in New York after retiring in 2015 as a partner and president of
Fortress Investment Group. Presenting quarterly results last November, Novogratz said, “I
have never been more bullish about the future of our company.” In fact, bullishness is aconstant. Despite reporting a loss in the prior quarter, Novogratz contended that “strong
tailwinds of adoption” were of greater import than gyrations in bitcoin and other valuations.
In 2021 through November, “we have provided shareholders with approximately $1.6
billion in net comprehensive income, on the back of our strong operational and investing
portfolio growth.”
Galaxy Digital has five business lines: asset management ($2.4 billion as of February,
compared with $1.1 billion a year earlier); principal investments (more than 150 portfolio
companies in the digital-asset ecosystem); trading (over 690 institutional counterparties,
100-plus crypto assets supported); investment banking (including capital raising andM&A); and mining. The firm is seeking to be more environmentally friendly in mining
operations as part of its sustainability program, which includes a senior-level ESG
Steering Committee supported by a working group.
Among indications of institutional crypto adoption are Galaxy fund offerings with Goldman
Sachs, where Novogratz was formerly a partner. In the past year, Goldman alumni
Michael Daffey and Fabien Vanderwilt joined Galaxy; Daffey is board chair and senioradviser, Vanderwilt is co-president (with Christopher Ferraro) and head of global markets.
Based in Europe along with Daffey is Tim Grant, hired last August as head of Europe after
leading SIX Group’s SDX digital exchange.
In November, Neal Katyal, a Hogan Lovells partner and Georgetown University law
professor, became a Galaxy senior adviser and chair of a newly formed advisory board. In
March, Jane Dietze, chief investment officer and vice president of Brown University, who
was a managing director at Fortress Investment Group, joined Galaxy’s board.

Lee Olesky, Chairman and Chief Executive Officer,
Tradeweb Markets
Tradeweb Markets originally approached fixed-income trading
automation from a direction different than that of MarketAxess,with government securities first in its sights. It has no less of aclaim to trailblazing or to milestones achieved as it grew into a
fixture of global market infrastructure across rates, credit,
equities and money markets.

In 1996, while chief operating officer of Credit Suisse First Boston’s Fixed Income
Americas division in New York, Lee Olesky co-founded Tradeweb and was its chairman in
a consortium ownership structure. In 1999 he started BrokerTec and was the multibankowned brokerage’s founding CEO in London before its 2003 sale to ICAP (it later went to
CME Group). Rejoining Tradeweb as president in 2002, still in London, Olesky oversaw
its growth internationally and into derivatives, as well as the 2004 sale to Thomson Corp.,
which maintained majority control as Thomson Reuters and later Refinitiv.
Olesky became CEO in 2008 and built out institutional, wholesale and retail segments
now serving a total of 2,500 clients worldwide. Tradeweb, which went public in 2019,provides market access, data and analytics, electronic trading, straight-throughprocessing and reporting for more than 40 products.
“Tradeweb recorded its 22nd consecutive year of revenue growth in 2021 and surpassed$1 billion in annual revenues for the first time,” Olesky said in the earnings statement. “We
became the largest electronic trading platform for U.S. Treasuries, and as rates volatility
increased we benefited from a global resurgence in swaps market activity on our platform. . . While increased adoption of electronic trading has been a long-term trend in recent
years, we saw a clear acceleration of that trend during 2021.” In February, average dailyvolume was $1.17 trillion, up 10.7% year-over-year, with ADV records set in U.S. andEuropean government bond trading, fully electronic U.S. High Grade credit and emerging
market swaps.
Olesky will hand the CEO reins on January 1, 2023 to president William Hult, who joined
Tradeweb as a product manager in 2000. “From a fintech start-up to a $20 billion
company,” said Olesky, who will remain chairman, “what I am most proud of is the team ofpeople I have been so fortunate to associate with over the last two decades . . . Tradeweb
has always stood apart for having a uniquely strong culture, and nobody embodies that
better than Billy does.”

Hester Peirce, Commissioner, Securities andExchange Commission
While repeatedly rejected in past attempts to gain SEC approval
for bitcoin exchange-traded funds, Fidelity Investments, VanEck
Securities and others could count on having one commissioner
on their side. “By precluding approval of cryptocurrency-based
ETPs [exchange-traded products] for the foreseeable future, thecommission is engaging in merit regulation,” Hester Peirce
asserted in opposing a 2018 majority vote to reject a proposed listing on Bats BZXExchange. She said it was not appropriate for the SEC to be a “gatekeeper of innovation”
or to pre-judge success or failure. “An ETP based on bitcoin would offer investors indirect
exposure to bitcoin through a product that trades on a regulated securities market and ina manner that eliminates some of the frictions and worries of buying and holding bitcoin
directly . . . The commission’s action today deprives investors of this choice.”
A Yale Law School graduate, Peirce was at the free-market-oriented Mercatus Center ofGeorge Mason University, focused on financial market regulation, when appointed to theSEC by President Donald Trump in 2018. Whether part of the commission’s Republican
majority or, as now, on the minority side, Peirce’s is a singular voice. She has longadvocated for a regulatory safe harbor to allow for digital token experimentation, andtoday maintains that crypto assets have achieved sufficient maturity and familiarity that
the SEC can lower its resistance. “With each passing day, the rationale that we have usedin the past for not approving seems to grow weaker,” she told CNBC last year.
Although Peirce has been especially vocal on crypto – hence the nickname “Crypto
Mom,” analogous to “Crypto Dad” J. Christopher Giancarlo, formerly of the Commodity
Futures Trading Commission – choice and innovation are where she comes fromphilosophically. A 2017 Mercatus paper critiqued “the current regulator-centric approach”
and called instead for a “regulatory system that is grounded in the superior ability andincentives of market participants to collect, process, and act on information. An effective
regulatory system punishes fraud, holds the institutions and people who take risks
responsible for any resulting losses, avoids nonregulatory social objectives, forecloses
bailout opportunities, embraces creative destruction, presumptively fosters innovation,and removes roadblocks to competition in the financial system.”
In January, Peirce dissented on proposed changes to Regulation ATS as “an expansion
in the definition of exchange that would apply to any trading venue, including so-called
communication protocol systems, for any type of security . . . This change could deter
innovation and dissuade new entrants from entering into the market for trading venues
and execution services.” And in March, she warned that a cybersecurity governance anddisclosure proposal “flirts with casting us as the nation’s cybersecurity command center, arole Congress did not give us.”Thomas Peterffy, Chairman, Interactive Brokers“Put the world in the palm of your hand with IBKR GlobalTrader,”says a promotion on Interactive Brokers’ website. It’s asmartphone app for trading on more than 80 stock exchanges
around the world. As much as technology has advanced, it
harkens back to a handheld invention that put Thomas Peterffy
and his brokerage on the electronic-market map.
A Hungarian immigrant in the 1960s, Peterffy developed computer programming andfinancial modeling skills, wrote trading software, and in 1977 bought a seat on theAmerican Stock Exchange to trade equity options. Operating under the T.P. & Co. andTimber Hill brands before rising to e-brokerage prominence leading Interactive Brokers
Group, Peterffy claimed firsts in fair value pricing, algorithmic trading and, in 1983, tradingwith handheld computers. These devices and pricing screens were so radical a departurethat they encountered resistance, but the rest is history. Peterffy moved on, recalling ina Motley Fool interview that “around 1993, I began to realize that there would be otherpeople in this business, and I would not be able to compete because they would hold onto
the order flow, so I decided to branch into the brokerage business while keeping theoption market-making business [in Timber Hill]. That’s when we started Interactive
Brokers. The idea always was that we’ll automate everything that a broker has to do, andthat will enable us to do our work extremely inexpensively so that we can share thebenefits with our clients. That is still the idea today.”With Milan Galik, who joined Timber Hill in 1990, now president and CEO, Interactive
Brokers increased customer accounts by 56% between the fourth quarters of 2020 and
2021 and as of March had 1.75 million; customer equity grew 30% year-over-year, to$373.8 billion. Peterffy, remaining chairman after stepping aside as CEO in 2019, incomments prepared for the January 2022 earnings presentation called the rising
popularity of options and option spreads “the most remarkable story of the year . . . For along time, Interactive Brokers was alone, trying to stir up industry interest to computerizethese markets. But now, finally, people are beginning to understand what fantastic
versatile instruments options are.” He is also a frequent and opinionated media presence,for instance, warning on Yahoo Finance Live in January about deficit spending, theFederal Reserve’s rate-setting challenges, and the possibility of “endemic” inflation.

Yuval Rooz, Chief Executive Officer, Digital Asset
Holdings
Blockchain was a new frontier for financial markets when Digital
Asset was getting off the ground in 2014 and Yuval Rooz joined
as a co-founder – a title shared with, among others, Don Wilson,
founder and CEO of the Chicago high-tech trading house DRW.
Rooz had managed an algorithmic trading desk at DRW andhelped launch DRW Venture Capital. At New York-based Digital
Asset, which in its early years had well-connected former JPMorgan executive Blythe
Masters as CEO, Rooz served as chief financial officer and chief operating officer – hiringmost of the executive team and overseeing four acquisitions – before being named CEO
in 2019. Although Digital Asset is primarily known as a leader “in the category known as‘enterprise blockchain,’ particularly for the high-profile projects with major stock
exchanges,” Rooz wrote in April 2021, the business increasingly revolves around
its Daml platform for multi-party applications and a grand-scale interoperability concept
called the Global Economic Network. That’s what Rooz was getting at, in a blog on theoccasion of raising $120 million in Series D funding.
With that financing, Digital Asset targeted 50% staff growth for the year; in July, reporting
what it characterized as “massive momentum,” it said the workforce had increased 33% in
six months, to more than 180, with new chief marketing, product and technology officers.
Partnership deals with the Nasdaq Marketplace Services Platform, commodity
marketplace Xpansiv, clearing provider Baymarkets, the Broadridge Distributed Ledger
Repo platform, and European post-trade servicer LiquidShare were “key milestones in ourjourney to create the global economic network of interconnected businesses,” Rooz said.
Daml underlies that envisioned “network-of-networks in which information and value areshared efficiently and transactions occur seamlessly, while data from all parties remains
private and secure.”
In February, Digital Asset and SETL said they were jointly working on a protocol for
regulated institutions to launch interoperable tokens. They noted that the “Daml language
allows banks and custodians to describe any kind of financial instrument or contractualagreement in a smart contract, which then automatically governs interactions between
parties during the lifecycle of the arrangement.” Also in February, Digital Asset announced
its partnership with Symphony Communication Services to automate broadly syndicatedloan workflows; and in March came general availability of Daml 2.0, with Deutsche Börse
and Goldman Sachs billed as first movers.

Richard L. Sandor, Chairman and Chief Executive
Officer, American Financial Exchange
As if living multiple lives, Richard Sandor has pushed financial
market innovation across generations. In the 1970s, while vicepresident and chief economist at the Chicago Board of Trade,he introduced the concept of financial derivatives along with thefirst interest rate derivatives contract. He was also researching
and advocating electronic trading before CBOT and othermarkets initially committed to it. “The father of financial futures” went on be “the father ofcarbon trading”: Through Environmental Financial Products, established in 1998, Sandor
built Climate Exchange PLC. Its Chicago Climate Exchange, Chicago Climate Futures
Exchange and European Climate Exchange were acquired in 2010 by Intercontinental
Exchange.
Sandor’s current, burgeoning invention is Ameribor, a credit-sensitive, risk-free-rate
alternative to Libor, which is being phased out at global regulators’ urging. Sandor
launched American Financial Exchange (AFX) in 2015 to establish a benchmark based
on, and catering to, interbank transactions outside the New York money center. By
yearend 2021, with 229 members and reaching 1,200 correspondent banks, the electronic
AFX marketplace had recorded a cumulative $1.5 trillion in transactions since inception, agrowing number of Ameribor-based products were trading on Cboe Futures Exchange,
and an IFLR survey found Ameribor to be the most preferred credit-sensitive rate. For
Sandor, offering a choice versus Libor and replacements like the Secured Overnight
Financing Rate (SOFR) was paramount, and “it was our sense from the time that we setout on this journey that there was a need for that.”

Travis Schwab, Chief Executive Officer, Eventus
Financial markets are constantly evolving and proliferating.
More instruments trading across a greater variety of firms andvenues, subject to compliance rules and regulatory
enforcement, and risks at every turn, create needs fortransaction surveillance and monitoring that are being met by a
new generation of high-performance computing and analytics. A
case in point is Eventus, whose Validus platform has been
adopted by both established and upstart trading entities in multiple asset classes, as wellas the regulatory community. Austin, Texas-based Eventus enjoyed record revenue, clientand staff growth in 2021, and CEO Travis Schwab underlined the addition of “some of thebiggest household names in their respective asset classes, including FTX US in
cryptocurrencies and LedgerEdge in fixed income.”
He vowed a continuing “focus on the highest level of service, in-house capital markets
and regulatory expertise, high-performing technology and constant enhancements to theplatform.” Upon closing a $30 million Series B funding round last September, led byCentana Growth Partners with participants including DRW VC, CMT Digital, Jump Capitaland LiveOak Venture Partners, Schwab noted, “We became the leading trade
surveillance solution for the major digital asset exchanges globally and expanded ourreach into the fixed income and foreign exchange markets.”
CEO since 2015, Schwab previously had senior roles at CME Group, Calyon Financial(now SG Americas Securities), RGM Advisors and Trading Technologies. His board of
directors includes Centana partner Ben Cukier, former DRW head of market structure
Richard Gorelick, and Kim Taylor, who retired in 2017 as CME president of clearing andpost-trade services.

Nick Solinger, Chief Executive Officer, FIA Tech
Financial engineering, product innovation and the creativity
behind them, which are hallmarks of derivatives and risk
hedging, could not be unleashed without computing power andhigh-speed communications. For derivatives industry tradeassociations, tech is more than just an item on the issues
agenda. The International Swaps and Derivatives Association,for example, has a Digital Regulatory Reporting initiative andwon a Bank for International Settlements G-20 TechSprint competition in that category for
its Common Domain Model.
The Futures Industry Association in 2007 formed FIA Tech, which runs a software-as-aservice and transaction processing platform called Accelerate over which 8,000 futures
market participants use one or more services. The unit’s CEO, Nick Solinger, joined in2015 after serving as head of product strategy at the ICAP subsidiary Traiana, which later
became part of CME Group. Also since 2015, Innovators Pavilions at FIA conferences
have been showcases for entrepreneurs.
Last year, 10 global clearing firms – including ABN AMRO, Citi, Goldman Sachs,
JPMorgan and Morgan Stanley – invested $44 million in a recapitalization that Solinger
said would support bringing “greater innovation and efficiency to their firms, clients andinvestors” and “further address the needs of the market – buy-side firms, end users,
clearing firms, introducing brokers and market makers.”
Other announcements followed. In August, FIA Tech added U.S. listed options support –functionality developed with Options Clearing Corp. – to the Atlantis brokerage processing
service, delivering “much needed automation and a common invoice format and process.”
Solinger said it is “the first step in FIA Tech’s strategy of bringing the innovative solutions
we have developed for futures to the wider derivatives industry. Having all products on a

single global platform creates efficiencies and synergies for operations and accounts
payable/receivable teams.” Also introduced were an enhanced reference data offering;
and an analytic service for trading of index futures, launched in partnership with nine
futures exchanges and five index providers.
In January, FIA Tech opened a London subsidiary, its first office outside the U.S. “TheU.K. and Europe are core markets for FIA Tech’s customer base, and London is a global
hub for fintech innovation,” Solinger stated. “FIA Tech will be expanding in R&D and client
services to support our rapid growth, and London offers unparalleled access to a cuttingedge fintech talent base.”

Jeffrey C. Sprecher, Chairman and Chief
Executive Officer, Intercontinental Exchange
Once a market technology entrepreneur, always a market
technology entrepreneur. Twenty-five years since Jeffrey
Sprecher bought an Atlanta power market, planting the seed forwhat grew to become Intercontinental Exchange, the label stillfits. Renowned, first, for a web-based, digitized trading platformthat launched in 2000, Sprecher then engineered acquisitions
ranging from International Petroleum Exchange (2001) to Chicago’s Climate Exchange(2010) to the New York Stock Exchange (2013) to the Mortgage Electronic Registration
Systems (MERS) database (2018). They combined to set an arguably unmatchedstandard for the scale and scope of a data- and technology-driven, multinational, multiasset-class market and financial-infrastructure operator. Results for 2021 underscore
ICE’s unrelenting momentum, with record revenue for a 16th consecutive year; net
revenue rose 18% from 2020, to $7.1 billion, and with an operating margin of 48%,
operating income hit a record $3.4 billion. Exchanges accounted for a majority of therevenue, while $1.9 billion from fixed income and data services (up 4%) and $1.4 billion
from mortgage technology (137%) delivered on Sprecher’s diversification moves.
Where are the synergies? Sprecher told a Goldman Sachs conference in December thatin mortgages, ICE’s Ellie Mae, MERS and Simplifie units are connected in an “end-to-end
network” with 1,400 third-party users. “We took a team of our data scientists, particularly
people that deal with unstructured data, and put them together with the mortgage teamjust to explore what data is in the manufacturing of a mortgage, and what data do wehave legal rights to, and what are the regulatory requirements around consumer data,”
and real-time mortgage rate data and related products are emerging.
Sprecher also makes the most of a deep bench of senior talent, typified in December
when Lynn Martin, president of fixed income and data services, was named president of
NYSE, succeeding Stacey Cunningham. Amanda Hindlian, NYSE’s global head of capital
markets, took Martin’s place, and ICE director and former Commodity Futures Trading
Commission member Sharon Bowen became NYSE chair. In February, when ICE took a“significant” minority interest in blockchain brokerage and tokenization venture tZERO,ICE chief strategy officer David Goone was installed as CEO. Said Sprecher: “David’s
leadership and his mastery of trading, data and clearing technology will be a big asset as

tZERO begins its next chapter leading the growth and adoption of next-generation market
infrastructure.”

Andrea Remyn Stone, Group Head, Data &Analytics, London Stock Exchange Group
It took almost a year and half, until January 2021, for the London
Stock Exchange Group to close its agreed $27 billion acquisition
of Refinitiv and move into the formal integration phase. A year
later, the results were resounding: “Good revenue growth acrossall businesses and ahead of previous guidance (up 6.1% atconstant currency),” said the LSEG 2021 earnings summary.
“Data & Analytics grew strongly, up 5.3%.” Cost synergies were “significantly ahead oftarget with £151 million run-rate achieved in 2021 . . . Adjusted EBITDA up 8.3% to£3,283 million.”
CEO David Schwimmer noted that Data & Analytics, now led by Andrea Remyn Stone,grew at double the previous two years’ rate, “driven by improved customer service andexpansion of content which resulted in record customer retention levels. We have madetargeted investment to further enhance services across Data & Analytics, notably on thedevelopment of Workspace next-generation software that transforms human interaction
with financial data distributed from our data platform.”
Effective July 1 last year, as Refinitiv chief David Craig was transitioning out, Remyn
Stone was promoted from chief product officer to become head of the group. Schwimmer
credited Craig for taking “a long-term view” when he recruited her, adding, “Herappointment reflects the leadership bench strength in place across LSEG and ouremphasis on developing strong talent.”
Remyn Stone joined Refinitiv in January 2020 as chief customer proposition officer. She
was chief strategy officer at Dealogic from 2015 to 2019, and before that spent five years
at Bloomberg as global head of strategy and corporate development. A Wharton School
MBA, she also held leadership positions at Standard & Poor’s and McGraw Hill, and wasan equity research analyst and worked in convertible bond sales at Lehman Brothers.
In February, LSEG’s data unit announced the launch of Refinitiv AI Alerts, an artificial
intelligence-driven personalized assistant delivering market insights in Microsoft Teams.
The goal is “allowing users to discover and act on timely information across Teams,
Refinitiv solutions and Microsoft 365 seamlessly,” Remyn Stone explained. That was
followed by an agreement to acquire TORA and its order, execution and portfolio
management systems for trading equities, fixed income, foreign exchange, derivatives
and digital assets. “This acquisition is a great example of LSEG’s strategy to provide
customers with a global, multi-asset class financial infrastructure that operates across thecapital markets and investment lifecycle as an open ecosystem.”Stacie Swanstrom, Chief Product Officer, Pico
Pico bolstered its market technology and services ecosystemwith acquisitions of Corvil in 2019 and Redline Trading Solutions
this year. In March, Stacie Swanstrom, who retired from a 27year Nasdaq career in 2019 and had been consulting since, wasnamed chief product officer. “Her background across thefinancial markets landscape will greatly benefit Pico’s mission to
be the leading globally comprehensive provider of infrastructure,connectivity, data, software and analytics to the financial
services industry,” Pico founder, chairman and CEO Jarrod Yuster said of Swanstrom,
whose Nasdaq roles included executive vice president of Global Corporate Solutions andglobal head of Access services.
Yuster said Pico is positioned for a more globalized, data-rich trading environment inwhich “clients are seeking greater efficiency in market infrastructure services and data
consumption. Financial institutions want a trusted and globally comprehensive technology
partner who understands their business, the market landscape and how to apply
technology solutions.”
Swanstrom said Corvil’s analytics and Redline’s high-performance market data and order
entry software strengthened a “globally comprehensive offering,” adding, “I’ve seen how
Pico is at the forefront of enabling global borderless trading, market access as well as theability to get data from anywhere to anywhere. Pico is at an inflection point, poised forstrong growth, and we have an incredible opportunity to be the premier provider of global
infrastructure, data and analytics to financial services firms.”

Mona M. Vernon, Head of Fidelity Labs
A financial services brand primarily associated with asset
management and brokerage – serving 40 million individual
investors, reporting $4.2 trillion in total discretionary assets and$11.1 trillion under administration – Fidelity Investments is also
an engine of technology and innovation (30 patents issued overthe past year). Those are values imbued by founder Edward C.
Johnson II and manifest in entities such as the Fidelity Center
for Applied Technology, Fidelity Digital Assets, Fidelity Labs and F-Prime Capital. Mona
Vernon is head of Fidelity Labs in-house fintech incubator and a venture partner of FPrime Capital, which has a global portfolio of more than 200 companies in healthcare andtechnology and over $3 billion under management.
“Fidelity Labs was founded in 2005 to accelerate the development of new tools andcapabilities for Fidelity.com,” says the website. Vernon highlights as a new-productsuccess “the industry-leading Student Debt Employer Contribution Program. First
introduced at the end of 2017, it allows employers to help their employees pay off student
debt through after-tax contributions toward participants’ student loans.” Among otherposted case studies are Fidelity ESG Pro (2021), developed by an internal start-up to
streamline the work of financial advisers starting environmental, social and governanceinvestment practices; and FidSafe for Business, an enterprise document-sharing platform
which was accelerated as part of the firm’s COVID-19 remote and paperless office
adaptation.
Before Fidelity Labs, which she has headed since 2019, Vernon was with Thomson
Reuters for more than eight years and chief technology officer of Thomson Reuters Labs,a network of innovation hubs that she founded and scaled up internationally. In addition,
she oversaw the research and development function, including the Center for Cognitive
Computing and blockchain engineering, and managed the corporate start-up investment
fund. Vernon has B.S. and M.S. degrees in mechanical engineering from Tufts University
and a S.M. in Engineering and Management from MIT. She is an executive board
member of Boston’s FinTech Sandbox.

Jeffrey Wecker, Chief Technology Officer, Two
Sigma Investments
Before Jeffrey Wecker was appointed CTO of Two Sigma, in
2020, the post was held for five years by Alfred Spector, adistinguished computer scientist (Stanford University PhD),
member of the American Academy of Arts and Sciences,formerly of Google and IBM – befitting the data- and sciencedriven hedge fund firm that boasts that 60% of its 1,700
employees come from non-financial backgrounds and more than 600 of them haveadvanced degrees. Wecker’s grounding is in Wall Street and automated trading, his mostrecent stops being Bridgewater Associates, as head of front office transformation andchief business architect between 2010 and 2017; and Goldman Sachs, where, as thefirm’s first chief data officer, he put in place an enterprise data strategy, formed DataIntelligence and Data Engineering departments, and established data offices acrossGoldman’s divisions. David Siegel, who-co-founded Two Sigma in 2001, said that Wecker“brings an ideal combination of commercial experience, business acumen and technicalunderstanding of data analytics and architecture” to a firm that is anchored in science andtechnology.
More Two Sigma data points: $61 billion in assets under management, more than 144
petabytes of data stored per year, over 4,800 person-years of R&D, over 2.7 billion trades
since inception, and nearly 100 venture investments (Wecker is a Two Sigma
Ventures adviser).
Wecker has a bachelor’s degree in civil engineering from Princeton University, with a
Certificate in Operations Research and Financial Engineering. After working in quantstrategies at Goldman Sachs earlier in his career, he was co-founder and managing
director of Caspian Securities in the late 1990s; MD and head of electronic client services
at Lehman Brothers; CEO of trading systems company Townsend Analytics, which
Lehman acquired in 2005; and CEO of Lime Brokerage, before moving to Bridgewater. In
2021, Two Sigma acquired “onshore, socially responsible” business process outsourcing
company Liberty Source, which Wecker, who joined its board, said “has been an
important partner for Two Sigma’s data pipeline and ingestion processes, supporting ourengineering team with crucial data workflow management services and the collection,

curation and structuring of data, all delivered through a highly disciplined and talented
workforce.” Wecker is also a co-founder and adviser of both climate analytics and risk
management firm Jupiter Intelligence and consumer privacy start-up Datamarx. He wasrecently appointed to the Dean’s Advisory Board, Carnegie Mellon University School ofComputer Science.

Cathie Wood, Chief Executive Officer, ARK
Investment Management
Celebrated as an apostle of disruptive innovation who caught
the Big Tech wave, ARK Invest CEO and chief investment
officer Cathie Wood became a lightning rod when the cycle
turned. She looks for large-scale public investment opportunities
in areas ranging from genomic sequencing to artificial
intelligence to blockchain, and her moves are scrutinized andparsed for meaning, as happened in February when ARK sold shares of data analytics
company Palantir Technologies while adding more of Tesla. Either way, Wood’s
convictions and the firm’s all-in embrace of disruption don’t waver. “The idea of shorting
innovation in America is ridiculous,” she said in a February television interview, even as
the flagship ARK Innovation ETF, which gained 150% in 2020, fell 23% in 2021 andcontinued to slide in early 2022.
“The wall of worry has scaled to enormous heights,” Wood observed in a blog late lastyear analyzing inflation and other market forces. She saw reason to be “encouraged bytalk of a ‘bubble’ in the public equity markets as valuations associated with disruptive
innovation have collapsed . . . Which market has it wrong: stocks associated with
disruptive innovation, or broad-based public equity indexes?” Wood noted that, on one
hand, Brazilian fintech Nubank was privately valued in early 2021 at $25 billion and laterwent public 60% higher. “Meanwhile, shares of Mercadolibre, a well-managed,
competitive e-commerce and fintech stock growing at nearly the same rate, have been cut
in half.”
Wood concluded that innovation stocks are not in a bubble, but are in “deep value
territory.”
Before registering ARK Investment Management with the Securities and Exchange
Commission in 2014, Wood spent 12 years with AllianceBernstein as CIO of Global
Thematic Strategies. In 2000 she co-founded hedge fund Tupelo Capital Management,
and before that was with Jennison Associates for 18 years as chief economist, equity
research analyst, portfolio manager and director.
A new vehicle, ARK Venture Fund, according to an SEC filing will mirror such ARK Invest
themes as energy transformation, AI, next-generation internet, and fintech innovation
including crypto and blockchain technology. In March 2021, Jana Haines joined ARK aschief strategy officer after 14 years with MSCI, where she was most recently managing
director and head of index products, Americas and EMEA, and global head of fixedincome indexes.

Peng Zhao, Chief Executive Officer, Citadel
Securities
When the U.S. House Financial Services Committee waslooking into the meme stock frenzy early in 2021, Chicago
hedge fund titan Kenneth Griffin testified on the subjects ofmarket making, settlement and payment for order flow. The
founder and CEO of Citadel is also the founder and principal
shareholder of Citadel Securities, which, he told the committee,
was started in 2002 and became “one of the world’s preeminent market makers. We havebeen a leader in using technology to transform our market infrastructure, particularly forretail investors . . . Technological innovation advanced by market makers has dramatically
improved the efficiency with which buyers and sellers come together.” A May 2021 white
paper laid out detailed recommendations for enhancing competition, transparency andresiliency in equities, Treasuries and OTC derivatives markets.
It may now be a footnote in Citadel Securities history that, in 2016, Griffin hired as CEO of
the separately managed high-tech unit Kevin Turner, who was Microsoft Corp.’s CEO
since 2005. Turner stayed only half a year, giving way in early 2017 to Peng Zhao, whojoined the firm as a senior quantitative researcher in 2006, and under whom it has only
solidified its position at the top of the market making league, with $7 billion in revenue and1,600-plus clients around the world. In January, a $1.15 billion minority investment
by Sequoia and Paradigm valued Citadel Securities at a reported $22 billion. The Silicon
Valley investors “appreciate how the strength of our market expertise, advanced
predictive analytics and superlative software engineering can redefine an industry,” Griffin
said. Zhao noted, “Many companies that have transformed the world have achieved theirhighest ambitions with Sequoia as their partner,” Apple and Google among them. “Astechnological innovation in financial markets becomes only more important, we see
enormous opportunities to meet the needs of our clients across more markets and moreproducts,” as well as “broaden into new markets and attract the world’s most brilliant
minds.”
Zhao’s executive suite is replete with trading and market structure experts including headof markets Joe Corcoran (28 years at Barclays and Lehman Brothers), global head of
FICC Paul Hamill (formerly global head of FX, rates and credit execution services at
UBS), head of execution services Joseph Mecane (ex-Barclays and NYSE), global headof business development Jamil Nazarali (headed electronic trading at Knight CapitalGroup) and head of ETF Kelly Brennan (13 years with Goldman Sachs).
Leveraging data and technology has “resolved problems of trading and dramaticallyincreased the efficiency of how financial markets operate today. We fully expect thatsimilar things ought to be happening [to solve problems] in areas like climate andinequality,” Zhao said in a Singapore Exchange video series. He has a bachelor’s degree
in applied mathematics from Peking University and a PhD in statistics from the Universityof California at Berkeley.

10 More to Watch on the leading edge of change andinnovation in financial markets
•
•
•
•
•
•
•
•
•
•

Tony Barchetto, Chief Executive Officer, Salt Financial
Lawrence Calcano, Chairman and Chief Executive Officer, iCapital
Robert Catalanello and Phillip Gillespie, Co-CEOs, B2C2
Anton Katz, Chief Executive Officer, Talos
Gil Mandelzis, Chief Executive Officer, Capitolis
Mathew McDermott, Global Head of Digital Assets, Goldman Sachs
Christian Nentwich, Chief Executive Officer, Duco
Cynthia Sachs, Chief Executive Officer, Versana
Dan Shepherd, Chief Executive Officer, BTON Financial
David Taylor, Co-President and Chief Technology Officer, Exegy

Tony Barchetto, Chief Executive Officer, Salt
Financial
Five-year-old Salt Financial has carved a differentiated niche in
the index market with its truVol Risk Control Engine (RCE). The
cutting-edge technology was developed by founder and CEO
Tony Barchetto and his team, based on intellectual property
grounded in academic work going back over four decades.
truVol’s crucial ingredient of intraday data is said to be intuitively
preferable to less-current or more-static observations for predictive analytic purposes. In
contrast to traditional risk control approaches, truVol opportunistically adjusts based on
different historical volatility regimes and reacts faster to changing market conditions.
Major insurance carriers use truVol in quantitative fixed index annuity strategies, and Salt
has partnered with investment banks including Bank of America, Citi, BNP Paribas andCredit Suisse.
Unveiled this March was the Nasdaq-100 5% Target Volatility Index, the first of a
projected suite of indexes with new volatility-controlled strategies powered by Salt. “We
pride ourselves on partnering with best-of-breed firms to deliver solutions for thisspecialized market and are looking forward to working with the Nasdaq team to deliverrisk-controlled versions of some of their popular indices,” Barchetto, who in the pastworked at Knight Capital Group, Lava Trading, Liquidnet and Bats Global Markets, said in
a LinkedIn post.

Lawrence Calcano, Chairman and Chief Executive
Officer, iCapitalPartnering with major financial institutions, iCapital (Institutional
Capital Network) has established itself as a premier technology
platform for buying and selling alternative investments, serving a
10,000-member marketplace network and servicing $117 billion
in global client assets as of February. The company recently
agreed to acquire an alternatives feeder fund platformfrom Stifel, which CEO Lawrence Calcano described as “an industry leader”; and isleading a consortium to develop an ecosystem leveraging the efficiency, security andauditability of distributed ledger technology. The group includes Apollo, BlackRock,Blackstone, BNY Mellon, Carlyle, KKR, Morgan Stanley, State Street, UBS and WestCap.
“Leadership of this initiative, which brings together many of the most influential market
participants to leverage emerging technology, is well aligned with iCapital’s mission,” said
Calcano, a former Goldman Sachs technology banker. “We are completely committed tomaking investing in and owning alternative investments easier for advisers and their highnet-worth investors.”

Robert Catalanello and Phillip Gillespie, Co-CEOs,
B2C2
The December 2020 acquisition of B2C2 by a subsidiary ofJapan’s SBI Holdings made SBI the first financial conglomeratewith a cryptocurrency dealing desk. Founded in London in 2015
by former Goldman Sachs interest rates trader Max Boonen
along with software architect Flavio Molendini, B2C2 became a
24/7 liquidity provider of choice on the proverbial bridge between
traditional financial markets and cryptocurrencies.
Now with a top-management cast including co-CEOs Robert Catalanello (ex-Credit
Agricole) and Phillip Gillespie (Goldman Sachs), and B2C2 USA president Nicola White(Citadel Securities), B2C2 added a crypto non-deliverable forward transaction lastNovember to its list of firsts. As of March, when it joined both the Futures Industry
Association and International Swaps and Derivatives Association, B2C2 had more than
450 active clients in over 50 countries. “Everything about our offering – from thetechnology to the products and services we provide – is built to enable institutional
access,” Catalanello said.

Anton Katz, Chief Executive Officer, Talos
The headway that Talos has made in developing institutionalgrade infrastructure technology for the full digital-asset trading
cycle is a function of its founders’ experience and the team they
have assembled. CEO Anton Katz was previously head of
trading technology at AQR Capital Management; before that heworked at Broadway Technology, as did CTO Ethan Feldman,on projects for dozens of top banks, asset managers andvendors. Founded in 2018, Talos went into a higher gear in 2021, growing the staff from11 to nearly 50; going global by hiring Samar Sen from Deutsche Bank securities services
as head of Asia-Pacific; and closing a $40 million Series A funding led by Silicon Valley
venture capital stalwart Andreessen Horowitz (PayPal Ventures, Fidelity Investments,
Galaxy Digital and others participated). In December, Talos joined the trading and data
Who’s Who in the Pyth Network, with Katz saying that the effort “helps further advancecritical DeFi infrastructure and has the potential to unlock greater efficiency andtransparency in our financial system. We look forward to working alongside leading
players across both the crypto and TradFi ecosystems – firms like Jump Trading, DRW,
FTX, 0x, Galaxy, Jane Street, IEX, Two Sigma and Virtu – on this exciting project.”

Gil Mandelzis, Chief Executive Officer, Capitolis
With a vision of reimagining capital markets by breaking down
operational obstacles, Gil Mandelzis, formerly of ICAP (hefounded its Traiana subsidiary and headed EBS BrokerTec),
started Capitolis in 2017, backed by an impressive roster ofbanks and venture capitalists and with ex-Thomson Reuters chief
Tom Glocer as a co-founder and executive chairman. This
March, Capitolis raised $110 million in a Series D funding, at a$1.6 billion valuation, and Mandelzis totted up the progress: “Just two years after launch,
the capital marketplace business has already transacted $60 billion-plus notional fromover 30 investors. Capitolis has optimized over $13 trillion in trades through its
compression & novation engine, serving over 100 financial institutions. Our vision is
becoming a reality, and we look forward to super-charging our marketplace in the months
and years to follow.”

Mathew McDermott, Global Head of Digital Assets,Goldman Sachs
The biggest names on Wall Street wrestled for years withquestions of how fast and deep to dive into cryptocurrencies,
and what would be their institutional appeal. There has been
progressively less doubt about Goldman Sachs’ commitment
and momentum since Mathew McDermott, a London-based
managing director, became global head of digital assets in 2020.

A bitcoin trading desk, which had been shut down, was restarted last year. Goldman has
also been partnering with Galaxy Digital, and in March, Galaxy’s trading unit facilitated forGoldman a bitcoin non-deliverable option in “the first OTC crypto transaction by a majorbank in the U.S.”

Christian Nentwich, Chief Executive Officer, DucoDescribed in his company bio as “a lifelong technologist with arelentless passion for simplifying complex data using augmented
machine learning and AI automation,” University College London
computer science BSc/PhD Christian Nentwich co-founded
Duco in 2010 to do just that. Major financial services firms– Societe Generale is one that has taken it enterprise-wide –have found in Duco’s platform a powerful data management,
control and reconciliation technology, no-code and cloud-native. In February, Chris
Stevens, formerly Nasdaq Governance Solutions chief revenue officer, took on that role atDuco, and Nentwich stated, “Duco is growing rapidly as we continue to provide
enterprise-wide solutions for our customers while also expanding into new verticalmarkets such as insurance and new asset classes such as cryptocurrency. Having Chrison board will help us to further our mission to make managing data easy for moreenterprises across the globe.”

Cynthia Sachs, Chief Executive Officer, Versana
Versana, a consortium with founding members JPMorgan, Bankof America, Citi and Credit Suisse, is aiming to launch a platform
this year to bring “transparency, efficiency and velocity” to the$5 trillion syndicated loan market. The plan is to create adigitally transformed, “inclusive market structure” that will make20-day settlement times and other operational headaches thingsof the past. Leading the effort as CEO and director is Cynthia
Sachs, who brings “more than 25 years of Wall Street experience, primarily creating,growing and leading loan-related businesses in the banking and technology sectors,”
Versana said. She spent the majority of her career as a leveraged finance banker,
portfolio manager and trader at Morgan Stanley, Natixis and BofA. As global head of fixedincome valuations at Bloomberg, Sachs led the creation of the BVAL pricing service, andshe was most recently CEO and chief investment officer of Athena Art Finance. “We know
firsthand the challenges that exist today and are passionate about fixing the market’s
inefficiencies and inherent risks, setting it up for accelerated growth for years to come,”
Sachs said in a mid-March statement.

Dan Shepherd, Chief Executive Officer, BTON
Financial
BTON was founded in 2017 by Dan Shepherd to offer an“insourced” dealing desk as an automated alternative to asset
managers’ traditional in-house and outsourced trading
approaches. It’s a software-as-a-service, broker-neutral
framework, enabling choice of partner and vendor relationships,
along with smart routing, data and decision support, andtransaction cost analysis features. In March, Adam Mingos, Fidelity Investments’ head of
portfolio and systematic trading in Europe for the past 10 years, joined BTON as head of
trading technology. “He brings significant trading and workflow expertise from some of themost prestigious firms in our industry [also Morgan Stanley and Merrill Lynch], the ideal
mix of experience and industry knowledge to help us grow our business in the coming
years,” said CEO Shepherd, who worked in prime brokerage at Societe Generale, Marex
Spectron, ING Barings and MF Global. “The industry now widely acknowledges that data
and technology are the way to compete, and our data collaboration and machine learning
solution enables trading desks to handle far greater volume, drive value, get leaner, more
automated, and more competitive.”

David Taylor, Co-President and Chief Technology
Officer, Exegy
Before he joined Exegy as CTO, in 2005, David Taylor was on
the faculty of the Applied Research Laboratory at Washington
University in St. Louis, where he earned three computerengineering degrees. Exegy was started two years earlier –CEO Jim O’Donnell was an early investor through BushO’Donnell & Co. – to commercialize high-performance, lowlatency computing technology developed at the university. Its ticker plant powered by field
programmable gate arrays (FPGAs) was launched in 2006. Ongoing R&D has resulted in
175 patent awards and the more recent Signum Trading Signals and Xero Volatility
Trading Engine products, which the company says have “democratized” capabilities that
historically were within reach of only the biggest firms. “Purpose-built hardware systems,
predictive signals, plus the elastic nature of cloud computing [are] coming together forclients, where they can access those specialist systems on demand to deploy new
strategies or to scale their existing business to meet market demands,” Taylor explainedin a Nasdaq TradeTalks interview. In March, 10 months after merging with Vela Trading
Systems, Exegy unveiled an expanded, unified product portfolio, resulting in “the ability todeliver more alpha opportunities, improve execution quality and reduce operational risk
with a holistic approach to [clients’] business goals and technology constraints,” Taylor
said.

©2009-2022 by the TABB Group, LLC, and contributors