< The 2015 Trading Technology 40: Going with the Flow

Although the much-anticipated extension of automated trading into instruments beyond equities remains only partly realized, to Raymond Tierney III of Bloomberg Tradebook, “It’s real and it’s happening now.” Much of Tierney’s focus over the past 12 months has been on preparing the New York–based Bloomberg agency brokerage, which serves more than 1,000 clients, for cross-asset e-trading. Last July, Bloomberg LP, the parent of Tradebook, acquired RTS Realtime Systems, a provider of low-latency connectivity and trading tools for equities, fixed income, futures, options and foreign exchange. “Before this, speed and capacity were not the first reasons someone would call Bloomberg Tradebook,” says Tierney, 55,who became CEO of Tradebook in 2010 after 16 years with Morgan Stanley. “As the rapid electronification of markets continues, it makes ultralow latency and connectivity across asset classes a top priority.” With many firms capital-constrained and migrating away from principal trading and toward an agency model, they will “need electronic offerings to build scale and serve global clients,” Tierney observes. In October, Tradebook launched an RFQ (request for quote) service for exchange-traded funds, covering both liquid and thinly traded products. “ETFs account for 17 percent of actual trading volume in the U.S.,” Tierney notes. “There’s a real need for something more than an algo to affect this type of trading.” Tradebook volume grew 5 percent in 2014, with nondollar business rising 26 percent. Tierney sees “a thirst for global products — and it’s cross-asset-class. We sit at the epicenter of that.”

See also Tierney's profile in the 2013 Trading Technology 40 and the 2012 Trading Technology 30.

 
The 2015 Trading Technology 40

1	2	3	4	5
Kevin Kometer CME Group	Richard Prager BlackRock	Raymond Tierney III Bloomberg Tradebook	Jonathan Ross KCG Holdings	Charles Vice Intercontinental Exchange
6	7 Zef Nikolla	8	9	10
Chris Isaacson BATS Global Markets	Bradley Peterson Nasdaq OMX Group	Brad Levy MarkitSERV	Dan Keegan Citi	Ronald DePoalo Fidelity Institutional
11 Mark McQueen	12	13	14	15 Margaret Fox
Gerard Beatty Goldman Sachs Group	Gerald O'Connell CBOE Holdings	Brenda Hoffman TMX Group	Billy Hult Tradeweb Markets	Nicholas Themelis MarketAxess Holdings
16	17	18 Martin H. Simon	19 Todd Plitt	20 A.E. Fletcher Photography
Bina Kalola Bank of America Merrill Lynch	Gil Mandelzis EBS-BrokerTec (ICAP)	Steven Randich Financial Industry Regulatory Authority	Jerry Dobner GFI Group	Michael Liberman BlueMountain Capital Management
21	22 Photographer:http://www.digitalh	23	24 Dennis Degnan	25 Paul Elledge
Bill Chow and Richard Leung Hong Kong Exchanges and Clearing	Jamie Selway Investment Technology Group	Brad Katsuyama IEX Group	John Mackay (Mack) Gill MillenniumIT	Jamil Nazarali Citadel Execution Services
26	27	28 Picasa	29 Andrew Harrer	30 Takashi KATO
Robert Cornish International Securities Exchange	Tyler Moeller andJoshua Walksy Broadway Technology	Rishi Nangalia REDI Holdings	Manoj Narang Tradeworx, Thesys Technologies	Oki Matsumoto Monex Group
31	32 unknown	33 Douglas Kurn	34 Luludi/LUZ	35 William Neumann Photography
Alasdair Haynes Aquis Exchange	Veronica Augustsson Cinnober Financial Technology	Stu Taylor Algomi	Luís Otávio Saliba Furtado BM&FBovespa	Tal Cohen Chi-X Global Holdings
36	37	38	39	40
Donal Byrne Corvil	R. Cromwell Coulson OTC Markets Group	Alfred Eskandar Portware	Richard Korhammer SR Labs	Hazem Dawani OptionsCity Software