The New York Stock Exchange and the Nasdaq Stock Market long stood alone atop the equity-markets-volume league table. Since the January 31 merger of BATS Global Markets and Direct Edge Holdings, the perennial leaders have company — a relative upstart that can equal or exceed their numbers on a given day. Still, the “consolidated organization with a single technology platform and data center” that is the goal of BATS chief executive Joe Ratterman is a work in progress. “We’ve been in full-steam mode with regard to defining the specifications, getting our data center strategy complete and communicating” all of that to customers, says Ratterman, referring to a plan to complete the technical integration of the company’s four U.S. stock exchanges and BATS Options on an Equinix facility in New Jersey early next year. It’s been a meteoric rise for Ratterman, a co-founder of BATS, which launched as an alternative trading system in 2005. CEO since 2007, the year before BATS became a full-fledged exchange, the 48-year-old has suffered through growing pains, notably the March 2012 technical breakdown that forced the cancellation of the Lenexa, Kansas–based company’s own IPO. But in May, BATS’s share of U.S. equities was 20.1 percent, BATS Chi-X Europe topped pan-European trading at 20.6 percent, and the latter’s BXTR trade reporting system set records.
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| Thomas Secunda Bloomberg |
Jeffrey Sprecher Intercontinental Exchange |
凯瑟琳Bessant Bank of America Corp. |
Stephen Neff Fidelity Investments |
Lance Uggla Markit |
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| Robert Goldstein BlackRock |
David Craig Thomson Reuters |
Phupinder Gill CME Group |
Anna Ewing NASDAQ OMX Group |
R. Martin Chavez Goldman Sachs Group |
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| Deborah Hopkins Citi Ventures |
Dan Mathisson Credit Suisse |
Daniel Coleman KCG Holdings |
Michael Spencer ICAP |
Michael Bodson Depository Trust & Clearing Corp. |
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| Joe Ratterman BATS Global Markets |
Dominique Cerutti Euronext |
Ron Levi GFI Group |
Gaurav Suri D.E. Shaw Group |
Charles Li Hong Kong Exchanges and Clearing |
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| Lou Eccleston S&P Capital IQ |
Lee Olesky Tradeweb Markets |
Richard McVey MarketAxess Holdings |
Seth Merrin Liquidnet Holdings |
Antoine Shagoury London Stock Exchange Group |
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| Christopher Perretta State Street Corp. |
Kevin Rhein Wells Fargo & Co. |
Peter Carr Morgan Stanley |
Hauke Stars Deutsche Börse |
Robert Alexander Capital One Financial Corp. |
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| David Gershon SuperDerivatives |
Chris Corrado MSCI |
Joseph Squeri Citadel |
Tanuja Randery BT Global Services |
John Bates Software AG |
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| Gary Scholten Principal Financial Group |
David Gledhill DBS Bank |
Simon Garland Kx Systems |
Cristóbal Conde FinTech Innovation Lab |
Jeff Parker EidoSearch |
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| Kim Fournais & Lars Seier Christensen Saxo Bank |
Kenneth Marlin Marlin & Associates |
Tyler Kim MaplesFS |
Jim McGuire Charles Schwab Corp. |
Jim Minnick eVestment |
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| Steven O’Hanlon Numerix |
Sebastián Ceria Axioma |
Yasuki Okai Nomura Research Institute |
Niki Beattie Market Structure Partners |
Mas Nakachi OpenGamma |