The 2015 Trading Technology 40: Rishi Nangalia

At REDI Holdings’ launch in July 2013, CEORishi Nangalia高盛集团(Goldman Sachs Group)年代pin-off a mature start-up, a best-of-both-worlds blending of firm financial footing with entrepreneurial élan. A member of Goldman’se-tradingteam since 2001, Nangalia had spent two years preparing REDI for independence. Now it reports to multiple owners (including Goldman, Bank of America Merrill Lynch and Citadel), and its 150 employees, up from 70 at the start, are enhancing and selling the REDIPlus technology, which traces its roots to 1990s-era Spear, Leeds & Kellogg, the trading and clearing systems innovator Goldman acquired in 2000. REDI broke new ground in execution management systems with the consortium ownership model, but it was a restructuring transaction nonetheless, and Nangalia concedes there was “transition risk” of the customer defections that inevitably follow changes in control. Besides the “natural churn in this business,” he says, the new enterprise faced “a challenging environment for overall market volumes.” On the upside, in 2014 dozens of firms, including Credit Suisse Advanced Execution Services, joined or added products to REDI’s multibroker network, now with some 125 members. Active clients grew 20 percent, to more than 800, with the integration of BAML’s InstaQuote. Nangalia, 39, says revenue was “stable in a year of massive transition.” He believes growth will take off as the financial industry increasingly outsources innovation to specialists like REDI. He is confident the firm has “the governance model, capital and market expertise” for the multiyear commitment required.

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	8	9	10
Chris Isaacson BATS Global Markets	Bradley Peterson Nasdaq OMX Group	Brad Levy MarkitSERV	Dan Keegan Citi	Ronald DePoalo Fidelity Institutional
11	12	13	14	15
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	19	20
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	23	24	25
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	29	30
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	33	34	35
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	理查德Korhammer SR Labs	Hazem Dawani OptionsCity Software