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The 2016 Trading Technology 40: D. Keith Ross Jr.
No. 31 D. Keith Ross Jr., Chairman and Chief Executive Officer, PDQ Enterprises
At the start of this century, after more than a decade as a floor trader at the Chicago Board Options Exchange and 20 years of trading for himself,D. Keith Ross Jr.decided it was time for a change. He went to work for algorithmic trading pioneer Getco, serving as CEO from 2002 to 2005. By then convinced of how thoroughly low-latency technology was transforming the business, Ross took the CEO job at alternative trading systems firm PDQ Enterprises in 2006. Technology visionary Christopher Keith, a former New York Stock Exchange CTO, had founded Glenview, Illinois–based PDQ in 2003. A liquidity-aggregation patent he obtained in 2008 is at the heart of the PDQ ATS, which launched in 2009 and, through both internally generated volume and PDQ’s routing business, is executing about 1.5 percent of all stock trades. PDQ’s contribution to trading innovation, Ross explains, is a “pause” feature that allows for a better read on the market: It halts an order for 20 milliseconds to build a “minibook” where responses to a proposed trade can be listed in a price-time ranking. “Before electronic trading you could go to the specialist post,” says Ross, 61. “He’d give some color on where the buyers and sellers were, and a broker could gather information and find out the state of the market.” Modern trading makes getting that read and color more complicated, and technology has introduced new problems, such as layering and spoofing. “If you reverse the flow, so to speak, and start with the ‘What is the market?’ question, it re-creates what I would call floor competition and puts the person who’s initiating the order back in the driver’s seat,” Ross says. PDQ’s generic offering is a 20-millisecond pause, but it also offers a five-millisecond pause and expects to roll out a 30-second pause later this year.
2.Richard Prager
BlackRock
3.Chris Isaacson
BATS Global Markets
4.Jonathan Ross
KCG Holdings
5.Bradley Peterson
Nasdaq
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6.Brad Levy
Markit
7.Dan Keegan
Citi
8.Ronald DePoalo
Fidelity Institutional
9.Raj Mahajan
Goldman Sachs Group
10.Ari Studnitzer
CME Group
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11.Mayur Kapani
Intercontinental Exchange
12.Gerald O’Connell
CBOE Holdings
13.Nicholas Themelis
MarketAxess Holdings
14.Gil Mandelzis
EBS BrokerTec (ICAP)
15.Bill Chow and Richard Leung
Hong Kong Exchanges and Clearing
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16.Rob Park
IEX Group
17.Philip Weisberg
Thomson Reuters
18.John Mackay (Mack) Gill
MillenniumIT
19.Robert Cornish
International Securities Exchange
20.Paul Hamill
Citadel Securities
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21.Eric Noll
Convergex
22.Tyler Moeller and Joshua Walsky
Broadway Technology
23.Rishi Nangalia
REDI Holdings
24.Veronica Augustsson
Cinnober Financial Technology
25.Alasdair Haynes
Aquis Exchange
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26.Manoj Narang
Mana Partners
27.Gaurav Suri
Arcesium
28.Robert Sloan
S3 Partners
29.Anton Katz and Stephen Mock
AQR Capital Mgmt
30.Stu Taylor
Algomi
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31.D. Keith Ross Jr.
PDQ Enterprises
32.Donal Byrne
Corvil
33.Alfred Eskandar
Portware
34.R. Cromwell Coulson
OTC Markets Group
35.Masayuki Hosaka
Rakuten
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36.Peter Maragos and David Karat
Dash Financial
37.Amar Kuchinad
Electronifie
38.詹妮弗·纳亚尔
SR Labs
39.Dave Snowdon
Metamako
40.Dan Raju
Tradier
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