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The 2016 Trading Technology 40: Rob Park

No. 16 Rob Park, Chief Technology Officer, IEX Group

    16
    Rob Park
    Chief Technology Officer
    IEX Group
    PNR

    Michael Lewis’s 2014 best sellerFlash Boysbrought大众的注意力to IEX Group and the alternative trading system that it launched the year before. Today a much more technical document — an application to the Securities and Exchange Commission to become a full-fledged exchange — puts IEX in a different kind of spotlight. The objective of gaining exchange status is not to further fragment equity trading, “which would not be good for customers,” saysRob Park, chief technology officer of New York–based IEX. “There has to be a reason why IEX as an exchange should exist: to create fair markets.” Indeed, fairness and transparency are the mantras of buy-side-owned IEX. The firm was founded by a team from RBC Capital Markets, where Park was head of global algorithmic trading and IEX CEO Brad Katsuyama (No. 23 last year) was global head of electronic sales and trading. IEX’s defining technological element is a 38-mile-long coil of fiber-optic cable called the POP (short for “point of presence”) that slows orders by 350 microseconds. The “speed bump” is an antidote to latency arbitrage, or trading strategies that capitalize on delays in exchanges’ updates of price quotes, which Park sees as “an invisible tax on the investment process.” Noting that IEX has been criticized for its smart order router, which sends trade notifications to buyers and sellers through the speed bump, Park, 37, says, “The heated debate around this confirmed for us that 350 microseconds really do matter.” Anticipating that it will be operating an open exchange, Park’s team over the past year has created a lit order book and a proprietary data feed; it 2014 it launched a new order type, dubbed discretionary peg, that puts requested trades on hold when IEX predicts favorable price changes are about to occur. “Achieving exchange status would place us at the table, where we can become a voice for those that have been victimized in the current marketplace,” Park says.

    2016 Trading Technology 40

    1.Raymond Tierney III
    Bloomberg
    2.Richard Prager
    BlackRock
    3.Chris Isaacson
    BATS Global Markets
    4.Jonathan Ross
    KCG Holdings
    5.Bradley Peterson
    Nasdaq
    6.Brad Levy
    Markit
    7.Dan Keegan
    Citi
    8.Ronald DePoalo
    富达机构
    9.Raj Mahajan
    Goldman Sachs Group
    10.Ari Studnitzer
    CME Group
    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
    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
    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
    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
    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
    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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