The 2015 Trading Technology 40: Luís Otávio Saliba Furtado

In October record equity and derivatives volumes — amid domestic electoral uncertainties and a general worldwide surge in market volatility — served as a stress test for the multiple technology projects undertaken since the 2008 merger of the São Paulo Stock Exchange and the Brazilian Mercantile and Futures Exchange. The systems of what is today BM&FBovespa held up well. In fact, PUMA, the cross-asset trading platform running on CME Group technology, has been operating without interruption since July 15, 2013. “One of the lessons we’ve learned is it’s very important to do exhaustive tests with market participants prior to going live,” saysLuís Otávio Saliba Furtado, the former IBM Corp. executive who has been BM&FBovespa’s technology and information security chief since 2011. As the modernization program continued last year, five legacy data centers were consolidated into a single new facility with expanded co-location capacity. And, working with Sweden’sCinnober Financial Technology, BM&FBovespa completed the first phase of integrating its four clearinghouses into one. That derivatives-focused project involved “decommissioning about 45 legacy systems and turning on about 30 new systems,” says Furtado, 48. Meanwhile, a new cross-asset risk system effectively “gives back collateral to investors, which is good for everyone.” Although exchange competition is brewing, the dominant market operator will open its clearinghouse “to whoever is approved to operate in the Brazilian market,” Furtado says. “But in 2014 we hardly heard from anyone on this subject.”

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 香港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	Richard Korhammer SR Labs	Hazem Dawani OptionsCity Software