< The 2015 Trading Technology 40: Going with the Flow
14
Billy Hult
President
Tradeweb Markets
Last year: 17
In mid-2013, Tradeweb Markets was one of the first to apply to the Commodity Futures Trading Commission for permission to open swaps execution facilities under provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. With more than 20 SEFs in the mix — including two operated by Tradeweb — a shakeout is considered inevitable. But Tradeweb has proved its mettle, claiming a 40 percent share of buy-side SEF activity for interest rate swaps at year-end 2014, up from 10 percent a year earlier. “The tremendous work we’ve put into our SEFs has paid dividends, and we have distinguished ourselves as one of the leading players,” declares Billy Hult, president of New York–based Tradeweb. Related to those efforts, Tradeweb has executed more than $700 billion in compression trades, in which investors and fund managers net out their positions to reduce risk. Since pioneering e-trading of U.S. Treasuries in the late 1990s, Tradeweb, now majority-owned by Thomson Reuters, has grown into a leading global fixed-income and derivatives platform. Hult, 45, who joined the company in 2000 from Société Générale and has been president since 2008, is spearheading an effort to crack the U.S. corporate credit market, a stronghold of MarketAxess Holdings (see Nicholas Themelis, No. 15). Last year Tradeweb introduced the first phase of its offering for round- and odd-lot corporate bond transactions in the U.S. High-yield and emerging-markets products are coming next. “We are doing everything to be a real competitor in this space,” Hult says. “We are extremely conscious of the patience needed to wind up succeeding in the right way.”
See also Hult's profile in the 2013 Trading Technology 40.
The 2015 Trading Technology 40
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 Richard Korhammer
SR Labs Hazem Dawani
OptionsCity Software