< The 2015 Trading Technology 40: Going with the Flow
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Manoj Narang
Ex–Chief Executive Officer
Thesys Technologies
Last Year: 16
Manoj Narang raised his profile last spring in a Bloomberg Television debate with author Michael Lewis and IEX Group CEO Brad Katsuyama (No. 23), the protagonist of Lewis’s Flash Boys: A Wall Street Revolt, which suggests that markets are rigged because of high frequency traders like Narang. “High frequency trading has made markets far more transparent, liquid and fair than they have ever been,” says Narang, who founded Red Bank, New Jersey–based Tradeworx in 1999. “Markets are not rigged at all.” In 2014 the 45-year-old Massachusetts Institute of Technology graduate spent most of his time on Thesys Technologies, the New York–based affiliate of Tradeworx tasked with commercializing its trading solutions. Thesys’ technology — which Narang calls the fastest matching engine in deployment anywhere on the planet — powers the LeveL ATS and ConvergEx Group dark pools. Although last year Thesys lost out to Nasdaq OMX Group in its bid to run the Nasdaq Stock Market’s securities information processor price feed, the firm is one of six finalists in contention to provide the technology for the Securities and Exchange Commission’s consolidated audit trail for U.S. publicly traded equities. “A lot of our focus this past year has been around big data,” Narang says. “CAT is a very, very big data project.” Last month he stepped down as CEO of Thesys and Tradeworx; he hopes to pursue new projects to bring the benefits of advanced trading techniques to the masses.
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 |
