The 2015 Trading Technology 40: Luís Otávio Saliba Furtado

< The 2015 Trading Technology 40: Going with the Flow

34
Luís Otávio Saliba Furtado
Chief Technology and Information Security Officer
BM&FBovespa
Last year: 36

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,” says Luís 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’s Cinnober 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.”

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 Zef Nikolla	8	9	10
Chris Isaacson BATS Global Markets	Bradley Peterson Nasdaq OMX Group	Brad Levy MarkitSERV	Dan Keegan Citi	Ronald DePoalo Fidelity Institutional
11 Mark McQueen	12	13	14	15 Margaret Fox
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 Martin H. Simon	19 Todd Plitt	20 A.E. Fletcher Photography
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 Photographer:http://www.digitalh	23	24 Dennis Degnan	25 Paul Elledge
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 Picasa	29 Andrew Harrer	30 Takashi KATO
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 unknown	33 Douglas Kurn	34 Luludi/LUZ	35 William Neumann Photography
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