The 2015 Trading Technology 40: Rishi Nangalia

#28 Rishi Nangalia, Chief Executive Officer, REDI Holdings

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< The 2015 Trading Technology 40: Going with the Flow

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Rishi Nangalia
Chief Executive Officer
REDI Holdings
Last year: 23

At REDI Holdings’ launch in July 2013, CEO Rishi Nangalia called the Goldman Sachs Group spin-off a mature start-up, a best-of-both-worlds blending of firm financial footing with entrepreneurial élan. A member of Goldman’s e-trading team since 2001, Nangalia had spent two years preparing REDI for independence. Now it reports to multiple owners (including Goldman, Bank of America Merrill Lynch and Citadel), and its 150 employees, up from 70 at the start, are enhancing and selling the REDIPlus technology, which traces its roots to 1990s-era Spear, Leeds & Kellogg, the trading and clearing systems innovator Goldman acquired in 2000. REDI broke new ground in execution management systems with the consortium ownership model, but it was a restructuring transaction nonetheless, and Nangalia concedes there was “transition risk” of the customer defections that inevitably follow changes in control. Besides the “natural churn in this business,” he says, the new enterprise faced “a challenging environment for overall market volumes.” On the upside, in 2014 dozens of firms, including Credit Suisse Advanced Execution Services, joined or added products to REDI’s multibroker network, now with some 125 members. Active clients grew 20 percent, to more than 800, with the integration of BAML’s InstaQuote. Nangalia, 39, says revenue was “stable in a year of massive transition.” He believes growth will take off as the financial industry increasingly outsources innovation to specialists like REDI. He is confident the firm has “the governance model, capital and market expertise” for the multiyear commitment required.


The 2015 Trading Technology 40

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Kevin Kometer
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Richard Prager
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Raymond Tierney III
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Jonathan Ross
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Charles Vice
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Zef Nikolla

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Chris Isaacson
BATS Global Markets
Bradley Peterson
Nasdaq OMX Group
Brad Levy
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Dan Keegan
Citi
Ronald DePoalo
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Mark McQueen

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Margaret Fox

Gerard Beatty
Goldman Sachs Group
Gerald O’Connell
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Brenda Hoffman
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Billy Hult
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Steve Randich

Martin H. Simon

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Todd Plitt

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A.E. Fletcher Photography

Bina Kalola
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Gil Mandelzis
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Jerry Dobner
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Michael Liberman
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Dennis Degnan

25
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Paul Elledge

Bill Chow and Richard Leung
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Jamie Selway
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Brad Katsuyama
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John Mackay (Mack) Gill
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Jamil Nazarali
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Andrew Harrer

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Takashi KATO

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Rishi Nangalia
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Manoj Narang
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Oki Matsumoto
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Douglas Kurn

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Alasdair Haynes
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Donal Byrne
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