The 2015 Trading Technology 40: Jamil Nazarali

#25 Jamil Nazarali, Head, Citadel Execution Services

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< The 2015 Trading Technology 40: Going with the Flow

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Jamil Nazarali
Head
Citadel Execution Services
Last year: 28

In 2014, Citadel Execution Services rebuilt everything from the technology that handles customer order flow to the models and strategies for trading it. That helped Citadel Securities, the market making division of $24 billion-in-assets, Chicago-based hedge fund firm Citadel, increase its share of retail U.S.-listed-equity trading to 28 percent as of last year’s third quarter, from 25 percent in 2013. Prices matter too. “Customers have been very focused on the prices of orders executed by market makers,” says CES head Jamil Nazarali, 47. After its October 27 launch of interest-rate-swap trading, CES catapulted into the top ten, a first for a nonbank. Nazarali, who was global head of electronic trading at Knight Capital Group before joining Citadel in 2011 and becoming head of CES the following year, expects the traditionally opaque foreign exchange business, along with interest rate swaps, to become increasingly transparent, with Citadel “well positioned to win business by providing tight prices for the instruments we trade.” Banks are good at running customer sales franchises, “but as these products become more electronic and transparent, people are going to want to trade at the best price,” he says, and that “plays to our strengths. We are on the right side of history.” Adds Nazarali, a University of Chicago MBA and former Ernst & Young and Bain & Co. consultant, “Markets are becoming more transparent.”


The 2015 Trading Technology 40

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Kevin Kometer
CME Group
Richard Prager
BlackRock
Raymond Tierney III
Bloomberg Tradebook
Jonathan Ross
KCG Holdings
Charles Vice
Intercontinental Exchange
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Zef Nikolla

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

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Margaret Fox

Gerard Beatty
Goldman Sachs Group
Gerald O’Connell
CBOE Holdings
Brenda Hoffman
TMX Group
Billy Hult
Tradeweb Markets
Nicholas Themelis
MarketAxess Holdings
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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
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
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Photographer:http://www.digitalh

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Dennis Degnan

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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
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Picasa

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SENATE BANKING

Andrew Harrer

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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
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unknown

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Douglas Kurn

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Luludi/LUZ

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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
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Donal Byrne
Corvil
R. Cromwell Coulson
OTC Markets Group
Alfred Eskandar
Portware
Richard Korhammer
SR Labs
Hazem Dawani
OptionsCity Software

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