The 2015 Trading Technology 40: Jamil Nazarali

< The 2015 Trading Technology 40: Going with the Flow

25
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

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