The 2015 Trading Technology 40: Billy Hult

#14 Billy Hult, President, Tradeweb Markets

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< The 2015 Trading Technology 40: Going with the Flow

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14
Billy Hult
President
Tradeweb Markets
Last year: 17

In mid-2013, Tradeweb Markets was one of the first to apply to the Commodity Futures Trading Commission for permission to open swaps execution facilities under provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. With more than 20 SEFs in the mix — including two operated by Tradeweb — a shakeout is considered inevitable. But Tradeweb has proved its mettle, claiming a 40 percent share of buy-side SEF activity for interest rate swaps at year-end 2014, up from 10 percent a year earlier. “The tremendous work we’ve put into our SEFs has paid dividends, and we have distinguished ourselves as one of the leading players,” declares Billy Hult, president of New York–based Tradeweb. Related to those efforts, Tradeweb has executed more than $700 billion in compression trades, in which investors and fund managers net out their positions to reduce risk. Since pioneering e-trading of U.S. Treasuries in the late 1990s, Tradeweb, now majority-owned by Thomson Reuters, has grown into a leading global fixed-income and derivatives platform. Hult, 45, who joined the company in 2000 from Société Générale and has been president since 2008, is spearheading an effort to crack the U.S. corporate credit market, a stronghold of MarketAxess Holdings (see Nicholas Themelis, No. 15). Last year Tradeweb introduced the first phase of its offering for round- and odd-lot corporate bond transactions in the U.S. High-yield and emerging-markets products are coming next. “We are doing everything to be a real competitor in this space,” Hult says. “We are extremely conscious of the patience needed to wind up succeeding in the right way.”

See also Hult’s profile in the 2013 Trading Technology 40.


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
6
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Zef Nikolla

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9
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10
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Chris Isaacson
BATS Global Markets
Bradley Peterson
Nasdaq OMX Group
Brad Levy
MarkitSERV
Dan Keegan
Citi
Ronald DePoalo
Fidelity Institutional
11
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Mark McQueen

12
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13
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14
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15
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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
16
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17
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Steve Randich

Martin H. Simon

19
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Todd Plitt

20
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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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Dennis Degnan

25
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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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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
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BM&FBovespa
Tal Cohen
Chi-X Global Holdings
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Corvil
R. Cromwell Coulson
OTC Markets Group
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Portware
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SR Labs
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OptionsCity Software

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