< The 2016 Trading Technology 40
18
John Mackay (Mack) Gill
Chief Executive Officer
MillenniumIT
Last year: 24
Stock exchanges in emerging markets are modernizing their technology — in some cases they are starting up — and that spells opportunity for MillenniumIT, the Sri Lanka–based London Stock Exchange Group subsidiary selling what is touted as the world’s fastest trading platform. In May, for example, Peruvian stock exchange Bolsa de Valores de Lima went live with MillenniumIT’s multiasset trading platform and smart order router. Demand has been running high in Latin America: MillenniumIT plans to go live with a similar upgrade on Argentina’s Caja de Valores later this year, according to CEO John Mackay (Mack) Gill, 46. Last July the Johannesburg Stock Exchange selected MillenniumIT to expand beyond equities into derivatives and fixed income. But Gill notes that in the developed world speed has become less of a focus as trading systems must adjust to regulatory requirements like those of Europe’s second Markets in Financial Instruments Directive. “Even though [MiFID II] has been delayed, the big story in Europe has been the push from the buy side to get more support for block trading and more visibility” into liquidity opportunities, Gill says. Over the past year MillenniumIT has worked with the LSEG-affiliated Turquoise platform to develop new trading strategies for Turquoise Block Discovery, a system for large orders launched at the end of 2014. Regulatory reforms also place new burdens on clearinghouses to provide greater transparency, and here MillenniumIT’s posttrade technology comes into play. “We’re talking microsecond-level ability to process trades and manage portfolio risk through a clearing environment,” says Gill. “At the end of the day, that’s a sea change.” Longer-term, Gill says he’s “very bullish on the potential for smart contracts to be the killer app of the blockchain world. They will transform many aspects of how we operate our markets, especially in the posttrade space.”
2016 Trading Technology 40
1. Raymond Tierney III 2. Richard Prager 3. Chris Isaacson 4. Jonathan Ross 5. Bradley Peterson |
6. Brad Levy 7. Dan Keegan 8. Ronald DePoalo 9. Raj Mahajan 10. Ari Studnitzer |
11. Mayur Kapani 12. Gerald O’Connell 13. Nicholas Themelis 14. Gil Mandelzis 15. Bill Chow and Richard Leung |
16. Rob Park 17. Philip Weisberg 18. John Mackay (Mack) Gill 19. Robert Cornish 20. Paul Hamill |
21. Eric Noll 22. Tyler Moeller and Joshua Walsky 23. Rishi Nangalia 24. Veronica Augustsson 25. Alasdair Haynes |
26. Manoj Narang 27. Gaurav Suri 28. Robert Sloan 29. Anton Katz and Stephen Mock 30. Stu Taylor |
31. D. Keith Ross Jr. 32. Donal Byrne 33. Alfred Eskandar 34. R. Cromwell Coulson 35. Masayuki Hosaka |
36. Peter Maragos and David Karat 37. Amar Kuchinad 38. Jennifer Nayar 39. Dave Snowdon 40. Dan Raju |
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