10 Top CIOs on Wall Street
Thomas Frank, Interactive Brokers Group: Technology has enabled Interactive Brokers to go where other brokersusually hindered by some form of manual intervention in the trade cyclesimply cant. By continually improving its systems, it has chipped its commission rate down to $4.40 per trade on average, including overseas transactions that tend to be more expensive.
Jeffrey Birnbaum, Bank of America Merrill Lynch: Software that gave firms a competitive advantage only four or five years ago has already become old and tired, pushing an emphasis on hiring people who understand the latest concepts and capabilities and can apply them.
Steve Bonanno, Direct Edge: In the past three years, he has helped battle rival upstart BATS Global Markets and the traditional exchanges for market share. In the process, he helped the Direct Edge A and X venues become full-fledged exchanges themselves, while developing all-new exchange-technology platforms in the process.
Michele Trogni, UBS: Trogni has focused on technology in areas including infrastructure, finance, the legal and human resources. She calls that approach "industrialization" and says it requires changing not only systems and technology but also mindsets.
Duncan Rawls, JPMorgan Chase: Over the summer J.P. Morgan launched a custom global portfolio-swap system. It gives clients the economic effect of the swap without having to hold the underlying securities, synthetic transactions favored by customers in Asia and Europe. And that's just one tip of Chase's iceberg of initiatives.
Steve Rubinow, NYSE Euronext: New data centers in Basildon, England, and Mahwah, N.J., are the core of where NYSE Euronext sees its future growth. Only a few years ago, we would have described ourselves as an exchange company that sells technology. Now, for me as a technologist, were a technology company that also operates exchanges, Rubinow says.
Jim Rosenthal, Morgan Stanley Smith Barney: MSSB is harmonizing products customers use as well as services delivered across the two brokerage platforms. It is rolling out a new unified managed account constructed from Morgan Stanley and Smith Barney resources. And it is ramping up the broker workstation, which will uses Thomson One data services.
Edwin Marcial, Intercontinental Exchange: The fast and frantic growth in credit default swap clearing that ICE has expeirenced, in order to build market share, has meant upgrading clearing technology and building a new ICE Trust platform, without missing a beat. This is like changing the tires on a speeding car.
Tom Miglis, Citadel Investment Group: Catch mistakes early, "before execution rather than after, says Miglis. That is how you get straight-through processing of transactions, from trade to settlement, and real-time information systems to keep executives, managers and traders up to speed on whats going on.
Steve Sadoff, Knight Capital: Automating Knights core market-making business meant building or acquiring execution, routing and other electronic trading programs. Then, they got offered to customers. We have great tools, so why not offer them to clients? Sadoff says.
Collapsing margins but serving customers better. Integrating complex platforms then setting up standard-setting data centers, out of fresh cloth. Heres how 10 top CIOs became the best on Wall Street.