Technology and Trading: Promoting Stability in Today’s Markets Roundtable — Participant Bios

10:15 a.m. — Panel 1: Preventing Errors through Robust System Design, Deployment, and Operation

Sudhanshu Arya, Managing Director, ITG

Sudhanshu Arya is Managing Director, Global Head of Liquidity Management Technology at ITG where he heads software development for the following systems: POSIT and POSIT Alert – ITG’s order crossing systems in North America, Europe and Asia Pacific, ITG’s global order routing hub, GATE, ITG’s broker neutral FIX infrastructure, Algorithmic Trading and Smart Order Routing, Trade Reporting and Post-Trade Compliance. He also oversees product management for ITG’s global order routing infrastructure.

With two decades of industry and technology experience in a variety of positions ranging from senior project and product management to hands-on software development, Sudhanshu spearheaded several initiatives over the years including: Development of early generations of ITG's order routing framework, real time credit and risk management, next generation of real-time crossing infrastructure at ITG handling ultra-high throughput flow, re-architecture of ITG’s global order routing infrastructure, low latency interaction of liquidity across ITG's algorithmic servers, smart order routers and crossing infrastructure.

Prior to his work at ITG, Sudhanshu worked at Norsk Hydro Research Institute in Bergen, Norway where he designed and implemented efficient parallel algorithms for seismic modeling of the North Sea on data parallel SIMD computers. Sudhanshu holds an M.S. in Computer Science  from the University of Bergen, Norway as well as an M.S. in Pure Mathematics from University of Delhi, India where he also completed his B.S. in Mathematics with Honors.

Chris Isaacson, Chief Operating Officer, BATS Exchange

Chris Isaacson is a founding employee and was promoted to chief operating officer at BATS Global Markets in July 2007. He is also a senior vice president of the firm. Mr. Isaacson is responsible for ensuring BATS remains an innovative, world-class leader in teclmology and his leadership has helped BATS grow quickly.

Mr. Isaacson was previously vice president in charge of ope~·ations, a position he had held since 2006. He previously managed the trade desk at BATS and, as a developer, was instrumental in the architecture and implementation of the BATS trading platform. He speaks frequently on panels at key industry events. In 2012, Mr. Isaacson was recognized by lnstilutionallnvestor magazine, ranking #12 on their "Trading Technology 30" list.

Mr. Isaacson began his career as a software engineer at Cerner Corp., the publicly traded, Kansas City-based healthcare information systems supplier. He was a software developer at Tradebot Systems from 2003 to 2005.

He holds a bachelor's degree in information systems with minors in math and finance from Nebraska Wesleyan University, Lincoln, Neb., and was a two-time Academic All-American while competing in the decathlon. He also eamed a master's degree in business administration from the University ofNebraska, Lincoln.

Mr. Isaacson holds Series 4, 7, 24, 27, 55, 63 and 65 licenses.

Dave Lauer

Dave Lauer is an expert on the new electronic marketplace, with extensive experience helping to design and build the infrastructure that underpins many modern electronic trading systems as well as several years’ experience as a trader on high-frequency trading desks.

His career on Wall St began in 2005 as the 3rd employee of Tervela, a startup that built a low-latency message switch focused on market data normalization and distribution, application communication and order-routing. He spent a year at Goldman Sachs while with Tervela, working with their high-performance infrastructure team. In 2009, Dave took a job on the high-frequency trading team at Citadel Investment Group. He was involved in rolling out many new trading strategies of varying timescales, both high-frequency and lower-frequency. All of them required in-depth knowledge of how to comply with Reg NMS; how to connect to every liquidity center (including dark pools); and how to take advantage of different market center rules. Dave's team had an extremely disciplined and risk-averse approach to rolling out new trading strategies. In January of 2010, Dave's trading desk moved from Citadel to Allston Trading and built a new trading desk there that continued to focus on global equity trading.

Following the Flash Crash, Dave grew increasingly concerned over the impact that the new low-latency systems were having on market structure and reliability. Within a year, Dave had decided to no longer be a part of the industry that he believed was having a detrimental impact on US equity markets. He left Allston in June 2011 and joined Better Markets, Inc. in August 2012 as a Market Structure and HFT consultant, where he advocates for reforms to help curb the excesses and predatory behavior in high-frequency trading while still trying to preserve the benefits that it offers. He also consults for IEX Group, a private company in the process of building an investor-owned and investor-focused equity market center.

Jamil Nazarali, Head of Citadel Execution Services, Citadel

Jamil Nazarali is Head of Citadel Execution Services (CES), the #1 market maker in retail order flow and the leading options market maker for retail broker dealers1. CES is a division of Citadel Securities, which executes over 20% of daily U.S. listed equity option volume and 10% of U.S. equity volume2. Mr. Nazarali also oversees Citadel’s algorithmic trading business and Apogee, Citadel Securities’ alternative trading system.

Prior to joining Citadel in 2011, Mr. Nazarali was Global Head of Electronic Trading at Knight Capital Group. Previously, he was a management consultant at both Ernst and Young and Bain and Company.

Mr. Nazarali currently serves on the Board of Managers of Direct Edge Holdings LLC. He is also a member of the New York Stock Exchange Electronic Trading Advisory Committee.

Mr. Nazarali received a bachelor’s degree from the University of Western Ontario and an MBA from the University of Chicago.

Christopher Rigg, Lead Partner, Application Innovation Services (AIS) Practice Area, Global Business Services, IBM

Chris is the Lead Partner in the Application Innovation Services (AIS) Practice Area of the Banking and Financial Markets Sector for IBM’s Global Business Services, focused on technology advisory, systems integration and application development across the Insurance, Banking and Financial Markets Industries. In this role he is responsible for sales and engagement delivery for financial services clients.

Prior to joining IBM Global Business Services, Chris was a Managing Director at Bank of America Merrill Lynch responsible for leading a technology and operations group (1,500 Resources and 150 Applications) that provided Sales Tools, Performance Tools, Client Information and Product Information (security master and pricing) to the Commercial, Corporate and Investment Banking lines of business as well as the Sales and Trading and Wealth Management businesses.

Jonathan Ross, Chief Technology Officer, GETCO LLC

Jon Ross is the Chief Technology Officer (CTO) of GETCO. He oversees the firm’s strategic technology platform and the development of the company’s suite of trading technology and execution services products. Jon brings more than 13 years of financial technology and leadership experience to the firm.

Jon joined GETCO in 2007. Previously, he was the head of GETCO Execution Services (GES) in Europe where he oversaw order management, execution and technology solutions for European clients. Jon also led the creation of GES’ European offering in 2010 after successfully launching the U.S. business in 2007.

GETCO is a global market maker in the Fixed Income, FX, Equities and Commodities asset classes. The firm’s primary business involves both buying and selling securities to provide two-sided markets on exchanges around the world. As a global market maker, GETCO plays a critical role in helping to lower the cost of capital for businesses and in reducing trading costs for investors.

Prior to joining GETCO, Jon served as the CTO of Inet ATS, Inc, which was acquired by the NASDAQ Stock Market in 2005, and where he was later appointed CTO. He was responsible for the development of new technologies and the maintenance of the stock market’s core trading platform. Jon’s previous software and technology experiences includes the development of Island ECN MarketXT’s ECN offering, writing video games for Microsoft’s operation systems division, Maxis, Inc. and developing inertial guidance sensors for military applications at Systron Donner.

12:15 p.m. — Break

2 p.m. — Panel 2: Responding to Errors and Malfunctions and Managing Crises in Real-Time

Chad Cook, Chief Technology Officer, Lime Brokerage LLC

Chad Cook is the Chief Technology Officer of Lime Brokerage where he oversees engineering, infrastructure and technology. Chad has been at Lime Brokerage since 2004 and is one of the architects on Lime’s high-performance trading platform. Chad has over 20 years in high technology, building high-performance data communications and security products, and for the past 8 years, ultra-low latency trading technology at Lime Brokerage. Chad is a recognized leader in technology, having authored articles and books on technology and security topics, spoken at conferences, NATO and United Nations events, and has multiple patents applied for in technology. Prior to Lime Brokerage, Chad has held leadership and engineering roles at BBN, @stake and several startup companies. Chad has a BA in Psychology and Sociology from College of the Holy Cross in Worcester, Massachusetts.

Anna Ewing, Executive Vice President and Chief Information Officer, NASDAQ OMX

Anna Ewing is Executive Vice President and Chief Information Officer of The NASDAQ OMX Group Inc. (NASDAQ: NDAQ), operator of the world’s largest exchange. At $12.7 trillion, NASDAQ’s main US exchange was the largest single pool of liquidity in the world in 2011 based on value traded.

Anna has over 25 years experience in delivering client-focused technology in the financial services industry.  In her role at NASDAQ OMX, Anna is responsible for Global Technology Services and the Market Technology business unit, which provides commercial technology solutions to over 70 exchanges and markets around the world.  Integral to Ms. Ewing’s role is overseeing the exchange’s technology roadmap.

Since assuming her position, Ms. Ewing has been the technology architect for NASDAQ OMX’s transformation from a single U.S. cash equities market to an exchange company with 24 markets around the globe, covering all major asset classes.  In addition to the OMX merger, Ms. Ewing and her team have re-platformed company acquisitions including BX, formerly the Boston Exchange and NASDAQ OMX PHLX and have successfully rolled out the INET trading system in all NASDAQ OMX equity markets across the world. Most recently, Ms. Ewing oversaw the acquisition of SMARTS, the world leading provider of market surveillance technology for exchange, regulator, and broker markets worldwide. 

As a widely recognized expert, technology innovator and driver of company and industry growth, Anna participates and is frequently featured as a speaker at a variety of events globally. Ms. Ewing regularly participates in leading financial industry conferences, global economic forums, such as The World Economic Forum, and other technology-focused events.

Prior to joining NASDAQ, Anna was with CIBC World Markets in New York and Toronto, where she served as Managing Director of Global Applications Services and as a founding member of CIBC.com. Before that, Ms. Ewing served as Vice President at Merrill Lynch, where she held various leadership positions within Technology.  She is a graduate of Schulich School of Business at York University in Toronto.  Ms. Ewing holds an M.B.A. from York University in Toronto, where she majored in Management Information Systems.

Albert Gambale, Chief Development Officer, Application Development, DTCC

Albert Gambale is the chief development officer for The Depository Trust & Clearing Corporation (DTCC). His responsibilities cover the application development area within Information Technology.

Gambale’s career spans 30 years in financial services, the latter 15 spent at DTCC serving in three differing application development roles. He first concentrated on the DTCC subsidiaries, the National Securities Clearing Corporation (NSCC) and EuroCCP and later took on management titles as the Vice President for NSCC and EuroCCP applications and as a Managing Director for all NSCC, FICC and EuroCCP clearing applications. Within DTCC, Gambale also serves on the Operating and Architecture Steering Committees.

Most recently, Gambale spearheaded an effort related to global derivatives expansion and DTCC’s multi-year plan to re-engineer its core risk processing systems. Under this 2012 enhancement, new applications centering on data warehousing and business intelligence were introduced.

In addition to an IT specialty, Gambale has gained particular expertise in the operations of trade clearance and settlement. He stays attune to other industry sectors by serving on the SIFMA Technology Management Committee.

Prior to his career at DTCC, Gambale was an IT consultant for JPM Chase during the 1980s then moved into a role as a global custody developer at Brown Brothers Harriman from 1990 until 1997. He earned a BA in economics and history from SUNY in Oneonta, New York.

Saro Jahani, Chief Information Officer, Direct Edge

Saro Jahani joined Direct Edge as Chief Information Officer in April 2011. He is responsible for driving technological innovation and reinforcing the systemic integrity of the firm’s information technology.

Mr. Jahani implemented the Direct Edge Latency and Stability Roadmap which leverages an Information Technology Infrastructure Library (ITIL). He also established the Extended Architectural Committee, bringing together the expertise of Hewlett Packard, Microsoft, Informatica/29 West, Intel and Cisco to develop effective software solutions that meet the risk tolerance specifications of an exchange.

In 2012, Mr. Jahani was named to the Institutional Investor Trading Technology 30 in consideration for his career accomplishments and technological innovation.

Prior to Direct Edge, Mr. Jahani served as Chief Information Officer at the National Stock Exchange; Global Head of Infrastructure, Operations and Facilities at Townsend Analytics; Executive Vice President of IT Operations at SunGard; and held various IT positions at CAP Gemini, Swedish Telecom, and Crosfield Electronics. He holds a Master's of Science degree in Electrical Engineering from the University of Uppsala (Sweden).

Dr. M. Lynne Markus, Professor of Information and Process Management, Bentley University

M. Lynne Markus is the John W. Poduska, Sr. Professor of Information and Process Management at Bentley University. She is also a Research Affiliate of MITSloan’s Center for Information Systems Research. Professor Markus’s teaching, research, and consulting interests include enterprise and inter-organizational information systems, the unintended consequences of information technology and risk management strategies, and IT in the mortgage industry. She was named Fellow of the Association for Information Systems in 2004 and received the AIS LEO Award for Exceptional Lifetime Achievement in Information Systems in 2008.

Lou Steinberg Chairman of the Board, Rev2 Chief Technology Officer, TD Ameritrade

As the founder of Rev2, Lou was CEO until July 2011 when he became CTO at TD Ameritrade Holding Corporation (Nasdaq: AMTD). He continues to play an active role as Rev2 Chairman. Previously, he was the CEO of Cranite Systems, which delivered highly secure, layer 2 VPNs to Enterprise and Government. Prior to that he spent several years as CTO of Symbol Technologies (now Motorola), driving a company-wide solutions strategy while also serving as the General Manager of the Software Division.

Lou previously served as an entrepreneur-in-residence at Warburg Pincus and as a strategy advisor to senior management at companies including Comcast, Citigroup, and NCR. He was the SVP of Marketing and Market Development at Micromuse (now IBM), a network management and analytics company. Lou joined Micromuse through the acquisition of NetOps Corp, an analysis and fault-prediction company that he founded and led as CEO. He spent over a decade at IBM in various technical and management roles, notably contributing to router development for the NSFNet, a second-generation Internet backbone. He has served on various IETF Working Groups related to network management including SNMP-1, MIB-1, Ethernet MIB, RMON-1, and Alert Management.

He is the author of Troubleshooting with SNMP and Understanding MIBs (McGraw-Hill, 2000), as well as numerous articles on technology and infrastructure. Lou graduated from the Stevens Institute of Technology with a bachelor’s degree in engineering and a master’s degree in computer science.

http://www.sec.gov/news/otherwebcasts/2012/ttr100212-bios.htm