Instinet Chi-X Limited, a pan-European equity alternative trading system (ATS), yesterday named Michael Bundy chief technology officer (CTO). He joins Chi-X from Nomura subsidiary Instinet, which owns Chi-X.
Mr. Bundy has served as Instinet CTO since July 2005, where he was responsible for all of the firm’s global technology development efforts. He oversaw the complete redevelopment of Instinet CBX, a system whose underlying technology serves as the foundation for all of Instinet’s matching engines around the world, including Chi-X.
“As Chi-X continues to grow, we felt it was important to build an independent, world-class technology team. Michael brings to bear extensive experience in building and running one of the fastest, most reliable systems in the US, plus the experience of overseeing Instinet’s technology development in Europe and Asia,” says Tony Mackay, managing director of Instinet Chi-X. “We could not be more excited about the prospect of him working full time with the Chi-X team,” he adds.
“I see Chi-X today as being in a similar position to Island’s in the US in the late 1990s, with Chi-X and other such systems on the cusp of completely revolutionising the European equity markets through ultra fast, highly scalable technology and a pricing approach never before seen in Europe,” says Michael Bundy, who wil relocate to London for the post. “In many ways, being CTO of Chi-X is to me one of the most exciting technology positions in the world.”
Prior to joining Instinet, Mr. Bundy held positions at various companies, including E*Trade Financial, Baylor College of Medicine, AT&T Bell Laboratories and Neo Soft Inc.