Nomura-owned agency brokerage Instinethas promoted Christopher Rogers to Chief Technology Officer (CTO).
Rogers, previously Chief Software Architect of the firm,will succeed Michael Bundy, who was last week named CTO of Chi-X, Instinet’s new pan-European equity alternative trading platform.
Rogers has worked on numerous softwaredevelopment projects since joining Instinet in August 2003.
Mostr ecently, he led the development of Instinet’s new core trading back end and the migration to it of the firm’s various trading products, includingNewport, Instinet Trading Portal and Instinet’s algorithms and crossing networks. He was also one of several technologists that built the systems that powered the Island and Inet ECNs, which now underlie the entire Nasdaq Stock Market following its 2005 acquisition of Inet.
“Chris is one of the most talented technologists in the business,” says Alex Goor, co-CEO of Instinet.
“While Instinet will most assuredly miss Mike Bundy’s numerous contributions, I know that we will be in extremely capable hands moving forward.”
“I am tremendously excited to lead Instinet’stechnology team,” adds Rogers. “Our ongoing efforts to refine Instinet’s rich global platform should yield many new offerings this year.”
Prior to joining Instinet, Rogers worked on the development of the MarketXT platform while at Tradescape Technologies. Before that, he led the development of several other trading systems.
Additionally, Rogers has held software development positions at UBS Warburg, Morgan Stanley and Mail.com. He is a graduate of Stevens Institute of Technology. Bundy, who will relocate to London for his newly created position, has served as Instinet CTO since July 2005. He was responsible for all of the firm’s global technology developments. Among his notable achievements was overseeing the complete re-development of Instinet CBX, an upstairs matching system, or dark pool, 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 itwas important to build an independent, world-class technology team,” says Tony Mackay, manging director of Chi-X. “Michael brings to bear extensive experience in building and running one of the fastest, most reliable systems in the U.S., plus the experience of overseeing Instinet’s technology development in Europe and Asia. We could not be more excited about the prospect of him working full time with the Chi-X team as we look to build upon our early leadership position.”
“I see Chi-X today as being in a similar position to Island’s in the U.S. in the late 1990s, with Chi-X and other such systems on the cusp of revolutionising the European equity markets through fast, scalable technology and a pricing approach never before seen in Europe,” adds Bundy. “In many ways, being CTO of Chi-X is to me one of the most exciting technology positions in the world.”
Before joining Instinet, Bundy worked for E*Trade Financial, where he was a senior manager overseeing the developmentand maintenance of the trading systems used by E*Trade Securities, E*TradeCapital Markets, and E*Trade Canada.
Prior to that, Bundy held various technology research positions at Baylor College of Medicine, AT&T Bell Laboratories and NeoSoft Inc.