Trading Technologies has promoted Robbie McDonnell to run
its global sales team as the tech vendor gears up to launch its
next generation trading system.
McDonnell, who is currently TT’s managing
director of Asia Pacific and based in Sydney, will relocate to
Chicago and report directly to chief executive Rick Lane.
The promotion of the 16-year TT veteran follows the
departures early this year of senior sales figures Tim
Geannopulos and Guy Scott.
McDonnell has been responsible for the global expansion of
Trading Technologies after joining the US firm’s
London office in 1998 before relocating to Asia in 2006.
Trading Technologies is in the early stages of testing
Nextrader, its new cloud-based platform that it will begin
delivering to clients later this year.
McDonnell’s early tenure in his new role will
be dominated by the roll out of Nextrader, which will replace
its current flagship X_Trader and represents the biggest new
launch from TT in over a decade.
McDonnell told FOW, however, there is currently no firm
schedule for the phase out of X_Trader.
"We will continue to support our current platform for the
foreseeable future. We have been working on it for over two
years and we are in no rush to move everyone over to it," said
"There will be a critical mass at some point and we will
eventually move everyone across but we will do that when it is
right for clients," McDonnell told FOW.
Nextrader is designed to cut the time it takes Trading
Technologies to connect to new markets and asset classes, as
well as being fully-hosted and boasting new functionality
including the forever audit trail, which captures all data on
an account and stores it permanently.
The new platform is also designed to be run on mobile and
handheld devices across multiple operating systems.
The upheaval of switching to a new system could create
short-term opportunities for rivals, however, a point the new
sales head acknowledges.
"When you change anything on this scale of course there are
risks," said McDonnell. "But we know the market very well and
we know this is mission critical software. We will be very
careful about how we role this product out.
"There are risks to everything but the greater risk is not
to do this, not to recognise what technologies are available
today. We have a great product but it was built some years ago
and we can never be in a position when we are standing still,
while our competitors move on," he added.
McDonnell assumes the role at a time of increased
competition for Trading Technologies.
Bloomberg’s acquisition of RTS earlier this
month adds considerable fire power to its rival while exchanges
continue to promote their own front ends with incentives.