Wall Street Letter VOL. XLV, No. 31 – Sept. 30, 2013 | Page 5

3 – 9 OCTOBER 2013

the technology to ensure results are
indicative of how data management
is actually performing across the
organization,” said Kaimowitz. “In
addition, we hope for the DMMA’s
results to be able to improve the
alignment between the various stakeholders from business to IT.”
The survey ranks data management
on a level of one through five, with
one being abysmal data management
and five being highly optimized, according to Kaimowitz.
EXCHANGES & ATSs

MIAX to offer
equity to members
MIAX Options wants to offer its
members the ability to own equity in
the exchange’s parent company to the
extent members pay a fee and add a
certain level of liquidity, according to
a proposal submitted to the SEC.
Members opting in to the program
would get a stake in Miami International Holdings, the filing said.
The program will offer two levels
of investment – members opting in
to the A-Unit level will get 101,695
shares of stock in MIH and warrants
for further shares. Investing on that
level would cost a member $508,475
and members participating at this
level would be capped at 19.9% total
equity ownership. Just 10 A-Units
will be offered, MIAX said.
For members participating at
the B-Unit level, members prepaying transaction fees to the tune of
$500,000 (which would cover 22
months starting October 1) would
receive warrants to purchase up to
1,713,251 shares of stock. Just 10
B-Units will be available and the
ownership cap will be identical to the
A-Unit cap, MIAX stated in the filing.
Warrants at each level will vest in
tranches, but A-Unit warrants will
have six tranches and B-Unit warrants
will vest in five. The vesting period will
last 23 months for each level.

TECHNOLOGY

Broadway Technology to offer real-time,
historical data

B

to where it is today, according to Moeller.
roadway Technology plans to add
“The recruits join Broadway and exreal-time tick data and historical data
perience the way that we started it,” said
to its low-latency TOC trading platform
Moeller. “It is the entreprebefore year end, according
neurial spirit of taking the
to Tyler Moeller, CEO. The
bull by the horns, getting the
capability was developed
chance to work with senior
through the efforts of new
staff and make something
hires completing Broadway’s
that customers will use.”
Dojo training project, noted
Jovana Knezevic, a 2012
Moeller.
MIT graduate, noted the
The offering will have a
experience offered an
web-based, front-end system
abundance of new skills and
giving users remote access to
TYLER MOELLER
empowered her with a grasp
the data, stated Moeller.
CEO at Broadway Technology
of Broadway’s philosophy
“We are presenting this to
and technology.
heads of trading desks and
Moeller noted that these are not toy
CEOs, users who want to understand the
projects without value, but offerings that
performance of the trading desk as well as
alter the future of Broadway.
operations,” he added.
“Many customers already know about
These capabilities are the fruit of the
the project and are excited about it,” added
labor of junior staff at the vendor who are
Knezevic, referring to the offering. “It’s
enrolled in Broadway Dojo, a three-month
incredible that we’ve been here for only
long training seminar that enables new
two months, but we are already delivering
hires, or “Dojoers”, to embrace the entreand creating a real product.”
preneurial zeal that has brought Broadway

The exchange stated it wants to use
the program to “promote the longterm interests of MIAX” and encourage the members to support growth
of the market, “by being active liquidity providers, and takers to provide
enhanced levels of trading volume to
MIAX’s market, through an opportunity to increase their proprietary
interests in MIAX’s enterprise value”.
TECHNOLOGY

REDI Global
invites third-party
integration
REDI Global Technologies, recently
spun out from Goldman Sachs, has

put into motion its strategy to build
out its offering through third-party
integrations, according to comments
from Rishi Nangalia, CEO, who
spoke during a press briefing.
Utilizing REDI’s distribution list
and core REDIPlus offering as a
launching platform for various thirdparty solutions, Nangalia explained
that this is an effort to provide a
more open, transparent model for the
industry.
“Vendors need distribution channels and we are always looking to add
complementary products,” said Nangalia. “We want to emphasize REDI
as being a one-stop-shop platform,
whether it is for classic multi-asset
class trading or other specializations.”
REDI’s independent status and

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