Instinet Chi-X(R) Limited, a pan-European equity alternative trading system (ATS), today named Michael Bundy Chief Technology Officer. Mr. Bundy joins Chi-X from Nomura subsidiary Instinet, which owns Chi-X, where he will be succeeded by Christopher Rogers (see separate announcement).
Mr. Bundy, who will relocate to London for this newly created position, has served as Instinet CTO since July 2005, where he was responsible for all of the firm's global technology development efforts. Among his notable achievements was overseeing the complete redevelopment of Instinet CBX(SM), 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 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 U.S., plus the experience of overseeing Instinet's technology development in Europe and Asia," said Tony Mackay, Managing Director of Instinet Chi-X Limited. "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 completely revolutionizing the European equity markets through ultra fast, highly scalable technology and a pricing approach never before seen in Europe," said Michael 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, Mr. Bundy worked for E*Trade Financial, where he was a senior manager overseeing the development and maintenance of the trading systems used by E*Trade Securities, E*Trade Capital Markets, and E*Trade Canada. Prior to that, Mr. Bundy held various technology research positions at Baylor College of Medicine, AT&T Bell Laboratories and NeoSoft Inc.
