Market Structure 2025: Accelerating Innovation

Nanette has 30 years of experience in senior buyside and sellside roles in U.S. Equities including Head of Equity Trading at Voya Investment Management (16 years) and as a Senior Portfolio Manager at J.P. Morgan Asset Management subsequent to that (8 years). Prior to OptimX, Nanette served as Co-Head of Institutional Sales and Market Structure at Stuart Frankel & Co.

Heidi joins TMX Group after spending over 3 years at Instinet and 15+ years at Deutsche Bank, where she led Electronic and Program Trading distribution. She managed a team responsible for Coverage, Sales, and Execution Consulting for Electronic Cash and Listed Options across various client bases. Heidi began her career as a sales trader and grew to lead that team. She is a member of the National Organization of Investment Professionals and holds an MBA in Finance and Management from the Stern School at New York University.

Jessica Froats is the Head of Relationship Management at NYSE, overseeing sales across the equities, options and data businesses. She most recently served as the Head of NYSE Market Data. She has held various sales and product roles across the ICE organizations, including leading the Wealth Management Desktop team at ICE Data Services and data specialist roles at the ICE Exchange, covering Futures and OTC markets.

Dmitri Galinov has more than 20 years of experience successfully building large liquidity sources in multi-asset environments, including FastMatch, Credit Suisse CrossFinder, Direct Edge and Lava Trading.

Jonathan Kellner is the CEO of MEMX, a technology driven exchange operator providing its members and the global investment community with a simpler, less costly, and more transparent way to access liquidity. The firm currently owns and operates two exchanges trading U.S. equities and U.S. options. MEMX also provides market technology solutions to a range of clients across the exchange and ATS trading landscape. Founded in 2019 by a diverse group of financial firms, MEMX’s mission is to create healthy competition and advocate for market structure reform that results in more efficient and sensible trading experiences for all investors.

Greg Ludvik is a seasoned financial technology executive with over two decades of experience in liquidity strategy and product management. Currently serving as Global Head of Product & Strategy at Imperative Execution, he leads innovation at IntelligentCross, an AI-driven equities trading venue. Previously, Greg held senior roles at Goldman Sachs, RBC Capital Markets, FlexTrade, and Citi, focusing on smart order routing and market microstructure. A UC Berkeley political science graduate, he combines deep technical expertise in kdb+ and Python with a data-driven approach to optimize trading performance and market evolution.

Neil McDonald is CEO at moomoo US as he brings over 30 years of global financial industry experience. Originally from the U.K., he started his career as an equity derivatives trader at Goldman Sachs and Morgan Stanley, and managed European equity and index options trading at Citadel Investment Group. Neil moved to New York in 2008 to lead JP Morgan’s global electronic options market-making business and U.S. derivatives trading. After running a few mid-size financial firms’ quantitative analysis and crypto trading, he joined moomoo in July 2024. McDonald currently oversees all moomoo’s operations in the US.

Gerald “Gerry” O’Reilly is an Irish Olympic middle-distance runner. He represented his country in the men’s 1500 meters at the 1988 Summer Olympics. His time was 3:43.23 in the first heat. Gerald has worked at Vanguard since March 1992 and is now a Principal Portfolio Manager, overseeing over $1 trillion in assets, including the Vanguard Total Stock Market Index Fund (VTSAX). He holds a degree in Economics from Villanova University.

Wallach began his career at Tower Hill Capital Group in 2000. He worked at ExchangeLab International from 2001 to 2003, and spent 18 years at PDQ Enterprises, serving as COO from 2003 to 2021. Concurrently, he was COO at CODA Markets from 2008 to 2021. Wallach joined Apex Clearing Corporation in May 2021 as head of capital markets, a role he held for over 3 years. In January 2025, he became CEO of Bruce Markets, overseeing the company’s overnight trading ATS for U.S. equities.

Based in New York City, JD Del Raso is on the US Virtu Execution Services team and helps oversee the firm’s electronic agency trading. Virtu uses advanced technology and transparency to deliver liquidity to global capital markets and helps clients pursue best execution via a suite of deterministic, intention-based algorithms driven by real-time data. JD has been with Virtu for 16 years and was previously an FX and energy trader. He holds a Bachelor of Science degree from Georgetown University

Katherine Doherty covers market structure and finance for Bloomberg News. She started her career in journalism as a radio reporter at Rhode Island Public Radio, the NPR affiliate in Providence while at Brown University. At Bloomberg she has covered healthcare and the credit market with a focus on restructurings and bankruptcy. Born in Massachusetts, Katherine is a former Broadway actor and an avid Boston sports fan.

Paul Gulberg specializes in North American banks, asset managers, asset servicers and exchanges. Prior to joining Bloomberg Intelligence, Mr. Gulberg was an equity analyst for Portales Partners, spent several years working as an associate portfolio manager for AllianceBernstein, as well as a fixed income analyst for Infroma Global Markets. He is a CFA Charterholder.

Jackson Gutenplan is a Research Analyst on the BI Market Structure team. Jackson conducts and publishes research on equity and options trading and market structure issues, and leads the team’s data and analytics strategy. Previous to his tenure at Bloomberg, Jackson was an equity trader, and graduated from Vanderbilt University with a B.A. in Economics. He is a CFA Charterholder

Larry Tabb serves as the Director of Market Structure Research at Bloomberg, LLP. He leads a research team providing insights into financial markets infrastructure, technology, and regulation. Tabb was previously Research Chairman at TABB Group, where he focused on capital markets. He has advised regulatory bodies like the SEC and CFTC on market structure and is a sought-after speaker in major industry events. His career includes roles at TowerGroup, Lehman Brothers, and Citibank.