Enquirer Consulting Group
Ryan Glassberg | 28Stone | October 2026
As of 14 Oct 2026
28Stone builds custom software for capital markets firms, from electronic and hybrid trading platforms to the modernization of business-critical legacy systems, delivered by cross-functional squads.
Its own site names the buyers: the sell side, the buy side, electronic marketplaces, interdealer brokers and other capital markets participants. This map lays out where those buyers sit and who usually signs off on a software build at each.
Groups of US firms by the kind of capital markets business they run. Counts are firms, banded on purpose.
| Group | Organizations in the US | Under 20 staff | 20 to 99 | 100 to 499 | 500 or more |
|---|---|---|---|---|---|
| Investment banks and securities dealers (the sell side) | about 2,000 | about 1,700 | about 150 | about 76 | about 95 |
| Securities brokerages, including interdealer and voice brokers | about 5,700 | about 5,300 | about 180 | about 82 | about 120 |
| Exchanges and electronic trading venues | about 31 | not published | not published | not published | not published |
| Asset managers and hedge funds (the buy side) | about 24,000 | about 22,000 | about 1,100 | about 360 | about 310 |
| FX, options and commodity contract dealers and brokers | about 1,300 | not published | not published | not published | not published |
US firm counts by industry code, banded deliberately.
At banks and dealers a front-office build is owned by the business line and paid for through markets technology. The trading or syndicate head defines the need and the technology head signs the engagement.
| Role | What they own | Why a build reaches them |
|---|---|---|
| Head of Electronic Trading | E-trading strategy for a desk or asset class | New electronic channels, RFQ and market color tools |
| CTO or Head of Markets Technology | Front-office technology budget and delivery | Replacing third-party front-office tools with in-house platforms |
| Head of Fixed Income Technology | Rates, credit and new-issue systems | Book building, order capture and allocation workflows |
| Head of Debt Capital Markets or Syndicate | The new-issue process end to end | Wider investor reach and less manual reconciliation |
Interdealer brokers and venues buy software to move voice markets onto screens and to launch new order books. The decision usually sits with the head of e-markets and the CTO together.
| Role | What they own | Why a build reaches them |
|---|---|---|
| Head of Electronic Broking or E-Markets | The electronic platform suite | New order books, session matching and trade workup |
| Chief Technology Officer | Platform architecture and delivery capacity | Matching engine speed and in-house team headwinds |
| Head of Product or Market Structure | Which markets and protocols launch next | A new market opening with a tight launch window |
| Chief Operating Officer | Cost, vendors and delivery risk | A team model that scales up or down with the work |
Asset managers and hedge funds buy custom builds for trading, research and client-facing tools. The CTO signs and the head of trading or investment operations brings the need.
| Role | What they own | Why a build reaches them |
|---|---|---|
| Chief Technology Officer | Investment technology budget | Legacy platforms due for migration |
| Head of Trading | Execution workflow and dealer connectivity | RFQ and liquidity access tools |
| Head of Investment Technology | Research and portfolio tooling | AI tooling for research and advisor workflows |
FX and options dealers and their brokers buy electronic platforms that support traders and brokers in voice markets. The head of FX e-commerce and the CTO usually decide together.
| Role | What they own | Why a build reaches them |
|---|---|---|
| Head of FX E-Commerce | Electronic FX and options distribution | Order book and RFQ platforms for options |
| Chief Technology Officer | Trading systems and delivery | Competing with established platforms on speed |
The people who usually sign at the groups above, one a company. Work emails and phone numbers checked on Oct 14, 2026.
| Name | Role | Company | Where | Phone | |
|---|---|---|---|---|---|
| William Quan | Chief Technology Officer | MarketAxess | London, United Kingdom | wquan@marketaxess.com | +44 789 591 7986 |
| Jamil Farshchi | EVP, Chief Technology Officer | Equifax | Atlanta, GA | jamil@equifax.com | +1 202 270 5039 |
| Ken Myers | Fractional Chief Technology Officer & Advisor | Paige | Houston, TX | +1 832 248 8168 | |
| Louis-James Davis | Chief Technology Officer | Nova Wallet | Manchester Area, United Kingdom | +44 754 039 9095 | |
| Peter Cotton | Chief Technology Officer (GSMC) | Primary Commodity Fund | New York | +1 207 939 2550 | |
| Jess Hurwitz | Senior Technical Advisor | CHAiNGE LLC | New York | jhurwitz@chaingenow.com | +1 914 525 2734 |
| Jody Mulkey | Chief Technology Officer | First American | Los Angeles, CA | jmulkey@firstam.com | +1 734 564 3015 |
| David Filer | Chief Technology Officer | a360inc | Tampa, FL | david.filer@a360inc.com | +1 727 674 3572 |
| Dmytro Bieliaiev | Chief Technology Officer | Spendbase | Ukraine | dmytro.bieliaiev@spendbase.co | +7 965 350 9696 |
| Rui Avelar Silva | Managing Director, Global Chief Technology Officer | HSBC | London, United Kingdom | +44 759 834 6141 |
Built from public federal registries and the company's own website, counts banded deliberately.
If a walk-through is useful, pick a time at cal.com/ecg.
Prepared by Matthew, matthew@enquirerconsulting.com.