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After a successful tenure and a distinguished capital markets career spanning four decades, Whit Conary recently retired from Kezar Markets, owner of Kezar Trading, the broker-dealer operator of the LeveL and Luminex Alternative Trading Systems.
Traders Magazine caught up with former Kezar Markets CEO to discuss his career, the evolution of alternative trading systems, and his enduring legacy in the industry.
After 18 years as CEO, what are you most proud of in terms of the company’s achievements and growth during your tenure?
Starting out as one of the first independently operated Alternative Trading Systems 18 years ago, we were able to innovate and adapt in a challenging and ever changing environment. I take the most pride in helping build an incredible team and culture that has become a leader in a very competitive industry.
How did the company’s strategy evolve over the years, especially as the financial markets and regulatory environment changed?
LeveL ATS started as a way for banks and broker dealers to find liquidity away from traditional exchanges. Our ability to innovate and deliver products efficiently has allowed us to create a marketplace with multiple strategies to meet the demands of our clients. The addition of a VWAP (volume weighted average price) product, conditional trading for larger block orders, multilateral trading to help clients customize their experience are a few examples of responding to
customer needs. Our merger a few years ago with the block trading platform Luminex has afforded Kezar Markets the ability to serve a broader audience while introducing more
diverse liquidity.
What’s been the most rewarding part of leading Kezar Markets/Level ATS?
Watching how a true team can react to and adapt to any challenge. The ability to step down knowing you have an experienced leader and team to step in without missing a beat. The greatest reward has been watching my colleagues grow over the years to become true stars in a competitive
industry.
How would you describe the changes you saw in financial markets during your time at Kezar Markets?
I started my career as a clerk on the Boston Stock Exchangewhen we wrote physical tickets for every order. While the markets are still based on the buying and selling of securities, the development and adaptation of technology has been incredible. The transformation and evolution of the US equity space beginning with the growth in algos, the proliferation of Alternative Trading Systems and more recently the adaptation of electronic benchmark systems, has been amazing to witness.
How have you seen the role of alternative trading systems (ATS) evolve over the years, and what are the key trends shaping their future?
As I mentioned earlier, ATS’s have evolved from simple matching platforms to multi strategy marketplaces to serve a broader audience. I believe one of the biggest trends shaping the growth in ATS’s is the development of benchmark based trading which allows two counterparties with similar strategies to interact based on volume and pricing averages. Whether it is a price based on volume weighted average or a percentage of volume over a specific time, it allows clients the ability to
trade efficiently with lower market impact.
What were some of the key technological advancements or market shifts you witnessed during your time as CEO that you believe fundamentally changed how markets operate today?
The advancements in technology have allowed much more competition in the markets. Technology has allowed algos and smart routing to seek out the venues of best execution for clients based on their unique strategies.
What do you hope your legacy at Kezar Markets will be? What do you want people to remember most about your time as CEO?
I would like the culture of family and success that has been built over the years to continue. I would like to be remembered as one part of a team that has built something that will not only survive the competitive challenges, but enjoy the successes that each so richly deserve.
Do you have any advice for leaders in the financial services industry who aspire to build
a company or lead an organization through significant changes?
Build a team that will work together towards shared goals. Give everyone the opportunity and support to grow and the autonomy they need to do the job. Always listen to your customer. Have dialogues based on what they need and work with them to provide it. You can guess what your customer
needs, but they know it.
What’s next for you after retirement? Are you planning to stay involved in the financial
industry, perhaps through consulting, mentoring, or serving on boards?
I will always make myself available to the Kezar team moving forward. Other than that, I don’t have any immediate plans in the financial industry.
What are some of the passions or interests you’ve always wanted to explore further now that you have more time?
My golf handicap always needs improvement. I do plan on traveling quite a bit. Seeing every national park has been a dream and I am less than halfway there. I guess just sitting back and being grateful for an industry that has given me so much and the long term friendships that I will carry with me.
