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Dr. Moses Ma - Chairman and CEO
Moses Ma is the Chairman and CEO of MMG Partners. Dr. Ma has extensive experience in aiding the world's
leading exchanges and bulge-bracket investment banks to develop strategic plans regarding exchange
membership, alliances, new derivative products, straight through processing, trading services, and
information technology. He is also a serial entrepreneur, having been a founding partner of the Mitchell
Madison Group prior to MMG Partners.
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Dr. Ma worked with a market data vendor to develop a buy-side product strategy and their trading services
strategy. Recently he worked with the vendor to create a fixed income product to augment the current
equity indication of interest (IOI) product.
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Dr. Ma consulted to a large Mutual Life Insurance company to help them demutualize.
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Dr. Ma assisted the American Stock Exchange, helping them work out a strategy on their wireless system. He
also helped the exchange reduce purchased expenses in several areas. He developed an order processing
capacity planning model to address the increases in order volume (2X in October, 1997).
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Dr. Ma worked for one of the top three market data vendors to develop their Straight Through Processing
(STP) strategy. He also developed a fixed income transaction product that would appeal to both buy-side and
sell-side firms. Subsequently, he segmented their customers to develop uniquely targeted content-packages
priced with a view to maximize market share.
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Dr Ma worked with the top brokerage firm in the U.S. to reduce its market data costs. This work reduced its
equity market data cost by 30% in the U.S. and 22% overseas. The work also reduced the fixed income market
data cost by 25% throughout the world. He also worked to reduce the firms indicative data costs by 20%.
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Dr. Ma worked for the top brokerage firm/top institutional broker in the United States to reduce its IT and
market data costs by 30%. Separately, Dr. Ma has worked for a regional bank in the United States to reduce
its IT and market data costs.
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Dr. Ma recently worked for an investment bank in re-engineering its back-office operations and developing
its IT strategy. The re-engineering's aim was to reduce operations cost by redesigning or automating its
current process flows
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Dr. Ma consulted to a top investment bank in the United States to reduce its market data costs. He also
helped this firm develop the IT strategy for its market data environment, which included developing
technical analysis on TIBCO/RV and Triarch. Recently he has worked at reducing Brokerage costs for the front
office and Custody and Transaction costs through Network Management of the back office.
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Dr. Ma worked with NASDAQ to develop its NAqcess trading system.
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Dr. Ma recently worked with the London Stock Exchange, in its effort to develop a comprehensive strategic
plan. The work originated in developing a strategy and business case for Electronic Trade conformation.
Following the successful completion of that work, Dr. Ma developed a strategy for the Exchange in the area
of settlement given the advent of CREST. The strategic development moved to developing a strategy plan to
cover pricing of all Exchange products and services. Concurrently Dr. Ma worked in developing a strategy in
the area or Trade Management, which covers products and services that lie between trading and settlement. A
second project was performed in the pricing area concentrating on new innovative pricing schemes and composite pricing.
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Dr. Ma recently worked with the Chicago Stock Exchange to develop a strategy for the next five-year time
horizon. This strategy included major alliances with other exchanges, brokerages and institutions as an
assessment of both new market initiatives and internal restructuring opportunities
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Prior to this effort, Dr. Ma worked with the Swiss Stock Exchange to evaluate the redesign of its market
model and trading system for both equities and options, eventually leading to joint exchange trading for
equities and options. Dr. Ma is working with the Swiss Stock Exchange to develop a strategy for foreign
membership and pricing.
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In another effort, Dr. Ma served the Frankfurt Stock Exchange that had many disparate trading systems. The
task was to propose a new innovative market trading mechanism that would be accepted by the major banks and
the Securities industry. After the trading mechanism was designed, the task involved developing
business/technical specifications and requirements on how it could be automated.
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Dr. Ma was also involved in developing an overall strategy for the Bolsa de Bilbao. This work focused on
creating a competitive edge for the client over the other regionals. His key activities included:
determining what financial instruments should be offered by the Exchange, what market organization the
Exchange should have, and whether the Exchange systems should be automated. A critical piece of this effort
was a world-wide tour of exchanges to determine where automation would have the highest impact in the areas
of trading, routing, brokerage, price dissemination, and clearing and settlement systems.
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Dr. Ma also served the International Stock Exchange to examine potential alliances with NASDAQ, and the Over
the Counter market in the U.S. From this work, he prepared a white paper on the use of technology in
alliances.
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Another assignment involved automating the Indonesian Stock exchange. This included studying what was
currently available in the US. followed by recommendations to the stock exchange as to whether to Make or
Buy their own system. As part of this work, he studied the efficiency and fairness of different market types
and made a recommendation on which type would be appropriate for this developing country
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