Jefferies is set to acquire a 50% stake in Hildene Holding Company – parent  of credit-focused asset manager Hildene Capital Management. The firm will exchange its current revenue share and also pay an additional $340 million in cash as part of the transaction. Hildene’s principals will continue to own the rest of the firm. The move comes as part of Jefferies’ effort to enhance its credit investment opportunities and sees the sell-side firm up its previous investment in the asset manager.  The two firms’ partnership in 2022 specifically saw the investment bank owning a revenue share in Hildene’s asset management business.  Following the acquisition of a 50% stake, Jefferies will simultaneously reduce other planned investments in its Leucadia Asset Management division in 2026 by more than $500 million, to offset spending increases.  The move also aligns with recent news that Hildene had signed a deal to acquire fixed indexed annuities provider, SILAC, which will see Hildene take over SILAC’s outstanding common equity for $550 million in cash, upon regulatory approval.  Rich Handler, chief executive and Brian Friedman, president of Jefferies, said: “Origination and management of credit investment opportunities remain a central part of Jefferies’ long-term strategy.” Hildene currently holds more than $18 billion assets under management (AUM), providing services for clients spanning hedge funds, separately managed accounts, drawdowns, securitisation and insurance solutions products.  Brett Jefferson, founder, president and co-chief investment officer, and Dushyant Mehra, co-chief investment officer of Hildene, added: “We believe that expanding our partnership with Jefferies and completing the acquisition of SILAC will best position us to scale our platform, broaden our origination capabilities and support the long-term interests of SILAC’s policyholders while meeting the evolving needs of our clients and capital partners.” The post Jefferies boosts investment in US credit-focused asset manager Hildene, picks up 50% stake appeared first on The TRADE.

More and more hedge funds are choosing to split their execution across multiple algo providers, according to The TRADE’s most recent Algorithmic Trading: Hedge Funds Survey. The 2025 report found that using a diverse variety of brokers for algorithmic trading increasingly appears to be the norm, with almost 70% of firms surveyed using two or more providers.  Specifically, 41% use five or more providers, compared to 31% who leverage a single provider.  The survey also revealed that larger firms tend to utilise multiple providers, with the largest year-on-year increase of providers used stemming from firms in the $10 – $50 billion assets under management (AUM) band, noting an increase of 0.84 algo providers.  Similarly, firms with an AUM between $1 and $10 billion recorded a growth of 0.52 providers, bringing their total up to nearly five providers per firm.  The findings indicate an increased focus on risk management and performance strategy for larger firms when it comes to algorithmic trading, amid market volatility and growing complexity in financial instruments.  Moreover, the survey also forecast a further increase in the average number of providers used in years to come, as buy-side firms begin to adopt more algorithmic trading tools in the fixed income and FX markets to manage their risk more effectively.  ‘Speed’ showing a slow down As larger firms increasingly elect for multiple providers, the key drivers behind algorithmic usage are also changing across the buy-side.  While the need for ‘higher speed and lower latency’ has in the past been a top factor for hedge funds, this category noted the steepest decline in this year’s survey, recording a 1.81% drop from 2024.  Conversely, ‘greater anonymity’ saw the largest jump among usage factors, totalling 9.49% of responses, an increase of 2.47%, indicating a potential growing need for reduced implicit trading costs as the ‘race for microseconds’ in algorithmic trading loses traction across the industry. ‘Ease of use’, ‘reducing market impact’, ‘consistency of execution performance’ and ‘increasing trader productivity’ were also highlighted as top reasons for algorithm usage by the survey’s respondents.  Reflecting on this, it appears that priorities in the algorithmic trading sphere are shifting every year, as the buy-side increasingly adapts its needs as the space continues its rapid evolution.  The full 2025 survey can be accessed here.  The post Beyond the Data: Large hedge funds increasingly choosing to spread execution across multiple algo providers appeared first on The TRADE.

Amundi has entered a strategic partnership with First Abu Dhabi Bank (FAB), as part of an effort to expand investment solutions across regions encompassed in the Gulf Cooperation Council (GCC).  The two firms have signed a Memorandum of Understanding, which will aim to deliver a broad variety of financial services across client segments, formats and asset classes across the GCC, through combining both FAB and Amundi’s expertise in these areas.   Specifically, the GCC consists of six Arab nations which collaborate economically and politically, spanning Bahrain, Kuwait, Oman, Qatar, Saudia Arabia and the United Arab Emirates (UAE).  Valérie Baudson, chief executive of Amundi, said: “As we see accelerating demand for various investment solutions across the Middle East, partnering with FAB, a leading financial institution, supports our ambition to deepen our presence and capture long-term growth in this high-potential market.” Read more – First Abu Dhabi Bank taps Morgan Stanley for new trader The partnership aligns with increasing demand for a wide variety of investment solutions in the region, and also marks a further development for Amundi as the asset manager looks to expand its footprint in markets in the Middle East.  Hana Al Rostamani, group chief executive at FAB, said: “Our strategic partnership with Amundi is a key moment in FAB’s journey to elevate our investment capabilities and bring best-in-class asset management solutions to our clients. “By joining forces with one of the world’s leading asset managers, we are reinforcing FAB’s position as the UAE’s global bank and a partner of choice for clients seeking international expertise and tailored solutions.”  The post Amundi partners with First Abu Dhabi Bank to expand offering in the Middle East across various asset classes appeared first on The TRADE.

Nomura Asset Management International Dylan Kluth has been named head of equities trading for Asia Pacific at Nomura Asset Management International following two years in the same role at Macquarie Group.  Kluth’s new role is part of changes following the establishment of Nomura Asset Management International, created as part of the firm’s successful acquisition of Macquarie’s US and European public asset management business, which closed on 1 December 2025. He joined Macquarie Group as a portfolio manager and analyst in 2022, before becoming the firm’s head of equities trading for Asia Pacific in 2023, as revealed by The TRADE at the time.  Kluth will be based out of Sydney in the role and brings more than 15 years of industry experience, spanning dealing, equities trading and portfolio management.   Prior to Macquarie, Kluth spent nine years at AMP Capital in London, where he served as global head of dealing. He also held positions as head of dealing for EMEA and Americas, as well as multi-asset and equity dealer roles during his time at the firm.   State Street Chris Pizzotti has been named global head of FX sales and trading at State Street. He had most recently served as head of FX voice trading at the firm for seven years. In the new role, he will be responsible for the strategic direction and execution of State Street Markets’ FX sales and trading offering. Specifically, Boston-based Pizzotti will oversee all of the trading functions and client engagement. He initially joined as an FX trader back in 2010 before becoming head of Latam FX trading in 2017. Optiver Optiver has made three new senior appointments in its institutional sales team, focused on cash equities and ETFs. In London, Oliver Chapman will join the UK cash equity sales team, having most recently served as director in electronic equity sales at Barclays, while Ian Schneider is also set to join the firm, focused on relationships with US counterparties. Schneider joins from Morgan Stanley, where he was an executive director in cash equity sales. Additionally, Pierre Antoine Jaunâtre is a new addition to Optiver’s team in Amsterdam, set to drive ETF sales across France and Iberia. His move follows an 11-year stint at Flow Traders where he worked as an institutional trader, ETFs.  The hires are set to strengthen the firm’s direct-to-buy-side business liquidity offering across Europe and the US. All are set to report to Jean-Marie Tine, head of Delta-One institutional sales. The post People Moves Monday: Nomura, State Street and Optiver appeared first on The TRADE.

Euronext has launched its Auction Volume Discovery (AVD) order type for equities, as part of the firm’s effort to unlock additional liquidity for clients during auction periods.  The new offering, first announced in May this year, will allow participants using the AVD to make use of the auction imbalance and access unique trading opportunities around opening and closing auctions. Specifically, the launch follows an increase in client demand for new ways to interact with liquidity at auctions. Nicolas Rivard, global head of cash equity and data services at Euronext, said: “The launch of the AVD order type for equities is an important milestone in our Innovate for Growth 2027 strategic plan for cash trading. “This new solution underlines our commitment to expand trading opportunities for our clients while enhancing liquidity across our European markets.” Euronext’s AVD orders are to set to function by allowing participants to submit non-displayed orders throughout the trading day, which will then trade at the official opening or closing auction price.  Following this, the service will capture the auction imbalance after the regular auction process has taken place, and any remaining AVD orders will execute against other orders, while any unexecuted will expire as each respective auction finishes.  As a result, the offering aims to ensure that the auction’s price determination process does not change, and information leakage does not occur.  Euronext’s launch of its AVD offering follows an uptick in AVD-related plans by other firms in recent months.  In November, LSEG announced that it would upgrade its after-market trading session, Closing Price Crossing (CPX) to include iceberg and hidden orders post-close, scheduled to go live on 8 December.  Similarly, in April 2023, SIX Swiss Exchange unveiled its AVD functionality built of the firm’s dark pool, SwissAtMid, to provide asset managers with the option to execute orders without being visible to the wider market, as exclusively revealed by The TRADE at the time.  The post Euronext’s AVD order type for equities goes live appeared first on The TRADE.

Joe Aldred has been promoted as head of dealing at Stonehage Fleming Investment Management, succeeding Dan Madsen. Madsen left the firm in November after almost 20 years, as revealed by The TRADE at the time, with his next role currently unconfirmed. London-based Aldred has been at the buy-side firm since 2019, joining as a multi-asset dealer. Prior to his time at Stonehage Fleming, Aldred also served as a multi-asset dealer at Arbuthnot Latham & Co. He has worked in various dealer-based positions across the industry for more than ten years, and was recognised as one of The TRADE’s Rising Stars of Trading and Execution in 2021, for his up-and-coming talent on the buy-side.  He began his industry career at Smith & William, serving in multiple roles including as a unit trust dealer.  Stonehage Fleming declined to comment when approached by The TRADE. The post Stonehage Fleming hires from within to replace head of dealing appeared first on The TRADE.

The European Commission has unveiled a major package of reforms designed to fully integrate the EU’s financial markets.Developed as part of the SIU strategy, the initiative seeks to create a more efficient, competitive, and unified financial system, offering citizens better investment options and helping businesses access funding more easily. According to the European Commission, the EU’s capital markets remain fragmented and relatively small. In 2024, the market capitalisation of EU stock exchanges was 73% of GDP, compared with 270% in the US.  Divergent national rules and supervisory practices continue to hinder cross-border operations, limiting opportunities for investors and companies and affecting the bloc’s competitiveness. Maria Luís Albuquerque, commissioner for financial services and the savings and investments union, said: “For too long, Europe has tolerated a level of fragmentation that holds back our economy. Today we are making a deliberate choice to change course.” She added: “By building a real Single Financial Market, we will give people better opportunities to grow their wealth, and we unlock stronger financing for Europe’s priorities. Market integration is not a technical exercise – it is a political imperative for Europe’s prosperity and global relevance.” The new package addresses these challenges across four main areas.  The reforms centre on removing cross-border barriers and easing the way firms operate across the EU. It introduces broader passporting for trading venues and CSDs, a new pan-European market operator status to consolidate licenses, and simpler rules for distributing investment funds. It also updates the DLT pilot regulation to give market participants more flexibility and legal certainty. Supervision will shift further towards ESMA, which will take on direct oversight of major infrastructures including trading venues, CCPs, CSDs, and crypto-asset service providers.  At the same time, the Commission plans to simplify the rulebook by converting directives into regulations and reducing national discretions, cutting complexity and bringing more consistency across member states. Commenting on the proposals, the European Securities and Markets Association (ESMA), said: “We welcome the European Commission’s legislative proposal on market integration published today. This is a major step towards more efficient, harmonised, and competitive EU capital markets, and reflects many of the recommendations set out in ESMA’s 2024 Position Paper.  “By addressing fragmentation and streamlining supervision, the package will enable more seamless operations and better outcomes for investors and businesses across Europe. We stand ready to take on new responsibilities and look forward to working with the co-legislators to support the drive for deeper market integration.”  The proposals now move to the European Parliament and Council for negotiation and approval. Officials stress that keeping the package intact is essential, as its reforms are designed to work together to deliver a unified market for financial services across the EU. The post EU unveils ambitious plan to unify Europe’s financial markets appeared first on The TRADE.

Virginie Saade, managing director and head of government and regulatory policy, EMEA, at Citadel has joined EuroCTP’s advisory committee.  Currently, EuroCTP is the only confirmed bidder for ESMA EU equities consolidated tape, after xyt dropped out of the process in June 2025, citing a lack of necessary financial backing.  ESMA is expected to make a decision on the consolidated tape provider (CTP) by the end of 2025.  Speaking on the appointment, Eglantine Desautel, chief executive of EuroCTP said: “Virginie’s deep expertise in European market structure and regulatory strategy will be instrumental in ensuring our consolidated tape aligns with the expectations of markets and users across Europe.”  Read more – EuroCTP submits EU equities consolidated tape bid EuroCTP’s advisory committee spans members from across the industry, as well as academic and associations, to integrate a range of industry participants on the design of tape services.  Currently it spans 12 members, from firms such as BlackRock, BNP Paribas and Norges Bank, and includes Christiane Baumgarten, senior vice president at Deutsche Börse, Jessica Horsfall, global head of exchange relationship management at Bloomberg and Stephen Dorrian, European head of market data and access services at Cboe, among others.  Read more – Cboe head of market data joins EuroCTP advisory committee EuroCTP also confirmed that additional members are expected to join the committee in the future.  Desautel added: “Virginie’s arrival and contribution from the hedge fund perspective further reinforces the strength of our Advisory Committee, which brings together recognised experts in the sector to guide EuroCTP’s offering and governance. Leveraging this collective vision and experience, we are committed to shaping a robust and practical consolidated tape for Europe.”   EuroCTP is also backed by 16 exchanges as shareholders, with the Bratislava Stock Exchange joining as the latest addition in July 2025.  The post Sole confirmed EU equities consolidated tape bidder EuroCTP bolsters advisory committee with Citadel appointment appeared first on The TRADE.

Virginie Saade, managing director and head of government and regulatory policy, EMEA, at Citadel has joined EuroCTP’s advisory committee.  Currently, EuroCTP is the only confirmed bidder for ESMA EU equities consolidated tape, after xyt dropped out of the process in June 2025, citing a lack of necessary financial backing.  ESMA is expected to make a decision on the consolidated tape provider (CTP) by the end of 2025.  Speaking on the appointment, Eglantine Desautel, chief executive of EuroCTP said: “Virginie’s deep expertise in European market structure and regulatory strategy will be instrumental in ensuring our consolidated tape aligns with the expectations of markets and users across Europe.”  Read more – EuroCTP submits EU equities consolidated tape bid EuroCTP’s advisory committee spans members from across the industry, as well as academic and associations, to integrate a range of industry participants on the design of tape services.  Currently it spans 12 members, from firms such as BlackRock, BNP Paribas and Norges Bank, and includes Christiane Baumgarten, senior vice president at Deutsche Börse, Jessica Horsfall, global head of exchange relationship management at Bloomberg and Stephen Dorrian, European head of market data and access services at Cboe, among others.  Read more – Cboe head of market data joins EuroCTP advisory committee EuroCTP also confirmed that additional members are expected to join the committee in the future.  Desautel added: “Virginie’s arrival and contribution from the hedge fund perspective further reinforces the strength of our Advisory Committee, which brings together recognised experts in the sector to guide EuroCTP’s offering and governance. Leveraging this collective vision and experience, we are committed to shaping a robust and practical consolidated tape for Europe.”   EuroCTP is also backed by 16 exchanges as shareholders, with the Bratislava Stock Exchange joining as the latest addition in July 2025.  The post Sole confirmed EU equities consolidated tape bidder EuroCTP bolsters advisory committee with Citadel hire appeared first on The TRADE.

As the prospect of 24/5 trading continues to be increasingly discussed across the industry, more and more firms are anticipating a rise in overnight trading over the next few years.  Val WottonSpecifically, approximately 1-10% of all equity volume is predicted to be traded during overnight sessions by 2028, according to firms surveyed in a recent report from the Depository Trust & Clearing Corporation (DTCC) and EY. The study pointed towards retail participation as an initial driver of these increases, with greater institutional interest expected to grow during periods of market stress and as infrastructure around 24/5 trading begins to develop.  More than half of those surveyed predicted that institutional parties would begin to participate in overnight activity during times of market turbulence.  The study also highlighted global demand, most notably from APAC investors, and regulation allowing for overnight trading as further reasons behind a potential increase in 24/5 trading.  “As interest in near round-the-clock trading of US equities grows, we are meeting this demand by extending our clearing hours to support our clients and further strengthen the safety and soundness of the markets,” said Val Wotton, DTCC’s managing director and global head of equities solutions.  Read more – National Securities Clearing Corporation to extend clearing to support extended trading hours Additionally, possible challenges and areas that firms should be aware of ahead of a potential growth in extended trading hours were emphasised in the report. The need for the necessary infrastructure and technology required to support a transition to this model were both highlighted, in reference to the risk, margin and liquidity management complexities that 24/5 trading poses to firms.  To mitigate these obstacles, the report proposed that firms should ensure that market safeguards are aligned, including circuit breakers and surveillance, as well as updating SIP data feeds to an extended trading model to achieve real-time accuracy and market stability.  Read more – An un-unified approach to expanding equities trading hours “Extending trading hours represents a significant step for US equity markets, aligning market structure with the expectations of an increasingly global, always-on investor base,” said Mark Nichols, principal and capital markets strategy and market structure leader at EY US.  “Through this collaboration with DTCC, we aim to equip market participants with clear, actionable insights on navigating the complex firmwide implications and operating model considerations of a 24×5 trading environment – helping the industry collectively build a more accessible and resilient marketplace.” The report – ‘the shift to 24×5 trading: what it means for US equity markets’ – surveyed 95 participants from 84 firms, which included 72 members of the National Securities Clearing Corporation. The post Up to 10% of all equity volume could be traded in overnight sessions by 2028, report reveals appeared first on The TRADE.

Transaction Network Services (TNS) had enabled connectivity to Tokyo Financial Exchange (TFX), marking the completion of the firm’s coverage across all major Japanese exchanges.  Jeff MezgerThrough the partnership, TNS users will be able to gain direct access to TFX, allowing both domestic and international firms to make use of trading connectivity in Japan through a single provider.  The move now completes TNS’ full suite of services in Japan, spanning hosting data and connectivity.  “Partnering with TNS opens new doors for TFX by providing exposure to its robust network of global market participants,” said Ryosuke Seo, director of wholesale business department at TFX.  “This collaboration positions TFX to expand its international footprint and deliver greater access and efficiency to traders worldwide.” The addition of TFX expands the firm’s exchange portfolio, including Japannext and the Japan Exchange Group, the latter which encompasses the Tokyo Stock Exchange (TSE), Osaka Exchange (OSE) and Tokyo Commodity Exchange (TOCOM) under its umbrella.  Jeff Mezger, vice president of product management at TNS, said: “Completing our coverage across all Japanese exchanges is a milestone that strengthens our offering in one of the world’s largest financial centers.” “This expansion further cements TNS as a one-stop shop for global trading access.” The partnership highlights TNS’ aim to continue investment into the APAC region. The firm initially expanded into the markets in 2020, providing clients with access to equities, commodities, fixed income and currency markets coverage from Hong Kong Exchanges and Clearing (HKEX).  In addition, the firm has increasingly enhanced its global offering in recent months, and in July 2025, TNS added six Latin American equities and derivatives exchanges to its network.  The offering makes use of the nuam exchange access point in Santiago to connect to markets in Chile, Peru and Colombia.  The post TNS completes coverage across all major Japanese exchanges with TFX connection appeared first on The TRADE.

Dylan Kluth has been named head of equities trading for Asia Pacific at Nomura Asset Management International following two years in the same role at Macquarie Group. He joins the firm following a nearly four-year tenure as Macquarie Group, which he joined as a portfolio manager and analyst in 2022, before becoming the firm’s head of equities trading for Asia Pacific in 2023, as revealed by The TRADE at the time. Kluth’s new role is part of changes following the establishment of Nomura Asset Management International, created as part of the firm’s successful acquisition of Macquarie’s US and European public asset management business, which closed on 1 December 2025. More than 700 Macquarie employees will join Nomura Group in the deal, valued at a purchase price of $1.8 billion. Kluth will be based out of Sydney in his new role and brings more than 15 years of industry experience to his new role, spanning dealing, equities trading and portfolio management.  Prior to Macquarie, Kluth spent nine years at AMP Capital in London, where he served as global head of dealing. He also held positions as head of dealing for EMEA and Americas, as well as multi-asset and equity dealer roles during his time at the firm.  He began his industry career as an associate in investment operations at AMP Capital Brookfield, Brookfield Investment Management in 2009, based in Chicago.  Kluth confirmed his new position in an announcement on social media.  Nomura had not responded to a request for comment at the time of publication.  The post Nomura Asset Management International begins reshuffle, taps Macquarie Group for APAC head of equities trading appeared first on The TRADE.

SIX has unveiled plans to combine its two central counterparties (CCPs) into a single multi-asset CCP, based in Spain, subject to regulatory approval.  The move marks a further step in the firm’s efforts to form a pan-European clearing business. It aims to create a unified clearing house for the firm, called SIX Clearing, integrating SIX x-clear, operating in Switzerland and BME Clearing in Spain, to enhance the firm’s post-trade infrastructure and increase resilience, efficiency and competition across Europe’s financial markets.  Specifically, the offering will combine SIX x-clear’s interoperable pan-European cash equity model with BME Clearing’s multi-asset capabilities to form the new CCP.  The new CCP will be headquartered in Madrid, but is set to retain presences in Zurich and Oslo. Additionally, the offering will make use of BME Clearing’s existing EU license to provide SIX Clearing with access to European Central Bank (ECB) EUR liquidity, as well as T2, T2S and other EU relevant regulated markets and multilateral trading facilities (MTFs).  Read more – SIX selects Aquis Technologies to deliver harmonised trading platform across European exchanges “We are very pleased to announce this project, that will create a more comprehensive clearing service,” said Rafael Moral, head securities services at SIX.  As a consolidated CCP, SIX will be able to diversify into other asset classes and expand the reach of our offering. With the EU license, we are in a position to become the leading provider of integrated and digital post-trade solutions for the European market and compete internationally with a unique value proposition.” Read more – SIX signs seven-year strategic data partnership with Barclays The move follows the firm’s recent acquisition of Norwegian clearing technology provider, Baymarkets, in November 2025.  The merger is expected to strengthen SIX’s derivatives clearing capabilities and represents a further expansion of the firm’s post-trade offering across Europe.  The post SIX x-clear and BME Clearing to merge into a single pan-European CCP appeared first on The TRADE.

Equities-focused asset management group Comgest is considering a potential move to outsource some its trading activities, The TRADE has learnt.So far, no decision has been made as to whether the buy-side firm will outsource or not.  A spokesperson at Comgest told The TRADE at the end of October: “As part of an ongoing effort to enhance the firm’s ability to create value for its clients, we are exploring whether it would be beneficial to outsource our portfolio trading activity over the long term.“We are having conversations with several outsourcing providers, but no decision on whether to outsource has been made.” Several sources speaking to The TRADE believe that Amundi is one of the front runners for the mandate. Specifically, Amundi Intermediation – the firm’s regulated entity dedicated to best execution – offers buy-side outsourced dealing solutions for all asset classes and geographies. Amundi declined to comment when approached by The TRADE.Comgest has offices across the globe, with on the ground presence in: Austria, Belgium, France (its headquarters), Germany, Hong Kong, Ireland, Italy, Japan, the Netherlands, Singapore, the UK, and the US.According to the international firm, its current investment process is one of bottom-up stock-pickers, building portfolios on a company-by-company basis, irrespective of benchmarks, geography or sector allocations. Read more – Outsourced trading: Easy to do, difficult to get rightAs outsourced trading continues to grow in popularity among the buy-side – whether it’s an all-in model or a hybrid approach – the space is becoming an increasingly relevant topic.The past 12 months has been a rollercoaster of developments across the sphere, with several firms already having made the move to outsource some, or all, of its trading operations.The post Comgest ‘exploring’ outsourcing of portfolio trading activity appeared first on The TRADE.

ION has expanded its Fidessa trading solution with the addition of a request for quote (RFQ) functionality, as well as integrating Tradeweb’s electronic platform for exchange traded funds (ETFs). Adam GouldThe new offering will allow Tradeweb and Fidessa users to access enhanced automation and risk management spanning the entire trading lifecycle – from execution to settlement – to provide competitive pricing and workflow efficiencies, as well as a wider pool of global liquidity.  Adam Gould, global head of equities at Tradeweb, said: “This integration gives customers efficient access to Tradeweb’s advanced RFQ functionality, competitive pricing and deep pool of liquidity providers in a seamless and streamlined way.  “By leveraging Tradeweb’s ETF RFQ functionality, ION clients will unlock greater transparency, richer data insights and enhanced best-execution in their ETF trading strategies.” Specifically, through enabling Tradeweb’s automated RFQ functionality and straight-through processing with Fidessa, the enhancement aims to address challenges faced by institutional investors participating in ETF trading, including manual intervention and operational inefficiencies.  Read more – ION integrates FastTrade with Equiduct Robert Cioffi, global head of equities product management at ION, said: “This partnership advances the automation of ETF RFQ flow, making it easier than ever for Fidessa users to tap into diverse liquidity sources and achieve superior execution outcomes.” The product expansion marks a further ETF-related development for Tradeweb in recent months. In November 2024, the firm announced a collaboration with the Tokyo Stock Exchange (TSE) to expand liquidity in Japanese ETFs, including the establishment of a direct link between Tradeweb and TSE’s RFQ platform CONNEQTOR.  The post ION adds ETF RFQ functionality to Fidessa platform appeared first on The TRADE.

Optiver has confirmed three new senior appointments in its institutional sales team, focused on cash equities and ETFs.In London, Oliver Chapman will join the UK cash equity sales team, having most recently served as director in electronic equity sales at Barclays, while Ian Schneider is also set to join the firm, focused on relationships with US counterparties.Schneider joins from Morgan Stanley, where he was an executive director in cash equity sales. Read more: Optiver to convert to a systematic internaliser Additionally, Pierre Antoine Jaunâtre is a new addition to Optiver’s team in Amsterdam, set to drive ETF sales across France and Iberia. His move follows an 11-year stint at Flow Traders where he worked as an institutional trader, ETFs. The hires are set to strengthen the firm’s direct-to-buy-side business liquidity offering across Europe and the US.All are set to report to Jean-Marie Tine, head of Delta-One institutional sales, who asserted that the hires will “bring deep experience and strong relationships” and “represent the next stage of our growth – expanding liquidity provision in European equities to US counterparties, strengthening our UK presence, and building our direct ETF trading capabilities.”He added: “Optiver’s direct counterparty business is focused on providing institutional investors with a compelling alternative to traditional execution channels.”The post Optiver bolsters institutional sales team appeared first on The TRADE.

Ediphy has consented to lifting the suspension of the UK Financial Conduct Authority’s (FCA) bond consolidated tape contract, awarded to Etrading Software.  Specifically, Ediphy has said that this decision has been driven by a need to prioritise certainty for the UK bond market, and prevent any further delays to the tape’s delivery, ensuring the conclusion of Etrading Software’s contract. Additionally, despite the suspension removal, Ediphy will maintain its claim for damages in the High Court. The firm also reiterated its drivers behind its claim, detailing “unmanaged conflicts of interest”, referencing a senior individual’s dual involvement with the FCA and Etrading Software, as well as “irrationality and auction integrity failures” during the closing stages of procurement.  Chris Murphy, chief executive of Ediphy, said: “We are clearing the path for the contract to be signed because the market needs certainty. While our claim for damages remains in place, we are transitioning our role from challenger to observer. We will be watching to ensure the winner delivers exactly what was promised in the tender, without the service degradation or cross-subsidisation that a £0.68 price tag implies.” The news comes more than two months after Ediphy first challenged the FCA’s decision to award Etrading Software the consolidated tape provider (CTP) mandate in September 2025.  Read more – Etrading Software submits witness statement to support FCA’s appeal to the High Court on bond CT Following the lifting of the suspension, Etrading Software will continue to work towards the delivery of the tape, currently scheduled to go live on 22 June 2026.  In the build-up to the tape, the firm will also engage with market stakeholders, and release technical specifications, publication of contracts and fee levels, formation of a consultative committee, and launch a series of webinars to help the industry prepare.  Read more – FCA asks High Court to lift suspension on bond consolidated tape award Speaking to The TRADE, Sassan Danesh, chief executive of Etrading Software, said: “We welcome Ediphy’s recent decision not to oppose the FCA’s application to lift the suspension on the UK Bond Consolidated Tape contract. Their decision helps bring greater certainty to the UK market, and reflects a strong desire across the industry to ensure that this important infrastructure can progress without unnecessary disruption.”  “The two transparency initiatives are complementary, and as such, we believe the two tape providers have a moral responsibility to work collaboratively to support each other, their common clients, and public authorities on both sides of the Channel.” More to follow… The post Ediphy consents to lifting the automatic suspension of the FCA UK bond tape contract appeared first on The TRADE.

US investment bank Stifel is set to shutter its UK-based equities trading business, with potential job cuts expected alongside the closure.  The news confirms the firm’s re-evaluation of its UK sales trading unit, first revealed by The TRADE back in April 2025.  Staff were informed of the closure of the firm’s UK equities trading offering on 1 December 2025, sources close to the matter have told The TRADE.  The move is understood to support the firm in shifting its focus towards becoming an advisory-led business in Europe, with capital raising capabilities for mid-market issuers.  Speaking on the news, Neil Shapiro, head of corporate communications at Stifel, said: “This is the next phase in the evolution of our European operations, advancing our transition to a more advisory-centric, capital light business model.  “Any decision to intentionally exit select businesses is designed to best position the firm for sustained success, concentrating on high-growth opportunities where Stifel has a meaningful competitive advantage.” The firm has also confirmed that it will continue to offer several key services, spanning corporate broking, equity research, sales, and trading of European financial institutions through its investment banking arm, KBW.  In addition, Stifel will also still offer its UK and EU-based clients with execution services and US research, alongside its IRIS product, specialising in healthcare and tech services, and associated sales and execution.  Several senior staff members have already left the firm, as reported by The TRADE in April, including UK market maker for Stifel Nicolaus Europe, Robert Tappin and European equity trader, Peter Chapman.  In addition, equity sales traders Louise Brooks and Kevin James have also left the business, while departures have also been noted in Stifel’s electronic and DMA team, with Mark Barnes, director of electronic sales trading, managing director of electronic trading, Tony Nash and managing director for electronic hybrid sales trading, Colin Robb are all believed to have left the firm.More to follow…The post Stifel to follow through on UK equities trading exit appeared first on The TRADE.

Bernstein has launched a new exchange-traded fund (ETF) execution algorithm – ETF Fair Point – as part of an effort to enhance liquidity access to equity ETFs. The product was developed in close collaboration with Societe Generale and aims to provide institutional investors with ETF execution solutions through a combination of Bernstein’s agency-only trading platform and smart order routing, and Societe Generale’s ETF liquidity and market-making capabilities.  Specifically, the new algorithm is designed to provide a variety of strategies to be adaptable to client needs, and includes features spanning: robust fair value, multiple liquidity pools, premium and discount optimisation, adaptive urgency scaling, order completion and advanced analytics.  Jeremy Bruce, head of trading EMEA at Bernstein, said: “By integrating Bernstein’s cutting-edge technology with Societe Generale’s ETF market leadership, we are delivering a differentiated solution that empowers institutional investors seeking sophisticated, unconflicted ETF execution solutions with transparency and precision.” The offering also marks an expansion of Bernstein, which was launched as a joint venture between AllianceBernstein and Societe Generale in April 2024, with the aim of focusing on global cash equities and equity research for institutional investors, corporates and financial institutions.  Additionally, the news follows a recent uptick in the growth of ETF assets across the world, highlighting the importance of execution quality as the products begin to be more widely traded.  In Europe, assets in active ETFs reached €62.4 billion by the end of August 2025, a 12% growth from the €55.5 billion reported at the close of 2024, Morningstar research has shown.  Read more – Active ETF market in Europe is growing thanks to fixed income surge Similarly, several firms have begun to adapt to the growing institutional demand for ETFs. In September, Euronext launched the first fully integrated marketplace for European ETFs and exchange-traded products (ETPs), aiming to provide a single integrated environment for listing, trading, clearing and settlement of ETFs and ETPs. The post Bernstein unveils ETF execution algorithm appeared first on The TRADE.

Chris Pizzotti has been named global head of FX sales and trading at State Street. He had most recently served as head of FX voice trading at the firm for seven years.In the new role, he will be responsible for the strategic direction and execution of State Street Markets’ FX sales and trading offering.Specifically, Boston-based Pizzotti will oversee all of the trading functions and client engagement.He initially joined as an FX trader back in 2010 before becoming head of Latam FX trading in 2017.Read more: What trading heads believe make for ‘the perfect trader’Earlier this year, State Street unveiled updates to its digital trading and FX platform in a move aimed at “allowing clients to make more efficient and effective trading decisions using next-gen infrastructure”.Key features included: a complete view of clients’ technology portfolios and workflows in one central system; access to around 700 buy- and sell-side entities.The post State Street promotes from within for new global head of FX sales and trading appeared first on The TRADE.