As the number of venues offering prediction markets looks set to grow globally in the coming months and years, exchanges of all shapes and sizes are thinking increasingly seriously about the practical factors behind launching into the space. This is according to new research from Connamara Technologies and Acuiti, which found that among the traditional financial exchanges, nearly half (47%) were indeed ‘considering’ launching prediction markets. However, notably just 5% had made a definitive commitment. When it came to the empirical side of the coin, those surveyed highlighted the primary technology challenges which are front of mind when considering the launch of prediction markets. Top of the list, ‘market design complexity’ was cited by 62% of respondents as a main envisaged barrier, closely followed by ‘integration with existing systems’, and ‘post-trade settlement’. For those as yet unconvinced, factors which were cited as most likely to ‘make [your] exchange seriously consider launching prediction markets’ included demand from institutional or retail clients, and clearer regulatory frameworks. Read more: Institutional prop trading interest in prediction markets on the up, report reveals Trading venues looking toward the prediction markets are focused on expanding retail bases, the report stated, but specifically doing so in the optimal manner, with minimal disruption. “Prediction markets represent the next frontier for attracting retail traders. However, they also pose a potential threat to incumbent listed derivatives markets if flows are redirected away from futures and options and towards prediction markets,” explained Acuiti. Elsewhere, the study assessed the practicalities of building the technology required to offer prediction markets. When questioned, 57% of venues confirmed plans for ‘a hybrid build strategy, combining in-house development with third-party technology’. As interest grows, so too will competition in the space. With firms highly cognisant of that fact, ‘time to market’ was – arguably understandably – considered the most important factor when evaluating external technology providers. Speaking to the future outlook of the space, and reflecting on the findings, Ross Lancaster, head of research at Acuiti, asserted: “Our research suggests that there will be a significant number of venues launching prediction markets globally over the coming years.  “The ones that succeed will be those that can come to market quickly with robust, institutional grade technology.” Acuiti and Connamara Technologies’ ‘the race to build prediction markets’ study surveyed senior executives at both traditional and digital asset exchanges, as well as betting companies. The post Almost half of traditional derivatives exchanges ‘considering’ prediction markets  appeared first on The TRADE.

Nasdaq has entered a strategic partnership with Boerse Stuttgart Group’s which will see the trading venue connect to tokenised settlement platform Seturion. Roland Chai.Specifically, Nasdaq will connect its European trading venues to Seturion’s platform, enabling tokenised securities executed on those venues to settle through the distributed ledger-based infrastructure. The move is aimed at facilitating the trading and settlement of tokenised securities across Europe. According to the firm’s, the collaboration will improve the efficiency of Europe’s post-trade environment while preserving existing trading workflows and market structures – including Mifid II and the EU’s DLT Pilot Regime. The initiative will initially focus on structured products, with the partners aiming to expand the ecosystem of issuers, brokers and other financial institutions connected to the platform over time. Roland Chai, president of European market services and head of digital assets at Nasdaq, said: “European capital markets face fragmentation and efficiency challenges that limit the region’s competitive potential. Tokenisation presents a transformative opportunity to address inefficiencies in settlement and securities processing workflows, while preserving the trust, stability, and regulatory rigour that underpin well-functioning markets.  “This partnership builds on our broader vision for the future of market infrastructure, encompassing continuous operation across trading, clearing, settlement, risk management, and collateral.” Read more: Tokenisation edging towards inflection point Boerse Stuttgart Group launched Seturion in September 2025. The infrastructure supports multiple asset classes across both public and private distributed ledger (DLT) networks and enables settlement against central bank money as well as on-chain cash. Matthias Voelkel, chief executive of Boerse Stuttgart Group, explained: “With Seturion, we are building the pan-European settlement platform for tokenised assets. As an open industry solution, Seturion contributes to overcome current national settlement infrastructure silos and to turn a unified European capital market into reality. “We are delighted to welcome Nasdaq – an absolute leader in its field, as Seturion’s first partner and look forward to scaling Seturion across Europe.” Back in September 2025, Nasdaq submitted a filing to the US Securities and Exchange Commission in a move which is set to allow for the trading of tokenised securities on its markets.   Specifically, the proposed rule change was set to enable Nasdaq member firms to trade tokenised versions of equity securities and exchange traded products (ETPs) as regular securities.   The post Nasdaq European trading venues to connect to Boerse Stuttgart Group settlement platform  appeared first on The TRADE.

Panmure Liberum has appointed Michael Finney as head of sales, joining from Mediobanca where he spent the past four years in institutional equity sales covering European clients. He is set to report to David Parsons, head of equities at Panmure Liberum, and work closely with execution, research and investment banking teams as the firm looks to grow market share across key asset classes. Commenting on the appointment, Parsons said: “[Finney] has an incredibly strong reputation in the market and I am delighted to welcome him to the team. “His leadership and depth of expertise will allow us to drive further growth in the business, as we continue to meet the evolving needs of both corporate and institutional clients – particularly during these volatile times.” Read more: Rothschild & Co Redburn sales trader joins Panmure Liberum Finney previously served as chief executive and co-founder of hedge fund, High Ground Investment Management between 2019 and 2022, before returning to the sell-side. Earlier in his career he spent more than eight years at RBC Capital Markets as head of mid-cap equity sales and corporate access. He has also held roles at Société Générale, Dresdner Kleinwort Wasserstein and Donaldson, Lufkin & Jenrette. The post Panmure Liberum names new head of sales  appeared first on The TRADE.

Barclays  Markets stalwart Richard Worrell has left the London Stock Exchange Group (LSEG) after more than two years and is set to join Barclays, as revealed by The TRADE. His role is currently unconfirmed.  During his tenure at LSEG he served as co-head of equity trading and head of business development, responsible for boosting the exchange’s rankings and driving its next stage of growth.   London-based Worrell has worked across equity trading in the industry for almost 30 years.  He joined LSEG in 2024 after nearly seven years at Janus Henderson as head of EMEA equity trading, marking a shift away from the buy-side.  Prior to this, he also spent almost a decade at the asset manager as an equity trader, and has also held similar positions at firms including Redburn and SEB. Franklin Templeton Chris O’Donoghue has joined Franklin Templeton as a senior trader, after nearly 12 years at T. Rowe Price.   O’Donoghue will be based out of London in his new role and joins after serving as a fixed income trader at T. Rowe Price, specialising in emerging markets (EM) local and developed market rates.   He brings more than two decades of industry experience to his position at the firm and has also previously served as a supervisor for trade order management and settlements at RBC Investor & Treasury Services.   Prior to this, he worked at Northern Trust for two years earlier in his career, serving as a settlements clerk.   Canaccord Genuity  Joanne Dempsey has joined Canaccord Genuity in London, as a managing director on the global electronic execution desk.   Dempsey brings more than 25 years of industry experience to her new role, and joins the firm from Stifel, where she spent more than 13 years as a director for the firm’s electronic trading offering, SELECT.  Prior to this, Dempsey headed up sales trading as Silverwind Securities for more than two years, and has also served in the same role at ODL Securities.   She also holds extensive sales trading experience from firms including Seymour Pierce and Dresdner Kleinwort Wasserstein, where she began her industry career in 2000.   The post People Moves Monday: Barclays, Franklin Templeton, and Canaccord Genuity appeared first on The TRADE.

Every year on 8 March, the world celebrates the achievements of women across the world as we mark International Women’s Day. This year The TRADE wanted to pay special attention to the women working across our capital markets. Eden Simmer, head of global equity trading at PIMCO, Laura-Jayne Carlyle, senior fixed income trader at BlackRock, and Gozde Yildiz, fixed income trader at UBS Asset Management, share their market outlooks, reflect on their career paths, and discuss the opportunities and challenges shaping the industry’s future, highlighting the contribution of women across the sector. Paramount was unpacking the key messages from the industry that young women considering a career in capital markets should hear. Diversity as an opportunity, rather than a hurdle In March 2016, the UK Government launched the HM Treasury Women in Finance Charter, with the aim of building a greater sense of equality and gender balance in senior management across capital markets. Since then, various annual reviews have taken place, with progress revealing that average female representation in senior management in this sector increased from 35% in 2023 to 36% in 2024. In addition, the report indicated that a one percentage point increase has been an annual standard since the launch of the charter, meaning that if this uptick continues, female presence in these senior roles should reach parity by 2038.  Building on this, finding pathways to the trading floor can be difficult for all those looking to stake their claim in the industry. However, as Yildiz highlights, diversity and an open mindset are key to building a successful career in capital markets.  “One persistent misconception is that trading success depends on personality stereotypes rather than professional discipline. In reality, the most effective traders tend to be measured, analytical, and process driven,” says Yildiz. “The most damaging assumption is that anyone must conform to a predefined mould to succeed. Markets are complex adaptive systems, and they consistently reward diversity of perspective far more than uniformity of style.” Similar sentiment was also echoed by Carlyle, who asserts that being one of the only women in your department, or on the trading floor, actually offers an advantage by providing diversity and a broad range of talent to the industry.  Commenting on this, she explains: “If markets capture your interest, let that curiosity guide you. Early in my career, as one of the only women on the trading floor, I quickly realised that being different could be an advantage. The strongest contributions I’ve seen come from people willing to think differently and challenge assumptions thoughtfully.  “Diverse perspectives, including female perspectives, offer insights that strengthen decision-making and enrich market outcomes. Markets don’t require a single personality type or background.”  In this context, AI emerges as a unique opportunity to help level the playing field. AI as an opportunity to equalise Artificial Intelligence is continuing making to make a significant impact across the entirety of capital markets. Within trading specifically, the rise of the technology presents both opportunities and concerns, ranging from the ability to make workflows and desks more efficient, and ultimately more successful, to fears around losing that vital human touch. These discussions appear to be a dominating force in the industry at the moment – often front of mind at conferences and other industry discussions – however, there is a further key benefit presented by AI, which does not appear to be as commonly discussed.  Tying into the possibility of advancing workflows and speeding up processes, Simmer highlighted that the advent and advancement of AI will act in favour of the women working in trading and capital markets.  Simmer explains: “I see AI as such a great equaliser for women. What are we often tasked with? The invisible work. If we’re able to move higher and higher up that hierarchy of Bloom’s taxonomy, away from the transactional, away from the analysing, and up to evaluate and create, that’s where the value-add is. “That’s where the big strategic decisions are, where the senior roles are, where the meaningful projects live. I know there’s going to be displacement and disruption with AI, but I also think it’s going to be a force for good in many different ways.” Of course, AI presents many opportunities for all participants across the entire trading ecosystem, and becoming AI-literate is quickly becoming a vital skill for those looking to gain the most benefits from an industry where this technology is no longer an if, but an integral cog.  When questioned on the skills and traits that have mattered most over the course of her career, Carlyle highlights the importance of mindset, over individual capabilities.  “What’s mattered most in my trading career isn’t a single skill, it’s a mindset. Staying curious about markets, liquidity, and technology has kept me ahead as fixed income trading evolves. Emotional resilience is crucial: being comfortable with uncertainty, detaching from short-term noise, and learning from mistakes.”  Building on the importance of not being afraid to adapt to and work with AI, she adds: “Today, understanding how AI, automation, and new market structures reshape execution is essential. Translating complex data into actionable insight for portfolio managers, while staying disciplined and adaptable, defines success in the modern fixed income world. The best trades often come from listening, observing, and thinking several steps ahead.” The importance of visibility Despite the HM Treasury Women in Finance Charter indicating that the financial services sector may be on its way to parity in terms of having women in senior leadership positions, there is still much to be done. Notably, according to new data from law firm Fox & Partners, women only represent 15.3% of partners in hedge funds, private equity and other financial services in the UK. Specifically, these numbers constitute 794 women in these roles, in comparison to 4,411 male partners.  As many who work across the industry will be aware, conferences and events are an intrinsic part of the markets, bringing together experts and participants from all corners of the industry, to network and share insights. Simmer, Carlyle and Yildiz are all frequent participants on panels at these conferences, discussing important industry topics and collaborating with peers to produce fruitful reflections.  For Simmer, the importance of being visible in the industry, whether through panel discussions, online engagement or elsewhere, cannot be underestimated: “When you don’t see something, when you can’t imagine it, it’s hard to envision yourself in those roles. Sometimes it’s not even about having something important to say. Maybe the physical manifestation of me sitting there is enough to trigger someone to think – “this is how it should be”. “Your brain is trained by visuals to define what success looks like, and historically that image hasn’t always included someone like me. So showing up matters.”  Behind every great woman, is another great woman When it comes to making waves on the trading floor, or simply just finding your place in the industry, the importance of having a senior female figure to look up to was commonly reiterated as a vital pillar to lean on when shaping a career in capital markets. As one of the only women on the trading floor when she started out, Carlyle asserts that the support and guidance provided from female mentors cannot be underestimated.  “I’ve been fortunate to have female mentors whose guidance and example helped me navigate challenges with greater confidence. Mentorship isn’t always formal, sometimes it’s a quiet conversation after a difficult day, or simply observing calm, decisive leadership under pressure. Those moments shape you.” A similar sentiment is shared by Yildiz, who highlights that to achieve success in financial markets, a willingness to learn and continuously be open to feedback is a critical skill all traders should keep in their toolkit. “Mentors provide perspective, strategic guidance, and practical insight that accelerate development and strengthen decision-making. Seeing women excel in senior roles reinforces a powerful principle: progression in this industry is driven by capability, integrity, and contribution,” comments Yildiz. “Approach your role with preparation, professionalism, and confidence in your work ethic. Be intellectually engaged, open to feedback, and supportive of your team. Thriving in markets is not about competing for attention; it is about continuously refining your understanding, contributing thoughtfully, and building credibility through consistent performance.” However, the value of learning from your peers and cohort should also not be underestimated. As previously discussed, conferences and industry events are great places to refine your skills, however valuable support can also be derived from the trading floor.  As Simmer adds” “Mentorship is valuable, but sponsorship is where the true leverage lies. The relationship works when you’re thinking about how you can contribute, how you can take something off their plate, how you can uplift them as they uplift you. “Some of the richest lessons I’ve had didn’t just come from supportive mentors and sponsors, but from moments that made me think, “I don’t want to lead like that”. Paying attention to those feelings, to the metacognition of what’s happening, is incredibly powerful.” In addition, while mentorship and sponsorship provide leverage at an individual level, networks can create momentum collectively. As Carlyle observes: “Women’s networks have helped me build trusted relationships and collaboration opportunities that genuinely support career progression. Through them, I’ve gained industry insight from outside my immediate environment, access to external mentors, and the encouragement that comes from visible representation.  “They’ve also created space for shared experiences, whether navigating leadership or balancing motherhood, which builds perspective, solidarity and confidence in equal measure.” Looking ahead Modernisation and innovation are at the fore of capital markets, and it appears that these developments are only going to continue in the coming years. Looking ahead, Carlyle, Yildiz and Simmer all shared key messages for young women considering capital markets, highlighting the importance of curiosity and diversity.  “My message to young women is to trust your intellectual instincts, stay curious, and recognise that markets ultimately reward preparation, discipline, and clarity of thought,” says Yildiz.  “Capital markets are one of the most intellectually rewarding environments to build a career because they combine analytical rigour, real-time decision-making, and global perspective. If you enjoy understanding how macroeconomics, policy, and human behaviour translate into market outcomes, this industry offers a uniquely stimulating platform.” This was also echoed by Carlyle, who emphasised the importance of mindset when shaping a career in this industry: “What’s mattered most in my trading career isn’t a single skill, it’s a mindset. Staying curious about markets, liquidity, and technology has kept me ahead as fixed income trading evolves. Emotional resilience is crucial: being comfortable with uncertainty, detaching from short-term noise, and learning from mistakes.” Ultimately, on International Women’s Day, the story isn’t just about the barriers women have broken, but also the futures they’re building. As Simmer reflects: “We’re moving from a task-driven society to a purpose-driven society. And there is purpose in investing, there is purpose in finance. Women search for meaning, and wealth may not create meaning, but it creates freedom. And freedom allows you to seek out the life you want to build.  “As everyone writes their own story, remember others are writing theirs too. The barriers are getting lower every day. There is space at the table and increasingly, we’re building new tables altogether.” The post International Women’s Day 2026: Celebrating women shaping the industry appeared first on The TRADE.

Markets stalwart Richard Worrell has left the London Stock Exchange Group (LSEG) after more than two years and is set to join Barclays, The TRADE has learnt. His role is currently unconfirmed. During his tenure at LSEG he served as co-head of equity trading and head of business development, responsible for boosting the exchange’s rankings and driving its next stage of growth. LSEG confirmed that Worrell had left the organisation when contacted by The TRADE. Read more: LSEG’s Richard Worrell on partnering with the buy-side, the key to driving innovation across European equities and ETFsLondon-based Worrell has worked across equity trading in the industry for almost 30 years.He joined LSEG in 2024 after nearly seven years at Janus Henderson as head of EMEA equity trading, marking a shift away from the buy-side. Prior to this, he also spent almost a decade at the asset manager as an equity trader, and has also held similar positions at firms including Redburn and SEB.Read more: LSEG posts revenue increases across markets segment in 2025Barclays declined to comment when contacted by The TRADE. The post LSEG co-head of equity trading Worrell joins Barclays appeared first on The TRADE.

Heated exchanges centred on market data pricing pressures at the FIX EMEA Trading Conference on Thursday – specifically, how costs are affecting market entry and liquidity growth.  Recently new transparency requirements have meant that exchanges must disclose the margins they make on market data, translating into pricing model restructuring, which many trading venues are concerned will result in higher operational costs, particularly for smaller firms.  Specifically, this impact has raised questions around creating limited competition across European markets, and making it difficult for new entrants to stake their place and concentrating liquidity back onto primary exchanges.  This sentiment was echoed by one panellist, who said: “There’s a real concern about price of market data, which has to be studied. The whole of the industry, or many parts of it, is lobbying very hard for price controls on trading venues. We pushed very hard against, because 85% of the cost of market data doesn’t sit with venues. It sits with distributors and unregulated data vendors.  Building on this, discussions also highlighted the need for data-driven studies to be carried out before price controls are implemented.  “In normal regulation, you would prove a theory of harm, but despite the hundreds of thousands of euros spent on sponsored reports, that work was never done,” commented one expert.  In addition, the point of competition was frequently surfaced throughout the debate and also highlighted the potential impact that rising data costs may have for global investors considering European markets, and how this may skew their perception.  One panellist questioned: “We’re talking about we want to grow the market. Why are we putting up barriers?”  “I remember having previous conversations, around the fact that participants weren’t willing to enter the market from the US because they thought it was a little over fragmented in terms of post-trade, which is a valid and good point, but also because of the cost structure.” Read more – Fixed income AI surge is increasing market data demands rather than easing pressure However, as one panellist rebutted, rising costs and limited competition may be unavoidable, due to the nature of market data itself. “We have to charge for market data, and competition is extremely difficult because the nature of market data is to be monopolistic.” With opinions differing on how best to approach concerns around market data, the debate appeared to ultimately underscore a broader challenge facing European markets. Namely, how to balance transparency and fair pricing with the need to encourage competition and market growth.  How that balance is navigated through regulation and policy shifts in the coming months and years will certainly be one to watch.   The post Market data costs – the new market structure battleground appeared first on The TRADE.

The tokenisation market, though currently still small compared to other sectors, is at a tipping point, with momentum building, according to experts at the FIX EMEA Trading Conference. Specifically, increasing activity and evolving regulatory support are seeing digital asset adoption gaining pace, reflecting a “new kind of lifestyle experience,” for market participants, as described by one panellist.  Referencing increasing regulatory support, discussions highlighted political factors, as well as key drivers in the Americas, such as the GENIUS Act, passed in July 2025 to create a framework for stablecoins, and the CLARITY Act, which is expected to be passed in 2026.  Speaking on the importance of these developments, one expert commented: “For the last couple of years we were experimenting, and we’ve had a number of use cases. Traditional assets in tokenised format currently stand at about $30 billion which is a very small fraction, importantly we now have more or less the regulatory landscape fully in place.” Read more – European perspective on tokenisation and the move toward 24-hour trading  The critical nature of this regulation for digital assets reaching an inflection point should not be undermined, with one panellist emphasising: “You are paralysed if there is no clarity from a regulatory standpoint.” Building bridges between tradfi and digital assets  Despite this, it still appears that there is much to be done to fully scale the adoption of tokenisation across the entire financial markets landscape.  To ensure the success of this adoption, learning lessons from traditional finance appears to essential to ensure all participants are comfortable with this transition.  Within this, discussions highlighted that tokens must be standardised and interoperable to avoid fragmented liquidity pools or “walled gardens”, with one expert stating: “Fundamentally, for institutional adoption of tokenisation you need the same fungibility and same rights and legal enforcement as securities themselves.” In addition, panellists were also quick to point out that digital markets need to ensure they are adapting key parts of traditional markets, to enable a smooth transition, and keep a sense of consistency and interoperability between these two divergent parts of the industry. Read more – Institutional demand for digital assets growing, yet obstacles to adoption remain Within this, replicating the trust seen in traditional markets into digital landscapes is essential. “In the traditional financial world, everything is based on a very high level of professionalism and trust,” commented a panellist.  “Therefore, we clearly need regulation and the partnership of the public sector, central banks, Ministry of Finances and the buy-side, sell-side and market infrastructure players. That’s where we will see significant dynamics coming in.” In a similar vein, legacy systems should not be abandoned or ‘disrespected’ when scaling tokenisation in modern financial markets, with one panellist affirming: “Legacy systems play an important role, so by interacting with traditional OMS systems and enabling links to fixed gateways, you’re able to trade traditionally without ripping up legacy infrastructure. We need to allow interoperability of legacy systems with this digital world.” With the next few years set to see tokenisation and digital assets creating an increasingly bigger place for themselves across markets, panellists were unanimous in agreeing that the time is now for the industry to begin preparing for this shift.  As one expert concluded: “Digital transformation comes quicker than expected. That’s why as an industry we have to work on rebuilding financial market information infrastructure now.” The post Tokenisation edging towards inflection point appeared first on The TRADE.

Intercontinental Exchange (ICE) has made a strategic investment in crypto exchange OKX, as traditional market operators continue to explore closer links with digital asset platforms. The investment values OKX at $25 billion (£18.75 billion), although financial terms were not disclosed.Alongside the investment, the two firms said they will establish a strategic relationship focused on areas including market structure design, clearing and risk management, market data and institutional access to digital assets.ICE will take a seat on the company’s board as part of the agreement. The collaboration forms part of ICE’s broader efforts to expand its role in digital market infrastructure, including the development of on-chain capabilities across trading, settlement, custody and capital formation. Jeffrey Sprecher, ICE chair & CEO, said: “Our strategic relationship with OKX will expand global retail access to ICE’s pre-eminent regulated markets and accelerate our plans to offer on-chain infrastructure and tokenised assets to US investors. “Star has created a highly successful company, with enormous distribution which will now connect NYSE and ICE markets to OKX’s customer base, bringing an exciting new stage for both vectors of finance.” One of the initiatives under consideration is the launch of US-regulated crypto futures contracts using spot pricing data from OKX. The contracts would aim to provide institutional investors with regulated derivatives exposure to crypto markets, rather than requiring direct participation in underlying token markets. The firms are also exploring the possibility of expanding access to traditional markets through crypto platforms.  Subject to regulatory approval, OKX could offer its users access to ICE’s US futures markets as well as tokenised equities linked to the New York Stock Exchange. ICE said its minority stake in OKX is not expected to have a material impact on its 2026 financial results or capital return plans. Star Xu, founder and CEO of OKX, said: “This relationship brings together OKX’s digital-asset execution stack and ICE’s regulated-market technology – operators of two high-performance matching engines and transparent order books – to help build a more reliable market structure that bridges digital assets and equities, strengthens cross-market price formation, and meets institutional standards for risk and compliance.” OKX operates under licensing regimes across several jurisdictions, including the United States, Europe, the UAE, Singapore and Australia, and has processed trillions of dollars in trading volume through its platform. The firm also operates institutional trading and custody services, alongside wallet technology and developer tools designed for participation across both centralised and decentralised markets.The post ICE invests in digital asset exchange OKX amid push to connect traditional and crypto markets appeared first on The TRADE.

Data is undoubtedly the beating heart of capital markets, and its importance in regulatory efforts, to drive market transparency and supervision was a key talking point at the FIX EMEA Trading Conference 2026 on Thursday.  Emphasising the market’s dependence of high-quality data, one panellist referenced the well-known quote by economist W. Edwards Deming, which states that “without data you’re just another person with an opinion.” With this in mind, conversations turned to the central role that data collection and usage play in regulatory oversight, with suggestions that less burdensome data requirements will drive market transparency and supervision.  Against this backdrop, panellists discussed how regulators across Europe and the UK can best harness data to capitalise on these opportunities. A recurring theme was the ongoing need for consistent conversation and collaboration with market participants to ensure this success, with one panellist asserting that “public data standards should be largely industry driven and not regulatory driven.” This was also echoed by one regulation expert, who asserted: “We want genuine discussions and conversations with the market, and we’re thinking about how we optimise the transparency, and have addressable liquidity.  “There are ways in which we can improve in terms of the scope of trade reporting and flagging the new trade reports. We want to ask questions around what we think the longer-term direction might be, and what impact might that have?” Building on this, discussions also indicated that having strong data can be used across European markets as a tool to drive forward further innovation and showcase the continent’s liquidity to participants across the whole world.  The starting point for this, in 2026 at least, appears to be the upcoming consolidated tapes, with the UK bond tape set to go live in June, followed closely by the EU’s equity tape in early July. Read more – Policymakers must implement changes now to enhance data for EU’s consolidated tape, urges EFAMA With hopes that the delivery of these tapes will bring an elevated level of transparency and liquidity to European markets, panellists expressed optimism that these developments will spark further investment in Europe and boost its global competitiveness.  “Thinking about the impact on the economy is essential to anything behind the tape,” said one expert.  “Ultimately what we want is a tool that will showcase liquidity to companies around the world so they know this is a great place to come and list, raise capital and grow, to then make trading more efficient so that markets become more liquid and continue to get better outcomes. That runs through all our work on data.” Communication and synergy between regulators and market participants therefore appear more critical than ever. Read more – EU unveils ambitious plan to unify Europe’s financial marketsAs one panellist concluded: “We really want to understand the landscape that we’re regulating within. We’ve also said that we want to be a smarter regulator and part of what that means for us is constantly challenging ourselves.”  The post ‘Without data you’re just another person with an opinion’ appeared first on The TRADE.

Trading technology provider Adaptive has received strategic investment from Citi and HSBC, as the firm looks to bolster its growth and product innovation.  Matt BarrettSpecifically, the collaboration is focused on Adaptive’s suite of Aeron products – delivering open-source messaging and clustering technology. The capital is expected to enable the firm to scale its delivery of cloud-native solutions and meet an increasing demand for client-owned, differentiated trading technology.  Matt Barrett, chief executive and co-founder of Adaptive, said: “While our expansion has been self-funded until now, the trajectory of capital markets technology is rapidly shifting, fuelled by AI and cloud migration. This funding enables us to accelerate our product development and cement our leadership in the next wave of disruptive technology across the financial ecosystem.” The investment also aligns with a market which is seeing increasing liquidity and trading infrastructure migrating to the cloud and is set to support the adoption of open-source, modular and platform-based technology across capital markets.  Nikhil Joshi, global head of markets technology at Citi, said: ”In the rapidly evolving landscape of capital markets, the shift towards modular and cloud-native architectures demands robust and scalable high-performance trading infrastructure. Our investment in Adaptive reflects their strategic direction and the importance of innovative technologies such as Aeron, in fostering a more resilient and efficient financial ecosystem.” The investment is set to support Adaptive’s growth and follows further significant developments for the firm in recent times.  In February 2025, Adaptive partnered with financial messaging protocol provider Rapid Addition to integrate FIX capabilities into Adaptive’s custom trading technology platforms, as revealed by The TRADE at the time.  This collaboration aimed to enable firms to simplify counterparty FIX onboarding and order routing workflow, as the market continues to see increasing necessity for clients to stay on top of regulatory change and margin pressures. The post Trading technology firm Adaptive receives capital injection from Citi and HSBC appeared first on The TRADE.

Multi-asset trading firm STG Group has expanded its trading operations through the launch of its new broker-dealer business division, STG Securities.The firm already specialises in systematic and quantitative strategies, and through this development will now be a comprehensive electronic market maker and global trading firm.The new offering – known at STG Securities – is set to build on the Group’s existing technology, quant expertise, and capital in order to “provide competitive liquidity across exchanges and partnerships”, according to an official announcement.Specifically, STG Securities will contribute market expertise and liquidity on-exchange to a range of market participants.Read more: Transforming broker-dealer operations with automationIn 2024, the firm completed the acquisition of Automated Volatility Trading (AVT) – previously a US options group at Barclays – consolidating AVT’s trading operations into STG Securities, in a move aimed at bolstering its systematic options capabilities.The post STG Group launches new market maker appeared first on The TRADE.

Joanne Dempsey has joined Canaccord Genuity in London, as a managing director on the global electronic execution desk.  Dempsey brings more than 25 years of industry experience to her new role, and joins the firm from Stifel, where she spent more than 13 years as a director for the firm’s electronic trading offering, SELECT. She confirmed her new role in an announcement on social media. Her appointment follows news confirmed in December 2025 that Stifel was shuttering its UK-based equities trading business, to shift its focus towards becoming an advisory-led business in Europe, with capital raising capabilities for mid-market issuers. The firm confirmed at the time that the exit was likely to coincide with potential job cuts. The story was initially revealed by The TRADE in April 2025.  Prior to this, Dempsey headed up sales trading as Silverwind Securities for more than two years, and has also served in the same role at ODL Securities.  She also holds extensive sales trading experience from firms including Seymour Pierce and Dresdner Kleinwort Wasserstein, where she began her industry career in 2000.  Read more – Canaccord Genuity taps HSBC for equity sales trader Canaccord Genuity had not responded to a request for comment by the time of publication.  The post Former Stifel electronic trading director joins Canaccord Genuity appeared first on The TRADE.

LSEG has entered an agreement with the Australian Securities Exchange (ASX) in a bid to upgrade the exchange’s derivatives trading platform, ASX 24.  Specifically, the partnership will include the integration of LSEG’s Markets Technology offering, with the aim of creating a high-performance, low-latency trading platform, which focuses on increased resilience and reduced operational risk. In addition, the enhancement is set to allow ASX 24 to expand its product set and boost the sophistication of both Australian and global derivatives trading. Bruce Kellaway, global head of LSEG Markets Technology, said: “ASX 24 plays a vital role not only in Australia but across global derivatives markets. LSEG Markets Technology underpins major exchanges around the world, and this partnership reinforces our shared commitment to maintaining strong, transparent, and globally competitive markets while demonstrating leadership in delivering world-class markets technology at scale.” To ensure a smooth transition the this upgraded platform, ASX and LSEG Markets Technology are set to work together over the course of 2026, with a focus on platform design, testing, migration and participant readiness.  Read more – LSEG posts revenue increases across markets segment in 2025 Moreover, the agreement also marks an expansion of LSEG Market Technology’s global support network, spanning Tier-1 and emerging markets such as Brazil, Qatar, Argentina and Singapore.  “Upgrading ASX 24’s trading platform is a critical investment in the long-term resilience and performance of Australia’s derivatives markets platform,” said Farid Sammur, head of markets technology at ASX. “This upgrade positions ASX 24 with the infrastructure to innovate faster, continue to respond to changing participant needs, and maintain a high standard of operational excellence in our market.” This development follows a spate of recent partnership for LSEG over the past few months.  In February, the firm entered a collaboration with Bank of America to provide access to LSEG’s data, analytics and workflow capabilities, closely followed by a similar partnership with Standard Chartered in the same month.  The post LSEG to upgrade Australian Securities Exchange’s derivatives trading platform appeared first on The TRADE.

Bloomberg has enhanced its existing real-time news feeds offerings, by enabling customisable capabilities to deliver machine-readable news.  By delivering these capabilities, the firm aims to reduce manual processing for its clients, by directly integrating high-quality, targeted news inputs into trading and risk workflows, spanning automated market-making, event-driven and quantitative trading. The new offerings, which are powered by ‘tickerised’ versions of the previous news feeds, are expected to allow clients to personalise their own news content from companies, securities and global macro themes selected by them, The TRADE understands. In addition, the enhancements also integrate advanced analytics which make use of proprietary sentiment models and granular metadata tagging, which operates in real-time.  Speaking to The TRADE, Cory Albert, global head of real-time data and technology at Bloomberg, said: “The move toward “tickerised” news feeds represents a significant shift for the front office, moving from traditional consumption of a firehose of unstructured news data to continuous, machine-readable awareness of market events relevant to specific trading strategies in real time. By delivering news only for instruments that a user requests, Bloomberg is reducing the lift on the back end for traders who previously had to manually sift through broad global news feeds before they could be operationalised in their systematic strategies.”On top of this, the enhanced feeds also include news insights, which aim to support workflows such as risk monitoring and anomaly detection in systematic environments, by aggregating underlying news data at the entity level.“For example, news insights could pre-empt a trader with information such as: news activity on an instrument of interest is higher than normal by a specific factor, the sentiment of the news is positive, and the normalised theme for the stories is mergers and acquisitions,” Albert explained. Read more – Bloomberg embeds agentic AI into the Terminal  Bloomberg’s current real-time news feeds offering spans more than 175,000 web and social media sources, including news analytics, which covers story level company sentiment scores and market moving news indicators, as well as textual news, which includes more than 220,000 entities, 10,000 topics, and 660,000 people. Albert added: “These actionable signals can be integrated directly into systematic workflows, and always tied back to their source stories. This enables traders to combine targeted, normalised news inputs and analytics they trust with event, market, and pricing data to support faster, more consistent investment decisions.”The post Bloomberg enhances real-time news feeds offerings with customisable capabilities for trading and risk workflows appeared first on The TRADE.

Chris O’Donoghue has joined Franklin Templeton as a senior trader, after nearly 12 years at T. Rowe Price.  O’Donoghue will be based out of London in his new role and joins after serving as a fixed income trader at T. Rowe Price, specialising in emerging markets (EM) local and developed market rates.  He brings more than two decades of industry experience to his position at the firm and has also previously served as a supervisor for trade order management and settlements at RBC Investor & Treasury Services.  Read more – Franklin Templeton’s Hariharan Srinivasan on tapping the full potential of LLMs in trading processes Prior to this, he worked at Northern Trust for two years earlier in his career, serving as a settlements clerk.  Speaking in an announcement on social media, O’Donoghue said: “Grateful for the journey that led me here and for everyone who’s supported me along the way. Excited for this next chapter!” Franklin Templeton and T. Rowe Price had not responded to a request for comment at the time of publication. The post T. Rowe Price fixed income trader joins Franklin Templeton appeared first on The TRADE.

DTCC is preparing to launch a new suite of equities data portals that will give market participants a more streamlined view of clearing, settlement and post-trade activity across its core subsidiaries.  The portals bring together data from the National Securities Clearing Corporation (NSCC), the Depository Trust Company (DTC) and the Institutional Trade Processing (ITP) platform into a single environment, allowing firms to monitor operational performance without relying on multiple systems. Developed with client input, the tools are designed to address growing demand for consolidated reporting and easier access to operational data.  “Launching these portals is a significant milestone in DTCC’s continuing transformation journey,” said Val Wotton, DTCC managing director and global head of equities solutions. “By combining DTCC’s trusted data with the power of Snowflake’s enterprise ready platform, we are creating a scalable, secure, and high-performance solution that enhances the client experience and equips clients with actionable insights that may be used to measure their operational efficiency.” Built on Snowflake’s AI data cloud infrastructure, the portals will provide interactive dashboards and customisable analytics, allowing users to track settlement rates, identify outstanding exceptions and benchmark performance across asset classes. Firms will also be able to access historical clearing and settlement metrics, drill down into trade-level data and create tailored reporting views that link broader performance trends to underlying transactions. The securities data experiences portal, which integrates NSCC and DTC data, is currently in beta testing with selected firms and is expected to launch in the first quarter of 2026.  A redesigned ITP analytics portal is due to follow in the second quarter, as firms look for more direct access to operational data in an increasingly compressed settlement environment. The post DTCC reveals next-generation equities data portals appeared first on The TRADE.

EFAMA has called on policymakers to implement data-related changes to the EU pre-trade shares and ETFs consolidated tape, recently proposed in the European Commission’s Market Integration and Supervision Package (MISP). EFAMA’s members span service providers and corporate bodies from firms including BlackRock, Invesco, DWS and Fidelity International, as well as European national associations, with the aim of advocating for policy improvements for the investment management industry.  Specifically, the package outlined that the tape’s pre-trade data should include venue attribution, as well as five layers of data, to ensure efficient adoption and overall success of the tape.  With these proposals in mind, EFAMA has said in a recent paper that it ‘supports and applauds’ the European Commission’s recommended improvements, and has outlined that retail investor behaviour, global demand for EU ETFs and small and mid-cap stocks, in particular, will benefit from the implementation of these changes.  In addition, the regulatory body has also underlined the importance of ensuring these changes are made now, and not until the next tender of the tape is announced in 2031, to “enhance the attractiveness of EU capital markets and improve the viability of the tape.” Commenting on this, Susan Yavari, deputy director at EFAMA, said: “In the current legislative package, the European Commission has zeroed in on critical improvements to the consolidated tape just ahead of its launch.   “With so much riding on the successful delivery of a consolidated tape for Europe, we call on policymakers to endorse these changes with immediate effect.’’ Unpacking the specific use cases that would benefit from these changes, EFAMA highlighted that better informed retail investors would help to improve cross-border flows by demanding access to any trading venue in the EU, and challenging prices.  In addition, publishing full market data for the ETF market in Europe is expected to enhance global investor interest, as well as enhance the representation of European small and mid-cap stocks in ETF baskets. Read more – Trade associations call on ESMA and the European Commission to strengthen consolidated tape framework In December 2025, EuroCTP was selected by the European Securities and Markets Authority (ESMA) to be the EU’s first consolidated tape provider (CTP) for shares and exchange-traded funds (ETFs).  Currently, the tape is set to go live in July 2026, with recent moves such as the announcement of the tape’s proposed access framework and fee structure expected to support the development and delivery of the tape.  The post Policymakers must implement changes now to enhance data for EU’s consolidated tape, urges EFAMA appeared first on The TRADE.

Capital Group Jim Goldie has been named head of ETF capital markets for Europe and Asia-Pacific at Capital Group following a decade at Invesco.  Goldie most recently held the role of international head of capital markets, ETFs and indexed strategies.  In the new role, London-based Goldie is set to lead the development of the ETF capital markets function across Europe and Asia-Pacific, supporting the firm’s plans to serve more clients across the regions.  He is also currently chair of the EFAMA ETF taskforce, and co-chair of the EU’s T+1 governance committee for asset management.  Rothschild & Co Rothschild & Co has named Joelle Tarrant as the firm’s new head of market structure and strategy, The TRADE can reveal.   Tarrant will be based out of Rothschild & Co’s London office and is set to support the firm’s integrated equity capital solutions platform, Global Markets Solutions (GMS), in her new role.   Tarrant brings more than 15 years of industry experience to her new role, and joins the firm from HSBC, where she most recently served as global co-head of cross asset electronic sales.   She initially joined the bank in 2017 as a director, global head of market structure and index strategy, and has also held the positions of head of European electronic trading and head of continental equities execution during her time at the firm.   Prior to this, she worked at RBC for more than three years as a director in electronic trading and market structure.   Wells Fargo Charles Adams has joined Wells Fargo as a senior lead in European rates cash trading, following a 14-year tenure at JP Morgan.   Adams will be based out of London in his new role, which will see him trading and building out the firm’s market making platform across SSA and related rates securities.  He joins Wells Fargo after a year as head of EMEA sovereign, supranational, and agency (SSA) and credit repo trading at JP Morgan, having initially joined as an analyst in January 2011.   During his time at JP Morgan, Adams worked his way up the ranks, serving in various different roles across both London and Paris, including working as head of EMEA specials trading, where he set up and ran the continental SSA and credit repo trading desk in Paris, and built out the business’ European footprint.   Investec Investec has appointed Vinesh Chhaya as an electronic equities sales trader, as part of the firm’s efforts to build out its electronic trading capabilities and strengthen client coverage, The TRADE can reveal.   London-based Chhaya brings extensive industry experience working in senior positions across the sell-side to his new role, and he is also set to support Investec’s development of its electronic execution platform, ZebrA-X, which launched in February 2025.   Chhaya joins Investec from Peel Hunt, where he spent more than two years as an algo sales trader.   Prior to this, he held an electronic sales trading role at Numis Securities for four years, as well as working as an equity sales trader at Canaccord Genuity from 2016 to 2019.   Citi Citi has appointed Thai Nguyet Minh (Minh Thai) as head of markets and country treasurer for Vietnam.   The appointment aligns with Citi’s plans to capitalise on growth opportunities with Vietnam’s markets, and in her new role, Minh Thai is set to support the firm’s development and execution of short and long-term strategies for its Vietnamese markets franchise and clients.  Minh Thai will report to Sue Lee, head of markets for Asia South, and brings almost 20 years of markets experience to her new position, working across sectors spanning client advisory, foreign exchange and derivatives.   She joins the firm from Maybank, where she spent the past year as head of global markets Vietnam.   Prior to this, she worked at BNP Paribas for almost 15 years, initially joining as a graduate in 2010, before working her way up the ranks to later become head of global macro sales.   Kraken John Palmer has joined US cryptocurrency exchange Kraken as global head of derivatives.   New York-based Palmer brings extensive derivatives experience to his new role, and joins Kraken after nearly two years at IEX, initially joining as head of options, before becoming head of cross asset product. Before this, he held various positions at Cboe Global Markets where he worked for five years, before later returning in 2022 after a stint as CrossTower as global head of product strategy.   During his time at Cboe, Palmer served in roles including as president of Cboe Digital, head of options and a senior vice president, working in US derivatives market development.   Cadian Capital Management  Ashish Hansoty has joined Cadian Capital Management as an equity trader, based out of New York.   Hansoty brings almost two decades of industry experience to his new role, and joins the buy-side firm from Soros Fund Management, where he had worked for the last 14 years.   He initially joined Soros Fund Management in a role in the middle office in 2011, before becoming a multi-asset class trading assistant, and later stepping into his most recent role as an execution trader covering equities.   Hansoty also gained early career at JP Morgan, where he served as an associate in the middle office.   The post People Moves Monday: Capital Group, Rothschild & Co, Citi and more… appeared first on The TRADE.

Ashish Hansoty has joined Cadian Capital Management as an equity trader, based out of New York.  Hansoty brings almost two decades of industry experience to his new role, and joins the buy-side firm from Soros Fund Management, where he had worked for the last 14 years.  He initially joined Soros Fund Management in a role in the middle office in 2011, before becoming a multi-asset class trading assistant, and later stepping into his most recent role as an execution trader covering equities.  Hansoty also gained early career at JP Morgan, where he served as an associate in the middle office.  Hansoty confirmed his new role in an announcement on social media.  Cadian Capital Management had not responded to a request for comment at the time of publication. The post Cadian Capital Management appoints equity trader appeared first on The TRADE.