ING ING has appointed Alexander Critien as global head of FM rates and nonlinear trading.  The newly created role will see Critien lead ING’s global FM rates and nonlinear trading platform, working closely with regional trading teams, technology partners, quantitative functions and other key stakeholders.  Based out of London, Critien is set to report to Niall Carton, global head of FM trading. Critien brings nearly two decades of experience in rates options trading to his new role and joins ING after having spent his entire career at JPMorgan based out of London and Paris.   He joined JP Morgan in 2006 as an analyst and progressed through the ranks to managing director, most recently serving as head of EMEA rates options trading, where he was desk head and risk owner for the business.  Critien holds strong expertise infront office technology, quantitative tooling within rates options, and has also worked extensively in volatility products across currencies, including EUR, GBP and CHF.  Cantor Fitzgerald Cantor Fitzgerald has expanded its fixed income trading team with the addition of Christine Belliard.   Belliard joins the investment bank as a fixed income trader, having previously spent more than a year in a similar role at JonesTrading.   Prior to this, she also held a 15-year tenure at Bank of America as a vice president, having initially joined the firm in 2009.Panmure Liberum Emma Horner has joined Panmure Liberum as vice president, sales trader.   London-based Horner joins the UK investment bank after spending two years in a similar role at Rothschild & Co Redburn.   While at the firm, she worked as part of the US high-touch trading team, with a key focus of US equities trading for institutional investors.   Prior to this, she also gained early career experience at Ebury, working across fintech, FX trading and trade finance.Barclays Barclays has appointed Chetan Vohra as global head of securitised products, based out of New York.   In his new role, Vohra is set to lead the securitised products business for the firm, and will report to Adeel Khan, head of global markets.   His addition to Barclays is expected to bolster the firm’s securitised products platform, and strengthen cross-asset connectivity, as well as engagement across origination, financing and trading.   Vohra has worked across capital markets for more than two decades, and brings extensive securitised products experience to his position at Barclays.   He joins from American alternative investment firm, Cerberus Capital Management, where he served as a senior managing director and portfolio manager, working across residential and asset backed loan trading, origination, finance, private credit, SFR debt and equity.   Prior to this, he had worked at Citi for 19 years, in various different roles spanning fixed income, MBS trading, and securitised products, with oversight across agency, non-agency and mortgage banking.   Garner had previously spent 14 years at Credit Suisse, most recently as co-head of securitised products trading.Rothschild & CoLuke Hedley is joining Rothschild & Co as an equity sales trader, after more than four years at Investec.   London-based Hedley has worked across equities sales trading for more than 13 years, covering both long only and hedge funds.   He joins Rothschild & Co after serving in the same position at Investec, and prior to this, also spent a decade at Numis Securities as a sales trader.The post People Moves Monday: ING, Cantor Fitzgerald, Panmure Liberum and more… appeared first on The TRADE.

Deutsche Bank has integrated its FX-as-a-service technology platform – HausFX – with BlackRock’s Aladdin in a bid to streamline foreign exchange workflows. The move allows mutual clients direct access to the bank’s FX-as-a-Service capabilities and covers developed, emerging and restricted market currencies, embedding operational logic across the full trade lifecycle. Panos Stergiou, global head of institutional client group at Deutsche Bank, explained: “This integration is demonstrative of the shared vision that exists between BlackRock’s Aladdin and Deutsche Bank to bring clients operational efficiency and performance through some of the best in tech.  “The integration of the Aladdin platform and HausFX will help institutions unlock real operational value, seamlessly and at scale.” Read more: BlackRock and AWS partner to bring Aladdin onto its cloud The integration addresses long-standing inefficiencies in managing FX linked to cross-border securities activity. Kamya Somasundaram, global head of Aladdin enterprise partnerships at BlackRock, added: “Integrating Deutsche Bank’s HausFX capabilities with the Aladdin platform will give our common clients access to a powerful, automated solution to manage FX seamlessly as part of their end-to-end investment workflow.” The post Deutsche Bank integrates FXaaS platform with BlackRock Aladdin appeared first on The TRADE.

FlexTrade Systems has integrated CME Group’s EBS Market central limit order book (CLOB) and FX Spot+ platform into its FlexFX execution management system, giving clients direct access to the venues from within existing workflows. The integration connects FlexFX users to CME Group’s spot FX liquidity via FX Spot+, alongside EBS Market’s anonymous all-to-all CLOB.EBS Market operates on firm pricing with no last-look and is used by both buy-side firms seeking FX liquidity and banks managing FX risk.Paul Houston, global head of FX products at CME Group, said: “Through FlexTrade’s interfaces, mutual clients can now more easily interact with the firm pricing on our anonymous EBS Markets spot and NDF liquidity, as well as FX Spot+ which allows spot traders to access the futures ecosystem and the FX futures liquidity in spot format.”Specifically, FX Spot+ enables spot FX traders to access CME Group’s FX futures liquidity in a spot format, combining futures and spot liquidity within a single execution workflow. Firms that are clients of both FlexTrade and CME Group can incorporate EBS Market and FX Spot+ into FlexFX without changing their core trading setup.  The new execution sources can be used alongside FlexFX’s existing automation and routing tools, including FlexAlgoWheel, allowing users to route orders across a wider range of liquidity pools.Uday Chebrolu, SVP of FX and digital assets at FlexTrade Systems, added: “New innovations and partnerships drive demand to bring more FX liquidity into the EMS to further optimise electronic trading.  “This data, in turn, produces continuous improvements in trading performance, efficiency, and speed. In this way, integrating CME Group’s solutions into our platform helps FlexFX clients maximise their use of multi-asset offerings to gain even greater trading efficiencies.” The post FlexTrade adds CME Group FX Spot+ and EBS Market access to FlexFX  appeared first on The TRADE.

The TRADE is excited to present the digital edition of The TradeTech FX US Daily 2026, the official magazine to accompany TradeTech FX US, offering you 32 pages of news and tailored content to guide you through the event. This year’s TradeTech FX US Daily unpacks the hottest, most timely topics shaping the FX markets including a deep dive into the state of play of the European shift to T+1 and an in-depth examination of how hedge funds are increasingly pushing FX into the algo age.  The magazine also includes a wealth of exclusive interviews with buy-side speakers from firms including T. Rowe Price, RBC Global Asset Management, iA Global Asset Management, Russell Investments and MFS Investment Management, as well as the latest news and people moves, and the official accompanying event agenda. The magazine is available in print format at the event and can be located across the conference and at registration stands.  The TRADE team is also on the ground at the event so make sure to come and say hello to our news editor Claudia, who will be reporting live from Miami!  View The TradeTech FX US Daily here.  The post The TRADETechFX US Daily launches in Miami as your official guide to the event! appeared first on The TRADE.

Broadridge is set to acquire technology provider CQG, as part of an effort to expand Broadridge’s execution management offering and bolster global futures and options trading capabilities through the creation of a unified platform.  Ryan MoroneyThrough the acquisition, CQG will provide complementary execution management, algorithmic trading and analytics tools to Broadridge’s order management and client connectivity solutions.  Specifically, the deal is expected to create an end-to-end trading suite tailored for global futures and options markets, and aligns with Broadridge’s goal to deliver connected multi-asset trading solutions across the world.  The merger is expected to close in Q4 2026, subject to regulatory approvals. Speaking on the announcement, Frank Troise, president of Broadridge’s trading and connectivity solutions business, said: “Integrating CQG’s advanced execution management, analytics, and connectivity technologies with Broadridge’s leading order management and connectivity solutions will create a unified platform in futures and options that simplifies trading complexity, improves transparency and workflow efficiency, and enhances Broadridge’s digital asset trading capabilities.” Read more – JP Morgan derivatives expert joins Broadridge as global head of futures and options trading In addition, by expanding its futures and options offering, Broadridge is set to continually support clients’ needs and growth objectives, spanning FCMs, institutional investors, retail brokers, proprietary trading firms, CTAs, and hedge funds. “We are truly excited to combine CQG’s nimble approach and powerful front-office execution management, analytics and connectivity solutions with Broadridge’s deep global reach and front-to-back capabilities,” said Ryan Moroney, chief executive of CQG.  “The trading experience of our collective clients will be defined by speed, intelligence, and scale, enabling them to trade smarter, access new markets, and adapt faster in an increasingly dynamic marketplace.” Read more – Broadridge invests in agentic AI tech fintech to drive post-trade automation  The move will also include the acquisition of CQG’s core global trading technology business. The post Broadridge to expand global futures and options trading offering with CQG acquisition appeared first on The TRADE.

Luke Hedley is joining Rothschild & Co as an equity sales trader, after more than four years at Investec.  London-based Hedley has worked across equities sales trading for more than 13 years, covering both long only and hedge funds.  He joins Rothschild & Co after serving in the same position at Investec, and prior to this, also spent a decade at Numis Securities as a sales trader.  Read more – Rothschild & Co Redburn sales trader joins Panmure Liberum Hedley confirmed his new role in an announcement on social media.  Rothschild & Co had not responded to a request for comment at the time of publication.  At The TRADE’s most recent Leaders in Trading New York awards, Rothschild & Co took home the award for Innovation in Algorithmic Trading, recognising the firm’s commitment to advancing the markets and fuelling change.  The post Investec equity sales trader joins Rothschild & Co appeared first on The TRADE.

Barclays has appointed Chetan Vohra as global head of securitised products, based out of New York.  In his new role, Vohra is set to lead the securitised products business for the firm, and will report to Adeel Khan, head of global markets.  His appointment succeeds Scott Eichel, who led the firm’s securitised products division until his departure from Barclays in January 2025.   His addition to Barclays is expected to bolster the firm’s securitised products platform, and strengthen cross-asset connectivity, as well as engagement across origination, financing and trading.  Speaking about the appointment, Khan said: “[Vohra] is an exceptional leader with deep industry insight and a demonstrated ability to build high performing teams. His appointment underscores our commitment to investing in areas of strong and sustained client demand. performing teams. His appointment underscores our commitment to investing in areas of strong and sustained client demand.  “I’m confident that his expertise and strategic vision will strengthen our securitised products franchise and support the continued growth of our global markets business.” Vohra has worked across capital markets for more than two decades, and brings extensive securitised products experience to his position at Barclays.  Read more – Barclays names ex-Société Générale equities expert as new head of markets for APAC He joins from American alternative investment firm, Cerberus Capital Management, where he served as a senior managing director and portfolio manager, working across residential and asset backed loan trading, origination, finance, private credit, SFR debt and equity.  Prior to this, he had worked at Citi for 19 years, in various different roles spanning fixed income, MBS trading, and securitised products, with oversight across agency, non-agency and mortgage banking.  Barclays has continuously built out its securitised products business over the last few years, and Vohra’s appointment follows that of David Garner, who joined the firm in June 2024, to lead bond trading for the division.  Garner had previously spent 14 years at Credit Suisse, most recently as co-head of securitised products trading. The post Barclays names new global head of securitised products appeared first on The TRADE.

Technology provider Pico has expanded its market coverage with the addition of new trading venues across APAC, EMEA and the Americas in a bid to enable continuous global market participation. The expansion spans various asset classes and is set to provide Pico’s clients with enhanced market access via its infrastructure, in line with accelerating shifts towards 24/7 trading in venues across the world.  Specifically, the additions include Japan Alternative Market (JAX), Osaka Digital Exchange (ODX), MTS Markets, Level ATS, 24X National Exchange, Bruce ATS, Cboe BZX Complex Orders, MIAX Futures Onyx, Cboe US Treasuries, Nasdaq PHLX Fusion, BrokerTec Chicago and the Texas Stock Exchange UAT (TXSE). “We are excited to broaden Pico’s coverage with new venues that reflect how global markets are evolving,” said Stacie Swanstrom, head of market services at Pico.  “Clients need reliable access to liquidity across regions and asset classes, especially as overnight and extended-hours trading accelerate.” Read more – Pico and BMLL partner to provide historical and real-time data integration capabilities Moreover, the expansion also paves the way for further development of Pico’s market data and order execution solutions, Redline, to provide greater access to low-latency normalised market data, order execution and market data replay.  In April 2025, Pico announced that it had collaborated with Coinbase Derivatives, to enhance trading infrastructure and connectivity.  The partnership allows Pico to leverage its industry expertise to boost Coinbase Derivatives’ connectivity infrastructure.  The post Pico builds out market coverage with APAC, EMEA and Americas venue expansion appeared first on The TRADE.

Market data and technology provider Exegy is set to launch an overnight best bid and offer (OBBO) consolidated feed connecting Blue Ocean, Bruce and MOON’s alternative trading systems (ATS), marking an industry first. Arnaud DerasseBy linking all three of the after-hours ATSs, the new offering is expected to allow market participants to capture liquidity currently not accessible on traditional exchange feeds outside of normal trading hours, to address a structural gap in overnight markets.  In addition, clients using the new functionality will be able to perform best price discovery with ease, with the consolidated feed set to provide real-time information on the best price for a specific security instrument, instead of requiring clients to carry out their own calculations.  Speaking on the connection, Arnaud Derasse, chief technology officer at Exegy, explained: “As participants continue operating across time zones, we are seeing major interest towards extended or after-hours trading venues.  “The addition of these three ATSs, along with the Exegy live calculated OBBO, will enrich the consolidated market data our clients have access to via Axiom, providing them with a more complete market view with simplified overnight best price discovery.” Read more – Institutional tide of opinion on extended trading hours not turning? Market data access to these ATSs will be available through Exegy’s data-as-a-service solution, Axiom, which currently offers connectivity only to Blue Ocean ATS, with the other two set to follow.  The live calculated OBBO is set to launch in Q1 2026 and aligns with an uptick in interest in extending trading hours towards as 24/5 model in the US equities markets.  “As trading moves toward a true 24/5 market, access to overnight liquidity is essential,” said Matt Fuchs, executive vice president, market data at OTC Markets Group.  “With almost 15 years of building and operating ATSs, we’re thrilled to bring MOON ATS market data to Exegy’s Axiom, giving investors the tools to capture opportunities across US equities anytime, anywhere.” Read more – Trillium Surveyor and Blue Ocean to offer 24/5 trade surveillance coverage Extending trading hours in US equities is a key talking point across financial markets at present. Recent discussions were highlighted in the Depository Trust & Clearing Corporation’s (DTCC) industry-wide testing phase for 24/5 trading – currently scheduled to come into effect on 28 June 2026.  Many national exchanges are also expected to complete the transition to near-continuous trading between 2026 and 2027. The post Exegy to connect all three after-hours ATSs through overnight consolidated feed appeared first on The TRADE.

ICE Clear Credit has received approval from the US Securities and Exchange Commission (SEC) to clear US Treasury securities, with the service now operational. The move is an expansion of ICE’s Covered Clearing Agency (CCA) designation. ICE has confirmed that the service operates separately from its credit default swap clearing business, with a dedicated rulebook, membership structure, risk management framework, financial resources and governance. Testing and integration for Treasury repo clearing is expected to launch in Q4 2025. The approval comes as the market prepares for the SEC’s Treasury clearing mandate, which will require a significant portion of cash and repo Treasury trades to be centrally cleared by 2026 and 2027. Read more – US Treasury Clearing: Levelling the field or moving the goalposts?ICE Clear Credit is set to initially focus on clearing cash Treasury transactions, with repo clearing planned as a subsequent phase. Paul Hamill, chief commercial officer of ICE Clear Credit, said: “The service was developed in response to market demand. “US Treasury market participants want innovation, change and progress.” The service is intended to align access models, operational workflows and risk management across cash, repos, futures and swaps. The Treasury clearing service supports both ‘done away’ and ‘done with’ models, allowing firms to determine their clearing methods. The launch comes as firms across the buy and sell-side prepare for the SEC’s clearing mandate, which was adopted in December 2023 following concerns over settlement risk and market resilience highlighted during periods of stress, including the 2020 ‘dash for cash’. Under the rule, a large share of Treasury cash and repo transactions will be required to clear through a CCA. The post ICE Clear Credit receives SEC approval to clear US Treasuries  appeared first on The TRADE.

Kepler Cheuvreux and Cambiar Investors have entered a strategic collaboration, with the firms ‘exploring’ the creation of an asset management joint venture.Brian BarishThe move – if approved – will distribute Cambiar’s investment strategies to investors across Europe, Canada, and the Middle East. Initially, the joint venture would focus on distributing Cambiar’s global equity and the large cap value strategies, the firms have confirmed.The JV is subject to UCITS or other appropriate regional structures and other regulatory approvals.In parallel, Kepler and Cambiar have entered into a research cooperation agreement which is effective immediately. Read more: Fireside Friday with… Kepler Cheuvreux“This partnership aligns Cambiar’s disciplined, long-standing investment process with Kepler Cheuvreux’s deep European research and asset management infrastructure,” said Brian Barish, president of Cambiar Investors.“It allows us to extend our reach globally while simultaneously strengthening the research foundation behind our international investment strategies […] This is an expansion of capability. Our process remains intact, but the resources supporting it are meaningfully stronger.”Specifically, the firms are set to share analytical resources and corporate access, with Kepler’s European equity research platform to be leveraged and the global distribution of Cambiar’s investment strategies due to be expanded.Jean-Pierre Ané, deputy chief executive, Kepler Cheuvreux, explained: “This partnership leverages Kepler Cheuvreux’s leading independent equity research and unique distribution capabilities across Europe.“It strengthens our existing presence in the United States and our ability to offer the best set of geographically diversified products to our clients.” The post Kepler Cheuvreux ‘exploring’ creation of asset management JV with Cambiar Investors appeared first on The TRADE.

Cantor Fitzgerald has expanded its fixed income trading team with the addition of Christine Belliard.  Belliard joins the investment bank as a fixed income trader, having previously spent more than a year in a similar role at JonesTrading.  Prior to this, she also held a 15-year tenure at Bank of America as a vice president, having initially joined the firm in 2009.  New York-based Belliard confirmed her new role in an announcement on social media. Cantor Fitzgerald had not yet responded to a request for comment at the time of publication.  Read more – O’Connor investment team to transfer to Cantor Fitzgerald AM following UBS offload Belliard’s appointment follows further significant hires for the firm in recent months. In August 2025, Cantor Fitgerald appointed former Stifel managing director in electronic trading, Tony Nash, as co-head of portfolio and electronic trading for EMEA.  Nash has worked across financial markets for more than 30 years and had spent six years at Stifel.  The post Cantor Fitzgerald taps JonesTrading for fixed income trader appeared first on The TRADE.

Nasdaq’s Eqlipse Trading and Market Surveillance technology platforms have been selected by Japan’s Osaka Exchange (OSE), to bolster the trading venue’s derivatives offering.  Magnus HaglindAs part of the collaboration, OSE will be able to quickly deploy new products and service, through enhanced performance capabilities and multi-asset trading support which is adaptable to market and volume fluctuations.  Moreover, by adopting Nasdaq’s Eqlipse trading offering, OSE clients will also gain access to risk management tools and market-standard APIs.  “The evolution of global capital markets demands infrastructure that can not only meet today’s requirements but anticipate tomorrow’s opportunities,” said Magnus Haglind, head of capital markets technology at Nasdaq.  “[…] Our technology will provide OSE with the agility and advanced capabilities needed to serve their clients while positioning for future innovation and growth.” In addition, the integration of Nasdaq’s Market Surveillance technology will see OSE leveraging advanced analytics and AI-powered capabilities to enhance the exchange’s market integrity framework.  Read more – Philippine Stock Exchange adopts Nasdaq Eqlipse Trading The partnership is also expected to enhance the positioning Japanese derivatives market on a global scale, and poise the region’s industry for future growth opportunities.  “We have built a strong relationship of trust with Nasdaq over many years in the field of market infrastructure, and this new initiative will further reinforce our long-term collaboration,” Ryusuke Yokoyama, president and chief executive of OSE. “The platform will significantly enhance the foundation of derivatives trading at OSE, and by combining Nasdaq’s expertise with our own experience, we believe we can provide all market stakeholders with a safer and more efficient trading environment.” The integration with OSE is not Nasdaq’s first venture into Japan’s financial markets, and the firm has long provided its Calypso, AxiomSL and Trade Surveillance technology solutions to Japanese institutions, spanning capital markets, treasury and regulatory platforms. The post Japan’s Osaka Exchange adopts Nasdaq market surveillance and trading technology platforms appeared first on The TRADE.

Etrading Software’s dedicated consolidated tape (CT) subsidiary – ETS Connect UK – has published its draft user contract and fee schedule, to enable the delivery of the UK bond CT.  As part of the pricing, fintechs and small firms with annual revenues below £50 million will be able to use CT data at no cost, while bigger firms will fall into tiered revenue bands, spanning £6 a month at the lower end of the scale, to £300 for the firms with the largest annual revenues.  Moreover, the licensing publication is expected to ensure market participants have early visibility of the legal and commercial framework related to UK bond CT data, and support ETS Connect UK in meeting policy objectives of bolstering UK competitiveness on a global stage, encouraging innovation and supporting the fintech landscape.  Speaking to The TRADE, Sassan Danesh, chief executive of Etrading Software, explains: “By providing the bond data for free to smaller firms, we are supporting the government’s objective to create a strong and diverse UK-based fintech ecosystem.” In addition to providing low or no cost for smaller firms, ETS Connect UK has also committed to meeting specific requirements to deliver the tape, including operating on a 24/5 basis, providing users with continuous support during UK market hours and offering optional out of hours support for global institutions.  Read more – Etrading Software confirms intention to bid for OTC derivatives consolidated tape Currently, the UK bond CT is scheduled to go-live on 22 June 2026, in line with Etrading Software’s delivery roadmap for the tape.  The publication of the licensing comes a week after Etrading Software signed a concession agreement with the Financial Conduct Authority (FCA), formally triggering the CT’s implementation phase.  Specifically, the agreement allows the tape delivery to advance in line with the published timeline, which also includes the publication of technical specifications, a series of industry engagement activities and the establishment of a CT consultative committee, set to be announced on 16 February 2026.  The post Etrading Software announces pricing and draft user contract for UK bond consolidated tape appeared first on The TRADE.

Emma Horner has joined Panmure Liberum as vice president, sales trader.  London-based Horner joins the UK investment bank after spending two years in a similar role at Rothschild & Co Redburn.  While at the firm, she worked as part of the US high-touch trading team, with a key focus of US equities trading for institutional investors.  Prior to this, she also gained early career experience at Ebury, working across fintech, FX trading and trade finance.  Panmure Liberum declined to comment when contacted by The TRADE. Read more – Panmure Liberum and Nedbank CIB announce equities partnership Horner’s appointment marks an expansion of Panmure Liberum’s trading team, and follows the recent hire of James Bastick, as director, equity trader in August 2025. Bastick joined the firm after spending more than eight years in Winterflood Securities’ UK equities market making division, followed by a brief stint at Singer Capital Markets from January to July 2025.  The post Rothschild & Co Redburn sales trader joins Panmure Liberum appeared first on The TRADE.

ING has appointed Alexander Critien as global head of FM rates and nonlinear trading. The newly created role will see Critien lead ING’s global FM rates and nonlinear trading platform, working closely with regional trading teams, technology partners, quantitative functions and other key stakeholders. Based out of London, Critien is set to report to Niall Carton, global head of FM trading, who said: “[Critien’s] deep expertise in nonlinear markets, combined with his leadership in quantitative innovation, will be invaluable as we continue to strengthen our global rates offering at ING.” Critien brings nearly two decades of experience in rates options trading to his new role and joins ING after having spent his entire career at JPMorgan based out of London and Paris.  He joined JP Morgan in 2006 as an analyst and progressed through the ranks to managing director, most recently serving as head of EMEA rates options trading, where he was desk head and risk owner for the business. Read more – ING appoints new global head of eFI trading Critien holds strong expertise infront office technology, quantitative tooling within rates options, and has also worked extensively in volatility products across currencies, including EUR, GBP and CHF. Commenting on his appointment, Critien said, “I’m pleased to join ING and work with teams globally to strengthen our rates and nonlinear offering for clients. It’s a strong platform with great potential, and I look forward to contributing to its continued progress for our clients.” The post JP Morgan EMEA rates options trading head joins ING in newly created role   appeared first on The TRADE.

BNY BNY has named Laide Majiyagbe global head of markets, following five years with the business. Her appointment is part of a wider executive shake-up aimed at accelerating growth across its wealth and managed accounts businesses. Majiyagbe, currently global head of liquidity, financing and collateral, will also join BNY’s executive committee as part of her new role. Specifically, she will oversee execution services, liquidity, financing and global collateral, serving institutional clients including asset managers, asset owners, banks and broker-dealers. New York-based Majiyagbe previously spent 14 years at Goldman Sachs, most recently as MD, corporate treasury – global head of liquidity projections. Cboe Natan Tiefenbrun, president of Europe and global head of cash equities, confirmed his departure “to pursue new opportunities”. As part of a reshuffle of Cboe’s equities business, Alex Dalley has been elevated to senior vice president to run its European equities business. Dalley, currently head of European equities, will take on the expanded role subject to regulatory approval. He is set to co-lead the London office alongside Jon Weinberg, global head of FX and off-exchange trading at Cboe. The new regional office leadership model is designed to support its global expansion. Additionally, Weinberg has expanded his leadership role, overseeing Cboe’s global FX and off-exchange trading business lines. Elsewhere, Cboe also appointed Heidi Fischer as global head of equities and spot markets, whileScott Johnston was named chief operating officer in a wider executive overhaul. Fischer will be based in New York and joins from TMX Group, where she was most recently managing director and president of TMX Alpha US. She previously held senior roles at Deutsche Bank, Instinet and Tucker Alan and will lead strategy, product development and client engagement across Cboe’s equities and spot markets. Dalley and Weinberg will both report to Fischer in their new roles. Johnston replaces current COO Chris Isaacson, who plans to retire from the role on 6 March and remain with the company as an adviser through the end of 2026 to support the transition. Fischer will assume oversight of Cboe’s global cash equities and spot markets, responsibilities previously held by Isaacson.Tourmaline Elijah Diallo has been named director of trading at outsourced trading firm Tourmaline Partners, based in Dubai, as revealed by The TRADE.  The hire has been made as part of the firm’s expansion across the Middle East, The TRADE understands. In the role, Diallo is set to assume the responsibility for trading and supporting Tourmaline’s regional growth and will report to Kish Desai, senior executive officer, Tourmaline Europe, who is leading the expansion in the region.  Diallo has worked in a range of senior buy-side roles across firms including: Magellan Capital, ADQ, Azimut Investments, and Avalon Capital Markets. Previously in his career, he has also served at Mubasher Financial Services, EFG Hermes, Exotix Capital, and Convergex.  In 2021, Diallo was named one of The TRADE’s Rising Stars of Trading and Execution , a recognition which celebrates up-and-coming talent across the buy-side. The post People Moves Monday: BNY, Cboe and Tourmaline  appeared first on The TRADE.

State Street has appointed Yusuf Nurbhai as head of markets UK and senior managing director. He returns to the firm after five years at BestX, having led the company as head of the business for the last two years.State Street acquired BestX back in 2018, in a move set to boost front-office capabilities for the firm. BestX was fully integrated into State Street as a wholly-owned subsidiary upon closure of the deal.Read more: State Street acquires FX TCA startup BestXPrior to BestX, Nurbhai had spent more than a decade at State Street in senior leadership roles across global markets. In his new role, he will report to Michael Eldridge, UK country head and will lead the strategic direction and growth of State Street’s UK markets business, The TRADE understands. Specifically, Nurbhai is set to focus on strengthening State Street’s market presence and advancing innovative, client-focused solutions. Read more: Fireside Friday with… State Street’s Peter Vincent Nurbhai confirmed his new role in an announcement on social media.    Earlier in his career, Nurbhai held roles with State Street in equity strategy, frontier markets foreign exchange sales and trading, and macro strategy research. The post State Street names new head of markets UK  appeared first on The TRADE.

With European regulation on dark trading beginning to tighten, markets across the continent appear to be evolving away from being an order book-dominated market to a diverse landscape made up of auctions and off-exchange trading.  A recent report released by the Association for Financial Markets in Europe (AFME) highlighted data from xyt which revealed that the lit order book only made up 27% of addressable trading in Q4 2025, with other mechanisms spanning auctions, systematic internalisers (SIs) and OTC transactions making up most of the rest of the activity. To explain these findings, the study pointed towards the EU’s transition from the double volume cap (DVC) regime to the single volume cap (SVC) for dark trading, as part of an effort to simplify frameworks and enhance transparency and consistency across European markets.  Building on this, the report revealed that early data has indicated that the shift has had a significant impact on the proportion of dark trading across Europe, with the number of instruments suspended at the EU level under the SVC declining by 39% over a two-month period – from 355 in October 2025, to 217 by the end of December.  Despite this decline, displaced flow does not appear to be moving onto the exchange order book, but is instead being routed to period auctions, which saw a market share increase of 1.3% following the SVC shift, indicating that institutional investors are prioritising reducing information leakage during large order execution. Read more – More instruments than expected could potentially be affected by new SVC in EU Speaking to The TRADE about the findings, Mark Montgomery, chief commercial officer at xyt, said: “What you’re seeing is liquidity changing shape, as opposed to disappearing. “When the rules constrain one channel, the market adapts quickly and reroutes flow to mechanisms that still allow institutional investors to trade size efficiently.” The report has also awakened fresh questions around intraday price discovery and where price formation really takes place across European markets.  Specifically, AFME’s figures reveal that the average block trade size in Q4 2025 was approximately €3.5 million, indicating that institutional trading still dominates, with most activity stemming from large investors moving big sums rather than smaller retail trades.  For Rob Cranston, head of equity business development sales strategy at SIX Exchange, a shift away from continuous lit trading may be a cause of concern, as prices won’t reflect supply and demand as accurately during the trading day. Speaking to The TRADE, he commented: “Intraday price discovery will be weaker over the long term if too much activity migrates away from continuous trading.” To combat this, Cranston also indicated that there should be incentives to encourage institutional investors to trade on the lit order book, adding: “If the objective is healthier daytime price discovery, driving better institutional visibility of European liquidity, we must positively encourage displayed price and size by designing mechanisms that make joining the lit book as attractive as possible.” The post Europe increasingly becoming a patchwork of auctions and off-exchange trading, finds report appeared first on The TRADE.

As the equities market has increasingly had to adapt to periods of turbulence in recent times, panellists at the Equities Leaders Summit in Miami this week discussed the best ways to optimise and manage liquidity during volatility.  Following on from recent market-moving events seen over the last few weeks and months – most notably the ongoing Greenland negotiations being driven by the US – conversations turned to the key questions faced by institutions during volatility: when to trade, how to trade and where to trade.  Reflecting on this, Rob Bowles, distribution and liquidity management at XTX Markets indicated that market makers see increased business during volatile times, as tighter spreads are balanced with rising demand from liquidity during stress.  “The way you could characterise it is you’ve got buy-side sources of flow, you’ve got market makers who are the shock absorbers and then you’ve got the brokers who are executing the algorithms based on the underlying objective of their particular client. “In times of volatility and extreme stress, there tends to be an increased urgency to trade, and you then see less netting opportunities. As a result, there’s an increased premium or interest in interacting with flow that can access the shock absorber.” Read more – Risk management taking priority over liquidity as key buy-side concern during periods of volatility, finds report The impact on trading behaviour Similar sentiment was also echoed by Noel Reyes, head of electronic trading product at Goldman Sachs, who made reference to the nature of trading patterns displayed during highly volatile periods. Specifically, Reyes highlighted the common tendency for traders to lean into more aggressive trading strategies, which has in turn driven volumes on-exchange, rather than off-exchange.  “When you’re trading more aggressively, typically what happens is we see more trading on-exchange versus off-exchange,” he added. “That’s because there’s a premium in the display quota. Additionally, ATS numbers go down a little bit, but what’s even more interesting is that there’s a redistribution in the market share. For different venues with more passive mechanisms like trajectory crossing, we typically see lower market share on days of high volatility.” Read more – The TRADE predictions series 2026: The impact of market volatility  In a similar vein, and perhaps further indicating the preference for on-exchange trading tactics, the rising fragmentation and volatility of modern markets have also intensified the significance of the closing auction.  To explain this increase, panellists emphasised two key drivers which have bolstered the closing auction during these periods – custom indexes and passive flows not aligned to regular schedules.  An example reference was made to efforts by the New York Stock Exchange (NYSE) to introduce balance information changes to improve usability and flexibility while maintaining fair and transparent rules.  Commenting on this, Kevin Tyrell, head of markets at NYSE, stated: “If anything, we’ve seen a growth in the closing auction volume during volatile times. When we think about the close, our obvious first point is how do I disable the market fragmentation and what can we offer to customise equipment, so that we can make sure that close works well for market participants.” Erring on the side of caution Although market turbulence has opened windows of opportunity for areas such as on-exchange growth and closing auction volumes, panellists were also quick to advise cautionary measures when it comes to using intermediated private rooms during these periods.  While recognising the benefits that can be wrought from this method of liquidity access – such as providing transparent interaction and adding high-quality incremental business – there are key factors to consider in tandem. Specifically, speakers made reference to the potential for private rooms to obscure accountability, and hence complicate trade ethics. In addition, oversight in times of turbulence was also highlighted during the discussion.  Reyes, in particular, stressed this as a key element of liquidity seeking during volatile periods to stay aware of: “When a client asks my opinion about engaging in a bilateral relationship, its great if you see value add and you should connect directly to the liquidity provider who’s adding that value.  “However, a bilateral relationship has many responsibilities and that includes a fiduciary’s execution responsibility, and it all gets really murky when you insert this private room in the middle of that.” Looking ahead, as volatility becomes a more persistent feature across the industry, market participants will have to navigate their execution and trading strategies with precision, to ensure reliable liquidity access, and successfully ride the waves of turbulence.  The post Market volatility fuelling opportunities for on-exchange and closing auction trading, experts concur appeared first on The TRADE.