Tradeweb has launched a new multi-asset package functionality in a bid to enhance institutional trading of USD-denominated swaps.  Bhas NalabothulaThe new offering, which makes use of the Tradeweb swap execution facility (TW SEF), aims to enable the simultaneous execution of interest rate swaps, inflation swaps and government bonds, all bundled within a single trade.  As part of the launch, the first fully electronic multi-asset package trade for these instruments on the TW SEF has been successfully executed by Barclays.  By enabling this functionality, the enhancement is expected to provide both buy-side and dealer clients with greater transparency, efficiency and smarter analytics, as well as deeper liquidity access.  “This enhancement to the TW SEF platform gives clients a more efficient way to trade interest rate swaps,” said Bhas Nalabothula, managing director, head of US institutional rates at Tradeweb.  “As our market continues to evolve, our clients are increasingly focused on smarter, more streamlined trading solutions. We’ve had great success in the adoption of this functionality in Europe, and have now expanded access to the US, enabling clients to package and execute large baskets of risk with greater control and simplicity.”   Read more – Fireside Friday with… Tradeweb’s Troy Dixon Specifically, the enhancement marks an extension of Tradeweb’s current swaps offering, which expanded to include in-competition request-for-quote (RFQ) functionality on its global interest rate swaps platform in 2019.  Dan Orlando, head of US rates trading at Barclays, added: “Executing the first fully electronic, multi-asset packaged trade for USD-denominated interest rate swaps for Tradeweb reflects the significant investment Barclays has made in building a market-leading, technology-driven execution platform.” The launch follows further swaps-related developments for Tradeweb in recent months, and in October 2025, the firm completed a fully electronic request-for-market (RFM) swaption package trade, marking an industry first.  The offering allows institutional clients on TW SEF to request and receive a two-way market (as opposed to a price based on one direction) for a series of swaps and swaptions in one single electronic quote. The post Tradeweb unveils multi-asset package trading for USD swaps appeared first on The TRADE.

Marex Group has launched a multi-asset derivatives execution desk aimed at providing execution and advisory services across rates, equities and commodities. The desk is now fully operational, serving asset managers, hedge funds and sovereign wealth funds globally – led by Head of Listed Rates Execution Chris Stone. It combines high-touch and low-touch trading with proprietary market analysis. The offering is focused on assisting clients using algorithmic execution strategies who require access to expert market insight. The desk provides futures execution and specialised options coverage, supported by proprietary algorithms and on-desk market microstructure analysis. Partnerships with boutique research providers give clients additional perspectives on strategy, economics and policy, while leveraging Marex’s broader capital markets platform. The firm confirmed that high touch coverage is provided by Ben Parker, Ben Nathan, James Coxon and Alex Evans, while low touch execution and advisory e-trading is led by Steven Litchfield, Shayan Hassanzadeh and Noemi Cursio.The post Marex launches multi-asset derivatives execution desk appeared first on The TRADE.

Elijah Diallo has been named director of trading at outsourced trading firm Tourmaline Partners, based in Dubai, The TRADE can reveal. Elijah DialloThe 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. Read more: Tourmaline expands global team with two new trading hiresDiallo has worked in a range of senior buy-side roles across firms including: Magellan Capital, ADQ, Azimut Investments, 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 Tourmaline appoints new director of trading amid Middle East expansion appeared first on The TRADE.

With the European consolidated tape for shares and ETFs set to create waves across the continent’s markets, how to address key challenges of fragmentation and what lessons should be learned from the US were at the forefront of discussions at the Equities Leaders Summit in Miami.  Specifically, panellists acknowledged Europe’s late arrival to the equities consolidated tape game compared to US – which has had an operational tape since 1976.   Speakers emphasised the importance of timing, highlighting that the US tape emerged alongside centralised exchanges, whereas Europe’s is being built after fragmentation became entrenched into its markets.  Moreover, Michael Warlan, head of global trading at Third Avenue Management, acknowledged the challenge of fragmentation for Europe, yet retained support for the tape, indicating that better data and consolidated views is crucial to improving execution quality and market efficiency. “Fragmentation from an implementation side is one challenge, but bringing things together through the tape will ensure more transparency and consolidation” he said, adding that “after that, execution quality will follow suit.” Read more – EuroCTP named EU consolidated tape provider for shares and ETFs by ESMA In order to address issues of fragmentation in Europe for global traders, panellists also pointed towards the importance of harmonising market definitions and post-trade processes between both the US and Europe.  However, for Robert Miller, global head of equity execution sales at Kepler Cheuvreux, it is essential that Europe ensures there is sufficient transparency across its markets – through the consolidated tape or other ventures – before adapting US-style approaches to tackle fragmentation, to balance integration with Europe’s unique multi-national market realities.  Speaking on this, he asserted: “A key dynamic to be aware of would be to avoid importing fragmentation without sufficient transparency. That’s why the US markets work out well because they have that transparency there, and we’re trying to bring things in Europe along. For Europe, we’ve got to decide whether we want to integrate new dynamics or stay as we are.” Discussions around fragmentation also shifted toward dark pools, an area where Europe has historically been more sceptical than the US. Miller pointed to fundamental regional differences underpinning this hesitation, stating: “In the US we are more comfortable trading dark than in Europe. “In Europe it’s not just fragmentation of the market, it’s fragmentation of currencies, of regulation, it’s even more fragmentation of mindset. We are a group of different nations together […] On the sell-side, what we’re trying to do is find out how we can navigate that for complexity. We’re not trying to solve fragmentation, we’re trying to manage it.” This sentiment was also echoed by Scott Charity, head of market structure at Berenberg, who recommended cautious adoption of adopting US-style dark pools, warning that Europe’s rapid dark pool setup post-Brexit led to incomplete data and misaligned transaction cost analysis (TCA).  “Europeans didn’t like the dark book and it was set up very quickly which then means that not all of the referrals and indicators come back,” he added.   The post Europe should avoid importing US-style fragmentation without sufficient market transparency, experts warn appeared first on The TRADE.

As market activity becomes more volatile and less tied to traditional trading hours, quantitative trading firms are increasingly being constrained by the limits of their trading infrastructure. A report from Acuiti and Exegy has revealed that three quarters (74%) of quantitative trading firms have experienced issues with their market data infrastructure in high-volatility markets. Only a minority of firms reported fully stable market data systems under volatile conditions. Almost a quarter (21%) responded that their market data infrastructure was ‘very stable even in high volatility,’ while 40% confirmed that they may experience some latency spikes ‘sometimes, in very rare cases’, and a further 26% reported that they had ‘at times dropped market data’.Furthermore, 12% indicated they had ‘absolutely’ experienced complete outages/failures during peak volatility’.If you fail to prepare… The report also delved further into how quant trading firms are planning for their future and their expectations as data volumes continue to increase. Less than a third (29%) of respondents believe their current front-office infrastructure is capable of processing the market data volumes expected by 2030 without further investment.A further 43% said their systems would ‘possibly’ cope, while 27% confirmed that they would not. The report further highlighted the impact of periods of sharp market moves, which are generating sudden surges in data traffic that can exceed normal daily averages by multiples, placing strain on feed handlers and downstream systems. The front-office function most frequently reported to degrade under these conditions was ‘market data processing’, followed by ‘network infrastructure’ and ‘order execution’.The impact on performance is already visible. Only 3% of respondents confirmed that they captured ‘all’ available opportunities during recent volatile episodes, while 16% stated that they missed ‘many’ opportunities and 38% responded that they missed ‘some’. Speaking to the significance of the findings, Ross Lancaster, head of research at Acuiti, said: “Volatility has been an ever-present factor in global markets since 2020, and this is presenting both significant opportunity and also challenges for quant firms. This research suggests that firms are increasingly missing opportunities not because of strategy, but because their infrastructure cannot absorb today’s volumes and structural complexity.” Liquidity shifts Factors including the potential for extended exchange trading hours, the growth of off-exchange trading venues and rising global participation are redistributing liquidity into overnight and out-of-hours sessions, particularly in US equities. According to Acuiti, some estimates suggest that around half of US equity trading activity now takes place off-exchange, “driven by a sustained shift toward alternative trading systems (ATSs), internalisers and other non-exchange venues”.Firms that built their technology stacks around the traditional US trading window are now facing a market where meaningful price formation increasingly occurs outside the established hours. Survey respondents reported thinner liquidity on traditional venues during parts of the trading day, alongside missed opportunities as activity migrates to alternative venues and different time zones. Acuiti further suggested that a combination of higher average volumes, unpredictable surges and longer trading days is eroding the margin for error in front-office systems. As market data volumes continue rising, quantitative trading firms are demontrably cognisant of the importance of future-proofing their market data and trading infrastructure.The ‘2026 state of trading infrastructure’ report by Acuiti and Exegy included responses from 61 quantitative trading firms globally, alongside interviews with senior trading and technology professionals.The post Quant trading firms set to be hit by increased data failures due to lacking infrastructure as liquidity drifts beyond the trading day, report finds  appeared first on The TRADE.

As extended trading hours begin to mark their territory on US equities markets, industry experts at the Equities Leaders Summit in Miami weighed up whether institutional scepticism on the prospect is starting to ease.  Across the panel, the overarching view seemed to be that while exchanges appear to be warming to the idea, with references made to shifts to from major US stock exchanges such as the New York Stock Exchange (NYSE) and Nasdaq, the buy-side is not yet entirely convinced.  For Jason Lenzo, global head of trading at Russell Investments, a key challenge which is clouding buy-side perspectives on an extended hours shift are the operational and staffing requirements needed to fully support 24-hour trading.  Specifically, he made reference to obstacles such as liquidity remaining thinner during extended trading periods, particularly outside major US market hours, as well as difficulties in attracting traders to willingly work overnight shifts, due to the psychological impacts of stress and fatigue.  “There’s a lot of question marks in my mind about how well this is going to integrate into the market,” he said.  “One of the things people need to consider is: do you need a single central located office just here in the US or do you actually start locating geographically around the world just to make sure your traders aren’t vampires?” Read more – An un-unified approach to expanding equities trading hours  A similar standpoint was also heralded by Peter Weiler, executive vice president, head of data and analytics at Trading Technologies, who emphasised operational challenges on the sell-side, with continuous trading raising concerns about managing settlement processes outside normal business hours.  Reflecting on this, he concurred: “From speaking with clients, most of their concern isn’t so much with just simply trading and moving capital but more from the operational standpoint. If you’re on the sell-side and you work for commissions and you have the factory running, you’d rather have it running.  “The market is usually driven by client demand. But are clients clamouring for it on the buy side? I’d say no; we have a better view on the sell-side of clearance really following the money.” A matter of time Despite some disparities in opinion on extending trading hours, there was a clear shared agreement across the panel that continuous trading was inevitable, as regulation and critical infrastructure shifts across the industry drive forward this market change.  Specifically, Dmitri Galinov, founder and chief executive of 24 Exchange highlighted the Depository Trust and Clearing Corporation’s (DTCC) planned transition to a 24/5 trading schedule, with implementation currently set to come into play in June 2026. Emphasising the importance of industry readiness for extended trading hours, he said: “When players like NYSE and Nasdaq are making big changes, it becomes inevitable. We have changed the industry and if you take one thing from this conference, it’s that a shift is coming pretty soon. A lot of firms will migrate, so it’s important to begin preparing now.” Read more – The TRADE predictions series 2026: The extended hours trading debate In addition, Lenzo also noted further knock-on effects that may arise from a shift to extended trading hours in the US equities market. Specifically, the possibility that more alternative trading systems (ATS) and dark pools will enter overnight trading as volume increases, in an effort to offer additional liquidity and innovation opportunities.  “We haven’t stepped into that ATS ecosystem, but it’s something we’re evaluating, watching, looking at, but not yet executed.  “Hopefully as that volume picks up there will be more players in there. For investors and it more broadly extends the theme of democratising trading.” As extended trading hours begins to blaze brighter on the US equities horizon, it appears that the industry can no longer ignore the prospect, and preparations are now essential as the landscape starts to shift.  The post Institutional tide of opinion on extended trading hours not turning appeared first on The TRADE.

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.Read more: BNY unveils new collateral offering for the buy-sideSpecifically, she will oversee execution services, liquidity, financing and global collateral, serving institutional clients including asset managers, asset owners, banks and broker-dealers. Commenting on the changes, chief executive Robin Vince said the new structure – which also includes a new global head of wealth solution – will help BNY “fully leverage the scale and breadth of its market-leading platforms” as the wealth landscape continues to evolve.New York-based Majiyagbe’s previously spent 14 years at Goldman Sachs, most recently as MD, corporate treasury – global head of liquidity projections.The post BNY names new head of markets appeared first on The TRADE.

Etrading Software has signed a concession agreement with the Financial Conduct Authority (FCA), formally triggering the implementation phase of the UK’s bond consolidated tape (CT). Under the agreement, Etrading Software – through its subsidiary ETS Connect UK – will commence the building and operational delivery of the UK bond CT. The watchdog named the UK bond consolidated tape provider back in September 2025, beating out three other named bidders for the mandate. Etrading Software has previously said it plans to launch the tape on 22 June 2026. Since the selection, the tender process has since come under fire from competing bidder, Ediphy, which formally challenged the UK Financial Conduct Authority’s (FCA) decision to award Etrading Software the consolidated tape provider (CTP) mandate in late September 2025. Read more: Ediphy appeals FCA bond CTP decision Speaking about the latest development, Sassan Danesh, chief executive of Etrading Software, said: “The signing of the concession agreement provides market participants the confidence to invest in connecting to the UK bond CT, secure in the knowledge that delivery of the infrastructure will proceed on a firm contractual basis and will not be disrupted by ongoing legal proceedings. “Our focus remains on delivering a high-quality CT that enhances transparency, supports efficient market functioning, and provides long-term value to all participants.” Read more: The consolidated tape: If you build it, will they come? This latest milestone allows the programme to advance in line with its published timeline, including the release of draft and final contracts, publication of technical specifications, the establishment of a consolidated tape consultative committee, and a structured series of industry engagement activities. ETS Connect UK reiterated in its latest statement that it will continue to work closely with the FCA and market participants to ensure the tape is transparent, accessible and of high quality. The development also comes weeks after Etrading Software confirmed its intention to bid for the EU’s over-the-counter (OTC) derivatives consolidated tape, through the launch of a new non-profit entity, Transparent Markets Europe (TME). Speaking at the time, Matthijs Geneste, chief executive-designate of TME, said: “The revised Mifir framework presents a once-in-a-generation opportunity to transform OTC derivatives transparency in Europe.” The post Etrading Software begins implementation phase for UK bond consolidated tape  appeared first on The TRADE.

Despite the continued proliferation of AI and automation across capital markets, the human element is still integral to ensure efficient trading, say buy-side experts. Speaking at the Equities Leaders Summit, a macro-focused panel emphasised that while AI can offer many benefits to traders, human traits such as episodic memory and gut instinct cannot be taken for granted. Specifically, panellists made reference to recent periods of turbulence and market volatility and highlighted that AI and trading technology cannot react to these events in the same way that a human trader can.  Eden Simmer, head executive vice president, global equity trading at Pimco, said: “In a situation where you have large volatility events, the first thing you do is you shut the machine off and you go to the human, because it’s a situation where it’s always going to be the case that humans drive future strategy. “AI works based on predictive analytics and historical data. But who can predict what, for example, Trump’s going to do next?” Read more – What AI in in financial services will look like in 2026 The speakers also recognised the importance of certain skillsets across trading desks to navigate new AI developments and advancements, and conversations turned to the influx of younger tech-savvy graduates joining trading desks, and spearheading the ‘AI revolution’, with a particular emphasis on how senior traders and members of the desk can navigate this.  For Nick Daniel, head of trading at Redwheel, this again fed back to the value of human insight, specifically, how the relationships built on the desk are essential to overall execution and performance.  Speaking on this, he said: “Senior teams do have the challenge where they’re sitting with more tech savvy traders coming through. But that’s not to say that we don’t have a place and a real value in the relationships we build, and the understanding of market structure. I tend to lean on flexibility within the team and learning new markets as the key to success.” Working hand-in-hand While recognising that human oversight is still essential, when it comes to the opportunities that AI can present, panellists were also quick to sing its praises.  The capacity to introduce huge efficiencies to trading desks was a key advantage highlighted during discussions, as was reiterated by Miles Sampson, head of asset allocation research at Franklin Templeton.  “From our perspective, AI is incredibly powerful – it’s been a total game changer. Even something as simple as we get 40,000 emails almost a month on sell-side research. How do you absorb all that? Well, the perfect tool is AI.” Coinciding with this, Sampson also recognised that introducing AI to workflows has also resulted in casualties along the way, as desks reduce and technology automates tasks, meaning that new skills and more flexible roles are more important than ever to ensure traders can adapt to this fast-changing market.“Unfortunately, that means my team has gone from about half the size. That might be an asset management margin story, but the big takeaway is that we’re doing more with less and I think we’re just at the beginning of it.”The post Human traders remain relevant in an AI-driven world, experts say appeared first on The TRADE.

Clearstream and LCH have broadened their collaboration to offer clearing members expanded settlement options for Italian government debt.The initiative will allow members to settle all Italian government instruments, including cash and repos, through Clearstream’s ICSD and CSD accounts.  The move is intended to streamline access to one of Europe’s largest sovereign debt markets, providing market participants with more choice, reduced fragmentation and greater operational efficiency.  It also allows LCH members to consolidate settlement activity within Clearstream’s pan-European CSD solution, strengthening the trade flow hub network that connects major trading venues and central counterparties. Michel Semaan, global head of RepoClear, LSEG, said: “As a trusted partner in clearing Italian government debt, we are proud to be continuing our collaboration with Clearstream to drive greater efficiency and expand choice for our members – key pillars of a stronger, more competitive European capital market.” The service is expected to go live during 2026 and extends the existing partnership between Clearstream and LCH, which currently covers French, Belgian, German, Austrian, and Spanish government securities.  By adding Italian debt, the two institutions further their shared objective of creating a more integrated and efficient European post-trade landscape. Dirk Loscher, head of custody and investor solutions at Clearstream, said: “We are thrilled to expand our successful collaboration with LCH SA to include the Italian bond market. By broadening our trade flow hub proposition for market participants to consolidate the settlement of their cleared and uncleared trade flows with our pan-European CSD solution, we are not just enhancing service for our clients; we are actively contributing to the strength and harmonisation of European capital markets.  “This initiative furthers our goal of providing a seamless, one-stop solution for accessing European liquidity.” The post Clearstream and LCH expand settlement options for Italian government bonds appeared first on The TRADE.

Kepler Cheuvreux had unveiled a new integrated ETF platform – ETF One – as part of a bid to enhance the firm’s ETF capabilities for institutional investors.  Specifically, the new offering brings the firm’s entire ETF investment cycle under one umbrella, spanning ETF data services, research and advisory and execution, and will allow clients to gain access to ETF selection through quantitative analytics and digital tools.  Read more – Fireside Friday with… Kepler Cheuvreux’s Jean-Pierre Ané Moreover, the platform launch is expected to address ETF-related challenges often faced by institutional investors, including market access, liquidity and strong execution quality.  Speaking on the new offering, Jean-Pierre Ané, deputy chief executive at Kepler Cheuvreux, said: “With ETF One, Kepler Cheuvreux brings together its full ETF expertise for institutional investors, powered by technology and innovation.” Read more – Kepler Cheuvreux and Unigestion unveil joint €3 billion asset management plans The platform is also supported through ETF research from Trackinsight – which was acquired by Kepler Cheuvreux in 2024 – enabling clients to gain access to a database spanning 14,000 ETFs across all asset classes and key geographies.  As part of the move, ETF One will function with the support of an independent ETF-dedicated trading desk, while execution capabilities will be delivered through the firm’s KCx execution business.  The post Kepler Cheuvreux launches institutional-focused ETF platform appeared first on The TRADE.

The TRADE is delighted to introduce new premium content offering TRADE+ to give readers access to exclusive insight, data, analysis, and much more. The new in-depth market intelligence platform is designed to keep readers at the forefront of global trading and market structure developments, while offering insight into The TRADE’s proprietary data through a new interactive data tool comprising thousands of data points and historical information.  Additional benefits to subscribers include exclusive editorial features, opinion and thought leadership from a select group of industry experts and full access to our Magazines and complete archive. New data visualisation tool includes research from our five surveysThe majority of The TRADE’s daily news content will still be free to view for our global readership.  We have also partnered with leading capital markets events organiser WBR to offer a unique discount code to their global trading events – spanning equities, FX and fixed income. “The launch of TRADE+ reflects our ambition to help our readers better understand the forces shaping markets across the globe,” said Jonathan Watkins, publisher, The TRADE. “With more than five million people regularly visiting The TRADE each year, we see a clear opportunity to go beyond breaking news and surface deeper insight, analysis and data.   “TRADE+ creates space for that deeper thinking, giving market professionals the context, evidence and perspective they need to make sense of an increasingly complex trading landscape.” As part of the launch, The TRADE has developed a new interactive data tool, which brings The TRADE’s proprietary surveys and research to life.   Compares scores and providers versus the global averageThe platform enables users to dig deeper into the data, compare historic trends, and use powerful comparison tools to extract meaningful insights. The tool will cover five surveys ‘algorithmic trading (long-only)’, ‘algorithmic trading (hedge funds)’, ‘execution management systems’, ‘outsourced trading’, and the ‘prime brokerage’ survey delivered by our sister publication Global Custodian. Two types of subscription exist for users: an individual account payable online by card, or a company-wide subscription which gives everyone within an organisation access to the site via a dedicated sign-up link. As part of the launch, The TRADE is giving users a 50% discount on their first year by using the discount code WELCOME50. You can purchase a subscription by clicking here.For further information contact subs@thetradenews.com or our subscriptions co-ordinator Lenny Willson lenny.willson@thetradenews.com.  The post The TRADE launches new premium content subscription TRADE+ appeared first on The TRADE.

Marex Marex has bolstered its electronic offering, appointing Christophe Roupie as global head of electronic trading and platforms.   Roupie brings more than three decades of industry experience to his new role, spanning cross-asset trading, securities financing, collateral management, regulatory reporting and data management.   He joins the firm after an eight-year tenure at MarketAxess, where he served as head of EMEA and APAC, and chief executive for the UK.   During his time at MarketAxess, he oversaw the firm’s electronic bond trading, data and post-trade businesses across more than 60 countries in the UK, Europe, the Middle East, Africa, and Asia Pacific.   Previously in his career, Roupie also held the role of global head of trading and securities financing at AXA Investment Managers for 10 years, based out of Paris.   He has also worked at Natixis Asset Management and Tradition.   ING  ING has named Alex Yang as its new global head of electronic fixed income (eFI) trading.   London-based Yang joins the firm from asset management giant Millennium, where he spent three years as a quantitative researcher, covering systematic fixed income trading, corporate bonds, rates and ETFs.   Prior to this, he also spent a year at Jefferies as head of EMEA credit algorithmic trading, as well as an eight-year tenure at Citi in various roles.   Specifically, during his time at Citi he served as a credit algo front-office developer, as well as in roles spanning eFX automated trading and algo trading.   He began his industry career as a software engineer at UBS Investment Bank.   ANZ As part of an update of its Asia credit trading platform, ANZ has hired several traders and analysts in a move designed to support buy-side clients’ execution and address risk management needs.  Specifically, the bank’s re-established credit trading desk comprises five traders and two dedicated desk analysts, led by head of credit trading for Asia, Bwochau Fu, who joined the firm in H2 2025.  Fu has served in senior positions at several firms, including China International Capital Corporation Hong Kong Asset Management (CICC HKAM), Deutsche Bank, and Morgan Stanley Asia, and personally covers USD bond trading in Australia and Japan on the ANZ desk.  While currently his team focuses on credit flow trading in Asian sovereign, quasi-sovereign, corporate, and financial credits, primarily in USD, ANZ plans to further develop SGD and CNH credit trading capabilities in early 2026, The TRADE understands.  The new hires include Andy Leung who recently joined from HSBC as a market maker. At ANZ he is specifically focused on bolstering its sovereign and quasi-sovereign offering while re-establishing flow trading in Hong Kong and Taiwanese credits.  Chirag Srivastava also joined the firm in recent months. He is responsible for broader Asia ex-China/Hong Kong markets, overseeing Korea, India, Thailand, Malaysia, and Singapore.  Prior to joining ANZ, Srivastava worked stints at Standard Chartered and Deutsche Bank focused on Asian credit bond trading.  Aurora Guo and Nikolai Beck are also members of the desk, having been with the firm for several years. Guo specialises in Chinese financials and corporates, while Beck maintains pricing and risk management continuity across European and US trading time zones.  Two analysts have also been added to the Asia credit trading desk – Shanghai-based Ting Meng and Singapore-based Viacheslav (Slava) Shilin.  Both dedicated desk credit strategists have extensive industry experience, and engage directly with clients providing detailed credit analysis and actionable trade recommendations.   ODDO BHF ODDO BHF has named Ammir Naqvi electronic sales trader.  He joins from Instinet, where he spent a year working as across LSET (Latency Sensitive Electronic Trading) sales and coverage.  In the role, Naqvi was focused on electronic execution, low-latency trading and market structure.  Prior to joining ODDO BHF, Naqvi spent more than eight years at Societe Generale, most recently as director, electronic and programme trading sales within the bank’s equities business.  Before that, Naqvi spent more than three years at Kepler Cheuvreux as a sales-trader, focused on electronic execution, programme trading and pairs trading across Europe, US and APAC equity markets. Bernstein Amaury de Miguel has joined Bernstein’s cash equity execution team in Paris as an electronic sales trader.   In his new role, de Miguel will support execution strategy design, optimise liquidity access and reduce trading costs for Bernstein’s clients, and bring a deeper focus on electronic trading and innovation in client solutions to the trading team.   Specifically, his appointment aligns with the firm’s wider goal to build out its EEA client-facing capabilities in Paris.   He joins Bernstein from AXA Investment Managers, where he spent the past three years working across various different roles.   He initially joined the French buy-side firm in 2022 as a trading engineer, before becoming an equity quantitative analyst, and later stepping up to his most recent position as an electronic trader and data scientist.   Previously in his career, he worked as a quantum computing researcher at IBM.   HSBC HSBC has expanded its equity and listed derivatives desk with the addition of Pierre Gilles de la Londe as a trader.   He brings more than a decade of industry experience to his new position, and will report to Alexander Neil, head of equity for HSBC Swiss Private Bank. He joins HSBC from Alana Capital, where he spent a year as a cross-asset trader, spanning equities, derivatives, bonds and FX.  Based out of Geneva, de la Londe’s new role will focus on enhancing the desk’s execution quality and performance.   Prior to his time at Alana Capital, de la Londe also held cross-asset trading positions at FlowBank, Greenwich Dealing and Tradition Securities and Futures.   Previously in his career, de la Londe has served as an investment portfolio advisor for private banking at Crédit Agricole in Grenoble and also had a stint as an index head trader assistant based out of Sydney, at Wizard Trading Strategies. BNP Paribas  James Hickling has joined BNP Paribas as a rates repo trader.   Hickling brings more than a decade of industry experience to his new role, and joins the European bank after three years at the UK Debt Management Office, where he served as a cash dealer, covering gilt repo trading.   Prior to this, he also spent nearly a year at BGC Partners in London, where he worked as a broker, with a core focus on secondary products in the investment grade space spanning various currencies.   He has also held fixed income trading, sales and brokerage positions at LXM Group and RP Martin.   He began his industry career gaining experience at various firms including JP Morgan, Mizuho, Susquehanna and Deutsche Bank.     The post People Moves Monday: Marex, ING, ANZ and more…  appeared first on The TRADE.

Cboe Global Markets has reshuffled its equities leadership, making moves on both sides of the Atlantic as part of a major overhaul.  One headline move sees Alex Dalley elevated to senior vice president to run its European equities business, while long-time executive Natan Tiefenbrun departs the company.  Natan Tiefenbrun and Alex Dalley.Dalley, currently head of European equities, will take on the expanded role, subject to regulatory approval, marking a key internal promotion as Cboe looks to strengthen its regional structure.  Tiefenbrun, president of Europe and global head of cash equities, is leaving to pursue new opportunities after helping build out Cboe’s European and global equities franchise. Cboe stated Dalley will also co-lead its London office alongside Jon Weinberg, the firm’s global head of FX, under a new regional office leadership model designed to support its global expansion. Weinberg’s remit has been expanded to include oversight of Cboe’s off-exchange trading business, while other regional hubs will be led from New York, Kansas City and Amsterdam. Craig Donohue, chief executive officer of Cboe Global Markets said Dalley and Weinberg were “long-tenured, talented leaders with deep customer relationships, clear strategic visions, and proven records of delivering results,” adding that the company was grateful to Tiefenbrun for his leadership in developing its European and global equities operations. The moves form part of a wider executive overhaul, which also sees Scott Johnston appointed executive vice president and chief operating officer, and Heidi Fischer named executive vice president and global head of equities and spot markets. Johnston will replace 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. Chicago-based Johnston brings more than 40 years of industry experience, including senior roles at Akuna Capital, Hudson River Trading, Citadel, Tower Research Capital, CME Group and UBS. He will oversee day-to-day operations across Cboe’s trading platforms, market operations, infrastructure and clearing teams, working closely with chief technology officer Tim Lipscomb. Johnston will join Cboe on 17 February. Fischer, who will be based in New York, joins from TMX Group, where she was 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. The post Cboe announces major reshuffle in equities leadership appeared first on The TRADE.

HSBC has expanded its equity and listed derivatives desk with the addition of Pierre Gilles de la Londe as a trader.  He brings more than a decade of industry experience to his new position, and will report to Alexander Neil, head of equity for HSBC Swiss Private Bank.He joins HSBC from Alana Capital, where he spent a year as a cross-asset trader, spanning equities, derivatives, bonds and FX. Based out of Geneva, de la Londe’s new role will focus on enhancing the desk’s execution quality and performance.  HSBC confirmed the appointment when contacted by The TRADE. Prior to his time at Alana Capital, de la Londe also held cross-asset trading positions at FlowBank, Greenwich Dealing and Tradition Securities and Futures.  Read more – HSBC Global Asset Management’s Daniel Leon on enhancing workflows with smarter data  Previously in his career, de la Londe has served as an investment portfolio advisor for private banking at Crédit Agricole in Grenoble and also had a stint as an index head trader assistant based out of Sydney, at Wizard Trading Strategies.  HSBC had not responded to a request for comment at the time of publication. The post Alana Capital cross-asset trader joins HSBC appeared first on The TRADE.

How has ETF demand from institutional clients shifted over 2025 and the beginning of 2026? ETF demand from institutional investors accelerated markedly over 2025, supported by a combination of rising structural demand and geopolitical shifts. Global ETF assets under management reached a record $18 trillion (Trackinsight), confirming that ETFs are being used as a core allocation tool rather than a tactical overlay. Equity ETFs continued to dominate, accounting for over 75% of total assets, while fixed income ETFs gained traction, given that the rate environment remains supportive and the rise of active fixed income ETFs.  In the United States, higher interest rates and a more mature ETF ecosystem drove inflows toward lower-risk fixed income exposures, such as cash and government bond ETFs. In contrast, European investors were compelled to assume greater duration and credit risk to generate yield, resulting in a different composition of fixed income flows. Geopolitics also played a decisive role. Europe experienced a strong rebound in ETF demand amid developments related to the conflict in Ukraine and the announcement of the German fiscal stimulus plan. This translated into a ninefold increase in global net inflows into European ETFs compared with the previous year. Heightened concerns around strategic sovereignty further reinforced allocations to thematic ETFs, particularly in defence and strategic industries. Are you starting to see any new trends in the types of ETFs that investors are favouring? In terms of trends, thematic investing gained further momentum. Defence emerged as the dominant theme in Europe, representing 36% of total net inflows, while US investors favoured domestic defence exposure. Technology remained a key driver of inflows, with $54 billion of net inflows globally, three-quarters of which originated from the US. New themes also gained visibility, notably the nuclear renaissance, offering differentiated indirect exposure to artificial intelligence and data centre growth. Emerging market ETFs experienced a notable acceleration in flows, supported by strong performance, while cryptocurrencies attracted significant interest, particularly in the US, where inflows were 12 times higher than in Europe. At the same time, ESG ETF demand slowed sharply. In Europe, investors reallocated from Paris-aligned benchmark ETFs toward climate transition benchmark strategies, while SFDR article nine ETFs faced net outflows in favour of article eight products. This shift reflects a growing investor preference for ESG solutions with lighter constraints. What is your outlook for ETF markets going into 2026? The outlook for ETF markets heading into 2026 remains highly constructive. Early indicators are already supportive, with flows recorded during the first eight days of January already running at 75% of the levels observed for the full month of January 2025. This momentum suggests that ETF assets under management will continue to grow exponentially.  Investors tend to favour ETFs as a vehicle to take tactical positions in the market, while macro themes are increasingly shaping asset allocation decisions. Defence, technology, geopolitics, and strategic autonomy have become central drivers of investment flows.  Innovation will continue to reshape the ETF landscape. In the US, active ETFs now outnumber passive ones, facilitating broader adoption by traditional asset managers. ETF issuers are making growing use of active ETFs to deliver fixed income and options-based strategies. The rapid expansion of buffer ETFs also highlights growing demand for outcome-oriented solutions offering downside protection. Overall, ETFs are well positioned for 2026, as investors increasingly value their transparency, liquidity, and cost efficiency in navigating complex and evolving market environments. The post Fireside Friday with… Kepler Cheuvreux’s Jean-Pierre Ané appeared first on The TRADE.

As AI begins to mark its territory as a key tool in financial markets, buy-side firms are increasingly exploring how they can best leverage the technology, however, the obstacle of fragmented data appears to be hindering effective adoption.  Specifically, 70% of buy-side firms are now actively deploying AI solutions, yet 63% of firms still lack unified data across their front-, middle- and back-offices, indicating that widespread preparation for AI across the buy-side is not yet consistent, according to a recent report from SimCorp. This problem appears to be particularly pertinent for firms in the EMEA region, with 51% experiencing challenges with a lack of unified data, and a further 61% referring to difficulties in sourcing and integrating unstructured data sources when looking to adopt AI tools into their workflows. “Nearly two-thirds cite a lack of a unified, real-time data layer to support investment, operations, and client management processes, which perhaps is inevitable given the wider challenges of data fragmentation, duplication, and manual reconciliation,” said Joe Morant, global head of asset and wealth management at Alpha FMC. “These issues underscore the operational complexities resulting from siloed systems and labour-intensive workflows, which are further compounded by the increasing complexity of private asset data, the demand for multi-asset total portfolio views, and the intensification of information demands from clients […] Firms eager to embrace advanced analytics will remain constrained by fragmented data, legacy systems, and cultural inertia.” Despite these challenges, the study still indicates that the buy-side is keen to keep up new AI and technological advancements. Of the survey respondents, 58% are consolidating their technology platforms and vendors, as they seek out effective execution strategies that will allow them to adapt to this innovation shift. Predictive analytics at the fore As highlighted in the report, a key focus for the buy-side appears to be how AI-driven tools can enhance data and analytics capabilities, with 66% of respondents stating that they expect the most value from AI will be gained from predictive analytics and forecasting over the next two years.  In addition, AI-powered data quality, such as continuous monitoring and anomaly detection, was also an area expected to bring significant benefits for buy-siders integrating this technology into their workflows.  Read more – The TRADE predictions series 2026: Artificial intelligence Speaking in the report, Tanguy de Grandpré, director of product front office and AI innovation at SimCorp, said: “Predictive analytics and forecasting depend on data quality, as reliable predictions require trustworthy data. AI is becoming central to both. The transition from static thresholds to contextual monitoring is crucial, particularly for alternative investments.  “Unstructured data in this asset class lacks the built-in validation of exchange-traded instruments, requiring firms to identify anomalies based on evolving patterns rather than fixed rules. When anomalies surface, understanding data provenance helps distinguish genuine exceptions from quality issues.” With AI becoming increasingly prominent across buy-side workflows and trading desks, it appears that addressing issues of data fragmentation is essential to ensuring the greatest benefits can be reaped from these tools, and those that ensure these challenges are tackled will gain the most value.  To collate SimCorp’s ‘2026 InvestOps report’, WBR interviewed 200 buy-side leaders across APAC, EMEA and North America during Q4 2025.  The post Buy-side increasingly looking to integrate AI but hurdles remain, with 63% of firms lacking unified data across trading processes appeared first on The TRADE.

ODDO BHF has named Ammir Naqvi electronic sales trader. He joins from Instinet, where he spent a year working as across LSET (Latency Sensitive Electronic Trading) sales and coverage. In the role, Naqvi was focused on electronic execution, low-latency trading and market structure. He confirmed his new role in an announcement on social media.   Prior to joining ODDO BHF, Naqvi spent more than eight years at Societe Generale, most recently as director, electronic and programme trading sales within the bank’s equities business. Before that, Naqvi spent more than three years at Kepler Cheuvreux as a sales-trader, focused on electronic execution, programme trading and pairs trading across Europe, US and APAC equity markets. He has also previously served at Scotiabank. ODDO BHF had not responded to a request for comment at the time of publication. The post ODDO BHF appoints electronic sales trader appeared first on The TRADE.

Robinhood Markets and Susquehanna International Group have completed the purchase of a 90% stake in MIAX’s derivatives exchange – MIAXdx – through a joint venture established by the two firms.  Thomas GallagherThe deal, which was initially announced in November 2025, is expected to allow MIAX to gain increased exposure to prediction markets and expand the firm’s offering for both institutional and retail traders in this growing sector.  As part of the transaction, MIAX retains 10% of the issued and outstanding equity in the exchange and clearinghouse.  “Our sale of MIAXdx reaffirms our strategy of partnering with industry leaders to accelerate our growth strategies and we’re pleased to gain exposure to the growing prediction market through our retained equity stake in the exchange,” said Thomas Gallagher, chair and chief executive of MIAX.  Read more – MIAX receives $100 million capital injection from Warburg Pincus Specifically, MIAXdx is a Designated Contract Market (DCM) and Derivatives Clearing Organisation (DCO) which is approved to list and clear fully collateralised futures, options on futures and swaps.  Speaking on the completion of the deal, JB Mackenzie, vice president and general manager of futures and international at Robinhood, said: “The purchase of MIAXdx accelerates our investment in the prediction markets and improves our position to deliver a better experience for customers in this growing asset class.” In January 2025, Miami International Holdings (MIH) collaborated with Bloomberg to list 500 Index futures and options on its MIAX exchanges.  Specifically, MIAX Bloomberg 500 Index options will be listed on MIAX Options, while the futures products will be listed on MIAX Futures.  The post Robinhood and Susquehanna JV complete acquisition of MIAX derivatives exchange appeared first on The TRADE.

The FIX Trading Community has launched a new industry working group to examine the opportunities and challenges surrounding 24-hour trading in US equities, as industry momentum builds toward round-the-clock market access. The initiative comes as several alternative trading systems (ATS) have begun to offer overnight access to US markets, and other major market infrastructure providers continue plans to extend their operating hours. Read more – 24/7 equities trading – A red herring or an inevitable reality The move follows the NYSE’s push to secure regulatory approval for a tokenised-securities platform that would support 24/7 equities trading, alongside other venues moving toward extended hours, raising new questions over market structure and regulation. Although according to DTCC and EY data, overnight trading currently accounts for just 0.1% of total US equity market volume, participation from institutional investors – and retail – is rising. Specifically, industry estimates suggest this could grow to between 1% and 10% of total volume by 2028.  Jim Kaye, executive director of FIX, said the working group will explore the development of equity trading outside regular US hours, the evolving role of broker-dealers and ATSs, and the implications of expanded access for global investors. Read more – Fireside Friday with… FIX Trading Community’s Jim Kaye FIX has confirmed that the group will also focus on practical and regulatory hurdles, including reduced liquidity and wider spreads during overnight sessions and how existing regulatory frameworks apply outside standard US trading hours. Additionally, industry onlookers are set to examine in detail how 24-hour trading can be integrated into established institutional workflows. “We’ve seen growing interest in 24-hour trading for some time, but we’re at a tipping point now,” affirmed Kaye. “Exchanges including NYSE, CBOE and NASDAQ, as well as the Securities Information Processors and the Depository Trust & Clearing Corporation (DTCC) have all recently announced plans to extend their hours to offer 24/5 trading. This is the right time to rally the industry to ensure we’re ready for the next stage of overnight trading.” The post FIX launches industry working group to explore integration of 24-hour trading into established institutional workflows  appeared first on The TRADE.