Up against fierce competition, UBS Asset Management’s Stuart Lawrence was voted Industry Person of the Year 2025 by his peers, following a live ballot at The TRADE’s Leaders in Trading Awards in November. He is the first buy-side nominee to ever receive the accolade. Speaking to The TRADE about the recognition, which distinguishes an individual proactively working to change markets for the better, Lawrence affirms: “We all have a responsibility to make the markets better and that hasn’t really changed in my time in the City. It is easy to think that the evolution will be decided by forces beyond our control but there are mechanisms and institutions that exist to give a voice to both the buy- and sell-side. “Change can come in the form of regulation or initiatives that have formed to drive improvement. The exchanges, venues and brokers want to hear what matters to the firms that use them – and the dialogue can lead to positive change. That doesn’t mean you have to be involved with every initiative. Just find the one that excites you.” Despite a mention of ‘imposter syndrome’ during his on-stage acceptance speech, Lawrence has demonstrably more than proven his capabilities, with the success of his desk further corroborated with the team’s ‘Trading Desk of the Year’ award win back in 2022. His words, imbued with reflections on how far the markets have come and evolved for the better, resonated strongly with an industry looking to embrace the new. In a time of continued – and accelerating – innovation, Lawrence is continually looking ahead, an approach which has permeated his career thus far and to his current role as head of European equities trading. When it comes to his successes, Lawrence is quick to heap praise on his teams (both past and present), highlighting how relationships have played a key role in shaping his trajectory thus far. “I tend to speak a lot about how technology will shape the future, but I don’t want to overlook the fact that this is a relationship business. Speaking to people is as important now as it was when I started. Trust is built on interaction [and] building solid relationships pays long-term dividends.”Dreaming of ‘Wall Street’ Lawrence began his trading career in capital markets in 2001, having decided early on – at the age of 12 in fact – that the trading life would be a perfect fit. “I think it’s fair to say that my career has not followed the planned or smooth trajectory I would have imagined when I started, but it’s been an interesting ride. I decided I wanted to join the finance industry after watching the film ‘Wall Street’ when I was 12, despite having no idea what that necessarily entailed, because I thought it looked fun. “After four great years at university, I joined ABN AMRO’s graduate program and, following the usual rotations (and despite encouragement from numerous people to become an analyst instead), I decided I wanted to be an equity trader.” Beginning a career in market making is by no means an easy feat, as Lawrence is quick to admit. However, the adage that pressure makes diamonds certainly appears to ring true in this case. “I was definitely naïve when I started as a market maker – it was a baptism of fire and the learning curve was steep,” asserts Lawrence. Despite not landing in the illicit fictional world depicted in the 1987 blockbuster, Lawrence did indeed join the industry during a particularly interesting period. A time where commission rates were still high, and the market was dealing with the fallout from the dot-com bubble. In Lawrence’s own words “it felt like change was on the horizon”. Following four years market-making, he made the move to small West End hedge fund Ennismore, focused on mid- and small-cap companies. Here, Lawrence helped to set-up the trading desk from scratch – his first taste of the buy-side. Discussing the journey to his current role at UBS, Lawrence explains that the variety throughout his career continues to stand him in good stead, influencing his approach to leading the EMEA equities desk. “[At Ennismore] I learned the demands of that side of the business. When the financial crisis hit, I took a year off to travel and to tick-off some of my bucket list and in 2010, I joined Instinet as a sales trader for US clients, with some portfolio trading added to the mix. After that followed a whistlestop couple of years. “I moved back to buy-side trading with Principal Global Investors, but two years later had to decline a move to Singapore. From there I joined Kepler Cheuvreux briefly to cover US clients but when the UBS Asset Management job came up, I knew it was what I was looking for.” Lawrence joined UBS AM in June 2019, subsequently becoming head of the London trading desk in December 2021 before taking responsibility for equities trading for the EMEA region three years later. “Having spent almost the same amount of time on both sides of the industry, I have gained significant insight, both in understanding of the different roles but also in empathy for how my actions affect those I interact with […] Though there were more changes of jobs in a short period than I would have liked, all gave me experience and insight into how different firms do things.”The cusp of the next trading revolution Delving deeper into how have things changed during his tenure, both the overall trading sphere and a traders’ respective day-to-day work, Lawrence highlights three key pillars contributing to the evolution – technology, market structure and attitudes. “Technology has been the game-changer of the last 20 years and has provided countless benefits for trading desks, and the industry as a whole, dramatically improving efficiency,” he explains. “[…] Through the improved technology, desks are now able to execute exponentially larger flows than in the past, with fewer resources. This is advantageous but that requires greater diligence and oversight.” Specifically, he emphasises that the key technological advancements include algo wheels, bilateral liquidity feeds direct into EMS’, and the ability to scale. “Traders now have much more control, more information. The options of how to trade have grown substantially, with different and new venue types, enhanced risk options and a plethora of different algo suites with nuanced offerings. But all of this comes with more responsibility. A buy-side trader has to understand these tools, utilise them in the best possible way and mine the post-trade performance data.” He adds: “When I first started, we had to manually work out the VWAP execution strategy for each order on a bit of paper. With the advent of algorithms, traders have stopped needing to execute orders ‘by hand’, allowing them to utilise their time more effectively by focusing on trading strategies and innovate through new and better execution options […] With the advent of AI, I think we are at the cusp of the next trading revolution.” On the market structure side, the notorious Mifid and Mifid II developments have lived up to expectations, truly shaking up the old industry model with regards to transparency and commissions, says Lawrence. “There is now a steady, but consistent, evolution within market structure, with exchanges, venues and regulators all working on transformation”. Simultaneously, alongside the empirical evolution of the industry, there have also been important developments among the people behind these businesses. Lawrence describes this as “a sea of change in attitudes”, a trend which he asserts is equally as important as market developments. In his acceptance speech at the Leaders in Trading Awards, Lawrence delved further into this, enthusing that “the dramatic evolution has been driven by every one of you [in this room tonight] in some way. We need to help keep the momentum that has been so hard fought and won to continue into the future.” He added: “Trading has traditionally been where the loudest voice won the argument, and mentoring was an afterthought. Now, we’re at the tail end of 2025 – there’s better inclusivity, greater diversity, deeper respect, and the industry finally acknowledges that mental health is a serious issue that must be addressed. “I raise this because there’s always more that we can do to help the younger generation succeed in this industry. Tonight, we are gathered here as leaders of trading, and we need to live up to that mantle.”Fostering talent When it comes to hiring within the trading sphere, the constantly evolving nature of the game continues to play an increasingly important part in the make-up of firms. For Lawrence, the bringing together of an effective desk is a thoughtful process, with longevity and future growth key considerations. “Putting together a successful team is a complicated puzzle. Experience and skillsets are important, but they are just two parts of the equation. A team needs to be balanced, and skillsets need to be complimentary rather than overlapping. “The best teams are built of individuals who don’t have the same knowledge or experience but who all pull in the same direction towards a common goal.” Speaking about his team at UBS AM specifically, Lawrence asserts that his own preference is to work with people who are constantly challenging both him, and the status quo – those who look to help evolve the desk. In the same vein, he explains that the firm itself seeks out individuals who are self-motivated and are clear on their goals and what they want to achieve. Lawrence adds: “It is clichéd to talk about being a team player but that doesn’t make it any less important. I would not want to hire an individual who prefers to be a lone wolf or someone who would disrupt the balance by being self-focused. Success can be achieved as part of a team. “Hiring the wrong person could be disastrous for morale so I always look out for these traits.” Looking back at one’s own career is always full of mixed emotions, with the line between a lesson and a regret often very thin. As Lawrence himself puts it, “hindsight is a trader’s best friend,” as he explains: “I’d be the first to admit there are numerous moments in my career where I would go back and change things. If I am honest, these are situations I could have resolved at the time but didn’t, whether through a lack of knowledge or lack of motivation. On occasion, I have become too complacent or comfortable in a role, and consequently lost focus and drive. “[…] In retrospect, I should have made the change but didn’t and that failure sits with me. When you are not learning new things or interested in what you are doing then it is a slippery slope.” Addressing what he would do differently if given his time again, Lawrence highlights the importance of a mentor and proactively seeking one out, adding that doing so is one way to bolster the confidence to ask questions. He tells The TRADE that to begin a career in capital markets is no mean feat, with only those truly dedicated set to succeed. Especially given that wins aren’t immediate and require a lot of hard work. “The industry is not getting any easier, so anyone who wants to join it needs to be truly committed to their ambitions. Firstly, they need to back themselves, be a self-starter and have confidence in their ability. They should ask questions, for understanding to begin with but later to challenge. They should proactively read around various market topics and if things don’t make sense – ask the question. “Networking is also key (and something I struggled with for many years), get to know people – both your internal peers and people outside your firm. Ask to attend events and talks. Conversation is a key to learning. Try and find a good mentor; someone you trust who is prepared to give you their valuable time in helping you. Finally, don’t take your position for granted, things can change quickly.”On the horizon Asking a trader to look towards the year ahead and predict what’s to come is never an easy question – things move at a rapid pace across financial markets at the best of time, but 2025 has certainly been a particularly lively year. For Lawrence, the main focus of his attention over the last 12 months, has been the merging and integration of the Credit Suisse Asset Management trading desk business and the centralisation of all European trading within London. For 2026, the priority will now be looking to streamline and enhance the London equities desk, whilst keeping a close eye on the markets’ irrevocable advancement in order to ensure that the team is primed to adapt quickly amid an increasingly unpredictable industry. “The next major evolution will be the full integration of AI into a desk’s processes.  “At UBS Asset Management we are already embracing this technology, but we are only at the dawn of its use. The speed at which we can fuse the workflows for traders and AI will depend on breakthroughs and innovation, and while I do not yet know what our future solutions will look like, I believe the result can only be enhancing. “I have heard concerns around the adoption of AI and what it means to human traders but I think a trading desk should welcome, not fear, its arrival. I will encourage my team to embrace it and be the architects in driving how we employ it to our advantage.” Lawrence demonstrably remains a proponent of proactively future-proofing the industry he has been part of for 25 years, and endorses a practical approach in sowing the right seeds for the next 25 years to come. “My goal for the team is to ensure we are at the forefront of industry change and early adopters of the latest technologies […] We already have a long list of improvements we want to make and I can see that list growing as we delve deeper into the various subjects.” Lawrence has ambitious plans for his team going forward and with his focus firmly on the future, he is no doubt set to continue his impressive run amid an ever-shifting landscape. Success, Lawrence explains, hinges on the ability to remain at the fore of change. “To be on the front-foot at all times; to remain curious, to ask questions and to challenge the status quo.”Access the full e-version of the Q4 2025 magazine edition here.The post UBS Asset Management’s Stuart Lawrence on challenging the status quo appeared first on The TRADE.

Societe Generale has named Gary Harper as the firm’s new head of emerging market credit trading. He joins from Absa Group, where he spent five years as head of eurobond trading. Before that Harper worked in an emerging markets credit – electronic trading role at Liquidnet. He confirmed his new role in an announcement on social media. Read more: Societe Generale promotes internally for head of global markets and head of FIC APAC Harper has also previously served at Mizuho in an executive director position, working across Turkey, South Africa, and Commonwealth of Independent States (CIS). Prior to this, he served at Barclays as emerging markets credit flow trader director. Other roles include stints at BNP Paribas, CIBC and ING in trading roles. Societe Generale had not responded to a request for comment at the time of publishing.The post Societe Generale appoints new head of EM credit trading appeared first on The TRADE.

U.S. Bancorp has entered a definitive agreement to acquire BTIG in a transaction valued at up to $1 billion. Gunjan KediaThe new capabilities which U.S. Bancorp is set to benefit from include access to equity sales, trading and execution, prime brokerage, equity capital markets, equity derivatives, equity research, and M&A advisory, with BTIG’s leveraged finance and structured credit offerings set to be added to U.S. Bancorp’s existing products.In its acquisition summary, U.S. Bancorp highlighted in particular BTIG’s “expert, multi -asset class, equity-focused sales and trading professionals throughout the US and in Europe, Asia, and Australia, and advanced electronic trading.”The deal is expected to close in Q2 2026 and includes a targeted purchase price of $725 million, comprising $362.5 million in cash and 6,600,594 shares of USB common stock at closing, with up to $275 million in additional cash payable over three years, contingent on performance targets.“BTIG’s top talent, capabilities and technology will position us for continued capital markets growth and deeper client relationships,” said Gunjan Kedia, chief executive of U.S. Bancorp.“This acquisition will enable both organisations to deliver greater value, innovation and efficiency to the companies and institutions we serve.”U.S. Bancorp has confirmed that there is a retention plan in place. So far, it has been established that Anton LeRoy, chief executive of BTIG will remain in his position, reporting to Stephen Philipson, vice chair and head of WCIB.Additionally, Steven Starker, co-founder and executive chair of BTIG, will also remain in his client-facing role, engaging and interacting with BTIG’s largest institutional and corporate clients.Read more – Fireside Friday with… BTIG’s Stephen PonzioPhilipson described the acquisition as a “strategic move to fill key product gaps for our corporate and institutional clients, enabling us to offer a more comprehensive suite of capital markets services.”He added: “BTIG is a world-class firm with talented professionals who align with our unshakable commitment to lasting success and growth for clients […] At the same time, BTIG clients will gain access to U.S. Bancorp’s robust financial platform and extensive product set, including investment services, asset management, wealth management and payments.”The two firms have a long-standing partnership, with U.S. Bancorp clients having already benefitted from BTIG’s high-touch service and execution capabilities through the equity capital markets referral programme since 2014 and M&A advisory referral programme launched in 2023.The acquisition is subject to regulatory approvals from international regulators, and FINRA.The post U.S. Bancorp set to acquire BTIG in $1 billion deal   appeared first on The TRADE.

ING has named David Leech as the firm’s new global head of FX trading, succeeding Gary Prince. Prince was made head of financial markets EMEA at ING in October 2025 – ING confirmed that Leech will report hierarchically to Prince and functionally to Niall Carton, global head of financial markets trading. In his new role, London-based Leech will take on the oversight of all ING’s FX trading activities across the world, bringing more than two decades of markets experience to his new position. The appointment marks an internal promotion for Leech, who initially joined ING in 2016 as a senior FX forwards trader, before later being promoted to head of FX UK in 2023.  Speaking about his promotion, Leech said: “I’m delighted to take on this global role and build on the strong foundations we’ve established. My focus will be on driving growth, deepening client relationships, and fostering collaboration across all regions to deliver best-in-class FX solutions.” Prior to his time at ING, Leech served as an emerging market bonds and derivatives trader at various firms, including Morgan Stanley, UBS, Royal Bank of Scotland, and ABN AMRO, where he began his industry career. Prince commented: “[Leech] has consistently demonstrated exceptional leadership and market insight. His ability to combine strategic vision with operational excellence makes him the ideal choice to lead our global FX trading business into its next chapter.” The post ING names new global head of FX trading appeared first on The TRADE.

LSEG has launched Trade Surveillance – a cost-saving solution designed to assist in identifying and investigating potential market abuse and financial crime.  Liam SmithThe offering is Mifid and FX-focused and leverage’s LSEG’s own data proprietary surveillance technology – currently processing billions of trade and order messages across its venues daily. Specifically, Trade Surveillance provides clients with alerts on their private trade data, alongside contextual public market data, reference data and news to facilitate cross-venue alerts that are “designed to help reduce false positives, as well as behavioural anomaly detection capabilities that provide deeper insights into trading behaviour,” explained LSEG. Trade Surveillance for FX serves spot FX participants on the LSEG FX Dealing, Advanced Dealing, and Matching platform. It also benefits those who trade on third-party venues captured by the LSEG Trade Notification network. The offering allows clients to view their private trade data against the public spot matching orderbook. Bart Joris, head of FX sell-side trading, LSEG, said: “In a fragmented FX market, context is vital to help assess and manage regulatory risk. Trade Surveillance for FX brings together trusted data as well as activity across LSEG FX platforms and third-party venues, enabling participants to better analyse trading behaviour and make insight-based decisions efficiently.” Read more: Fireside Friday with… LSEG’s Bart Joris and Neill Penney Additionally, Trade Surveillance for Mifid is a multi-market, multi-asset solution aimed at participants who trade Mifid instruments and delivers cross-venue, cross-product alerting, enabled by LSEG’s consolidated European orderbook. According to the trading venue, the service uses the same datasets as UK and EU regulators for market abuse detection.  Liam Smith, chief operating officer, LSE and Digital & Securities Markets, LSEG, explained: “By leveraging LSEG’s proprietary technology and robust data, Trade Surveillance enables firms to strengthen compliance, reduce operational risk, and gain actionable insights into trading behaviour.” The post LSEG unveils two new trade surveillance solutions appeared first on The TRADE.

The Depository Trust & Clearing Corporation (DTCC) has launched an industry-wide testing phase for 24/5 trading. The development comes in light of the US equities markets’ preparations to shift to extended trading hours in the coming months and years. In addition, the NSCC transition to a 24/5 model is also expected to align with similar plans to move towards near-continuous trading recently announced by several exchanges. In October 2024, the New York Stock Exchange (NYSE) proposed plans to expand weekday trading to 22 hours a day, while both Cboe and Nasdaq announced intentions to move to a 24/5 model in early 2025. Following on from this, many national exchanges are expected to complete this transition towards near-continuous trading between late 2026 and 2027, according to the DTCC. The DTCC’s testing phase is expected to support the National Securities Clearing Corporation’s (NSCC) move to extended clearing hours, in line with its 24/5 initiative – currently scheduled to come into effect on 28 June 2026. As part of this phase, all firms which receive Universal Trade Capture (UTC) real-time output messages must participate in testing, while similarly, sending entities submitting trades during extended hours must complete testing to ensure they are prepared for 24/5 processing standards and end-of-day balancing.   Specifically, the proposed 24/5 model, which is subject to regulatory approval, will allow the NSCC to apply its central counterparty (CCP) guarantee to overnight transactions, operating from 8pm ET on Sunday to Friday 8pm ET. Read more – An un-unified approach to expanding equities trading hours Val Wotton, managing director and global head of equities solutions, DTCC, said: “The transition to 24/5 trading represents a structural evolution for the industry – but it also introduces new operational and risk considerations.  “Testing ensures firms are ready to process trades seamlessly during overnight sessions, maintain robust risk controls, and support resiliency. […] DTCC is fully prepared to support the industry throughout this process and continues to collaborate closely with market participants, regulators, and exchanges to ensure readiness.” The launch of the phase marks a development of the NSCC roadmap towards a 24/5 model, and in September 2024, the firm opened up its UTC system, to allow trading platforms to submit trades at 1.30am ET, two and a half hours earlier than operating time.  Read more – Nasdaq files SEC proposal for 23/5 US equities trading The transition to overnight trading hours follows increasing discourse around the topic across the industry, with a recent DTCC report revealing that most of the market participants surveyed anticipate 1-10% of total equity volume to shift to overnight sessions by 2028.   By supporting these changes across the industry, the NSCC’s transition is expected to ensure seamless processing and mitigate counterparty exposure across time zones.  Moreover, the DTCC has confirmed that clearing and settlement process will continue to complement the accelerated T+1 settlement cycle adopted across the US in May 2024.  The post DTCC unveils industry-wide testing phase for US equities 24/5 trading appeared first on The TRADE.

Brian Pastor has been promoted to head of trading, global equities at Citadel, after almost eight years at the firm.  Pastor initially joined the firm in 2018 as an equity trader, before moving up the ranks to take on his new role. He confirmed his appointment in an announcement on social media. Read more – Sole confirmed EU equities consolidated tape bidder EuroCTP bolsters advisory committee with Citadel appointment Based in New York, he has worked across financial markets for more than 25 years, and prior to his time at Citadel, worked as a managing director and partner at Latimer Light Capital, which announced it would be shuttering its operations in December 2018.  Previously in his career, he also served as a trader at PFM LP for almost 10 years.  Pastor has also held various trader positions at firms including Deutsche Bank, Andor Capital Management and UBS Investment Bank. The post Citadel promotes internally for new global equities head of trading appeared first on The TRADE.

BNP Paribas has named Alexander Ford new managing director, head of UK cash sales trading. London-based Ford brings more than two decades of sell-side experience to his new role and joins the firm after nearly 5 years at Citi. Ford confirmed his new role in an announcement on social media. During his time at Citi, Ford served as head of equity block and liquidity solutions. Prior to this, he worked at Morgan Stanley for almost 12 years, initially joining as an equity sales trader, before later becoming head of UK flow derivatives sales for the firm. Read more – Fireside Friday with… BNP Paribas’ Gary O’Brien Ford began his industry career as an equity sales trader at UBS Investment Bank in 2005. BNP Paribas had not responded to a request for comment at the time of publication. Earlier this month, BNP Paribas and AXA Investment Managers combined their trading teams under the BNP Paribas Dealing Services umbrella, as part of the firm’s acquisition on AXA IM in July 2025. The move marks the completion of all main legal mergers, and also marks the formation of BNP Paribas Asset Management as a single entity. The post Citi equities expert joins BNP Paribas as head of UK cash sales trading appeared first on The TRADE.

Stonehage Fleming Joe Bellman has left his role at Arbuthnot Latham as head of dealing to join Stonehage Fleming as a senior multi-asset trader, as revealed by The TRADE.   Bellman, who is based in London, joins the UK-headquartered firm after spending more than a decade at Arbuthnot Latham.   He initially joined the firm as a dealer in 2014, before later moving up the ranks to the role of dealing manager, and taking on his most recent position as head of dealing in 2024.  Bellman was named one of The TRADE’s Rising Stars of Trading and Execution in 2022, which recognises up-and-coming talent on the buy-side. CLSA Fred Bethell has joined CLSA as a program sales trader, based out of London.   Bethell has worked across financial markets spanning various different roles and asset classes for more than 15 years and joins CLSA from buy-side firm Aviva Investors.  Bethell confirmed his appointment in an announcement on social media.  During his time at Aviva, he served as an equity trader in the firm’s London office for seven years.   This followed a stint at Odey Asset Management, where Bethell worked in the same role for almost three years.  Elsewhere, Bethell has previously served in assistant portfolio manager roles at Walker Crips and Ashcourt Rowan.  Huntington Securities Huntington Securities has named Brian Stauffer as the firm’s new head of equity sales and trading.   He joins from Janney Montgomery Scott, where he spent more than four years as head of institutional equity sales and trading.   Stauffer confirmed his new role in an announcement on social media.    Previously in his career, Stauffer has worked at Compass Point Research & Trading as managing director. He has also previously served in a vice president role across business growth, operations, and finance at Cohere Technology Group.  Prior to that, he was co-head of equity trading at FDR for 14 years and has also previously served as vice president at Credit Suisse. Outset Global  Jack Markham has joined Outset Global as managing director, trader, after more than a year at Cisu Capital Partners.   London-based Markham brings almost two decades of experience to his new role, having worked in various senior roles across a multitude of assets across both trading and portfolio management over the course of his career.   During his time at Cisu Capital Partners, he served as a partner and multi-asset trader, and prior to this, held the role of head of trading at European hedge fund, Oceanwood Capital Management for nearly 13 years.   Prior to this, Markham worked as Octopus’ head of trading and has also served in trader positions at firms including SAC Capital and Dresdner Kleinwort Wasserstein. Robinhood Robinhood has named Zeke Vince as the firm’s new global head of business development for institutional crypto.   New York-based Vince rings two decades of industry experience to his new role, and joins the firm from digital assets liquidity provider, B2C2, where he spent more than three years as head of sales, managing director.   Prior to this, he also served at Bank of America Merrill Lynch for five years, initially joining in 2017 as head of Americas eFX and algo sales, before later being promoted to the global leadership of this role.   Previously in his career, he has also worked across eFX at JP Morgan and Credit Suisse and also spent nearly five years at Bloomberg across sales, FX and electronic trading.  Vince confirmed his new role in an announcement on social media. The post People Moves Monday: Stonehage Fleming, CLSA, Huntington Securities and more… appeared first on The TRADE.

The past year has been no stranger to periods of market volatility and turbulence, with events such as the US’ so-called ‘Liberation Day’ creating waves across capital markets as industry players grappled with the impact of the tariffs.  So far, 2026 appears to be following suit, with the year kicking off with the US’ apprehension of Venezuelan president Nicolás Maduro on 3 January and the ensuing US strikes on the South American country.   As a result, financial markets braced themselves for reverberations of the back of the turbulence which began almost a week ago. So far, Latin America credit markets have recorded little impact from the invasion across both US and European desks, The TRADE understands, with Venezuelan bonds largely taking the hit. Speaking to The TRADE, Sally Bartunek, trader at Ninety One, explains: “The reaction was very contained to Venezuela and PDVSA bonds itself on this side of the pond. There was an expectation of heightened flow activity to kick off during the London session but even then that didn’t materialise until New York hours.” Specifically, Venezuela’s government bonds increased to 33 cents before the US’ capture of Maduro, before later spiking to 42 cents on the dollar on Monday, as reported by the Financial Times this week.  Read more – The TRADE predictions series 2026: All about emerging markets  Despite the turbulence, traders appear to have shrugged off any potential for severe hits. Noting broader stability across a wide majority of markets, the overarching message from industry participants is that the attack on Venezuela remains very much a contained event. However, although many markets didn’t experience a knock-on impact, some traders noted a growth in other bonds as a result. Specifically in MENA, with many investors viewing certain jurisdictions in the region as comparable and positions being adjusted in markets similar to Venezuela. “One notable spillover effect, highlighted by our London traders, is Venezuela’s impact on Lebanon. Lebanese bonds rallied on the headlines, as many investors view the two as proxy relative-value trades, driven by consensus underweight positioning, short covering linked to ESG constraints, and similarly low dollar prices,” added Bartunek. Looking forward Although the long-term impact and future developments related to the Venezuelan state of affairs is not yet known, vigilance within the industry remains essential as volatility shows no sign of let up. Read more – The TRADE predictions series 2026: The impact of market volatility Some market experts have indicated that the US’ actions over the last week may well trigger future changes in further asset classes, such as digital assets.  James Butterfill, head of research at CoinShares, underlined the possibility of geopolitical shifts as a result of the Venezuelan developments opening up opportunities to bolster non-sovereign assets, such as cryptocurrencies.  “A decisive shift in Venezuela toward US influence would have indirect but meaningful implications for Bitcoin through energy markets, geopolitics and confidence in the global financial system. Periods of heightened geopolitical realignment and erosion of trust in established power structures often strengthen demand for neutral, non-sovereign assets.  “While a Venezuela transition itself is unlikely to be a direct catalyst, the combination of shifting energy dynamics, pressure on sanctioned states and rising uncertainty around the durability of the existing geopolitical order would, on balance, reinforce bitcoin’s longer-term appeal as a hedge against political and monetary instability.” With the aftermath of the US military strikes in Venezuela still fresh, whether impact will continue to be felt on financial markets in the months to come is yet to be seen and will certainly be one to watch as 2026 begins to unfold.  The post As shockwaves ripple following US action in Venezuela, markets hold strong appeared first on The TRADE.

The UK Financial Conduct Authority (FCA) has granted digital asset trading firm, ABEX Capital, authorisation to offer derivatives trading for futures, perpetual contracts and options.  The new offering, which will be enabled through the firm’s new subsidiary, ABEX UK Derivatives Limited, will allow ABEX to expand its current client offering, which focuses on spot trading.  Specifically, ABEX UK Derivatives Limited will function alongside the firm’s existing FCA-registered crypto asset business, and make use of ABEX’s proprietary, data-driven trading engine and agency execution model.  Erkan Kaya, chief executive and co-founder of ABEX, said: “Authorisation by the FCA is an important step in ABEX growth and underscores our commitment to operating within recognised regulatory standards. “We believe that regulatory clarity and strong market infrastructure are essential to the continued participation of institutional firms in digital-asset markets.” The move also aligns with the firm’s development and growth plans, and follows an increasing uptick in institutional demand for regulated and transparent access to digital asset derivatives markets across the industry.  Read more – The TRADE predictions series 2026: The institutionalisation of digital assets Most recently, European digital asset exchange, One Trading announced on Thursday that it had been granted a regulatory extension by the Dutch Authority for the Financial Markets (AFM).  The authorisation will allow the firm to offer 24/7 central limit order book (CLOB) trading for equity perpetual futures, making the firm the only licensed venue in the world to offer full, continuous out-of-hours price discovery and trading for equity derivatives.  Similarly, StoneX’s digital asset subsidiary, StoneX Digital also recently received its Crypto-Asset Service Provider (CASP) license from the Central Bank of Ireland, allowing the firm to expand its digital asset services and capabilities across the EU.  The post FCA grants ABEX Capital digital asset derivatives trading authorisation appeared first on The TRADE.

Which recent developments have made the most impact on pre-trade analytics? We are seeing significant growth and transformation of market data and analytics in order to deliver efficiencies in execution and allow better performance outcomes for our funds. This has been driven by evolving trading requirements and market forces.   The growing need to process intricate datasets has been aided by AI and innovative analytics. How are the buy-side adapting processes to improve TCA and pre-trade accuracy? Managing data quality is a common challenge experienced across the market. The lack of a consolidated tape and subsequent increasingly fragmented nature of market liquidity, has a negative effect on the accuracy of market data and the relevance for traders to utilise in their pre-trade decision making. Pre-trade analytical tools are crucial but should be there to provide an indication not an absolute answer. Recent market volatility does not give an accurate indication of ‘normal’ conditions and can therefore generate misleading indications.  Intra-trade tools and metrics are more accurate and can help to give a useful snapshot of performance and to identify short term trends. Close interaction with our fund managers is key. Being able to back up trade decisions with accurate pre- and intra-trade analytics is important to maintaining these strong working relationships.   What should be prioritised when it comes to getting the best data for high-touch trades?   Accurate intra-trade tools and metrics are valuable. It is important to measure the performance of the trader or counterparty during the trade process. This data can also be shared with our fund managers. It starts a conversation and improves the final outcome. The decentralisation of liquidity in Europe has become heightened in the last few years. The usage of off-book mechanisms, including SI, OTC as well as ‘off-book, on exchange’ has increased significantly in this timeframe. Also, the rise in bilateral trading is causing a challenge around understanding whether liquidity is addressable and accessible and how this data is interpreted. There is no point having volume-based metrics if you can’t interact with a significant proportion of this liquidity. Are TCA providers looking to incorporate more LLMs? How could this look in practice? We currently work with a third-party TCA provider. They incorporate minimal LLMs but I expect this to change markedly in the future as the benefits become apparent. There is no doubt that LLMs can act as a helpful adviser and significantly improve our productivity. However, I think it is important that we understand where the intelligence comes from. This will help us evaluate whether the intelligence can be relied on and how it can be communicated with stakeholders in trading decision making. LLPs can also provide valuable insights from unstructured information and enhance data-driven decision-making by uncovering hidden trends and patterns. The post Fireside Friday with… Royal London Asset Management’s Sam Vaughan-Jones appeared first on The TRADE.

TP ICAP has entered an agreement to acquire global brokerage, Vantage Capital Markets, as part of an effort to expand the firm’s offering across the world.  Nicolas BreteauSpecifically, the acquisition is expected to bolster TP ICAP’s positioning in equity derivatives and fixed income markets, with a key focus on those in the APAC region.  Moreover, the move is also set to benefit Vantage, by enabling the firm to make use of TP ICAP’s footprint and leadership across the US to support its growth.  Read more – Fireside Friday with… TP ICAP’s Max Spoto Nicolas Breteau, chief executive of TP ICAP Group, said: “This acquisition forms part of our targeted investment strategy to drive profitable growth, expand our global reach, and broaden our product offering. It strengthens our presence in key APAC markets across several asset classes and opens exciting opportunities in the US, where Vantage will be able to leverage our footprint to scale at pace.” Vantage’s offering specialises in equity derivatives and fixed income, spanning more than 80 brokers. The firm operates across Hong Kong, London, Tokyo and Dubai, with more than 800 institutional clients across the world.  Read more – TP ICAP adds Coinhako to cryptoasset exchange as trading counterpart As part of the move, Vantage’s leadership team will continue in their roles.  The transaction is expected to complete in Q2 2026, subject to regulatory approvals.  “Joining TP ICAP, the world’s leading IDB, marks an exciting new chapter for us. We are confident that, together, we will accelerate our growth, notably in the US, and continue to provide outstanding service to our clients worldwide,” said Roderick Wurfbain, chief executive of Vantage Capital Markets.  The news marks another important move for TP ICAP, and follows the firm’s acquisition of Neptune Networks in June 2025.  The move saw the firm combine and enhance Neptune’s proprietary data network with Liquidnet’s electronic credit trading platform, to create a new dealer-to-client business.  The post TP ICAP to acquire global brokerage Vantage Capital Markets appeared first on The TRADE.

SimCorp has expanded its data collaboration with MSCI, giving buy-side firms using the SimCorp One investment management platform direct access to MSCI’s private market datasets and managed data collection services. The partnership provides SimCorp clients with fund, asset, and deal-level private market data embedded directly within the platform, addressing longstanding challenges around fragmented disclosure and inconsistent reporting in private markets. Read more: Clearstream partners with SimCorp on integrated fund data service Users will also be able to use MSCI’s managed service for automated document collection and data management, including transaction data, to streamline workflows for fund financial documents. The services are underpinned by MSCI’s private capital datasets and benchmarks covering nearly 28,000 funds and funds-of-funds across all private asset classes, including historical holdings, performance data and cash flow profiles. “Despite the rise of AI technology, many clients are still searching for turnkey solutions that remove complexity from private market operations,” said Hugues Chabanis, head of SimCorp Alternatives. “In their perpetual quest for efficiency, this continued collaboration with MSCI delivers exactly that, acting as an extension of their operations teams to handle everything from document processing to capital calls and reporting.” The integration forms part of SimCorp’s broader partner ecosystem strategy, aimed at improving data connectivity, reducing adoption costs and accelerating time-to-value while limiting vendor lock-in.  Luke Flemmer, head of private assets at MSCI, explained: “By embedding MSCI data, indexes, and analytics into SimCorp One, we are equipping investors with powerful tools to better manage complexity, address regulatory demands, and drive better outcomes.” The post MSCI and SimCorp expand partnership to enhance buy-side access to private market data  appeared first on The TRADE.

Broadridge Financial Solutions has expanded its partnership with agentic AI technology provider DeepSee in a bid to accelerate automation across post-trade capital markets operations. The strategic investment includes Broadridge taking a minority ownership stake in US-based DeepSee and aligns with Broadridge’s broader strategy to deploy artificial intelligence and harmonised data across its global post-trade infrastructure. The AI solution has already been deployed across Broadridge’s business process outsourcing operations, which serve more than 60 clients, and is also integrated with the firm’s post-trade platform.  The technology can be deployed either within a client’s own infrastructure or on a standalone basis. The latest agreement will initially focus on AI-powered email orchestration and is specifically set to help post-trade teams reduce manual email processing, improve operational efficiency, and strengthen compliance oversight by embedding AI directly into daily workflows.  Read more: A new frontier of automation: Why agentic AI is the financial markets’ next fundamental hurdle “This latest investment and partnership underscores Broadridge’s commitment to delivering innovative AI-powered solutions that transform operations, reduce risk, and enhances the client experience,” said Tom Carey, president of Broadridge global technology and operations “Working with DeepSee, we are bringing agentic AI directly into post-trade workflows, helping clients move from manual email handling to intelligent automation – unlocking new levels of productivity and operational resilience.”   The post Broadridge invests in agentic AI tech fintech to drive post-trade automation  appeared first on The TRADE.

Jack Markham has joined Outset Global as managing director – trader, after more than a year at Cisu Capital Partners.  London-based Markham brings almost two decades of experience to his new role, having worked in various senior roles across a multitude of assets across both trading and portfolio management over the course of his career.  During his time at Cisu Capital Partners, he served as a partner and multi-asset trader, and prior to this, held the role of head of trading at European hedge fund, Oceanwood Capital Management for nearly 13 years.  Prior to this, Markham worked as Octopus’ head of trading and has also served in trader positions at firms including SAC Capital and Dresdner Kleinwort Wasserstein.  Outset Global declined to comment when contacted by The TRADE.  Markham’s appointment follows further hires to Outset Global’s team back in February 2025, when the firm announced the addition of three new traders to its global team.  Specifically, Seamus O’Neill and Greg Toal both joined the firm’s New York team as managing directors, while Stanley Wong joined in the same position based out of Hong Kong.  The post Cisu Capital Partners multi-asset trader joins Outset Global appeared first on The TRADE.

One Trading is set to offer 24/7 central limit order book (CLOB) trading for equity perpetual futures, following a regulatory extension granted by the Dutch Authority for the Financial Markets (AFM). The authorisation marks an expansion of One Trading’s current Mifid II Organised Trading Facility (OTF) license and establishes the firm as the only licensed venue in the world to offer full, continuous out-of-hours price discovery and trading for equity derivatives. Specifically, the development is expected to enable market participants to access live price discovery outside of traditional exchange hours, continuous best-bid and best-offer formation, and immediate market access to global macro, geopolitical and earnings-driven events. Speaking to The TRADE, Joshua Barraclough, founder and chief executive of One Trading, said: “Clients can now go long or short on NVIDIA on a Saturday at 4pm at the price that the market thinks NVIDIA is trading at, without having to wait for the market to open on Monday. “This can be retail clients looking to invest in their opinions or this could be an institutional client looking to hedge their risk.” Read more – One Trading becomes EU’s first Mifid II-regulated venue for crypto perpetual futures The new offering will launch with US single-stock equity perpetual futures and equity index perpetual futures and aims to address challenges which have historically limited the equity derivatives market, such as fixed trading hours and legacy clearing cycles. Moreover, the extension also complements’ One Trading’s current MiCAR license for spot trading and custody, which makes the firm the only venue globally to combine regulated spot, custody, perpetual derivatives and continuous on-exchange settlement in a single onshore EU market structure. Barraclough added: “Our goal has always been to create a single venue where you can trade any asset 24/7 open to all clients and fully transparent. This is our first step into doing this in traditional assets and brings a lot of new players into the market who have been more reluctant to trade digital assets and provides new opportunities for those clients who have been trading digital assets.” Read more – Fireside Friday with… One Trading’s Joshua Barraclough The new service is expected to launch at the end of Q1 2026.  The launch of the offering aligns with One Trading’s recent growth drive for perpetual futures products. In August 2025, the firm unveiled new XRP/EUR perpetual futures for both institutional and retail clients in the EU, with the aim of expanding access for 24/7 trading and hedging out of market hours for the asset across the region. The post One Trading becomes first venue to offer 24/7 CLOB trading for equity perpetual futures appeared first on The TRADE.

Huntington Securities has named Brian Stauffer as the firm’s new head of equity sales and trading.  He joins from Janney Montgomery Scott, where he spent more than four years as head of institutional equity sales and trading.  Stauffer confirmed his new role in an announcement on social media.   Previously in his career, Stauffer has worked at Compass Point Research & Trading as managing director.He has also previously served in a vice president role across business growth, operations, and finance at Cohere Technology Group. Prior to that, he was co-head of equity trading at FDR for 14 years and has also previously served as vice president at Credit Suisse.  Huntington Securities had not responded to a request for comment at the time of publishing.    The post Huntington Securities appoints new head of equity sales and trading  appeared first on The TRADE.

The European Securities and Markets Authority (ESMA) has granted Tier 1 third-country central counterparty (CCP) recognition to Nasdaq Dubai and Dubai Financial Market’s (DFM) subsidiary, Dubai Clear.  The firms are currently the only CCPs in the Middle East and North Africa (MENA) region to gain ESMA Tier 1 status. The recognition came into effect on 31 December 2025. The accreditation is expected to enhance cross-border connectivity between European and Dubai-based capital markets, and bolster the United Arab Emirates’ (UAE) positioning across post-trade services globally.   Moreover, a greater influx of market participants from the EU are expected to join Dubai Clear and Nasdaq Dubai as clearing members.  Read more – How the legacy of the EMIR Refit continues to raise the bar for global compliance Specifically, the accolade of ESMA Tier-1 status allows CCPs to be recognised as non-systemically important to the EU, to enable easier recognition through home authority deference when operating in the EU financial system.  The recognition comes under the EU’s European Market Infrastructure Regulation (EMIR), which recently went under a refit implementation, with the aim of raising data quality and increasing transparency across the derivatives market through changes to the EMIR reporting regime.  The changes came into force in the EU on 29 April 2024, while the refit started in the UK later that year, on 30 September.  Hamed Ali, chief executive of Dubai Financial Market and Nasdaq Dubai, said: “This milestone reflects the progress Dubai has made in building market infrastructure that global investors recognise and rely on.  “ESMA Tier 1 recognition strengthens Nasdaq Dubai’s ability to connect regional opportunities with international capital and supports Dubai’s Capital Markets Development Strategy by enhancing access, efficiency, and investor confidence.” The post Nasdaq Dubai and Dubai Clear become first in MENA to gain ESMA Tier 1 status appeared first on The TRADE.

Fred Bethell has joined CLSA as a program sales trader, based out of London.  Bethell has worked across financial markets spanning various different roles and asset classes for more than 15 years and joins CLSA from buy-side firm Aviva Investors. Bethell confirmed his appointment in an announcement on social media. During his time at Aviva, he served as an equity trader in the firm’s London office for seven years.  This followed a stint at Odey Asset Management, where Bethell worked in the same role for almost three years. Read more – TRADE Talks: Aviva Investors’ Ash Sharma Elsewhere, Bethell has previously served in assistant portfolio manager roles at Walker Crips and Ashcourt Rowan. CLSA had not responded to a request for comment at the time of publication.  The post Aviva Investors equity trader joins CLSA appeared first on The TRADE.