Robert Pemble has been named head of US equity trading at Invesco, stepping up to the role after 22 years at the asset manager.  He initially joined the firm in 2004 as a senior equity trader, working for Oppenheimer Funds before the company was acquired by Invesco in 2019. The new position marks a promotion for New York-based Pemble, who most recently spent two years as head of quantitative equity trading at the firm. Pemble has worked extensively across capital markets for more than two decades, and prior to his time at Invesco, held various equity trading roles at firms spanning Caldwell & Orkin Funds, Bulldog Capital, Hovde Capital Advisors and William R. Hough & Co.  Pemble confirmed his appointment in an announcement on social media.  Invesco had not responded to a request for comment at the time of publication.  The appointment follows further significant senior promotions for Invesco, with Samuel Henderson stepping into the role of head of EMEA equity trading in January 2026.  Henderson’s promotion followed the departure of the firm’s head of trading – EMEA and APAC equities, Paul Squires in November 2025, as revealed by The TRADE at the time.  The post Invesco promotes internally for new US equity trading head appeared first on The TRADE.

Cantor Fitzgerald has bolstered its global equities franchise with a senior hire from Barclays as well as several internal promotions, in a bid to align its sales and trading organisations.  The reshuffle is expected to support the firm in enhancing its insight, execution and connectivity offering for its clients, The TRADE understands, and will see Joe Kelly joining the firm as co-head of New York advisory sales after nearly 16 years at Barclays. Elsewhere, Cantor Fitzgerald is also focusing its expansion efforts on Europe, with Chris Spinks and Jonathan Meltzer set to step into the positions of co-heads of European high touch execution.   Read more – Cantor Fitzgerald taps JonesTrading for fixed income trader New York-based Kelly most recently served as a director in institutional equity sales at Barclays, where he was recognised as a top salesperson across equity long/short, multi-strat and quant clients.  In his new role at Cantor Fitzgerald, Kelly will co-lead New York advisory sales alongside Jared Demark, with both set to report to Alexander Englander, global head of equity distribution.  Meanwhile, both Spinks and Meltzer are expected to drive out the client engagement and footprint in the region, and will report to Andrew Shortland, chief executive, as well as maintaining a dual line to Orloff. Alongside these new roles, Eric Lastres has also been promoted to head of US sales trading, marking a step up from his most recent role as head of Miami equities at Cantor Fitzgerald.  Lastres initially joined Cantor Fitzgerald in 2018, and is set to oversee US sales trading strategy, client engagement and team development in his new role, reporting to David Orloff, global head of execution services.  The post Cantor Fitzgerald builds out global equities franchise appeared first on The TRADE.

Adam Gaskill has joined global asset manager Polen Capital as a trader, after nearly 13 years at Stewart Investors.  Gaskill will be based out of London in his new role, having worked across capital markets for more than 15 years over the course of his career.  He initially joined Stewart Investors in 2013, and most recently served as a senior equity trader at the firm.  Speaking in an announcement on social media, Gaskill said: “After a fantastic 13 years at Stewart Investors, I’m looking forward to a new challenge. Genuinely appreciative of all the support that helped make this move possible.” Earlier in his career, Gaskill also served as a unit trust dealing administrator at BNY Pershing for almost three years.  Polen Capital had not responded to a request for comment at the time of publication.  The post Stewart Investors senior equity trader joins Polen Capital appeared first on The TRADE.

The Association for Financial Markets in Europe (AFME) and the European Fund and Asset Management Association (EFAMA) have called on policymakers to focus on enhancing competition and innovation to scale up EU equity markets, rather than shifting trading back to incumbent exchanges.  Adam FarkasIn a joint paper, the two trade associations emphasise that competition, transparency and simplification are essential for boosting EU equity markets, highlighting that restricting access to mechanisms such as bilateral trading may undo any positive momentum gained since Mifid II came into play. The trade associations also indicated that proposals such as accelerating the delivery of a robust consolidated tape, enforcing Reasonable Commercial Basis rules to curb market data costs, and advancing post-trade integration should be front of mind for policymakers.  Adam Farkas, chief executive at AFME, said: “Our proposals set out a clear, optimistic vision for competitive European equity markets that preserve investor choice while strengthening transparency and market efficiency. By contrast, proposals from Europe’s leading stock exchanges have yet to articulate how EU equity markets can scale and compete globally, appearing instead primarily focused on restricting competition from alternative trading models. “Bilateral trading mechanisms play an important role in delivering efficient execution and meaningful choice for investors and attempts to curtail them risk undermining the competition that has helped lower costs and improve outcomes under the MiFID framework.” In addition, the paper emphasises that reforms should prioritise investor outcomes, to support the smooth function of markets, as well as efficient price formation and competitive trading conditions.  These calls for action also align with ongoing discussions on the EU’s Market Integration and Supervision Package (MISP), published in December 2025 as part of the wider Savings and Investments Union initiative.  Read more – Trade associations call on ESMA and the European Commission to strengthen consolidated tape framework Moreover, the paper also underlines that regulatory simplification and evidence-based policymaking should be a key part of the MISP, to avoid unnecessary complexities, and ensure focus on reforms where structural inefficiencies linger, notably, market data, clearing and settlement.  “The MISP regulatory framework promotes the principles of competition and choice, and democratises access to trading data,” said Tanguy van de Werve, director general at EFAMA.  “EFAMA, therefore, fully supports a rapid passage of this legislative package.  As the firms responsible for moving major institutional flows, we have every bit of faith that a well-designed CT will deliver the transparency needed to continue to deepen and grow Europe’s capital markets.” The post Restricting alternative trading access risk limiting competition in EU equity markets, say trade associations appeared first on The TRADE.

The Association for Financial Markets in Europe (AFME) and the European Fund and Asset Management Association (EFAMA) have called on policymakers to focus on enhancing competition and innovation to scale up EU equity markets, rather than shifting trading back to incumbent exchanges.  Adam FarkasIn a joint paper, the two trade associations emphasise that competition, transparency and simplification are essential for boosting EU equity markets, highlighting that restricting access to mechanisms such as bilateral trading may undo any positive momentum gained since Mifid II came into play. The trade associations also indicated that proposals such as accelerating the delivery of a robust consolidated tape, enforcing Reasonable Commercial Basis rules to curb market data costs, and advancing post-trade integration should be front of mind for policymakers.  Adam Farkas, chief executive at AFME, said: “Our proposals set out a clear, optimistic vision for competitive European equity markets that preserve investor choice while strengthening transparency and market efficiency. By contrast, proposals from Europe’s leading stock exchanges have yet to articulate how EU equity markets can scale and compete globally, appearing instead primarily focused on restricting competition from alternative trading models. “Bilateral trading mechanisms play an important role in delivering efficient execution and meaningful choice for investors and attempts to curtail them risk undermining the competition that has helped lower costs and improve outcomes under the MiFID framework.” In addition, the paper emphasises that reforms should prioritise investor outcomes, to support the smooth function of markets, as well as efficient price formation and competitive trading conditions.  These calls for action also align with ongoing discussions on the EU’s Market Integration and Supervision Package (MISP), published in December 2025 as part of the wider Savings and Investments Union initiative.  Read more – Trade associations call on ESMA and the European Commission to strengthen consolidated tape framework Moreover, the paper also underlines that regulatory simplification and evidence-based policymaking should be a key part of the MISP, to avoid unnecessary complexities, and ensure focus on reforms where structural inefficiencies linger, notably, market data, clearing and settlement.  “The MISP regulatory framework promotes the principles of competition and choice, and democratises access to trading data,” said Tanguy van de Werve, director general at EFAMA.  “EFAMA, therefore, fully supports a rapid passage of this legislative package.  As the firms responsible for moving major institutional flows, we have every bit of faith that a well-designed CT will deliver the transparency needed to continue to deepen and grow Europe’s capital markets.” The post Restricting alternative trading access risks limiting competition in EU equity markets, say trade associations appeared first on The TRADE.

Antonia von Specht has joined Citadel in London as a credit trader after nearly 10 years at Morgan Stanley.  She brings extensive experience working across credit sales to her new role at the hedge fund, and most recently served as a vice president at Morgan Stanley, working across the hedge fund and banks offering.  Having initially joined the sell-side investment bank in 2016 as an analyst, von Specht later became an associate, covering Germany and Nordics-focused credit sales before being promoted to her most recent role.  Previously in her career, she also gained early industry experience at Deutsche Bank.  Von Specht confirmed her new role in an announcement on social media.  Citadel had not responded to a request for comment at the time of publication.  The appointment follows further significant developments for Citadel in recent months. In January 2026, the firm promoted Brian Pastor as head of trading, global equities after an almost eight-year tenure.  Similarly, in December 2025, Virginie Saade, managing director and head of government and regulatory policy, EMEA, at Citadel joined EuroCTP’s advisory committee, to support the development of the upcoming EU equities consolidated tape.  The post Citadel taps Morgan Stanley for credit trader appeared first on The TRADE.

Vadim Nechaev has joined German bank Commerzbank as a structured credit trader, based out of London.  Nechaev has worked across the sell-side for more than a decade, with key expertise in credit trading and European markets.  His appointment at Commerzbank marks a return to the firm, which he had initially joined in September 2016 as a XVA and legacy credit trader, before working his way up the ranks to become a structured credit trader in the Treasury investment office.  Following this, he had two year-long stints at Morgan Stanley and BNP Paribas CIB, working as a credit default swap (CDS) trader at both firms, before now returning to Commerzbank.  Read more – Commerzbank joins LCH ForexClear as clearing member Previously in his career, he gained early industry experience working as a credit research analyst at Bank of America Merrill Lynch.  Nechaev confirmed his appointment in an announcement on social media.  The post Commerzbank hires structured credit trader appeared first on The TRADE.

Cboe Global Markets has filed a proposal with the US Securities and Exchange Commission (SEC), with the aim of launching near 24/5 equities trading on its Cboe EDGX Equities Exchange (EDGX).  Brian McElligottThe new offering will enable all listed NMS stocks which are currently traded on EDGX to be expand to market hours running from 9pm ET on Sunday to 8pm ET on Friday, including a one-hour operational pause from 8pm to 9pm ET Monday to Thursday.  The launch is currently scheduled to go live in December 2026, subject to regulatory approval and the readiness of the industry infrastructure providers required for the shift.  “Cboe’s filing with the SEC is the latest step in ensuring we are ready to offer overnight trading once the industry launches in December,” said Oliver Sung, head of North American equities at Cboe. “Since announcing our plans for near 24/5 trading amid growing global interest for US markets, we have been engaging with clients and market participants across the globe, underscoring the importance of collaboration throughout this process.” Read more – The price of everything in a 24/5 world In addition, all trades within these extended market hours will be cleared through the Depository Trust and Clearing Corporation (DTCC).  Cboe has also highlighted that the shift to this new model for EDGX will require increased market access and high-quality real-time data.  To prepare for this, the firm is continuing its expansion of its Cboe One US equities feed, which collates and provides access to consolidated market data from the firm’s four US equities exchanges: BZX, BYX, EDGX and EDGA.  “Cboe understands that accurate and reliable market data is the foundation for making informed investment decisions,” said Brian McElligott, head of Cboe Data Vantage.  “We continue to focus on expanding the availability of our US equities data offerings, reflecting the strong desire for access to US markets from Europe and APAC investors. The new offering reflects a growing demand for expanded trading hours for US equities across the industry. Currently, Cboe offers trading from 4am ET to 7am ET on two of its four exchanges – EDGX and BZX.  Similarly, in January 2026, the DTCC announced that it was launching an industry-wide testing phase for 24/5 trading, to prepare for numerous shifts to extended market hours set to come into play across the industry in the coming months.  Notably, in December 2025 Nasdaq submitted a filing to the SEC to extend to a 23/5 trading hours model for US equities and exchange-traded products (ETPs).  The post Cboe files SEC proposal to shift to near 24/5 equities trading on its US equities exchange appeared first on The TRADE.

LSEG Post Trade Solutions has launched a new post-trade platform – TradeAgent – designed to tackle long-standing friction points in derivatives processing. Annabel HarrisonDeveloped with input from more than ten banks and buy-side firms, TradeAgent aims to standardise the full lifecycle of equity and interest rate swaps across both cleared and bilateral transactions.  The platform centralises authoritative data, enabling automated workflows, more consistent processing, and greater accuracy in cashflow calculations while reducing valuation disputes. Annabel Harrison, head of agent services, post trade solutions, LSEG, said: “TradeAgent provides the market with a true end-to-end trade processing solution that simplifies and provides an alternative confirmation process. Powered by LSEG’s proven market infrastructure expertise, TradeAgent replaces duplicative processes with a single source of trade and agreement data.”Read more: LSEG posts revenue increases across markets segment in 2025By extending cleared-style processes to bilateral derivatives, TradeAgent also mitigates counterparty and funding risks, lowering operational exposure and trimming end-to-end processing costs. The platform uses an open, scalable architecture, enabling it to process both existing and future instruments from a centralised data source. Its launch shows how modern post trade infrastructure can offer a single point of reference for complex derivatives workflows. David Halliden, managing director, markets operations, JP Morgan, said: “At JP Morgan, we are committed to evolving our service offering by providing clients with access to innovative, scalable solutions and enhanced resiliency. “We support the continued evolution of OTC post trade processing and improvements to executional efficiency and welcome solutions like TradeAgent to the market.” TradeAgent sits alongside other post trade solutions services, including Quantile, Acadia and SwapAgent, forming part of a broader industry push to simplify post-trade operations and address structural inefficiencies in the derivatives market. The post LSEG launches TradeAgent to modernise derivatives processing appeared first on The TRADE.

DWS is set to acquire a 40% equity stake in Nippon Life India AIF Management (NIAIF) in a bid to expand NIAIF’s product offering and extended its reach to offshore investors. NIAIF is still in an early growth phase, with DWS’ acquisition of a minority stake set to focus on the building out of its India-focused alternatives capabilities. Specifically, the joint venture is focused on developing a scalable alternatives platform “to enable both Indian and international investors to participate in the long-term growth opportunities of the Indian alternatives market”. The move follows the signing of a Memorandum of Understanding between DWS and Nippon Life India Asset Management Ltd (NAMI), back in November 2025. Read more: Fireside Friday with… DWS’s Keshava Shastry Speaking to plans for future collaboration, the firms confirmed: “In addition to the now agreed shareholding in NIAIF, DWS and NAMI continue to pursue a close strategic collaboration on the development and launch of passive investment solutions, as well as a global agreement for the distribution of actively managed India strategies through DWS’ international distribution network”. The closing of the deal is subject to the regulatory approval and other business-related conditions. The post DWS to acquire stake in Indian asset manager NIAIF  appeared first on The TRADE.

Liontrust is set to acquire specialist investment manager, River Global’s asset management business, in a deal valued at £7.6 million in shares.  The acquisition – which currently set to close by 31 August 2026 – is expected to expand Liontrust’s investment capabilities and client base by integrating new investment trusts and strategic partners. In addition, if certain conditions of the European Opportunities Trust (EOT) mandate are met, Liontrust will also issue additional ‘adjustment shares’ of £2.1 million.  “The acquisition of River Global is an important step forward for Liontrust,” said John Ions, chief executive of Liontrust.  “River Global’s investment capabilities are complementary to Liontrust’s established processes and funds and combining them will create a stronger and broader platform for future growth. The enlarged business will diversify products, performance and the client base.” Currently, River Global’s offering covers long-only equities, spanning UK, Indian and global strategies.  Through the move, Liontrust will also gain access to a greater physical investment presence in Asia, through acquiring River Global’s team managing the India Capital Growth investment trust.  In a similar vein, River Global will benefit from Liontrust’s sales and marketing expertise to expand UK and international distribution capabilities, as well as helping the firm in building out its client base.  As part of the acquisition, Revolut chair and former chief executive and co-founder of Aberdeen Standard Investments will step into the role of executive chair of River Global to provide asset management expertise. “River Global and Liontrust are two highly complementary businesses and it makes perfect sense to bring them together,” said Gilbert.  “River Global and its shareholders, clients and people will benefit immediately from becoming part of a wider group, with powerful distribution and marketing resources that will accelerate the inflows we are seeing into our funds as well as broader all-round growth opportunities.” Liontrust has also confirmed that its current investment capabilities will not be impacted by the proposed acquisition.  The post Liontrust strikes £7.6 million deal to acquire River Global’s asset management arm appeared first on The TRADE.

CIBC Paul Ponomarev has been named managing director, global head of program trading at CIBC, having most recently served as head of strategy, Americas trading at Bernstein, overseeing the US electronic and global program. According to an internal memo seen by The TRADE, Ponomarev will have dual accountability to Jeff Andreski – head of US global markets trading, and Cam Gil – head of execution, global equities, while retaining the product and regional alignment.  Ponomarev will be based at CIBC’s New York office, focused on expanding the program trading footprint at the firm.  Specifically, he will look to strengthen the client offering and grow CIBC’s presence across key accounts, The TRADE understands, as well as bolstering alignment across the firm’s global businesses. Previously Ponomarev has also served in roles at firms including Nomura Securities, UBS, and NYSE. BNY BNY global head of global markets trading, Jason Vitale, is set to assume responsibility for BNY’s Buy-Side Trading Solutions business.  He will continue to lead the execution services platform alongside his new responsibilities.  As part of the move, Dragan Skoko, head of Buy-Side Trading Solutions, will report directly to Vitale, the firm has confirmed.  As part of a swathe of senior leadership role expansions, the firm has also announced that chief operating officer of BNY Markets Rebecca Crowe has been promoted to COO of BNY’s Wealth Solutions business. New-York based Crowe has been with the firm for nearly 10 years, overseeing the continued development and growth of the Markets business in that time.  Additional moves see Clint Craft, BNY’s head of global liquidity services, set to take on the role of Executive Platform Owner (EPO) for the Liquidity & Margin platform. Bloomberg Ed Wood is leaving investment manager Ninety One after five years, to embark on a new role at Bloomberg, as revealed by The TRADE.  Specifically, London-based Wood will be joining the firm’s fixed income electronic trading team as a credit sales specialist, and brings significant buy-side fixed income experience to his new role.  During his time at Ninety One, he worked as a fixed income trader, covering global IG and HY credit, global rates, EM local and hard currency and FX spot, forwards and options.  Prior to joining the asset manager, Wood worked as a credit trader at Aviva Investors for a year, and also spent more than five years at Vanguard, working across fixed income trading. Earlier in his career, he also gained experience at BNP Paribas.  Panmure Liberum Panmure Liberum has appointed Michael Finney as head of sales, joining from Mediobanca where he spent the past four years in institutional equity sales covering European clients.  He is set to report to David Parsons, head of equities at Panmure Liberum, and work closely with execution, research and investment banking teams as the firm looks to grow market share across key asset classes.  Finney previously served as chief executive and co-founder of hedge fund, High Ground Investment Management between 2019 and 2022, before returning to the sell-side. Earlier in his career he spent more than eight years at RBC Capital Markets as head of mid-cap equity sales and corporate access.  He has also held roles at Société Générale, Dresdner Kleinwort Wasserstein and Donaldson, Lufkin & Jenrette. The post People Moves Monday: CIBC, BNY, Bloomberg, and more…  appeared first on The TRADE.

Andrew Westoby has joined Kepler Cheuvreux’s KCx platform as a high touch sales trader.  Westoby will be based out of London in his new role, and is set to support the firm’s continual development of its execution strategy. Speaking to The TRADE on the appointment, Chris McConville, global head of execution services and trading at Kepler Cheuvreux, said: “Based in our London office, [Westoby] will play a key role in supporting our international clients investing into the US and Canada, and in accelerating growth in the region.” Westoby brings more than 25 years of front office experience to his new role, spanning institutional execution across pan-European and US equity markets.  Most recently, he had been working as a subject matter expert for European equities, providing support on capital raising and global hedge fund strategies.  Prior to this, he spent more than two years at Rothschild & Co (previously Redburn Atlantic) as an equity sales trader, specialising in high and low touch orders from UK and Swiss clients trading US equities.  While at the firm, he also led the transition and integration of functions into the newly merged Redburn Atlantic equities brokerage business following the firm’s acquisition by Rothschild in 2023.  Previously in his career, he has also held senior positions at firms including OpenExchange, Mediobanca, HSBC and UniCredit.  Westoby’s appointment follows further high touch sales trading hires into the KCx team in recent months. In February 2026, Vito Scarola joined the firm in a similar role, based out of New York, while similarly, Sam Dawson was also hired as a high touch sales trader for Kepler Cheuvreux’s UK hedge funds clients.  The post Kepler Cheuvreux expands KCx team with high touch sales hire appeared first on The TRADE.

Tokenisation has the potential to introduce new operational and technological risks as it continues on its trajectory to shape the capital markets of the future, says Europe’s regulatory watchdog. The concept is drawing increasing attention from market participants and regulators, according to ESMA, which highlighted the technology’s growing relevance to financial market infrastructure in its latest ‘risk monitoring’ report. According to the regulator, tokenisation is attracting growing interest as a potential driver of change in financial markets, including through the use of programmable money, real-time settlement and direct-to-investor distribution models. However, the regulator also warned that while tokenisation does not fundamentally change the nature of the assets being tokenised, it can introduce new operational and technological risks, including smart contract vulnerabilities, digital wallet security risks and potential dependencies on specific platforms or blockchains. The report highlighted how tokenisation could also support the expansion of decentralised finance by bringing traditional assets onto blockchain-based platforms. Although ESMA noted that adoption currently remains limited, with most activity concentrated in relatively narrow use cases and small volumes. Read more: Tokenisation edging towards inflection point Available evidence cited in the report suggests the market could expand significantly in the coming years. Research from Boston Consulting Group and Ripple forecasts that tokenised assets, including stablecoins, could grow from around $600 billion in 2025 to $18.9 trillion by 2033. Benefits of tokenisation vary depending on the use case, but the underlying technology “promises universal efficiency gains through greater automation and speed,” according to the report, citing research from the International Securities Services Association (ISSA). According to the regulator, real-time and atomic transactions could shorten settlement cycles and reduce counterparty risk, while smart contracts could automate processes and reduce the need for intermediaries and reconciliation. The report also cited research from the International Securities Services Association which found that collateral tokenisation could reduce settlement fails by 13% and generate approximately $340 million in annual savings for Tier 1 firms. Hurdles to overcome ESMA’s ‘risk report’ further outlined several barriers to broader adoption, including interoperability challenges between blockchain platforms, the absence of widely accepted on-chain cash solutions, and regulatory uncertainty. The watchdog suggests that many tokenised assets currently operate on private blockchains controlled by a single entity or a small group of market participants, which can recreate the same silos the technology was intended to address. Moreover, ESMA pointed to ongoing regulatory developments aimed at supporting tokenisation. In the EU, the DLT Pilot Regime provides a framework for market infrastructures using distributed ledger technology, with six DLT market infrastructures authorised since the regime launched in March 2023. The European Commission has also proposed amendments to the regime as part of its market integration package, aimed at enabling broader adoption of distributed ledger technology in EU financial markets. Elsewhere, the report noted that the UK’s Financial Conduct Authority has consulted on proposed rules for fund tokenisation, while in the US, regulatory initiatives are also exploring ways to support on-chain financial markets. ESMA said early adoption is likely to focus on fixed income securities, money market funds and other high-quality assets, particularly due to their role in collateral operations. Commenting on the broader market environment, Verena Ross, chair of ESMA, said: “ESMA’s latest risk monitoring analysis highlights the potential for disorderly corrections that could spill over across markets. In this context, disciplined risk monitoring and risk management remain essential to ensure orderly markets, a core objective for ESMA.” The post European watchdog has eye on tokenisation as adoption set to soar appeared first on The TRADE.

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have entered into a Memorandum of Understanding (MoU) as the regulators seek to enhance coordination and collaboration between the entities. Innovation is at the fore of the decision, according to the watchdogs, with a focus on fostering development with “the minimum effective dose of regulation to enhance US competitiveness in finance”.In conjunction with the MoU, the agencies have also created a new initiative – the Joint Harmonisation Initiative – aimed at promoting regulatory clarity in areas of common regulatory interest.Specifically, the aims include providing a fit-for-purpose regulatory framework for crypto, reducing frictions for dually registered trading venues, modernising clearing, and streamlining trade data reporting.In an official announcement, Paul Atkins, chair of the SEC, highlighted that the move is set to end decades of “regulatory turf wars, duplicative agency registrations, and different sets of regulations between the SEC and CFTC” which have effectively “stifled innovation and pushed market participants to other jurisdictions”. He added: “This updated Memorandum of Understanding will serve as a roadmap for a new era of harmonisation between the agencies […] By aligning regulatory definitions, coordinating oversight, and facilitating seamless, secure data sharing between agencies, we will ensure our rules and regulations deliver the clarity market participants deserve.” Michael Selig, CFTC chair, echoed this sentiment, iterating that the US financial markets are the envy of the world, adding: “By working together, we’ll eliminate duplicative, burdensome rules and close gaps in regulation for the benefit of all Americans and usher in a ‘golden age’ of American finance.”For many across the industry this MoU has indeed been a long time coming, with participants having battled decades of time-consuming, and often duplicative, requirements from both regulators. Read more: Unpacking the 20 most impactful financial regulations from the last 20 years Speaking to The TRADE, global asset management regulation expert, Sean Tuffy, shared that the move is undoubtedly linked to crypto.“Historically the CFTC and SEC have been, more or less, diametrically opposed to how the crypto sector should be regulated, which has bogged down any attempted rulemaking. This should help remove any ambiguity and lead to a more cohesive and favourable regulatory approach to the crypto sector. Whether that’s a good or bad thing really comes down to your view on crypto.”“[…] while it’s easy to be cynical about things these days, I think any attempt to better harmonise the work of the CFTC and SEC and reduce the regulatory friction between the two should be welcomed by the broader industry.”The post SEC and CFTC sign MoU as watchdogs look to end ‘regulatory turf wars’ appeared first on The TRADE.

OneChronos has launched a new spot foreign exchange trading venue, marking the firm’s first expansion beyond equities. Kelly LittlepageSpecifically, the firm is introducing its optimisation-based Smart Market model to global currencies – allowing participants to express interest across multiple currency pairs within a single auction cycle and clear orders through a coordinated optimisation process.  OneChronos FX leverages proprietary combinatorial auction technology, assessing all eligible orders collectively during each auction cycle and determining a single clearing outcome under a defined objective function.  According to the firm, this multilateral approach surfaces trading opportunities that continuous or bilateral structures may miss, while aiming to improve pricing and reduce information leakage across related positions. “Our goal is to bring the benefits of auctions to spot FX in a way that fits how firms already trade,” asserted Blaise Sheppard, head of FX at OneChronos. “We’ve proven in equities that multilateral auctions can improve pricing and reduce information leakage. Our new FX platform builds on those principles and extends the same approach to currency markets to improve execution quality.” The move follows the successful deployment of the model in US equities via sister company OneChronos Markets in 2022.  Read more: OneChronos receives FCA approval in the UK The platform is designed to integrate with existing trading infrastructure, letting participants access the venue through established FX workflows and extend execution logic across currencies and asset classes without introducing operational complexity. Kelly Littlepage, chief executive and co-founder of OneChronos, said: “FX is the connective tissue of global markets – making it both a natural proving ground for combinatorial auctions we’ve validated in the US equities and a foundational step toward that broader vision.” The post OneChronos launches spot FX venue  appeared first on The TRADE.

Price increases from market data vendors have slowed for the first time in five years, but continue to outpace the growth of data budgets at financial institutions, according to a new study from Substantive Research and BCG Expand. Average renewal uplifts from major data vendors fell to 10% in 2025, down from a peak of 18% in 2023 and 15% in 2024. However, the increases remain above both inflation and the pace of budget growth at firms consuming market data. According to the report, annual data budgets have grown far more slowly, increasing by 3% in 2022, 2.11% in 2023 and 2.01% in 2024, before rising to 4.1% in 2025, while this year is expected to increase to 5.2%. Speaking to The TRADE, Mike Carrodus, chief executive of Substantive Research, explains: “If we are about to enter a period of higher inflation then we will have the perfect opportunity to confirm that this slowdown in price increases is a structural shift. “If data consumers continue to foster greater competition and increase their leverage in negotiations, then will see the results of that in the pricing of indexes, ratings and terminals at a product and license level.” Read more: Market data prices officially reach ‘unsustainable’ levels, new research finds Despite the moderation in vendor price increases, the report found large pricing disparities across several product categories. In index data, some firms were paying up to 13 times more than peers for similar products and use cases from the same vendors. Pricing gaps were also uncovered in ratings and terminal services, where the largest differences reached 502% and 493% respectively for identical products. Substantive Research suggested that data-consuming firms are becoming increasingly proactive when it comes to negotiations with vendors. “Despite a marginally better data pricing backdrop for financial institutions, it is still easy not to benefit from this trend and remain unaware that your peers are forging a more economically sustainable future,” Carrodus tells The TRADE. Increasing levels of scrutiny As market data price increases are slowing, so too are vendor revenues, according to the study which found that though the market for data services continues to expand, growth has moderated slightly. Total data vendor revenues increased by 6.4% in 2025, down from 6.6% in 2024 and 8.3% in 2023. Jens Munthe, principal at BCG Expand, explained: “While growth has moderated over the past two years, it is too early to conclude whether this represents a longer-term slowdown or a short-term normalisation following the inflation-driven peaks of recent years.  “What is changing, however, is the level of scrutiny. Market data costs are firmly on the C-suite agenda, and firms are becoming more disciplined and data-driven in how they manage their market data spend.”  Munthe added that the data highlights a dual dynamic within the industry, with large segments such as terminals, indexes and ratings remaining concentrated and relatively stable. On the other hand, research and analytics continue to grow faster than the wider market and remain far less consolidated – how this plays out remains to be seen. The post Market data price increases slow for first time in five years, finds study  appeared first on The TRADE.

Ed Wood is leaving investment manager Ninety One after five years, to embark on a new role at Bloomberg, The TRADE can reveal. Specifically, London-based Wood will be joining the firm’s fixed income electronic trading team as a credit sales specialist, and brings significant buy-side fixed income experience to his new role. During his time at Ninety One, he worked as a fixed income trader, covering global IG and HY credit, global rates, EM local and hard currency and FX spot, forwards and options. Speaking to The TRADE, Wood said: “After trading at three outstanding buy-side firms, I’m excited to bring that front line experience into my new role at Bloomberg, helping clients unlock more value from a platform I’ve relied on throughout my career.” Read more – TRADE Talks: Ninety One’s Ed Wood Prior to joining Ninety One, Wood worked as a credit trader at Aviva Investors for a year, and also spent more than five years at Vanguard, working across fixed income trading.  Earlier in his career, he also gained experience at BNP Paribas. A spokesperson for Ninety One confirmed Wood’s departure, commenting: “We thank Wood for his contribution and wish him well for the future.” The post Ninety One fixed income trader departs for Bloomberg appeared first on The TRADE.

Traders believe a shift toward electronic execution is set to accelerate across several asset classes in 2027, a JP Morgan study has found, with traders believing that e-trading will account for 70% of total activity next year. Repo and short-term paper traders predict the biggest increase in electronic trading volumes (up 13% from 2026), closely followed by equity derivatives desks which expect to see a 12% increase. Moreover, traders expect higher electronic trading volumes in credit spreads (up 10% from 2026), as well as FX (up 8% from 2026). Additionally, EM rates are expected by traders to see an 11% increase from the previous year. Read more: Fidelity International’s Sam Knight on the ‘true’ cost of fixed income e-trading “Interestingly, traders in each asset class tend to predict the greatest advances in electronification within their own markets,” explained JP Morgan. “This suggests that market participants are most optimistic about technological progress within the asset classes they are most attuned to.” Elsewhere, respondents highlighted several market structure concerns, with ‘developments in financial market technology’ topping the list. Notably, traders had ranked this above ‘access to liquidity’. Other concerns included ‘impactful regulatory proposals’ (listed by 18% of respondents), ‘market information leakage’ (13%), ‘market data access and costs’ (12%), and ‘execution costs’ (9%).  JP Morgan’s ‘e-Trading edit’ survey includes responses from traders (66% buy-side) across 59 countries and 13 asset classes.The post Repo and short-term paper traders expecting the largest increase in e-trading volumes in 2027, finds JP Morgan report  appeared first on The TRADE.

Jason Vitale is set to assume responsibility for BNY’s Buy-Side Trading Solutions business. Vitale, currently global head of global markets trading, will continue to lead the execution services platform alongside his new responsibilities. Dragan Skoko, head of Buy-Side Trading Solutions, will report directly to Vitale, the firm has confirmed. Read more: Fireside Friday with… BNY’s Jason Vitale As part of a swathe of senior leadership role expansions, the firm has also announced that chief operating officer of BNY Markets Rebecca Crowe has been promoted to COO of BNY’s Wealth Solutions business. New-York based Crowe has been with the firm for nearly 10 years, overseeing the continued development and growth of the Markets business in that time. Read more: BNY’s Rebecca Crowe talks outsourced trading Additional moves see Clint Craft, BNY’s head of global liquidity services, set to take on the role of Enterprise Payment Optimisation (EPO) for the Liquidity and Margin platform. Speaking about the changes, Laide Majiyagbe, global head of markets said: “These strategic changes position BNY Markets to continue driving growth globally, delivering innovative solutions for our clients, and building on the strong foundations that our teams have already established.” The post BNY global head of markets trading to oversee Buy-Side Trading Solutions business  appeared first on The TRADE.