Etrading Software has announced its intention to bid for the EU’s over-the-counter (OTC) derivatives consolidated tape (CT), through the launch of non-profit organisation, Transparent Markets Europe (TME).  The move follows the launch of the European Securities and Markets Authority’s (ESMA) initial selection procedure for the consolidated tape provider (CTP) on 5 January 2026, allowing firms to submit tender requests by 11 February.  Specifically, the establishment of TME is expected to act as a neutral, public-interest market utility, which aims to deliver the tape on an open-access, cost-recovery basis, if selected to be the CTP.  Matthijs Geneste, chief executive-designate of TME, said: “The revised Mifir framework presents a once-in-a-generation opportunity to transform OTC derivatives transparency in Europe. […] We look forward to working with partners across the market as we prepare for the ESMA tender.” Through the launch, TME has also outlined its core objectives for the delivery of an OTC derivatives CT, including: a single, authoritative consolidated record of EU OTC derivatives post-trade data, common data standards and enhanced data quality controls, resilient and scalable infrastructure and reasonable, transparent pricing.  Moreover, the organisation will not have any shareholders or equity, and will be headquartered in Amsterdam, with Etrading Software providing underlying technology and operational infrastructure for tape delivery.  The launch of ESMA’s OTC derivatives CT process for the EU aims to address market fragmentation across various venues and APAs in Europe, and enhance post-trade transparency for market participants.  A decision on the EU OTC derivatives CTP is expected in early July 2026.  In September 2025, Etrading Software was named the UK bond CTP by the UK’s Financial Conduct Authority, beating out three other bidders for the contract.  The firm plans to launch the tape on 22 June 2026.  The post Etrading Software confirms intention to bid for OTC derivatives consolidated tape appeared first on The TRADE.

StoneX’s digital asset subsidiary, StoneX Digital, has received its Crypto-Asset Service Provider (CASP) license, authorised by the EU’s Markets in Crypto-Assets Regulation (MiCA).  Stuart DavisonThe approval, which was granted by the Central Bank of Ireland, is expected to allow StoneX Digital to expand its digital asset services and capabilities across the EU.  “Our goal remains consistent: to enable our institutional and corporate investor base to integrate new products and new technologies into their existing investment lifecycle,” said Brian Mulcahy, chief executive of StoneX Digital.  “We focus our time and resources on reducing the friction between these two, often incongruous, financial environments, so that our clients can focus on their investment strategies and corporate goals.”  The authorisation is also expected to support the increasing convergence of traditional finance and digital assets across the industry, and follows the launch of StoneX Digital in 2022, the provide institutional investors with access to digital asset trading tools and markets.  Read more – StoneX unveils new platform to increase efficacy of loan market Stuart Davison, chief operating officer, StoneX Group, said: “This authorisation supports StoneX’s long-term strategy of helping clients integrate new products and technologies into their existing operating and investment frameworks.” “By building regulated, scalable infrastructure across our ecosystem, we enable clients to adopt innovation with confidence, without disrupting how they already operate.”  The news marks a further period of growth for StoneX, and follows the firm’s acquisition of US clearing broker, RJ O’Brien & Associates (RJO), which completed in August 2025.  The acquisition is set to make StoneX the biggest non-bank futures commission (FCM) in the US, and aligns with the firm’s goal provide greater liquidity access in fixed income markets.  The post StoneX Digital receives MiCA authorisation to expand digital asset services across the EU appeared first on The TRADE.

It’s fair to say that 2025 has been a year defined by big market moves, bouts of uncertainty, and significant structural shifts. These have brought much-needed clarity in some areas while raising fresh questions in others, as we look ahead to 2026 and beyond.The conversations we’ve had with all of you across the industry this year underscore just how rapidly the landscape is evolving, and how essential it is for everyone to remain adaptable, collaborative, and forward-thinking.Across global markets, both momentum and optimism are building – this Q4 edition of The TRADE delves into the year’s highlights and key themes.Inside this edition, you’ll find The Big Interview with HSBC Asset Management’s Carla Quintero – a former TRADE rising star, as well as the most impactful news and people moves from the last quarter, an in-depth look at SEC US Treasury central clearing reforms, expert predictions for 2026, a deep dive into the 24/7 equities trading debate, and The TRADE’s new segment – The Expert Call, plus much more! Starring on the cover is USB Asset Management’s Stuart Lawrence, The TRADE’s Industry Person of the Year 2025, who discusses his journey to the buy-side trading desk and ambitions for the future.  This edition also marks a new chapter for The TRADE with Claudia Preece’s inaugural issue as news editor. Stay tuned as The TRADE team continues to grow in 2026! Take a look below for more detail on the Q4 content:Buy-side cover interview – Stuart Lawrence, UBS Asset ManagementIndustry Person of the Year 2025, Stuart Lawrence, head of European equities trading at UBS Asset Management, sits down with Claudia Preece to discuss his journey to the buy-side trading desk and ambitions for the future. Lawrence shares his story thus far – from a baptism of fire to leading the charge for markets’ evolution as a key industry figure – and the key lessons gleaned from his 25 years of industry experience.The Big Interview – Carla Quintero, HSBC Asset Management Former Rising Star of Trading and Execution, Carla Quintero, trader at HSBC Asset Management, sits down with Claudia Preece to discuss her journey to her current role at the firm, unpacking the successful desk dynamic, how the day-to-day for traders is continuing to evolve, and the best advice for up-and-coming talent on the buy-side.In depth – Levelling the field, or moving the goalposts? With the SEC’s US Treasury clearing mandate scheduled for a phased rollout by 2027, Natasha Cocksedge examines how the shift to central clearing will reshape the market, and explores whether firms across the globe are equally prepared for the new rules, or whether the mandate remains largely on the US’ playing field.Leaders in Trading Leaders in Trading New York 2025 award winners More than 300 market leaders gathered at The Savoy hotel in London on 6 November to celebrate the industry’s achievements throughout the year, whilst more than 150 industry leaders gathered at Chelsea Piers in New York on 18 November to celebrate this year’s winners.In depth – 24/7 equities trading: a red herring or an inevitable reality? Natasha Cocksedge unpacks the key themes from The TRADE’s recent ‘24/7 equities trading’ webinar which explored different perspectives regarding the prospect of round-the-clock trading, highlighting the differing opinions from the buy-side, the sell-side, technology providers and market structure experts.In depth – Industry calling on European exchanges to strengthen outage management protocols Natasha Cocksedge explores the industry reaction to continued trading infrastructure breakdowns, unpacking the recent recommendations letter from AFME, EFAMA and FIA EPTA, which addressed the significant impacts of the persistent disruptions and outages since 2020.Rising Stars of Trading and Execution 2025 Now in its eleventh year, The TRADE, in partnership with Instinet, hosted a dedicated event at One Moorgate Place, London in October to celebrate the next generation of up-and-coming talent on the buy-side.The TRADE’s Crystal Ball predictions Gaze into The TRADE’s crystal ball to uncover what leading industry experts expect to see in 2026, including insights from those across the buy-side, sell-side, exchanges, technology providers, and more…The Expert Call Nicholas Phillips, market structure research analyst, Bloomberg Intelligence gives his perspective on what to keep an eye on in Q1 2026.The post The TRADE’s Q4 Magazine: Now available online!  appeared first on The TRADE.

Joe Bellman has left his role at Arbuthnot Latham as head of dealing to join Stonehage Fleming as a senior multi-asset trader, The TRADE has learnt.  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.  His new position aligns with further changes to Stonehage Fleming’s trading and dealing desk in recent months.  In December 2025, the firm promoted Joe Aldred as head of dealing, succeeding Dan Madsen, who left the firm in November after almost two decades, as revealed by The TRADE at the time.  Aldred has been at Stonehage Fleming since 2019, joining as a multi-asset dealer, and also previously served in the same position at Arbuthnot Latham. Stonehage Fleming declined to comment when contacted by The TRADE. The post Arbuthnot Latham head of dealing departs for Stonehage Fleming appeared first on The TRADE.

Robinhood has named Zeke Vince as the firm’s new global head of business development for institutional crypto.  New York-based Vince brings 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. Read more – Fidelity Investments, Nasdaq Ventures, Robinhood among investors in Bruce Markets’ ATS Vince confirmed his new role in an announcement on social media.  The appointment follows further developments for Robinhood in recent months. In November 2025, the firm picked up a 90% stake in MIAX’s derivatives exchange – MIAXdx – in partnership with Susquehanna International Group.  The transaction is expected to close in Q1 2026.  The post Robinhood appoints global head of business development for institutional crypto appeared first on The TRADE.