Morgan Stanley has appointed Ben White to a position covering eFX sales.  London-based White has been working across the industry for more than a decade and brings extensive FX experience to his new role. He joins the bank from BNP Paribas, where he served in a similar position for over two years.  Prior to this, he also spent almost four years at Euronext, where he held the role of FX sales director, EMEA, and also worked as assistant vice president for Currenex sales EMEA at State Street for over a year.  Previously, White also spent time at Santander, working across eFX, initially as a client analyst, before becoming a client associate in 2017.  He began his industry career at HSBC in 2014, where he served as a GFX e-client associate.  Morgan Stanley confirmed White’s appointment when approached by The TRADE.  The move follows news in July that Mark Molloy had joined Morgan Stanley Investment Management as a macro trader within the broad markets fixed income team, after previously confirming his departure from his role as a senior trader at Nomura Asset Management.  The post Morgan Stanley taps BNP Paribas for eFX sales role appeared first on The TRADE.

Digital asset trading venue, EDXM International, has entered a strategic partnership with prime brokerage Sage Capital Management, in a bid to enhance institutional access to differentiated perpetual futures liquidity.  Kal ChanAs part of the onboarding, Sage Capital will serve as a prime broker to EDXM International, to allow clients spanning hedge funds, asset managers, family offices and brokers with access to the perpetual futures contracts available on the venue. Notably, institutional investors will be able to trade across 44 trading pairs, such as Bitcoin, Ethereum, Solana and XRP. Kal Chan, head of institutions at EDXM International, said: “Sage Capital is a rapidly growing digital asset prime broker, recognised for delivering secure, seamless, and compliant access to the digital asset market. We are pleased to welcome them as a member of EDXM International and look forward to working together to provide reliable liquidity solutions while further expanding our institutional client base.” The new offering is expected to provide benefits such as credit intermediation, collateral management and net settlement processes, to enhance overall capital efficiency.  Moreover, the addition of Sage Capital is also set to offer robust risk management through access to capabilities such as a non-custodial trading venue supported by a central clearinghouse and bankruptcy-remote client segregated accounts.  The move follows the launch of EDXM International as a perpetual futures exchange in July 2025, backed by global financial partners including Citadel Securities, Fidelity Digital Assets, Charles Schwab and Virtu Financial.  Nathan Sage, chief executive at Sage Capital, said: “EDXM International is backed by some of the world’s most established financial institutions, and we are delighted to be providing a gateway to such a credible venue. Our partnership with EDXM International reinforces our strategy of providing institutional clients with high quality access to digital asset markets.” The post EDXM International and Sage Capital Management partner to enhance perpetual futures institutional access appeared first on The TRADE.

Alastair Mankin and Charlie Hawkesworth have joined BTIG from Clear Street as the firm looks to build out its event-driven offering, The TRADE can reveal. Both most recently served in even-driven strategies roles at the prime broker and have had similar career paths thus far. Before joining Clear Street, the duo worked together at TD, Hawkesworth in an event-driven sales trading role as part of the alternative equity strategies team, and Mankin in a role focused on event driven M&A arbitrage. Before that, both also served in similar event-driven roles at Olivetree Financial. The appointments of Mankin and Hawkesworth follow on from BTIG’s recent appointment of Will Kain back in May. He had most recently served eight years at Berenberg, most recently in an equity sales trading role. Elsewhere, BTIG recently announced a new outsourced trading-focused hire, naming UBS’ Ian Power head of EMEA outsource trading as the firm continues to expand its outsourced trading offering amid market shifts in the space. In his new role, Power is set to build out the offering – as he did previously at UBS – across EMEA. Currently, BTIG’s outsourced service comprises six outsource buy-side trading desks globally with more than 25 dedicated outsource traders.  BTIG had not responded to a request for comment at the time of publication.  The post BTIG hires Clear Street event-driven strategies experts appeared first on The TRADE.

Pirum Pirum has appointed Zoë Balkwell as head of pre-trade and trading solutions, to help drive the evolution of the firm’s pre-trade connectivity solution.   As part of her new role, she is set the support the adoption and development of Pirum TradeConnect and will also collaborate with clients and spearhead complementary trading solutions to build out the firm’s pre-trade business.   London-based Balkwell has worked across securities finance automation and trading for more than a decade, and joins the firm from JP Morgan, where she served as head of flow trading for EMEA for nearly five years, working at the forefront of the bank’s agency securities finance operations.   Prior to this, she worked at State Street for more than three years in a role covering securities finance trading.   Previously in her career, she has also held senior positions at firms including EquiLend, Merrill Lynch and Goldman Sachs, where she began her industry career as a securities finance software engineer.   First Abu Dhabi Bank (FAB) Stephane Marie Francoise has joined First Abu Dhabi Bank (FAB) as director, cross-asset trader within the firm’s trading and execution desk. He has more than two decades of experience in asset management and joins the firm from Unigestion, where he spent more than 12 years based out of Geneva. He initially joined as senior vice president, multi-asset trader, before later becoming a director in 2013.  Previously in his career, he has also worked at Amundi in Paris, where he served as an equities senior execution trader and before that spent more than nine years at CPR Asset Management, working across roles including senior multi-asset trading, equities execution trading and the middle office. He confirmed his new role in an announcement on social media. FAB had not yet responded to a request for comment at the time of publication. Mizuho Mizuho has appointed Singapore-based Michaela Lindgren director in fixed income sales.  Lindgren joins the Japanese bank from Natwest, where she spent the last seven years covering various positions in fixed income sales, across both London and Singapore.  Before that, Lindgren worked at Bloomberg for two years, initially as a fixed income product specialist, before becoming an account manager.  Lindgren confirmed her new role in an announcement on social media.  Mizuho had not yet responded to a request for comment at the time of publication.  The post People Moves Monday: Pirum, First Abu Dhabi Bank and Mizuho appeared first on The TRADE.

Euronext has launched the first ever mini-sized, cash-settled futures on the main European bonds, as part of the firm’s effort to further expand into the fixed income derivatives space.  Specifically, the mini-futures are focused on the main European government bonds, spanning the 10-year OAT, Bund, Bono, BTP and the first 30-year BTP, and are listed on the Euronext Derivatives Milan market.  Additionally, the contracts feature a notional size of €25,000 and cash settlement and are facilitated by Euronext Clearing.  Anthony Attia, global head of derivatives and post-trade at Euronext, said: “This initiative is central to our “Innovate for Growth 2027” strategic plan, which aims to leverage Euronext’s unique presence across the trading value chain to develop truly innovative products that meet evolving market demand. The launch of this offering comes at a crucial time for the European fixed income ecosystem, which is currently experiencing high volatility levels.” Read more – Fireside Friday with… Euronext’s Charlotte Alliot The offering also makes use of Euronext’s platform for institutional bond trading, MTS, as well as MOT bond market, which focuses on retail investors.  The contracts are set to support asset managers and institutional investors with hedging and taking exposure to government bonds.  The launch also follows news in July that Euronext is currently in discussions to acquire the Athens Stock Exchange (ATHEX) in a deal thought to value the trading venue at €399 million (on a fully diluted basis). The talks with the board of directors of Hellenic Exchanges – Athens Stock Exchange specifically concerns a possible offer to acquire up to 100% of the shares in ATHEX.  The post Euronext unveils mini futures for main European government bonds appeared first on The TRADE.

Around the clock trading in equities is no new phenomenon, but 2025 looks set to be the year that the reality of market hours changing becomes more meaningful – register for The TRADE’s latest webinar which will delve into all perspective on the topic. Join editor at The TRADE, Annabel Smith, alongside Mehmet Kinak, global head of equity trading, T. Rowe Price, Melissa Hinmon, director of equity trading, Glenmede Investment Management, Chris Collins, equity trader, Lazard Asset Management, Peter Eliades, head of electronic execution, Clear Street, Jesse Forster, head of equity market structure and technology, Coalition Greenwich, and Arnaud Derasse, chief technology officer, Exegy, on 30 September as they explore the 24/7 topic.Market conditions, advancements in technology, the growing role of retail and 24/7 examples set by other asset classes such as foreign exchange and digital assets have paved the way for an increasing interest in the topic for equities. The range of platforms and vendors that bring together buyers and sellers for trading continues to grow and as the markets’ capabilities expand, so too does the opportunity for 24-hour trading as equities becomes increasingly unshackled from exchanges. Several platforms have offered out of hours and 24-hour trading capabilities for some time now, but moves by NYSE, Cboe, and Nasdaq to expand the trading hours on some of their equities books suggest this trend is set to become more mainstream. The trend is US orientated, with counterparts in other regions less eager. However, with US moves to 24-hour equities trading becoming more meaningful, the rest of the world could find itself forced to follow suit to avoid missing out. Register here now. Speakers: Mehmet Kinak, global head of equity trading, T. Rowe Price Melissa Hinmon, director of equity trading, Glenmede Investment Management Chris Collins, equity trader, Lazard Asset Management Peter Eliades, head of electronic execution, Clear Street Jesse Forster, head of equity market structure and technology, Coalition Greenwich Arnaud Derasse, chief technology officer, Exegy Moderator: Annabel Smith – Editor, The TRADE Agenda: Drivers behind 24/7 equities trading e.g. the role of tech, retail trading, lit trading Technology needed to support the shift The competitive landscape of 24/7 platforms The future face of the trading desk and trading operations The approach to 24/7 trading globally Which regions will follow the US? The post Webinar: 24/7 equities trading: A red herring or an inevitable reality? appeared first on The TRADE.

As FX markets and their structure continue to evolve, experts at TradeTech FX turned their focus to the FX derivatives space as it starts gain some traction across the industry, particularly as automation begins to take shape in the options market. John RothsteinFollowing some growth in FX options in recent years, panellists assessed the key drivers behind this, most notably, the electronification of trading platforms as the market begins to move away from traditional voice-based trading towards electronic execution, marking a change from years before.  However, the experts were also quick to point out that the options market automation transformation, while growing, is slow, particularly in comparison to other instruments. “From our perspective things have changed,” said John Rothstein, UK chief executive at Optiver.  “We have sat on this panel for a number of years now and sometimes we’re really searching to say what’s been different from the year before. It is a quite slow moving, but we are starting to see some change.” In particular, Rothstein commented on specific areas of the market which are seeing a slow growth, such as all-to-all trading adoption in FX markets, in comparison to other asset classes, and challenges such as technology infrastructure were also highlighted as key obstacles to widespread electronic uptake.  Speaking on this, Toby Baker, head of FX trading at T. Rowe Price, also said: “A frustration of mine is that an FX option is a derivative of an FX product that we train and analyse to the third degree but as soon as you make it a derivative it sort of goes out the window. We try and do price discovery on a product like FX spot we can trade on an algo, FX swaps, NDFs, everything else but with derivatives it still feels very slow to progress.   “So, I’m excited by the FX options market but it’s been a very slow growth up to this point.” A further pain point in a shift towards electronification and technological advancement underlined during discussions also related to the implementation barriers preventing widespread adoption of TCA solutions, with an emphasis that TCA tools need to become standard workflow components, to drive this process improvement.  Additionally, panellists were also quick to point out the disconnected nature of options markets from recent market volatility and geopolitical shifts, with FX options at decade lows despite this.  Addressing this, Baker indicated that although volumes were low, options are still being traded, however other assets, such as bonds, continue to dominate during times of uncertainty.  He said: “I’ve said for many years that having FX options in your artillery or having it something in a portfolio just as a what if scenario makes a lot of sense. They’re very cheap now and they’re cheaper today than they were this time last year. But it certainly makes sense in a volatile or unexpected expected environment to own some sort of bond.” Despite remaining obstacles, it appears that the FX options, and wider derivatives market is beginning to change, albeit slowly.The post FX options markets evolving but automation adoption remains slow, experts concur appeared first on The TRADE.

Financial services platform Marex has cleared the first ever US Treasury (UST) delivery on FMX Futures Exchange.  Steve HoodThe offering is set to provide Marex’s clients with opportunities to save capital, made possible through the firm’s clearing partnership for interest rate swaps with LCH, as well as offer access to competitive offsetting between UST futures positions on FMX and LCH IRS portfolios.  The move follows the launch of FMX in September 2024 through a partnership with BGC and a consortium of investment banks and market-making firms, initially opening with the trading of SOFR futures contracts on the exchange.  Specifically, FMX aims to function as a combined US interest rate futures exchange, spot foreign exchange platform and US cash treasuries platform, and rivals others in the futures trading sphere, such as CME Group, ICE, and Cboe Global Markets. “Initiatives like this reinforce Marex’s position as a leading non-bank alternative to traditional investment banks,” said Steve Hood, Marex head of clearing, US. “As one of the few non-bank FCMs with an investment grade credit rating, we’re able to be a first mover in the market, responding to our client’s unique needs with innovative products and services.” Read more – Marex to acquire Winterflood Securities from Close Brothers in £100 million deal Additionally, the delivery follows FMX’s launch of two-year and five-year UST futures contracts in May 2025.  “The first US Treasury delivery on FMX is a significant moment for our exchange and for the market,” said Robert Allen, president of FMX Futures Exchange.  “Since launching in September 2024 with SOFR futures, our goal has been to build a diverse, resilient platform that delivers real value to market participants. Today’s milestone underscores the momentum behind FMX and our commitment to offering innovative, client-driven solutions.” The move follows further derivatives related developments for Marex in recent months. In June, the firm announced a partnership with NatWest to provide a new service, allowing clients who access FX futures through Marex, and FX prime brokerage services through NatWest’s markets business will receive margin relief. The post Marex clears first ever UST delivery on FMX Futures Exchange appeared first on The TRADE.

Now in its eleventh year, the Rising Stars initiative recognises key buy-side individuals who go above and beyond the call of duty, whether that be through day-to-day activities or through thought leadership on industry platforms. Previously recognised individuals have gone on to head up some of the largest and most successful desks across leading asset managers and hedge funds. Following on from the success of our inaugural standalone Rising Stars event last year – which celebrated 10 years of the initiative – The TRADE, in collaboration with Instinet, will be hosting another special event at One Moorgate Place on Wednesday 8 October to celebrate the 25 individuals. Rising Stars alumni are also invited to attend the event and meet the newest additions to the prestigious list. Please join The TRADE and Instinet in recognising this year’s Rising Stars of Trading and Execution for 2025. If you are buy-side and interested in attending the event, please contact Karen.delahoy@thetradenews.com. Rising Stars of Trading and Execution for 2025:  Halima Abdul, junior trader, Redwheel Francesca Alesi, junior equity trader, Janus Henderson Rhianna Andrew, equity trader, UBS Asset Management Robin Barbosa, equity trader, Millennium Capital Partners Molly Bevan, EMEA equity derivatives trader, BlackRock Maxence Boniol, head of trading, Greenwich Dealing Luke Clare, dealer, Walter Scott and Partners Gerard Connaughton, trader, Mediolanum Tommy Dawson, credit trader, BlackRock Davide Fiore, trader, Anima Alternative Danielle Fregeau, global equity trader, Impax Asset Management Stéphanie Gameiro, rates trader, AXA Investment Managers Harry Garcha, trader, Findlay Park Partners Alexander Hang, trader, Railpen Christopher Heil, quantitative trader, Bethmann Bank Sam Hughes, trader, Polar Capital Keelan Karki, trader, Brummer & Partners Luke Mahon, head of trading, Azimut Investments Gurminder Matharu, fixed income and FX trader, Jupiter Asset Management Idriss M’Bene, fixed income trader, Janus Henderson Tomaz Mota, equity trader, Robeco Marie Motti, equity trader, Point72 Nisha Pindoria Brown, credit trader, BlackRock Ispal Shergill, head of dealing services, M&G Investments Cyprian Zimecki, senior multi-asset trader, Vontobel Asset Management The post The TRADE announces the Rising Stars of Trading and Execution 2025 appeared first on The TRADE.

The importance of effective algo execution on both the buy- and sell-side was at the forefront of discussions for panellists speaking at TradeTech FX in Barcelona. Ralf DonnerDiscussing how in-house and third-party algos can boost trading strategies, experts at the algos panel were quick to highlight the vital role that these play for FX traders in enhancing efficiency and automating their tasks to achieve faster and more impactful trades.  “There was a comment made that mentioned surprise that central banks are using algos. I view it the opposite way; I’m surprised more people aren’t using algos,” said David Kalita, chief executive of Quantitative Brokers. “When we look at how an algo operates, it’s a crew of traders in a room looking at a TCA or something going on in the market and thinking about what we would do as a trader in this situation. It allows people to scale and do things much faster and across a lot more markets.” This sentiment was echoed by Ralf Donner, executive director at Goldman Sachs, who underlined the influence of algos on market structure, and the ability to unlock capabilities not possible for a human trader to execute. “A human trader can’t have 10 keyboards in front of him to trade in all the different secondaries, it’s not possible. Only a machine can do that,” he asserted. Similarly, when questioned on how firms evaluate their algo execution, discussions turned towards the importance of liquidity management mechanisms to achieve the greatest algo outcomes.   “Even the most powerful algos cannot reach their expected performance without proper liquidity,” said Sana Horrich, chief FX dealer, Banque de France.  “Liquidity is a backbone of algos and given the very highly fragmented market structure, they allow us to gain access to wider liquidity and connect to the available liquidity in the market.” She added that continuous interaction with providers is essential to stay on top of the evolution of tools and navigate distinctions between providers, which are often put “in competition” with each other to deliver the most efficient algo offerings.  Algos and AI – a match made in heaven? As increasingly seen in industry dialogue in recent times, conversations also turned to AI, specifically the inextricably linked role that it plays in FX algo development. For the panellists, integrating AI into algo construction provides both advantages and challenges, with a key benefit being its capacity to help find the mid-point, a particular pain point for FX traders. As markets begin to become more fragmented, mid-point finding is an increasingly difficult task across the FX industry, so integrating AI can be useful to find the best short-term predictive price power. However, those on the panel were also quick to emphasise that there must be a balance when introducing AI to algos, particularly when the technology takes precedent over human intelligence. Highlighting this, Donner commented: “I can’t be asked how it is possible that someone else was 15 basis points from me on a trade, and I just throw up my hands and say I have no idea, it was AI. That for me is a non-starter. “I think over time maybe AI can use for certain pieces of algo constructions, as long as it doesn’t detract from the overall development.” The post Effective algo execution in FX more important than ever, experts agree appeared first on The TRADE.

The TRADE is excited to launch the digital edition of The TradeTech FX Daily, the official magazine of TradeTechFX Europe, full to the brim with the latest industry news and exclusive interviews with buy-side speakers. Covering top stories from recent months, the important regulatory developments and key industry insights from buy-side speakers at the event, The TRADETechFX Daily can be accessed here. The TRADETechFX Daily is available in print format at the event and can be located across the event and at registration stands. The TRADE team is also on the ground at the event so make sure to come and say hello to Claudia, Natasha and Karen! View The TRADETechFX Daily 2025 here.  The post The TRADETechFX Daily 2025 launches in Barcelona as your official guide to the event! appeared first on The TRADE.

For Gordon Noonan, head of FX trading – London at Schroders, a multi-asset approach to foreign exchange execution is not just effective, but essential.Across capital markets, specialisation remains key to many strategies across the street, however, Noonan argues that there are real gains to be won from a holistic approach to a desk. When questioned as to whether dealer relationship management presents a challenge for the multi-asset approach given that the perception is that specialised desks are often more successful at maintaining counterparty connections, Noonan conceded that it was of course a valid point.Noonan explained that an integrated approach is the ideal path forward, wherein work is being calibrated by experts in the background.“You’re never going to get to a point where the team is super multi-asset and everyone’s a five out of 10. We would never come up with that. “[…] In my world, how I visualise the desk is that I’m the FX guy but I will be able to pick up rates, I’ll be able to pick up credit etc. but it will have been calibrated by someone else who are experts in the area.”He added that the strategy should be focused on allowing expert knowledge to scale across multiple asset classes, without diluting core competencies.When further probed as to whether he would outsource the FX business management at his form, Noonan was firm, asserting that there is more value in keeping this inhouse. “Connecting you with the street is very, very important to us. So, we wouldn’t outsource. At the end of the day the trading desk is generally the central touch point for the street so we take in a lot of that information,  and we disseminate that into our PMs as well.”Read more: Specialism ‘just as important’ as standardisation when considering multi-asset goals Elsewhere, the conversation led to whether FX traders have something to learn from traders from other asset classes.Noonan highlighted that those in the equities and fixed income spaces tend to take longer to make decisions and take more time to mull next steps – something that is perhaps not always applicable in the foreign exchange sphere but still remains a point of reflection.“I’ve learned an awful lot from my equity colleagues especially as regards the connectivity they have with the different EMSs and their OEMSs […] they look at things just slightly differently and they have different ways of executing. “FX moves so quickly, and you can move risk so quickly but in the equity space, how they interact with venues I think is very, very interesting. I’m not sure it feeds into FX, but you learn so much from comparing”.The post Multi-asset desks are the way forward argues Schroders’ Gordon Noonan appeared first on The TRADE.

As alternative liquidity sources begin to gain more traction across the FX industry, discussions are now turning towards whether alternative options are contributing to fragmentation and the impact that greater choice is having on market structure.  For experts speaking at the liquidity and alternative liquidity panels at TradeTech FX 2025, finding ways to navigate between two distinct liquidity ecosystems spanning different access mechanisms and pricing models is a key challenge currently facing the FX market. Specifically, the panellists highlighted a split in market structure, indicating that in the primary markets and futures space, spanning venues such as major electronic communications networks (ECNs), non-banks seem to dominate due to different operational models and risk management approaches, while alternatively, banks are taking the precedent over bilateral market liquidity, such as dark pools and single-dealer platforms.  Speaking to this, Jeremy Smart, global head of distribution at XTX Markets, said: “I think the biggest single change that I’ve seen across the FX market in the last few years is this bifurcation of liquidity between primary markets and secondary markets and financial liquidity. “What you’re seeing is the question of how you translate this future to market liquidity, which I think is really quite deep and varied.” Additionally, experts pointed towards how alternative liquidity sources are contributing to market fragmentation. Blaise Sheppard, head of FX at OneChronos, said: “You’ve got to ask the question, is the venue solving a problem? Because if it’s just more of the same, then all that does is create more fragmentation and more places that you need to meet the same people.” However, the premise that a wide selection of liquidity choices contributes to market fragmentation was not a fundamentally negative aspect for all panellists.  “There’s this interesting thing about fragmentation, and everyone says it like it’s a bad thing. Is it necessarily a bad thing?” Smart added. “There are all of these different platforms, all these different ways of trading which have been created specifically so that you can get two pieces of matching interest to match in the best way that they possibly can. So all of these things are innovations which are designed to create better trading outcomes and better execution outcomes for people by not averaging things.” Market volatility – an alternative driver? Additionally, discussions turned toward the period of market volatility experienced earlier this year in April following Trump’s liberation day tariffs and the ensuing market activity that came from this.  Specifically, the panellists highlighted that during this period, banks and clients appeared to increasingly turn towards a direct basis, such as alternative, relationship-driven liquidity channels, rather than traditional anonymous ECN liquidity.  In April, UBS reported a 50% growth in direct client relationships and MVP (minimum variance portfolio) connections, while contrastingly, only a 15% increase was seen in the ECN space, indicating a strategic shift towards disclosed or bilateral relationships.  Commenting on this, Tgetg Roethlin, head of EFX principal trading EMEA at UBS, said: “One observation is that non-banks had stepped in, whereas our observation is slightly different. We’ve stepped back on ECN because we’re focusing on a direct basis, but I think the mix on a whole depends on what you have in your platform.” As alternative liquidity becomes more and more prominent across the industry, the impact this will have on market structure and fragmentation appears to be one to watch as this continues to evolve.  The post Is alternative liquidity deepening fragmentation in FX markets or solving it? appeared first on The TRADE.

Following an extensive and lengthy selection process over the summer, The TRADE is delighted to announce the shortlists for the Leaders in Trading Editors’ Choice London Awards 2025.Following a record number of nominations for this year’s categories, our editorial judging panel compiled the list, with the winners set to be revealed at The Savoy Hotel on 6 November 2025, alongside our other prestigious awards including the EMS, Algorithmic Trading and Buy-Side categories.The mainstay awards of the Editors’ Choice segment are back again: Outstanding Exchange Group, Equities Trading Venue, Dark Trading Venue, Fixed Income Trading Venue, FX Trading Venue, and Derivatives Exchange Group.Other categories span Technology, Market Data, TCA Clearing, Market Structure Services on the Sell-Side and more.Now in its fourth year, the vote for the Industry Person of the Year 2025 will once again be opened up to a public vote on the awards night, so keep your eyes peeled for a shortlist announcement in the coming weeks.Visit our event page for more information.Should you wish to attend the awards, please contact Daljit Sokhi daljit.sokhi@thetradenews.com to book a table for the dinner. If you are a member of the buy-side community and would like information on attending Leaders in Trading as a guest of The TRADE, please contact Karen Delahoykaren.delahoy@thetradenews.com.Congratulations and best of luck to all of our nominees!Editors’ Choice Awards 2025 shortlists:Outstanding Exchange GroupDeutsche BorseEuronextLSEGSIX GroupOutstanding Equities Trading VenueCboe EuropeLSEGNasdaq NordicSIX GroupOutstanding Dark Trading VenueAquis Matching Pool (AMP)LiquidnetSwissatMidVirtu POSITOutstanding Fixed Income Trading VenueBloombergICE BondsMarketAxessTradewebOutstanding FX Trading VenueDeutsche Börse, 360TLSEG, Refinitiv FXallLMAX ExchangeMillTechOutstanding Derivatives Trading VenueCME GroupEurexEuronextICE Futures EuropeBlock Trading Venue of the YearCboe BIDS EuropeInTickLeveL Markets, LuminexLiquidnetClearing House of the YearCboe Clear EuropeICE Clear EuropeEuronext ClearingLCHTCA Provider of the YearBestXbig xytTradefeedrVirtu FinancialOutstanding Market Data Services Provider – Equitiesbig xytBMLL TechnologiesExegyPicoOutstanding Market Data Services Provider – Fixed incomeBloombergEdiphyPropellant.DigitalS&P Global Market IntelligenceProprietary Trading Firm of the YearIMC TradingJane StreetVirtu FinancialXTX MarketsOutstanding Trading Technology ProviderAdaptiveBroadridgeTransFICCTS ImagineSell-Side Market Structure ExcellenceGareth Exton, LiquidnetByron Griffin, ODDO BHFEmma Lokko, SusquehannaRobert Miller, Kepler CheuvreuxThe post Leaders in Trading 2025: Editors’ Choice Awards shortlists revealed for London event appeared first on The TRADE.

OSTTRA has moved to expand its compression with the addition of USD/CNH cross currency swaps to its arsenal.The post-trade solutions provider confirmed that it completed its first compression run for the cross currency swaps in August, cleared via HKEX’s OTC Clear service.Five financial institutions took part including Bank of China (Hong Kong) and Crédit Agricole CIB and a total of $5.8bn in notional value was compressed during the pilot run.The firm said the move comes amid a significant growth in demand for compression services in Asia.“As CNH activity increases in the region, this service will provide valuable capital and operational efficiencies for banks needing to manage risk in this fast-growing currency pair,” said Erik Petri, head of optimisation, OSTTRA.OSTTRA cited that compressed notional value more than doubling in the first six months of 2025 compared to the same period last year.Elsewhere, the notional value of APAC currency contracts closed in 2025 to date surpassed $33.1 trillion.OSTTRA said it intends to conduct another compression run for the currency pair with a larger group of market participants in the coming months on HKEX’s OTC Clear.John Luk, head of emerging markets trading for Greater China, Crédit Agricole CIB said: “As an active player in HKEX’s OTC Clear, we are pleased that the inaugural cleared USD/CNH CCS – a key client offering of our bank – compression service has been introduced to the local market. Crédit Agricole CIB is a prominent proponent of compression for its cost and risk mitigation benefits, which also aligns with our operational strategy for our market activities franchise.”The post OSTTRA completes first compression of USD/CNH cross currency swaps appeared first on The TRADE.

US Bank has joined payment-versus-payment (PvP) service, CLSSettlement as a settlement member.  Chris BraunThe move makes the Minneapolis-headquartered bank the service’s seventy-sixth settlement member, and the third to join in 2025.  The addition of US Bank aligns with a growing adoption of PvP settlement solutions by financial institutions, as the industry begins to increasingly prioritise FX settlement risk management and operational efficiency.  Lisa Danino-Lewis, chief growth officer at CLS, said: “ Having one of the US’s largest banks by assets under management join our network is a testament to the benefits CLSSettlement provides to FX markets participants. The service not only offers funding and liquidity efficiencies through multilateral netting but also mitigates settlement risk through PvP settlement.” In H1 2025, CLSSettlement settled an average of $7.9 trillion daily, marking a year-on-year increase of 12%. Additionally, the solution spans 18 currencies to provide services for settlement members, as well as its over 38,000 third-party participants.  US Bank is also currently the fifth largest bank in the US.  “Our continually expanding FX business helps firms across the US manage currency risk with tailored mitigation strategies, deep market insight and reliable execution,” said Chris Braun, global head of FX, US Bank. “Joining CLSSettlement is another step forward in our progress in delivering comprehensive, best-in-class FX services to our clients.”  US Bank’s addition follows news in June 2025 that OTP Bank, one of Hungary’s largest commercial banks, had joined CLSSettlement as a settlement member. Similarly, in the same month ABN AMRO re-joined the service, after having previously been part of the initial first group of settlement members that went live when the service launched in 2002, before moving to an indirect, third-party participation in 2009.   The post US Bank becomes third member to join CLSSettlement this year appeared first on The TRADE.

Head of foreign exchange trading at T. Rowe Price, Toby Baker, began his career in trading like most young traders looking to start out in this industry – grafting for work experience wherever he could and then capitalising on an empty seat on a desk as soon as one arose. He first caught the trading bug after doing work experience at the London Stock Exchange when he was 14, solidifying his desire to work within the markets when he finished school. After landing a role at the London Stock Exchange and subsequently working in settlements and middle-office roles at various firms, he finally arrived at T. Rowe Price 24 years ago.“Back in the day, you could jump from one job to another quite quickly by temping. It’s a shame because there is less of that nowadays,” he says. “I started at Japanese bank Daiwa in a settlements role and one day their trader decided to leave quite quickly and they looked around the desk and saw me sitting there and gave me my opportunity.”FX as a linchpinFor Baker, joining the foreign exchange markets was a no-brainer as the largest and most liquid market in the world. Sat in T. Rowe Price’s Paternoster Square offices, with the backdrop of St Paul’s Cathedral spread out behind him, he explains that foreign exchange is the linchpin between the equity and fixed income markets.“If we buy an international asset at T. Rowe Price and you can’t pay for it in the local currency, then the equity or the bond isn’t going to settle. And so, having FX that works efficiently means that for any other asset we buy internationally – we’re based in dollars – we would have to swap dollars into that currency to cover for the asset that we’re buying,” he explains.“If that falls down, then the whole process falls down.”What’s more, given how liquid the FX markets are in comparison with other classes, for example equities, Baker explains that the end of the trading day is cleaner cut.“I like to have a clear blotter when I arrive at work and I like to have a clear blotter when I leave. Other asset classes may have to warehouse or work orders for longer.”Tenure at T. Rowe PriceBaker’s 24-year stint at the real money asset manager is a testament to its culture. As the third person to join fixed income international at T. Rowe Price and the first trader to join fixed income, he’s seen many of the team through from their first day.“I like to say that I’ve trained everyone in FX along the journey.”The FX trading team favours a mixed approached of high or no touch when it comes to execution. High touch being algorithmically traded and no touch being auto priced and executed, with no intervention bar the necessary tolerance checks. “The idea being that trades arrive on the traders’ blotters and we can seek to gain alpha. If we can’t then they’re going to get put through the automation route,” says Baker.“There is not a great deal of value we can add on that [automated] ticket. The high touch orders are the ones where we use algos. They’re probably something that is a larger size than we deem auto priceable. With an algo, the buy-side trader is in complete control. You’ve only got yourself to blame if it’s a good or bad performance. It’s a bit like going to a restaurant with a hot plate, cooking your own steak and then moaning afterwards that you’ve overcooked it.”“The risk now for the industry is that no one wants to pick up the phone anymore and you lose the edge of speaking to a salesperson or a trader and hearing their voice on what you’re trying to give them. We’ve made it so ‘push button’ that we’ve lost the trader’s edge of understanding what we’re trying to give to the street.”Workflow optimisation Baker, like many in his seat, spends a large portion of his time assessing how the desk might further optimise its workflows to give traders more time to spend on the trades that generate the most alpha for their clients. “I’ve been trading the same way, buying and selling for the last 30 years and we will continue to do that for the next hundred years, but there are different ways of executing and getting different outcomes,” he says.As a real money shop that trades on behalf of clients as opposed to its own book, T. Rowe Price isn’t able to use some of the workflows that other firms on the street, for example hedge funds, leverage to simplify their operations. But, in an ideal world, this is something Baker would like to achieve to speed up the counterparty onboarding process.“I would love T. Rowe Price to have the ability to trade like a hedge fund, not in the way that they execute, but just have the ability to trade with who they want, when they want,” he says. “Hedge funds have it easy because they can trade in their own name and they have prime brokerage. Whereas T. Rowe Price trades on behalf of our clients and we have to have tri-party relationships with the clients and the counterparties in terms of ISDA (International Swaps and Derivatives Association) documentation. Anything that involves an ISDA generally involves legal counsel. That slows the speed of [counterparty] onboarding.”Like many heads of trading, Baker is responsible for keeping tabs on new innovations coming to market that may simplify workflows on the desk. His mantra? Try before you buy.“Never be afraid to try before you buy, and you don’t have to buy,” he explains. “There’s a lot out there doing the same thing. It’s important to try and differentiate and not to waste too much time. We do a lot of peer evaluation on the platforms and the liquidity providers. Rather than just talking about things, we need to be able to kick the tyres.”Playing for volatilityT. Rowe Price collateralises its FX forwards and swaps flow and this is something that Baker explains sets the institution apart from its peers, particularly in times of volatility. And, given the tariffs saga that has followed ‘Liberation Day’ in the US, markets have been extremely volatile as of late.“That [collateralisation] puts us in a strong position in comparison with some of our peers that don’t collateralise,” he says. “There is nothing wrong with not collateralising, it’s just that when a bank looks at clients A, B or C, and if there is a lot of market volatility, they’re more likely to give stable pricing to the counterparties that do collateralise versus the ones that don’t.”“People probably went into the tariff announcements with a long dollar position and they’ve probably gone to a more neutral position now. Volatility has actually gone up, but that opens up opportunities in other instruments such as FX options where you’re literally playing for volatility.”FX options is one area that Baker notes is ripe for innovation through further automation, and this has been an area that T. Rowe Price has been exploring in recent months.“We’ve been working with Digital Vega and we’re looking at a few other option providers to enable us to be able to trade an FX option the same way we would be able to electronically trade EUR/USD,” he explains. “That is holding back a lot of real money clients. It still feels like the ‘back of a cigarette packet’ in terms of technology but if as an industry we can get better, then that should mean we can automate more as well.”The importance of diverse counterpartiesFor Baker, success in trading, in particular foreign exchange trading, lies in having a diverse roster of counterparties to work with in any given situation. This isn’t unique to foreign exchange, but, given the size and the speed of these markets and their susceptibility to volatility, this becomes ever more important in this sphere. “You can’t put all your eggs in one basket. Banks may have their own internal restrictions or issues going on,” he says. “If a bank is constantly streaming pricing and it stays the same if volatility goes up or down, then that is absolutely fantastic. But they will most likely alter their pricing accordingly to what volatility does. They will also alter their pricing potentially depending on regulation issues. With Basel III and risk weighted assets (RWA), banks that have large balance sheet restrictions may not price as aggressively as someone with less restrictions.”Given that the foreign exchange markets are still largely bilateral in their nature, pricing is less consistent for the buy-side, in particular during times of volatility as Baker notes, but moves are being made to introduce a more central limit order book (CLOB) like structure for some instruments. “The 360Ts of the world have got some really forward-thinking products out there where effectively they’re trying to build a central limit order book for swaps,” explains Baker. “That could be really good. There is another question however, as to whether banks want to show all of their liquidity on an open forum or do they like to keep some for certain clients?”More and more, the buy-side are relying on transaction cost analysis (TCA) and analytics to help determine their counterparty selection processes. This is particularly prominent in asset classes like foreign exchange where relationships tend to be more bilateral.“Our job as buy-side traders is to sheriff the pricing we get back from our counterparties. As long as it’s all in a nice tight range everyone’s happy. It’s trying to understand where we sit on the bank’s panel, whether our flow is deemed as good flow or problematic and does pricing to us change accordingly? That’s where we rely on trade cost analysis,” explains Baker.“You might receive a trade on your pad and if you’ve got the luxury of two or three hours, you can do some fantastic pre-trade TCA, but realistically you’ve got two or three minutes before you can start to go to market. It’s about giving the traders the ability to know in advance where they should be pointing the trade. We’ve started doing more machine learning.”The benefits of TCA are not limited to execution, affirms Baker. T. Rowe Price, like many of its peers on the street, is also exploring how this information can be used to understand and potentially change how decisions are being made upstream of the trading desk. “We’re working with our market structure team to do a deeper dive on the cash team that raised the tickets. Can they improve the process prior to that? When are PMs giving us the trade tickets? Is it during the best liquidity time of the day?,” he says.“If not, are you then inhibiting the trader’s performance by giving them something that they know is difficult but they need to get done? You can’t always avoid that, but if we can find better ways of enlightening everyone involved in the process that there are better liquidity windows and we can access them, then it gives us the ability to speed up, slow down, or hold a trade for a longer period of time.”The future Looking ahead, Baker is clear on the innovation set to make the greatest splash in foreign exchange: instantaneous settlement. While North America moved to T+1 for its post-trade cycle in May 2024, Europe, the UK and Switzerland have set out plans for their own shifts to take place in October 2027. The next step would be instant settlement via blockchain, as seen in markets such as crypto.“T. Rowe Price did a test trade on the blockchain trade in the sand pits. Anything that can reduce trillions of dollars getting pumped around on a daily basis is going to be a cost and efficiency saving,” says Baker. “There’s going to be less chance for erroneous trades going off and not being able to be pulled back. The technologies of blockchain will drive all assets going forward. It’s how we start to implement that in the EMS’ and our general workflow.”Like many in his seat, Baker is continuously assessing what might improve the trading desk’s workflows in order to optimise outcomes for their clients. In his 24-year tenure he has helmed the foreign exchange desk through many storms and will likely see them through many more.The post Foreign exchange: The linchpin between asset classes appeared first on The TRADE.

Cboe Europe Derivatives (CEDX) is set to launch Cboe Flexible Exchange options (FLEX options) in Europe to enhance risk management tools for institutional investors in the region.  Iouri SaroukhanovThe new contracts are expected to go live in Q1 2026, subject to external assessments, and will provide a regulated exchange environment which allows market participants to customise key contract terms such as strike price, expiration date, settlement type and exercise style for stock indices, individual equity and ETF options.  Initially, FLEX options will be offered on a select set of underlyings, spanning single country and pan-European Cboe Europe equity indices, individual equities and ETFs, and CEDX expects to expand this coverage over the course of 2026.  Specifically, the offering will combine the flexibility of over-the-counter (OTC) derivatives with exchange-traded products, to help investors pursue goals including income generation, downside protection or enhanced growth.  “We’re excited to bring Cboe FLEX options to the European market, reflecting our continued commitment to innovation and building a bigger, more efficient and transparent listed derivatives ecosystem across the region,” said Iouri Saroukhanov, head of European derivatives at Cboe Europe.  “This launch represents a major milestone in our efforts to expand the range of exchange-traded tools available to European investors, enabling them to better manage risk and tailor strategies to meet increasingly complex investment objectives.” The contracts will also be cleared and settled by Cboe Clear Europe.  The plans build on the introduction of FLEX options to the US market over three decades ago in 1993, which since launch, have seen strong adoption across the region, with total open interest in contracts increasing from two million in 2019 to 35 million so far in 2025.  The European launch of the contracts is also being supported by ETF issuers, First Trust Global Portfolios and Vest Financial.  “Cboe’s FLEX options provide the transparency and customisation that are key to developing products that seeks to enable investors to pursue defined outcomes, including downside protection, income generation, and enhanced growth,” said Matt McFarland, senior vice president of Vest Financial.  “This is an exciting step towards greater access in Europe to exchange-traded instruments that are designed to replicate the precision and flexibility we have long relied upon in the United States.” The upcoming launch follows further recent expansion of Cboe’s derivatives suite. In September 2025, Cboe Global Markets announced that it would offer cash-settled futures and options on the soon-to-be launched Cboe MGTEN Index to provide investors with opportunities to access ten of the most actively traded US-listed large-cap stocks for AI technology and growth-oriented companies.   The post Cboe Europe Derivatives to launch FLEX options for European investors appeared first on The TRADE.

Market maker Optiver has joined SIX Swiss Exchange’s ETF Quote on Demand (QOD) as a liquidity provider.  Pasquale CapassoThe addition makes Optiver the seventh provider to join the service, and marks a further expansion of the service, initially launched in 2020 to increase ETF trading on the exchange.  David Andrew Smith, head of ETF sales at SIX Swiss Exchange, said: “I’m delighted to see Optiver become our seventh liquidity provider in ETF QOD, as we are continuously looking to improve the trading conditions on our market for our participants and grow our service offering.” Specifically, the ETF QOD service enables institutional investors to execute orders through a bidding process through direct links with registered liquidity providers, as well as gain potential price improvements compared to existing order services.  Read more – SIX and Swiss Post-Trade Council issue T+1 recommendations for Switzerland and Liechtenstein migration Currently, the exchange’s ETF QOD offering provides access to more than 6,800 ETFs and ETPs to allow for trading across major European markets such as the London Stock Exchange, Euronext and Borsa Italiana.  Similarly, Optiver offers market making in 695 passive and six active ETFs listed at SIX Swiss Exchange.  “By joining the QOD platform of SIX Swiss Exchange, Optiver strengthens its ability to provide competitive and reliable ETF liquidity to institutional counterparties in Switzerland,” said Pasquale Capasso, ETF institutional sales at Optiver. “This step reflects our commitment to enhancing transparency, improving execution quality, and supporting the continued growth of the Swiss ETF market.” Optiver’s addition follows news in June 2025 that Societe Generale had also joined the QOD solution as the sixth liquidity provider on the service.  The move also marks further developments for Optiver this year, with the firm announcing in April that it had moved to convert into a systematic internaliser (SI), allowing the business to expand the number of stocks it can offer up liquidity for.  The post Optiver joins SIX Swiss Exchange’s ETF Quote on Demand service appeared first on The TRADE.

Pirum has appointed Zoë Balkwell as head of pre-trade and trading solutions, to help drive the evolution of the firm’s pre-trade connectivity solution.  Zoë BalkwellAs part of her new role, she is set the support the adoption and development of Pirum TradeConnect and will also collaborate with clients and spearhead complementary trading solutions to build out the firm’s pre-trade business.  Speaking on her new position, Balkwell said: “I’m excited to join Pirum at this pivotal moment for pre-trade innovation. As a long-time admirer of Pirum’s post-trade solutions, I’ve seen the firm’s successful track record in launching fantastic products that solve real-world problems. The opportunity to head up Pirum’s pre-trade offering was therefore hugely appealing.” London-based Balkwell has worked across securities finance automation and trading for more than a decade, and joins the firm from JP Morgan, where she served as head of flow trading for EMEA for nearly five years, working at the forefront of the bank’s agency securities finance operations.  Prior to this, she worked at State Street for more than three years in a role covering securities finance trading.  Read more – Fireside Friday with… Pirum’s Jon Ford Previously in her career, she has also held senior positions at firms including EquiLend, Merrill Lynch and Goldman Sachs, where she began her industry career as a securities finance software engineer.  “She [Zoë] brings the perfect combination of deep securities lending expertise and strategic technology vision – understanding both how technology can optimise existing trading flows and how it can unlock new opportunities for industry participants,” said Robert Frost, chief product officer at Pirum. The post Pirum taps JP Morgan EMEA flow trading head to lead pre-trade offering appeared first on The TRADE.