Liquidnet has unveiled a new trading solution set to allow buy-side traders in Europe to access bilateral liquidity more effectively.Specifically, bilateral liquidity is being integrated into Liquidnet’s front-end application and also its liquidity seeking algo suite. The offering therefore provides a consolidated and controlled route to interact with leading liquidity providers.Liquidnet’s latest launch includes mid-price and touch executions, anonymous access to aggregated liquidity streams – with configurability for tiered and member-specific feeds, execution consulting services, and monitoring and analytics – to track fill rates, information leakage and venue provider performance.Gareth Exton, head of execution and quantitative services, EMEA, Liquidnet, said: “The growth of bilateral trading is reshaping how liquidity is accessed in Europe. Our role is to support our members in responding to these structural changes.“[…] we’re giving our members the tools to access meaningful liquidity with confidence and control whilst helping the market making community to extend their reach and better control their risk.”As part of the move, Liquidnet has partnered with XTX Markets and three other market makers to expand access to bilateral liquidity in Europe. Additional partners are also expected to join in the “near future”.When it comes to accessibility, this is through Liquidnet’s infrastructure, however not its MTF – therefore allowing users to benefit from preserved execution quality, anonymity, and workflow efficiency.The move comes as bilateral trading continues to be placed under the spotlight as a growing and fast-evolving strategy.Read more: Participants keeping watchful eye on growing bilateral trading segment in 2025Liquidnet explained that this latest development comes as an answer to market concerns around fragmentation and opacity when it comes to bilateral trading – a growing component in European equity trading which is now accounting for nearly 50% of total market volumes according to a recent Liquidnet report.The post Liquidnet launches bilateral liquidity solution aimed at European buy-side traders appeared first on The TRADE.

LSEG Data & Analytics has embedded its execution management system, REDI, directly into LSEG Workspace.Holden SibleyThrough the move, the group has unified front-office workflows, integrated execution, content, and analytics in a bid to promote “smarter trading”.Specifically, clients can now benefit from streamlined execution management which encompasses real-time market intelligence and customisable workflows for equities, options and futures. Read more: LSEG names co-heads of global data and analyticsHolden Sibley, head of investment management and execution solutions, LSEG, explained: “Our strategy is to deliver to customers the unparalleled breadth of LSEG’s capabilities through the Workspace ecosystem […] we’re empowering clients to act on insights without switching systems. It’s a smarter, faster way to trade.” The REDI EMS also complements the LSEG TORA offering, which it acquired in 2022. It includes an order and execution management system (OEMS) and a portfolio management system (PMS) across equities, fixed income, foreign exchange, derivatives and digital assets trading.TORA’s OEMS works to provide more sophisticated automation for investors with more complex execution requirements.The post LSEG embeds REDI EMS directly into Workspace appeared first on The TRADE.

Nasdaq has submitted a filing to the US Securities and Exchange Commission (SEC), in a move which is set to allow for the trading of tokenised securities on its markets.  Specifically, the proposed rule change will enable Nasdaq member firms to trade tokenised versions of equity securities and exchange traded products (ETPs) as regular securities.  If introduced, the integration is expected to provide opportunities for faster settlements, improved audit trails and a more streamlined order to trade to settlement flow.  The move is another development in Nasdaq’s recent efforts to drive digital asset integration with traditional finance in its infrastructure and markets, and follows a recent uptake in tokenisation and blockchain technology across the industry.  Tal Cohen, Nasdaq president, said: “Today’s filing marks an early step in Nasdaq’s journey to bring digital assets technology into the US equities markets and to take a responsible approach to bridge the gap between the digital-asset and traditional-asset worlds.  “Our proposal aims to provide meaningful benefits to markets by integrating new capabilities into the fabric of our financial system and further advancing the world’s most efficient and trusted markets.” Read more: CFTC and Nasdaq partner to provide advanced surveillance capabilities Additionally, all shares are set to be traded on Nasdaq using the same order entry and execution rules as well as the same identification number, to ensure that the same rights and benefits offered through traditional shares are also enabled for the tokenised form.  The exchange has highlighted its aim to maintain fair trading, stating that the proposal, if successful, would run under the SEC’s existing federal regulations.  “Today, the US equities markets are the most liquid, efficient, and resilient in the world,” added Cohen. “Leveraging the strength of our markets can provide the most scalable way for blockchain technology to unlock the full benefit for all market participants.” The post Nasdaq proposes tokenised securities trading on its markets appeared first on The TRADE.

Rafael Madrid has left Morgan Stanley to join Jefferies as a managing director in emerging markets credit trading.  London-based Madrid has worked extensively across trading, emerging markets, credit analysis and derivatives over the course of his career, and most recently served as co-head of European CEEMEA trading at Morgan Stanley for a year.  He also previously worked as a CEEMEA credit trader at the firm for more than two years.  Prior to this, he also worked at Goldman Sachs for over four years as an emerging markets trader, and before this held a position as executive director, head of LatAm credit trading at UBS.  Previously in his career, he also worked as a vice president at Deutsche Bank from 2009 to 2013, working across emerging markets external debt.  Read more – Ex-Jupiter AM trader joins Jefferies Madrid confirmed his new position in an announcement on social media.  Jefferies had not responded to a request for comment at the time of publication.  Madrid’s appointment follows further hires for Jefferies’ credit business over the last few months. In May, Vivian Li joined the firm as head of Asia distressed trading and credit analytics as part of an effort to support Jefferies’ fixed income offering, as revealed by The TRADE at the time.  The post Jefferies taps Morgan Stanley for emerging markets credit trading director appeared first on The TRADE.

BTIG Ian Power has joined BTIG as managing director, head of EMEA outsourced trading as the firm continues to expand its outsourced trading offering amid market shifts in the space.  Power had most recently served as head of UBS’ Execution Hub, EMEA, appointed to the role just weeks prior to UBS’ decision to shutter its outsourcing service.  Power left the business following its decision to exit, as revealed by The TRADE at the time.  In his new role, Power is set to build out the offering – as he did previously at UBS – across EMEA, The TRADE understands. Stifel Stifel has made an addition to its execution services team, appointing Matthew McNestry as managing director in low-touch trading, The TRADE can reveal.   London-based McNestry brings more than 20 years of industry experience to his new role, and is set to help drive the growth of Stifel’s low-touch franchise with institutional clients.   In his new position, he will report to Seema Arora, managing director and head of execution services at Stifel. McNestry joins the US investment bank from Euronext, where he spent almost five years as head of sales, global buy-side and liquidity providers.   Prior to this, he also worked at Goldman Sachs from 2014 to 2019, joining the firm in a role covering equity principal liquidity solutions, EMEA, before later becoming head of execution platform sales for EMEA.  Previously in his career, he has also worked at JP Morgan, Nomura and Lehman Brothers.   Nomura Nomura has appointed Filippo Zorzoli as head of global markets sales for EMEA, as part of the firm’s effort to bolster its global markets division.   Zorzoli will be based out of London in his new role and will report to Nat Tyce, head of global markets, EMEA and global co-head of rates, as well as Samir Patel, global head of global markets sales.   Zorzoli joins from Barclays, where he most recently served as global head of rates and solutions sales.   Prior to this, he also worked at Bank of America Merrill Lynch, covering roles including head of structuring for EMEA, as well as head of EMEA rate sales, repo sales and structuring.  He began his career covering fixed income structuring at Goldman Sachs, later going on to co-head the firm’s equity exotics trading desk.   Zorzoli’s appointment also coincides with Gary Hyman’s move from head of public-side sales, EMEA at Nomura, to become the firm’s vice-chair of EMEA global markets, based in Dubai.   Hyman has been at Nomura for more than 15 years, and his tenure has covered various roles including co-head of G10 global rates sales, head of macro-sales, Japan and head of sales, Australia.   Peel Hunt Zoe Tipper has joined Peel Hunt as an equity sales trader.   Tipper brings almost ten years of industry experience to her new role, and joins from HSBC, where she worked as an associate director for more than two years.   Prior to this, she spent almost seven years at JP Morgan, where she joined the firm as an analyst in 2016, before later working in equity sales trading for more than four years.   Confluence Technologies Spiros Giannaros, who has spent the past six years at the helm of State Street-owned Charles River Development, has been named as the new chief executive of Confluence Technologies.  Giannaros had served as executive vice president at State Street, most recently as the lead for Charles River, alongside his role as head of the State Street Alpha Platform.  Prior to joining State Street, Giannaros was a partner at IHS Markit serving as global head of Enterprise Data Management (EDM) and thinkFolio.  Before IHS Markit he spent 15 years in leadership positions during his first spell at Charles River Development. Tradition Former Liquidnet Americas head of fixed income sales and trading, Fausto Serrano, has joined Tradition as head of electronic credit brokering for North America.   New York-based Serrano joins Tradition after spending three years at Liquidnet, and previously served as US head of e-trading at TP ICAP for nearly five years from 2017 to 2022.  He also worked as director of electronic trading at BGC Partners for five years and at ICAP Electronic Broking as vice president in credit derivatives. The post People Moves Monday: BTIG, Stifel, Nomura and more… appeared first on The TRADE.

The TRADE is thrilled to announce this year’s Algorithmic Trading Awards shortlist, based on performance in in The TRADE’s Algorithmic Trading Survey 2025. Winners – across ten categories – will be recognised at our glittering Leaders in Trading awards night, taking place once again at The Savoy Hotel in London on 6 November. The shortlist is based on survey results from The TRADE’s Algorithmic Trading Survey, carried out earlier this year. Winners of the Algorithmic Trading Awards will be announced across ten categories: Best Trading Performance, Best Access to Market, Best Price Improvement Capabilities, Best Client Service, Best Dark Pool Capabilities, Best User Experience – Large Clients, Best Provider – Hedge Funds, Best Provider – Multi-User Clients, Best Provider – Large Clients, and Best Provider – UK and Europe. For the 2025 iteration, a total of 2189 provider ratings were received from a record 614 traders, across 34 algo providers. Winners of the Algorithmic Trading Awards will be revealed alongside The TRADE’s other prestigious awards, including: Editors’ Choice, EMS, and the Buy-Side categories. Make sure to reserve your spot for what’s set to be another unforgettable evening of celebration! For more information about Leaders in Trading, visit our event page. Best of luck to all of our nominees! 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 Delahoy at karen.delahoy@thetradenews.com. Leaders in Trading 2025 – Algorithmic Trading Awards shortlists: Best Trading Performance Berenberg BNP Paribas Redburn Atlantic Virtu Financial Best Access to Market Berenberg BNP Paribas Redburn Atlantic Virtu Financial Best Price Improvement Capabilities BNP Paribas Instinet Redburn Atlantic Virtu Financial Best Client Service Berenberg BNP Paribas Redburn Atlantic Stifel Best Dark Pool Capabilities Berenberg BNP Paribas Redburn Atlantic Virtu Financial Best User Experience – Large Clients Citi Goldman Sachs Morgan Stanley UBS Best Provider – Hedge Funds Berenberg BNP Paribas Kepler Cheuvreux Redburn Atlantic Best Provider – Multi-User Clients Barclays Citi Goldman Sachs UBS Best Provider – Large Clients Citi Barclays Goldman Sachs Morgan Stanley Best Provider – UK & Europe BNP Paribas Berenberg Kepler Cheuvreux Redburn Atlantic The post Leaders in Trading 2025: Algorithmic Trading Awards shortlists unveiled appeared first on The TRADE.

Former Liquidnet Americas head of fixed income sales and trading, Fausto Serrano, has joined interdealer broker, Tradition, as head of electronic credit brokering for North America.  New York-based Serrano has worked extensively across electronic trading for almost two decades, and joins Tradition after spending three years at Liquidnet.  Tradition serves as the interdealer broking arm of Swiss firm Compagnie Financière Tradition, operating across various assets and represented in more than 30 countries.   Previously in his career, he also served as US head of e-trading at TP ICAP for nearly five years from 2017 to 2022. He has also served as director of electronic trading at BGC Partners for five years, working across areas including corporate bonds, US treasuries and credit-default swaps, and at ICAP Electronic Broking as vice president in credit derivatives from 2006 to 2012.  Serrano confirmed his new position in an announcement on social media.  Liquidnet declined to comment when approached by The TRADE.  Tradition had not yet responded to a request for comment at the time of publication.  The post Former Liquidnet Americas fixed income sales and trading head joins Tradition appeared first on The TRADE.

Spiros Giannaros, who has spent the past six years at the helm of State Street-owned Charles River Development, has been named as the new chief executive of Confluence Technologies. Giannaros had served as executive vice president at State Street, most recently as the lead for Charles River, alongside his role as head of the State Street Alpha Platform. Prior to joining State Street, Giannaros was a partner at IHS Markit serving as global head of Enterprise Data Management (EDM) and thinkFolio. Before IHS Markit he spent 15 years in leadership positions during his first spell at Charles River Development spanning sales, account management, and product marketing. Confluence is a provider of data and software solutions for regulatory, analytics, and investor communications, born over 30 years ago to support the asset management industry through technology, innovation, and data management automation. The exit is a big loss to State Street which has Charles River Development at the forefront of its Alpha strategy, comprising a full range of front-to-back-office services. “This is an especially exciting time to join Confluence, as the rapid growth of AI, alternative asset management, and private funds is creating new demands for data, analytics, and regulatory solutions across the industry.” said Giannaros. “I look forward to working alongside the Confluence team and Clearlake to build on this strong foundation to deliver innovative technology solutions to our clients and execute our strategic growth plan to build a differentiated platform.” The post Charles River Development CEO departs for lead role at Confluence Technologies appeared first on The TRADE.

London-based Zoe Tipper has joined Peel Hunt as an equity sales trader.  Tipper brings almost ten years of industry experience to her new role, and joins the UK investment bank from HSBC, where she worked as an associate director for more than two years.  Prior to this, she spent almost seven years at JP Morgan, where she joined the firm as an analyst in 2016, before later working in equity sales trading for more than four years.  Speaking to The TRADE, Hayden Ballard, co-head of equities at Peel Hunt, said: “We’re delighted to welcome Zoe into our institutional sales trading team at Peel Hunt. Her wealth of experience from previous roles at HSBC and JP Morgan will be invaluable as we further grow and strengthen our client offering – including within our risk arb and hedge fund franchise.”Tipper confirmed her new role in an announcement on social media.  Peel Hunt had not responded to a request for comment at the time of publication. Earlier this year, Ian Cannacott joined Peel Hunt as head of electronic trading in June, after almost 10 years at Redburn Atlantic, as revealed by The TRADE at the time.  He replaced Nishad Vallonthaiel, who recently joined Berenberg as head of liquidity solutions as part of the firm’s push to bolster its product portfolio and drive institutional growth. The post Peel Hunt appoints HSBC director to equity sales trading role appeared first on The TRADE.

Eurex has expanded its Partnership Progam model to also include credit index derivatives, as part of an effort to boost growth and liquidity in this market.  Since the program’s launch on 1 August 2025, eight financial institutions have already joined, including Banco Santander, BNP Paribas, Flowtraders, Goldman Sachs, Jane Street, JP Morgan, Morgan Stanley and Susquehanna International Group.  The new offering marks an expansion of Eurex’s ongoing Partnership Program model, which already spans short term interest rate (STIR) and interest rate swap markets, and is set to create a collaborative working ecosystem which aligns participants’ incentives and responsibilities across economics and governance for the market.  Matthias Graulich, chief commercial officer and global head of products and markets at Eurex Group, said: “By fostering liquidity in Eurex’s credit index derivatives, we’re accelerating electronification and standardisation for a more efficient and accessible market, strengthening Eurex’s leadership in listed fixed income and delivering our enhanced value proposition globally.” Read more – Eurex to launch futures on EU bonds The expansion follows increasing demand for credit index futures across the industry in recent years, with volume and open interest more than doubling this year in comparison the first eight months of 2024, and the total traded notional in all credit index futures at Eurex at approximately €75 billion, with a total outstanding notional of €2.8 billion by 31 August 2025.  Joe Paccione, Americas head of futures and options sales and execution, and Sanaz Fazeli, co-head, global macro credit sales at JP Morgan, said: “Credit index futures are a valuable addition to further broadening the scope of macro credit products we trade. Reception from our clients to this product has been robust and we view the extension of the program as a very positive step to continue to build on the global liquidity pool for listed credit derivatives.” The post Eurex expands Partnership Program model to cover credit index derivatives appeared first on The TRADE.

SIX Group’s Bolsas y Mercados Españoles (BME) has listed new European-style cash-settled options contracts through the Spanish derivatives market, MEFF. Specifically, the contracts are settled by differences, eliminating the possibility of early exercise with this type of option and offering investors benefits including standardisation, improved accessibility and flexibility. As part of the initial stage of the launch, the first contracts also cover underlying stocks including Banco Santander, Banco Sabadell, BBVA, Endesa, Iberdrola, Inditex, Repsol, and Telefónica.  Clotilde Salmerón, head of MEFF, said: “At BME we are constantly working to offer new alternatives for investors. We believe that with this new launch, the Spanish derivatives market offers new incentives for all types of investors, which will allow us to continue growing.” The contracts have been available to investors since March 2025, and the launch has also been supported by Susquehanna, who played a key role in rolling out the European-style cash-settled equity options.  The launch follows further developments for BME in recent months. In April 2025, the exchange unveiled a settlement system for foreign exchange transactions in a payment versus payment (FXS) mode, in a bid to improve efficiency and reduce risks in FX transactions. Similarly, in March BME announced a reform to Spain’s securities settlement system to improve efficiency, align the Spanish market with European standards, and prepare it for the T+1 settlement cycle by 2027.  The law removes the obligation for the central securities depository (CSD) to have an information system for the supervision of trading, clearing, settlement, and registration of negotiable securities, as a required component for the traceability of operations on negotiable securities from trading to their final settlement.  The post BME launches European-style cash-settled options appeared first on The TRADE.

An increase in assets under management (AUM) does not automatically constitute a growth in research budgets for buy-side firms, a recent survey by Substantive Research has revealed.  Buy-side research budgets are instead remaining largely static, only reducing by 0.2% in H1 2025.  However, in both the US and Europe, when budgets are measured as basis points of AUM, the results show a larger decrease – of 3% in the US, and 1.4% in the UK and EU respectively.  Thus, increases in investment research spend, although sometimes still small, are now being driven by other factors such as new analyst coverage requirements and rising buy-side headcounts. This indicates that since Mifid-II, research valuation processes have become more robust, ensuring that European end investors get fair value for the payments they make for research.  Speaking to The TRADE, Mike Carrodus, chief executive of Substantive Research, said: “In the last few years market share has all been about retaining and attracting talented analysts while the competition around you was cutting costs. “Now that the industry has stabilised from that perspective, it’s the firms that have proactively driven increased analyst and corporate access engagement that are the ones gaining market share in the post-Mifid II landscape.” Read more – The rebundling conundrum The latest findings come as asset managers begin to adopt Commission Sharing Agreements (CSAs) to permit the ‘bundling’ of third-party research and execution services, with a Substantive Research report in July 2025 revealing that 87% of respondents predicted that at least half of all research budgets will become client-funded within the next two years. Carrodus added: “The upgraded research valuation processes that buy-side firms now use has pushed them to extract more service and access from their existing broker relationships than they could previously, and it’s only if higher AUMs create new requirements from added headcount or equities coverage that budgets increase. “However, many providers would also say things have gone too far, with regulations reducing incentives to innovate and grow their coverage, hence the rollback of research unbundling rules from the regulators.” Pick of the bunch For European end investors, the survey indicates positive change regarding effective post-Mifid II research valuation processes, yet the research also revealed that the buy-side still appears to exercise loyalty when it comes to research spend. Of the brokers surveyed, the top ten currently dominate approximately 55% of investment research budgets, and JP Morgan maintains the market share top spot in research payment rankings, followed by Jefferies and UBS.  Similarly, despite a lack of momentum in research budget growth, bulge bracket providers still increased their pricing by an average of 1.5% in H1 2025, while in contrast, specialist research-driven brokers decreased by 0.5%.  To explain this increase, the survey pointed towards possible factors, such as a greater consumption of analyst meetings, or that sell-side relationships are held in higher esteem by asset managers than the value of research alone.  Substantive Research surveyed 44 of the largest asset managers to collate the research, with a combined AUM of more than $18 trillion – 30% North American, 20% from the EU, and 50% from the UK.  The post Buy-side AUM growth not equating to higher research budgets, report reveals appeared first on The TRADE.

Citi has joined the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBOC) in the enhanced offshore renminbi bond repurchase (repo) scheme as a primary liquidity provider, becoming the only US bank among the 11 participating dealers. The initiative, known as Northbound Repo Connect, allows eligible offshore investors to conduct repo transactions using mainland China interbank bonds held through Northbound Bond Connect.  First launched on 10 February 2025, the scheme represents an important step in developing the offshore RMB repo market and integrating it more closely with international standards. The enhancements to the scheme, which took effect on 25 August 2025, broadened its functionality by introducing multi-currency settlement – including Hong Kong dollars, US dollars and euros – and by allowing the rehypothecation of bond collateral.  Market participants have highlighted these measures as crucial developments for offshore RMB liquidity management, aligning the framework with global repo market practices and providing international investors with greater flexibility in managing RMB-denominated portfolios. “We are excited about the new enhancement feature from HKMA, which provides greater flexibility and aligns with global repo market standards. This enhancement reinforces Hong Kong’s unique role as a key connector between mainland China and international markets,” said Paul Smith, head of markets for Japan, Asia North and Australia, Citi. The addition of Northbound Repo Connect offers institutions a further channel to access onshore fixed income markets while enhancing liquidity and stability in the offshore RMB market. Smith added: “We have observed increased interest from both local and international clients and have traded a number of times in the past few days, which will further strengthen Citi’s business growth across our Hong Kong and China franchise. As the only US bank among the 11 dealers, we are committed to supporting the offshore term repo market with our scalable balance sheet.” Citi’s contribution builds on its long-standing involvement in Hong Kong’s cross-border market infrastructure, including Stock Connect and Bond Connect, which link mainland China’s capital markets with global investors.  The post Citi joins enhanced Northbound Repo Connect scheme as primary liquidity provider appeared first on The TRADE.

The upcoming European and UK transition to a T+1 settlement cycle could see firms pushed to explore instantaneous settlement on some ETF trades, a process which could be wrought with operational challenges, The TRADE has learnt. Jim GoldieThe move to T+1 settlement cycle across Europe’s markets in October 2027 means misalignment with the US with regards to ETFs trading will no longer be a problem, however there will still be divergence with other markets which remain on T+2. Enter the Thursday conundrum 2.0 – an inverse of the similar style challenge from the US move in May 2024. Given the difference between the settlement regimes in the US, and in the UK and Europe following the May 2024 transition, a drop off in ETF volumes was noted on a Thursday due to the fact that brokers would in some cases have to fund positions over the weekend and were therefore charging a premium for trading. The TRADE’s coverage of the subject garnered a lot of industry attention as just one of the pain points created by divergent settlement regimes globally following the US’ decision to move to T+1 settlement last year. Speaking at the CMX conference in 2024, Jim Goldie, EMEA head of capital markets, ETFs and indexed strategies, Invesco, said: “Additional funding over the weekend will manifest itself through wider spreads. A few bps matters. Brokers are pricing two different levels, one for T+1 settlement and one more expensive option for T+2 settlement. We’re in a suboptimal place with global misalignment.” Global misalignment Given that Europe and the UK have now confirmed they will be moving to T+1 settlement in October 2027 and aligning with the US, many thought that the end of two-tiered pricing and issues relating to volumes on a Thursday was nigh. However, the October transition is set to create a new pain point with other global markets when it comes to ETF trading. After sitting down with Goldie earlier this month to unpack the UK and European roadmap to T+1, a process that he has been central to, The TRADE has learnt that an inversed version of the Thursday conundrum is set to take centre stage in ETFs trading thanks to a misalignment with other global markets that remain on T+2.  As opposed to buying ETFs tracking US securities at a premium on a Thursday, the industry could now see a dynamic where ETFs containing global T+2 securities are being sold at a discount.  The key issue relates to the primary trades on T-1 funds whereby firms take global ETF trade orders on a T-1 basis using the closing price from the previous day given that some markets will already be closed thanks to the time difference. If a broker is trading a global ETF in a secondary market on a T+1 basis and they have to go to the primary market to place a creation to facilitate that settlement, that creation being done on a T-1 basis would mean that they would have to settle that creation trade T0 to match their settlement obligations for their secondary market trade on T+1.  “If we can’t offer T0 then it’s likely that those trades would automatically fail,” explains Goldie. “The price effect on ETFs containing US securities will disappear, however, when Europe migrates to T+1 we will now have to try and settle T0 for primary trades on T-1 funds, which is something that we haven’t had to do before. That we can do, but there’s just certain operational considerations that we need to look at to be able to facilitate that.” He adds: “The reason it’s more profound on a Thursday is because their creation trade with us or their hedge trade with the futures or the underlying stocks will settle Friday, but their trade with the client won’t settle until Monday. Over that weekend they have to fund that cash position. When interest rates are high, that cost is obviously going to be larger on a daily basis.” “Rather than it be this pricing dynamic where on a Thursday you’re buying ETFs tracking US securities at a premium, what you’re going to see is a pricing dynamic on a Thursday for ETFs containing T+2 securities when you’re selling them at a discount.” The post The T+1 Thursday conundrum pushing instantaneous settlement on traders appeared first on The TRADE.

Trading technology provider Etrading Software has been named the UK bond consolidated tape provider (CTP) by the UK’s Financial Conduct Authority’s (FCA). Etrading Software beat out three other bidders to win the contract, the watchdog confirmed. Specifically, the firm will take on a contract valued at £4.8 million including VAT to deliver the tape, estimated to begin on 5 January 2026 for a five-year period. The decision comes at the end of the tender process for the tape, which was launched in March 2025 followed by a price auction in August, with four applications received in total, and three tenders assessed in the final stage. Additional bidders in the tender process included Ediphy (fairCT), TransFICC and BondTape, a consortium between Finbourne Technology and Propellant Digital. Speaking to The TRADE about the decision, Neil Ryan, chief executive-designate and project lead at BondTape, said: “Congratulations to the ETS team and we welcome the final part of the journey to present a high quality, transparent and competitively priced bond tape to the UK markets.” Read more – FIX Trading Community publishes updated MMT ahead of upcoming European consolidated tape The delivery of a consolidated tape for bonds is expected to collate trades executed on trading venues as well as over-the-counter (OTC) trades, in an effort to provide the market with greater transparency and liquidity. The announcement follows news in July that the European Securities and Markets Authority (ESMA) had selected Ediphy (fairCT) to be the first CTP for bonds in the EU, following a six-month application assessment process. The FCA confirmed that the award notice, announced on 29 August, is now followed by an eight-day standstill period, whereby unsuccessful bidders will have the opportunity to challenge the authority’s decision. Etrading Software declined to comment when contacted by The TRADE. The post Etrading Software wins UK bond CTP tender beating out three other bidders appeared first on The TRADE.

Nomura has appointed Filippo Zorzoli as head of global markets sales for Europe, Middle East and Africa (EMEA), as part of the firm’s effort to bolster its global markets division.  Zorzoli will be based out of London in his new role and is set to help Nomura expand its footprint across the EMEA region. He will report to Nat Tyce, head of global markets, EMEA and global co-head of rates, as well as Samir Patel, global head of global markets sales.  Zorzoli brings more than 20 years of senior sales, trading and structuring experience to his new role, and joins from Barclays, where he most recently served as global head of rates and solutions sales.  Prior to this, he also worked at Bank of America Merrill Lynch, covering roles including head of structuring for EMEA, as well as head of EMEA rate sales, repo sales and structuring. He began his career covering fixed income structuring at Goldman Sachs, later going on to co-head the firm’s equity exotics trading desk.  Read more – Nomura to acquire Macquarie US and EU asset management units for $1.8 billion Zorzoli’s appointment also coincides with Gary Hyman’s move from head of public-side sales, EMEA at Nomura, to become the firm’s vice-chair of EMEA global markets, based in Dubai.  Hyman has been at Nomura for more than 15 years, and his tenure has covered various roles including co-head of G10 global rates sales, head of macro-sales, Japan and head of sales, Australia.  He has also previously held director and managerial roles and RBS, Shinsei Bank and Credit Suisse.  Speaking on the appointments, Tyce said: “We are confident that Filippo’s deep understanding of the EMEA client landscape combined with his extensive product expertise will help us build on the strong foundations established under Gary Hyman’s leadership and drive the next phase of client franchise growth in EMEA.” The post Nomura taps Barclays for EMEA global markets sales head appeared first on The TRADE.

Ian Power has joined BTIG as managing director, head of EMEA outsource trading as the firm continues to expand its outsourced trading offering amid market shifts in the space. Power had most recently served as head of UBS’ Execution Hub, EMEA, appointed to the role just weeks prior to UBS’ decision to shutter its outsourcing service. Power left the business following its decision to exit, as revealed by The TRADE at the time. Read more: UBS makes shock exit from outsourced trading gameIn his new role, Power is set to build out the offering – as he did previously at UBS – across EMEA, The TRADE understands. Privately owned investment bank and execution broker BTIG is a long-standing operator within this sphere, having run an outsourced trading business for the last 20 years. Specifically, BTIG’s outsourced service comprises six outsource buy-side trading desks globally with more than 25 dedicated outsource traders. Currently, the firm’s outsourced trading offering has in excess of 600 clients, with plans in place to grow this further in the coming months. Read more: Outsourced trading: Easy to do, difficult to get right The firm’s expansion comes as other firms, most recently BNP Paribas, have also announced exits from the outsourced trading game.In light of this, some banks, including names such as BNY, State Street and Northern Trust, as well as BTIG, are investing in the service to fill the void (as are some smaller shops offering specialised outsourced trading services). BTIG declined to comment when approached by The TRADE. The post BTIG adds former UBS outsourced trading head to bolster EMEA team appeared first on The TRADE.

Stifel has made an addition to its execution services team, appointing Matthew McNestry as managing director in low-touch trading, The TRADE can reveal.  London-based McNestry brings more than 20 years of industry experience spanning electronic trading, portfolio trading and sales to his new role, and is set to help drive the growth of Stifel’s low-touch franchise with institutional clients.  In his new position, he will report to Seema Arora, managing director and head of execution services at Stifel, who said: “Matt’s vast experience across low-touch solutions, including electronic and portfolio trading, will be instrumental in enhancing our product development and strengthening our connectivity with the institutional client base.”McNestry joins the US investment bank from Euronext, where he spent almost five years as head of sales, global buy-side and liquidity providers.  Prior to this, he also worked at Goldman Sachs from 2014 to 2019, joining the firm in a role covering equity principal liquidity solutions, EMEA, before later becoming head of execution platform sales for EMEA. Previously in his career, he has also worked across delta one, program sales trading and electronic trading at JP Morgan, Nomura and Lehman Brothers.  Read more – T. Rowe Price EM fixed income trading head departs for Stifel McNestry’s appointment marks a further hire for Stifel’s execution services team in recent months. In August 2025, Darryl Willoughby joined the firm from Pareto Securities to become managing director, looking after pan-European trading. Similarly, Stifel appointed Sarrah Chaker as a sales trader covering US markets to European clients in June, as revealed by The TRADE at the time. The post Stifel expands execution services team with Euronext hire appeared first on The TRADE.

Global post-trade services provider, OSTTRA, has added Eurex Clearing to its interest rate initial margin (IM) and capital optimisation service, triBalance. Erik PetriThe move will integrate Eurex’s over-the-counter (OTC) cleared contracts into OSTTRA triBalance optimisation runs, with the collaboration expected to reduce counterparty risk and add efficiencies to OTC derivatives portfolios. The addition also marks an expansion triBalance’s current clearing house coverage, and is set to allow the service to provide greater initial margin and capital optimisation across major central clearing counterparties (CCPs). The service currently also includes LSEG’s LCH, CME Clearing and Japan Securities Clearing Corporation (JSCC).  “This collaboration builds upon the strong relationships OSTTRA is cultivating with clearinghouses and other key entities in the derivative market landscape, thereby broadening global access and efficiency for portfolio optimisation,” said Erik Petri, head of optimisation at OSTTRA. “As we continue to integrate more CCPs into the triBalance service, our clients will see continuous gains in margin and capital optimisation results, and importantly achieve risk reduction in venues previously beyond the scope of optimisation services.” OSTTRA’s triBalance service covers both cleared and uncleared OTC asset classes, ranging across interest rate products, deliverable and non-deliverable FX forwards, equity derivatives, credit default swaps and commodity derivatives.  Danny Chart, global product lead, OTC IRD at Eurex Clearing, said: “In an environment of heightened market volatility, ensuring clearing members have access to risk management services like OSTTRA’s triBalance is paramount. Through this collaboration, we are empowering clearing members to shift bilateral interest rate risk into Eurex Clearing, and by doing so significantly reduce counterparty risk and enhance margin efficiency through effective netting.” The integration marks a further development in a string of significant news for OSTTRA this year. In April, CME Group and S&P Global signed a definitive agreement to sell the provider to investment funds managed by KKR, in a deal valued at $3.1 billion.  KKR confirmed that it will focus on increasing OSTTRA’s investments in technology and innovation across the platform.  The post OSTTRA onboards Eurex Clearing onto optimisation service appeared first on The TRADE.

Goldman Sachs Goldman Sachs moved to expand its high touch trading team with the addition of Lucy Heighton and Lorraine Wyley, as revealed by The TRADE.A spokesperson for Goldman confirmed their appointments.Lucy Heighton and Lorraine Wyley join the bank from RBC Capital Markets and Jefferies respectively and bring almost 35 years of combined experience to the role.   Heighton joins the high touch desk at Goldman after four years at RBC in an equity sales trading role. Previously, she also spent almost 15 years at Morgan Stanley in a similar capacity.  Wyley joins Goldman after most recently serving at Jefferies for almost three years in an equity sales trading role. Previously in her career, she also spent five and a half years at Numis Securities and almost three years at Goodbody Stockbrokers.Citi Jamie Miller and Abdul Satti have been named co-heads of EMEA electronic execution.Previously, Miller, who has been with Citi for almost a decade, served as head of EMEA electronic equity sales trading and before that as an equity sales trader.  His expertise encompasses cash equity execution, and high touch and portfolio equity sales trading.Satti most recently headed up the Execution Advisory Services (EAS) offering at the bank. Together, the co-heads are set to lead Citi’s client-centric and product-focused strategy in electronic execution, The TRADE understands. Specifically, London-based Satti and Miller will oversee all sales, sales trading, EAS and algo trading functions.Elsewhere, Citi has appointed Yashar Asl has been appointed head of cash execution risk and quantitative services. He joined the bank as head of electronic trading for its EMEA equities business in 2023, and in the new role is set to focus on building a global quant product. All three new hires will report into Sam Baig, head of cash execution, The TRADE understands. Elsewhere, Karl Purdy has joined Citi as an equity trader having most recently worked at JP Morgan as an equity trader.   Purdy previously worked at European equities business Cazenove until the firm was acquired by JP Morgan in 2010. Purdy will be based out of Paris in his new position, where he is set to support the firm in a high-touch trading role.   Citi and JP Morgan declined to comment on his appointment. Stifel  Joe Gilbert has left T. Rowe Price after almost 20 years to join Stifel as a director covering fixed income trading. London-based Gilbert brings extensive industry experience spanning emerging markets and fixed income to his new role.  He most recently served as head of emerging markets fixed income trading at T. Rowe Price, and during his nearly two decade-long stint at the firm, he has worked across the firm’s investment strategies and portfolio management.   He initially joined T. Rowe Price in September 2005, supporting the investment teams by delivering research reports. Kepler Cheuvreux Kepler Cheuvreux appointed Eva Gripsten to the role of senior credit sales, as part of the firm’s push to expand its fixed income franchise. Gripsten will be based out of the firm’s Stockholm office in her new role and is set to assume the responsibility for the coverage of Nordic accounts. Gripsten brings more than two decades of industry experience to her new role, and joins from SEB, where she spent seven years covering real estate debt capital markets origination. Prior to this, she was a partner at Arctic Securities for five years, working across Nordic institutional accounts spanning investment grade (IG), high yield (HY) and distressed credit.  Previously in her career, she has also worked across commodities and credit sales at firms including Nordea Markets, Natixis and Morgan Stanley.  SIX Digital Exchange SIX Digital Exchange’s (SDX) head David Newns is set to step down from his role after almost four years with the firm.  Newns, who is based in Zurich, initially joined SDX in October 2021 with a mandate to take the exchange into its next phase of full operations and growth.  Before joining SDX, Newns previously spent more than 15 years at State Street in various different roles, such as global head of GlobalLink Execution Services, overseeing the bank’s FX electronic trading platforms. Prior to this, he also served in roles as chief operating officer and senior manager for eExchange, State Street Global Markets, before later becoming the global head of Currenex from 2014 to 2017. He originally joined Currenex in 2001, serving as a founding member of the firm’s London operation. Newns is also currently a member on the AsiaNext board of directors.The post People Moves Monday: Goldman Sachs, Citi, Stifel, Kepler Cheuvreux, and more… appeared first on The TRADE.