Following the introduction of the FCA’s new joint payments rules in May 2025, allowing payments for third-party research to be bundled and relaxing Mifid II restrictions, the buy-side appears to be moving increasingly back to client-funded research. Almost three quarters (73%) of European asset managers surveyed stated that they felt at a competitive disadvantage to their US counterparts, found a recent report by Substantive Research. Specifically, these disadvantages referred to the research European asset managers can access in the current profit and loss (P&L) funding environment, as well as the ability to meet with the corporates they need to meet with to make investment decisions. Read more – The rebundling conundrum Assessing these findings, the survey indicated that in Q2 2026, firms will increasingly shift back to client-funded research budgets, with 59% of the study’s respondents highlighting that by adopting a joint payments approach, asset managers could gain greater investment flexibility for future developments in the research space.  Currently, the average medium size asset manager in the UK or EU spends $700,000 less each year on technology-driven research tooling and analytics than those in the US, indicating that opportunities to access more research flexibility and developments could have a significant impact on European firms.  Speaking to The TRADE, Mike Carrodus, chief executive of Substantive Research, said: “As some of the largest buy side firms created working groups this spring to review their options, spurred on by the resolution of some outstanding regulatory issues, they became increasingly convinced that moving back to CSAs was aligned with their end investor clients’ best interests. Mifid II has done its job – these costs are materially lower than they were when they were last passed onto investors pre-2018, so any impact to performance should dwarf the added cost.” Read more – Buy-side AUM growth not equating to higher research budgets, report reveals In addition, performance was emphasised as a key priority for asset managers in the survey, with 80% saying that “if budgets increase slightly but have a leveraged effect on performance, then asset owners reap the rewards.” Carrodus added: “It’s clear that 2026/27 is going to be an investing climate that requires careful navigation. In tough times it’s tempting to cut research budgets from a cost perspective at exactly the time when asset managers need the best insights available to them. This move to joint payments would ring fence research from that dynamic.” These latest findings also build on an earlier survey, released in July, which revealed that 87% of buy-side respondents predicted that at least half of all research budgets will become client-funded within the next two years.  Substantive Research’s Buy-Side Survey included responses from 40 of ‘the largest asset managers,’ with a combined AUM of $15 trillion – 25% North American, 25% EU-based and 50% from the UK.  The post Buy-side will move increasingly to client-funded research in 2026, report reveals appeared first on The TRADE.

Euronext is set to acquire Athens Stock Exchange (ATHEX) following a successful voluntary share exchange tender offer.  The result follows a six-week window, which finished on 17 November 2025. The period saw shareholders tendering 42,953,405 ATHEX shares – approximately 74% of ATHEX voting rights – surpassing the required 28,925,001 shares needed to be tended for the offer to be successful.  The acquisition will see ATHEX integrating into Euronext’s trading and post-trade technology as a combined group, with a cross-border clearing framework.  In addition, the move is also set to boost the development and attractivity of Greek markets and further integrate Greek capital markets into the Eurozone and the European Union. Stéphane Boujnah, chief executive and chairman of the Managing Board of Euronext, said: “The integration of ATHEX into Euronext marks a significant milestone for both Greece and the broader European financial landscape. By joining Euronext, ATHEX will become part of a strong and integrated European network focused on connecting local economies with global markets. “Greek issuers, brokers and investors will benefit from advanced trading and post-trade technologies that will enhance the global positioning and competitiveness of the Greek capital market.” Moreover, Euronext has also announced its intention to establish a new Group-level support and technology centre in Athens, to support the firm’s business lines and ensure the development of its network.  Euronext is set to issue the new ordinary shares for the acquisition on 21 November and will procure the exchange of ATHEX shares to settle the tender offer on 24 November.  The news also follows recent regulatory approval from Hellenic Capital Market Commission (HCMC) for Euronext’s acquisition, which made the tender offer unconditional. The post Euronext to acquire Athens Stock Exchange marking the next phase of exchange’s European expansion appeared first on The TRADE.

LSEG’s Post Trade Solutions has launched a new service – Market Risk Optimisation – to reduce market risk, specifically for FX options.  The new offering integrates with LSEG’s multibank FX platform, FXall, and is expected to allow market participants to trade in and out of market risk, enhance liquidity and reduce transaction costs through access to a wide range of trading opportunities.  The development of the product has also involved industry input, following a successful proof of concept through the input of 13 sell-side FX options desks.  Andrew Williams, chief executive of Post Trade Solutions at LSEG, said: “Since launch, our optimisation runs have helped to reduce resource requirements, with a focus on counterparty risk. The next logical step in the evolution of our services is to use optimisation to reduce market risk.” Specifically, the service analyses participant axes across a variety of tenors and risks, to then suggest an optimised set of trades that fit within a client’s specified constraints.  Additionally, the end-to-end process is designed to be completed within 30 minutes and run at any frequency required by the market, to ensure it is responsive to market changes.  Read more – Stephen Grady joins LSEG in a community engagement role The launch also marks an expansion of LSEG’s Optimisation service for counterparty risk, initially unveiled in 2017 as part of an effort to optimise cleared and uncleared margin.  “FX options was an obvious asset class to target at launch, since its complexity and liquidity lends itself to optimisation,” added Williams. “The front-office have been very receptive to the new service, and we look forward to working with new and existing clients as we evolve in line with market requirements.” The launch of the offering also follows news in October that LSEG had partnered with 11 leading global banks to receive investment into its Post Trade Solutions business.  Bank of America, JP Morgan and UBS are among the banks participating in the deal.  The post LSEG unveils new post-trade offering to reduce FX options market risk appeared first on The TRADE.

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Dwayne Middleton, head of fixed income trading at T. Rowe Price, accepted the Lifetime Achievement Award from The TRADE last night at Leaders in Trading New York. Upon collecting his award at Chelsea Piers on Tuesday, Middleton delivered a speech which reflected on his career that has spanned more than three decades – highlighting the importance of relationships and mentorship across the industry.  Middleton was put forward for the award by several peers, particularly those hailing from the buy-side, who recognised his stellar career and significant contributions to the industry,  He began his investment career in 1994, working as an associate fixed income portfolio manager at Criterion Investment Management, and quickly worked his way up the ranks to establish himself as a distinguished leader and contributor to the industry, particularly across fixed income markets.  In 2000, he joined JP Morgan where he spent nine years, serving as a senior portfolio manager, and later becoming head of US investment grade credit portfolio management.  Following this, he went on to spend more than 10 years at Morgan Stanley, initially as head of US fixed income trading, and later going on to head up the firm’s global fixed income trading offering.  He joined T. Rowe Price’s global trading team in 2019, where he oversees the fixed income trading desks globally and leads efforts to enhance and improve the overall trading process.  Middleton’s service to the industry extends beyond his individual positions, and he is also actively involved in fixed income market structure and trading technology initiatives. He is a member of the Global Trading, Counterparty Risk, and Fixed Income Best Execution Committees, and is also a vice president of T. Rowe Price Group and T. Rowe Price Associates.  Bringing a consistent willingness to listen, learn and deliver results, built from a foundation of integrity, curiosity and hard work, Middleton has achieved an undeniably successful career, which was celebrated in his recognition last night.  The TRADE would like to extend its congratulations to Middleton on a truly remarkable career. The post Dwayne Middleton accepts Lifetime Achievement Award at Leaders in Trading New York 2025 appeared first on The TRADE.

The TRADE is excited to announce the winners of the Leaders in Trading New York Awards, with recipients honoured at a ceremony held at Chelsea Piers, New York last night.  Returning for a second year, more than 150 industry participants joined The TRADE to recognise and celebrate this year’s leading individuals and firms within the industry, with awards spanning the buy-side, sell-side, service providers, technology firms and venues.  This year, the highly coveted Trader of the Year award went to Michael Roberts of Columbia Threadneedle, while Susan Joyce from AllianceBernstein was recognised as Buy-Side Market Structure Expert of the Year. The Buy-Side awards also saw Legal & General Investment Management taking home Trading Desk of the Year, as well as BlackRock picking up the award for Fixed Income Trading Desk of the Year.  This year, our prestigious Lifetime Achievement award went to T. Rowe Price’s head of fixed income trading, Dwayne Middleton, in recognition of his outstanding contributions and service to the industry over a career spanning three decades.  The night also included the Innovation Awards, running for the first year this year, to celebrate those in the industry working hard to advance the markets and fuel change. Across categories spanning trading technology, algorithmic trading and alternative trading system innovation, LSEG, Rothschild & Co Redburn and TMX AlphaX US took home these awards.  Elsewhere, we also hosted our highly competitive Editor’s Choice categories, spanning 11 awards, this year’s winners were judged by The TRADE’s editorial panel as worthy given their achievements over the past year.  Cboe, MarketAxess and MIAX all took home Outstanding Trading Venue awards, while XTX Markets was recognised as Proprietary Trading Firm of the Year.  BMLL was crowned Outstanding Market Data Services Provider, marking a second win for the firm following our London awards at the beginning of November. Additionally, Trading Technologies was handed the TCA Provider of the Year award, while DTCC received the award for Outstanding Post-Trade Services Provider.  Within the Algorithmic Trading and Execution Management Systems (EMS) categories, which are based on The TRADE’s annual surveys results, Virtu Triton took home various awards – namely Best Market Acces and Best Provider – North America. Elsewhere, UBS received the award for Best Trading Performance.  Our Outsourced Trading Awards were also based off our annual survey, and saw firms spanning StoneX, JonesTrading, Northern Trust, Marex and Cantor Fitzgerald being recognised for their contributions in this field. Within this section, PennHaven was also named as One to Watch.  The night also celebrated the Rising Stars of Trading and Execution North America, recognising up-and coming talent on the buy-side, and last night, our winners consisted of:  Audrey Moore, equity trader, Columbia Threadneedle  Michael Persaud, junior equity trader, Mackenzie Investments Tyler Roldan, senior trader, Corbets Capital  Noah Simandl, trading analytics associate, Harris Associates  Nicholas Mazurek, trader Hudson River Trading  Congratulations to all of this year’s winner and we look forward to welcoming you again next year! Algorithmic Trading: Best Trading Performance UBS Best Price Improvement Capabilities Instinet Best Customer Support and Consulting Virtu Financial Best Dark Pool Capabilities Jefferies Best Provider – Large Clients UBS Best Provider – Multi-User Clients RBC Capital Markets Best Provider – Hedge Funds Morgan Stanley Best Provider – Hedge Funds J.P. Morgan Best Provider  Berenberg EMS: Best Market Access  Virtu Triton Best Platform Reliability FlexTrade Best Product Adaptability SS&C Eze Best Multi-Asset Capabilities LSEG TORA  Best Client Service – Large Clients  Instinet Newport Best Provider – Hedge Funds Neovest Best Provider – North America  Virtu Triton Outsourced Trading: Best Provider – Coverage StoneX Best Provider – Execution JonesTrading Best Provider – Operations and Post-Trade Northern Trust Best Provider – Client Service and Relationship Management Marex Outsourced Trading Best Provider – Global Cantor Fitzgerald One to Watch  PennHaven Editor’s Choice: Outstanding Equities Trading Venue Cboe Outstanding Fixed Income Trading Venue MarketAxess Outstanding Futures and Options Trading Venue MIAX Alternative Trading System of the Year  OneChronos Outstanding Post-Trade Services Provider DTCC TCA Provider of the Year Trading Technologies Outstanding Market Data Services Provider BMLL Outstanding Innovation in Fixed Income Trumid FinTech of the Year Saphyre Sell-Side Market Structure Excellence Jessica D’Alton, UBS Proprietary Trading Firm of the Year  XTX Markets Innovation:  Innovation in Trading Technology LSEG Innovation in Algorithmic Trading Rothschild & Co Redburn Alternative Trading System Innovation TMX AlphaX US Rising Stars:   Audrey Moore, Columbia Threadneedle  Michael Persaud, Mackenzie Investments  Tyler Roldan, Corbets Capital   Noah Simandl, Harris Associates  Nicholas Mazurek, Hudson River Trading Buy-Side:  Trader of the Year Michael Roberts, Columbia Threadneedle Trading Desk of the Year Legal & General Investment Management Fixed Income Trading Desk of the Year BlackRock​ Buy-Side Market Structure Expert of the Year Susan Joyce, AllianceBernstein Lifetime Achievement  Dwayne Middleton The post The TRADE announces Leaders in Trading New York 2025 award winners appeared first on The TRADE.

State Street has successfully implemented its front-to-back Alpha platform for Ninety One, an investment manager specialising in active strategies across emerging and developed markets. The implementation marks an expansion of the strategic relationship between the two firms established in 2004, which has evolved to include comprehensive middle- and back-office services and integrated trading solutions. Through Alpha, Ninety One has now unified its operations, with a view to enhancing operational efficiency, optimising data management, and equipping its front-office with improved tools to support investment decisions. Joerg Ambrosius, president of Investment Services at State Street, said the project reflects the firm’s growing momentum in Alpha onboarding. “We’re proud to deepen our partnership with Ninety One and deliver a solution that meets their complex operational needs,” he said. “The Ninety One go-live is one of many successful go-lives for Alpha clients this year, supported by continued investment in product development and implementation expertise.” Ninety One’s complex investment universe, which includes emerging-market exposures, multi-asset strategies and a wide range of currency and derivatives instruments, was a key driver behind the move to a more integrated and resilient operating platform. “State Street Alpha simplifies our operating model and provides greater transparency across the investment lifecycle,” said Cora Kielblock, global head of operations at Ninety One. “Partnering with State Street enables us to focus on delivering value to our clients while leveraging a scalable, efficient infrastructure.” Speaking on the firm’s Q3 earnings call last month, chief executive Ron O’Hanley stated that the firm is making “meaningful progress” in scaling the Alpha platform.   “We’ve really focused on turning this into a one-at-a-time kind of thing to a repeatable process and building installation into the early sales and engineering phases of the Alpha discussions, which is helping us immensely,” he said.   He added that the implementation process within Alpha is also becoming more efficient, with the onboarding process faster than it has been in the past.   The growth is also supported by the growing trend of outsourcing: “It’s a competitive marketplace. When you look at where the business is going and who’s gaining share, it’s one of these very interesting markets where there’s some third-party players but you’re also competing with the insourced option,” he said. “There’s still a fair amount that’s insourced that’s probably not viable over time, which will remain a source of growth. Competition is good.” The post State Street onboards Ninety One to Alpha appeared first on The TRADE.

Established buy- and sell-side participant, Stephen Grady has joined LSEG as head of open directory – community engagement and growth.  Grady brings extensive experience to his new role, and has worked extensively across the industry in dealing and trading roles for over three decades.  In 2024, he received The TRADE’s Lifetime Achievement Award at Leaders in Trading, after being nominated by several buy-side peers for his significant contribution and longstanding service to the industry.  Prior to joining LSEG, he most recently served as a strategy consultant at Tradeweb for four months.  He also held the position of head of global markets and executive vice president at Lombard Odier for more than three years, based out of Geneva.  While at Lombard Odier, he also served as a director on the Swiss Regional Committee of the International Capital Market Association.  Grady has an extensive track record in leading dealing and sales trading and spent five years as global head of trading at Legal & General Investment Management.  He also held similar positions at Barclays Wealth and Fortis Investments, and served at firms spanning Liquidnet, Powe Capital Management, ADIA and Bankers Trust Asset Management.  He began his industry career working as an FX dealer at Bank of America in Sydney in 1990.  Grady has also contributed to several industry organisations including the Fixed Income Trading Committee, the Buy-Side Trading Committee and the Foreign Exchange Working Group (FXWG) during his time working across the markets.  LSEG had not responded to a request for comment at the time of publication. The post Stephen Grady joins LSEG in a community engagement role appeared first on The TRADE.

The time has finally come. Tonight, The TRADE returns to Chelsea Piers to host the Leaders in Trading New York awards ceremony for a second year.  Following on from our inaugural New York event last year, Team TRADE is thrilled to be back again this year and welcome our shortlisted nominees and guests for the much-anticipated Leaders in Trading New York ceremony. This year’s awards span our survey awards, Algorithmic Trading and Execution Management Systems, as well as our Outsourced Trading, Innovation and Editor’s Choice Awards, and of course, our coveted Buy-Side Awards and Rising Stars of Trading and Execution recognitions.  In addition, we will also celebrate our Lifetime Achievement Award, which recognises longstanding service and valuable contribution to the industry.  “The entire TRADE team is very excited to be bringing back the Leaders in Trading New York Awards for a second year following our hugely successful launch in 2024!” said The TRADE’s news editor, Claudia Preece. “Tonight is set to be even bigger and better as we recognise the standout performers across our industry. We very much look forward to welcoming all our attendees for what is set to be another incredible night – good luck to all those nominated.” The TRADE would also like to extend a special thanks to our sponsors: UBS, XTX Markets and Marex as well as our charity partner, Help for Children. We look forward to welcoming you. For those of you that can’t attend, keep an eye out for the photos and a summary of the winners in tomorrow’s newsletter, and we hope to see you next year!  Tonight’s agenda:  5:45pm: Registration opens for Leaders in Trading New York 6:00pm: Leaders in Trading New York welcome drinks reception 7:00pm: Leaders in Trading New York gala awards dinner 9:00pm – Late: After-dinner cocktail reception The post Tonight is the night… Leaders in Trading New York! appeared first on The TRADE.

The UK’s Financial Conduct Authority (FCA) has confirmed that it has filed an application with the High Court, requesting that the suspension on the bond consolidated tape contract award be lifted.Etrading Software was named the UK bond consolidated tape provider (CTP) by the regulator in early September, beating out three other bidders to win the contract.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.However, following this, Ediphy – the named CTP for the EU fixed income tape – appealed the decision to award the mandate to Etrading Software. Since, the process has been halted leading many across the market disappointed by the delay. Read more: Ediphy appeals FCA bond CTP decisionWere the High Court to lift this suspension, the FCA would be free to sign a contract with Etrading Software (ETS), while the legal challenge continues. The watchdog is set to submit its formal defence to the legal challenge by the end of the week.“It is in the public interest to deliver the important benefits of the tape as soon as possible. It is our position that the legal challenge, which we consider to be without merit, should not get in the way of that […] We want to provide clarity to industry that we are moving forward as quickly as possible, so market participants can prepare for the tape,” said the FCA in an official statement. Speaking on the selection process, the watchdog iterated that it has undertaken a “fair” and “competitive” two stage process in order to select a CTP which would deliver a tape of both high quality, and best value for money. Specifically, the FCA explained that it focused on ensuring that the provider could meet regulatory requirements and service obligations, before the price auction determined the bidder which could offer the best price to users of the tape. The regulator confirmed that it would continue to engage data contributors and users, alongside Etrading Software.Read more: Etrading Software wins UK bond CTP tender beating out three other biddersSpeaking to The TRADE, Sassan Danesh, chief executive of Etrading Software, said: “We welcome the FCA’s application to lift the automatic suspension. The application is a strong signal to market participants to continue their preparations for the launch of the UK tape, while the legal challenge proceeds in parallel.”The post FCA asks High Court to lift suspension on bond consolidated tape award appeared first on The TRADE.

The Depository Trust & Clearing Corporation (DTCC) has appointed Arianne Collette as managing director and head of US equities, a newly created role that will see her lead strategy, growth and operational execution across the organisation’s equities business. Based in Jersey City, Collette will oversee strategic planning for DTCC’s clearing and settlement infrastructure in US equities, with a view to driving market expansion and operational efficiencies.  She reports to Val Wotton, managing director and global head of equities solutions. “We are pleased to welcome Arianne to DTCC,” said Wotton. “Her deep industry expertise, strategic vision and commitment to innovation will be invaluable as we continue to deliver solutions that enhance market resiliency and efficiency for our clients. Collette joins DTCC from Morgan Stanley, where she worked for over 24 years – holding senior roles including COO and head of strategy for reinvestment, global head of sales strategy, and Americas head of resource optimisation.  She is also the co-founder and global chair of Women in Securities Finance, an industry group of more than 1,000 members focused on promoting diversity and inclusion in financial services. The post DTCC appoints new head of US equities from Morgan Stanley appeared first on The TRADE.

Stonehage Fleming Dan Madsen has left his role as head of dealing and trading at Stonehage Fleming Investment Management, The TRADE revealed last week.   London-based Madsen has departed from the firm after almost 20 years, having joined in 2006 as a senior fund administrator.   In his position as head of dealing and trading, Madsen supported the establishment of the London dealing desk and also oversaw the merging of the Fleming Family and Partners and Stonehage, as well as the later acquisition of Cavendish Asset Management and Maitland Partners.  Additionally, Madsen’s desk also supported the growth of the firm’s business to £20 billion assets under management (AUM).  During his time at the firm, Madsen has held various senior positions, and stepped up to lead the firm’s dealing and trading offering in June 2010.  Prior to Stonehage Fleming, he also worked at UBS Global Asset Management as a client liaison officer for almost four years.  His next role is currently unconfirmed, The TRADE understands. Barclays Jean-François Mastrangelo has been named head of markets, Asia Pacific at Barclays following nearly 20 years at Société Générale. Hong-Kong based Mastrangelo will lead the bank’s Asia Pacific business for its Global Markets platform, including broadening product offerings and deepening client relationships.  He will report into Adeel Khan, head of Barclays Global Markets functionally, and Jaideep Khanna, chief executive, Asia Pacific regionally.  Most recently, Mastrangelo served as head of equities APAC at Société Générale, and has worked across Paris and Hong Kong in several senior leadership roles – spanning structuring, trading, and platform development. HSBC David Fenwick has swapped the buy-side for the sell-side and joined HSBC in a role covering investment grade (IG) credit sales, following a nine-year tenure at Legal & General Investment Management (LGIM).   He brings almost two decades of industry experience to his new role, and during his time at LGIM, Fenwick served as a fixed income trader, covering IG, high yield (HY) and emerging markets (EM) credit. He also held a similar role at Schroders for more than six years.   Prior to this, he also spent a year at Stifel in a role covering UK credit sales, based out of London, and began his industry career in the same position at UBS from 2006 to 2009.  RBC Capital Markets RBC Capital Markets has made two senior hires to its European equities sales trading team. The appointments see Imad Frigui joining the firm as head of Continental Europe cash equities sales trading, based out of Paris, as well as Malcom Pratt becoming a director in EMEA high touch sales in London.   Frigui brings almost 15 years of equity sales trading experience to his new role, and joins RBC from Wells Fargo, where he spent almost six years. He has also previously held equity sales trading positions at Exane BNP Paribas and Bank of America Merrill Lynch.   Additionally, Pratt was most recently at Clear Street, where he worked as a sales trader in execution services.   Prior to this, he spent eight years at Bank of America Merrill Lynch, joining in 2017 as a director, sales trader, before becoming co-head of EMEA high touch sales trading in 2023.   He has also previously worked at firms including Goldman Sachs, Credit Suisse and Deutsche Bank.  In addition, George Budd has also joined RBC as vice president, equity sales.  London-based Budd brings almost a decade of experience working across financial markets to his new role, and will report to Lisa Tugwell, head of European SMID equity sales.  He joins the firm from UK investment bank Cavendish, where he spent almost four years, most recently as an associate director working across equity sales.   Previously in his career, he also served as an investment analyst at JP Morgan for more than two years.   Legal & General Euan Martin has joined Legal & General’s asset management division as a fixed income trader.   Martin will be based out of London and brings almost a decade of industry experience to his new role.  Before joining Legal & General, Martin spent almost eight years at Aberdeen Investments in Edinburgh, most recently as a credit trader, a role he held for more than three years.   Previously in his career, he also served as a financial analyst at ALMIS International.   The post People Moves Monday: Stonehage Fleming, Barclays, HSBC and more… appeared first on The TRADE.

Prediction markets are quickly gaining traction from institutional firms, and proprietary trading firms in particular are increasingly turning to these markets for trading opportunities.  As one of the fastest growing sectors in the global trading industry, the strategy allows market participants to trade event-based contracts, forecasting the outcomes of future events, such as exchange averages or election results.  At present, just under half of the proprietary trading firms globally are evaluating trading in prediction markets, with 10% of these already actively trading, and 35% considering it, according to Acuiti’s latest quarterly study. Speaking to The TRADE, Will Mitting, founder and managing director at Acuiti, said: “Our latest quarterly ‘proprietary trading management insight report’ found significant interest from proprietary trading firms in trading on prediction markets. This suggests that these markets, which have historically been retail based, are on the cusp of significant institutional growth.  “There remain though some challenges to be overcome to further institutional adoption such as building out connectivity and middle and back-office functionality to trade these markets.” Traditionally, prediction markets have been largely driven by retail demand, however these findings point towards a growth in institutional interest, with planned adoption from these firms highest in the US.  Specifically, more than three quarters of respondents based in the US said they were either actively trading on the prediction market, or evaluating this, compared to 37% in Europe.  Additionally, the report also revealed that almost all proprietary trading firms that are already active on prediction markets were ultra-low latency or predominantly algo, while contrastingly, the majority of respondents who are unlikely to evaluate the market currently were from point-and-click firms.  Read more – Nearly half of buy-side and proprietary trading firms open to self-clearing, report reveals Despite the opportunities presented by prediction markets, the report also signalled further challenges that proprietary trading firms may face when exploring these markets.  When queried on the greatest obstacles, capital movement and internal risk management were highlighted as the biggest operational challenges by firms already participating in prediction markets.  Emphasising this, Mitting added: “In addition, risk management is a key consideration for firms. We expect to see adoption initially focused on markets related to financial products which firms are able to model and analyse from a risk and pricing perspective. However, as proprietary trading firms become comfortable with the contracts, we would expect the scope of what they trade to increase.” Issues surrounding trading in size and wide spreads on prediction markets also surfaced as challenges facing proprietary firms exploring these markets.  Despite these potential obstacles, it appears that prediction markets will increasingly become a subject of interest for proprietary trading firms, with 40% of firms surveyed forecasting that in three to five years these markets will possibly become a meaningful part of the institutional proprietary trading landscape.  As this impact begins to take shape across the proprietary ecosystem, what will come from this will certainly be one to watch within the industry.  Acuiti collated its ‘proprietary trading management insight report’ based on a survey of its proprietary trading expert network, consisting of senior proprietary trading executives from across the world, and based on topics and questions suggested by network members each quarter.  The post Institutional prop trading interest in prediction markets on the up, report reveals appeared first on The TRADE.

Jean-François Mastrangelo has been named head of markets, Asia Pacific at Barclays following nearly 20 years at Société Générale.Hong-Kong based Mastrangelo will lead the bank’s Asia Pacific business for its Global Markets platform, including broadening product offerings and deepening client relationships. He will report into Adeel Khan, head of Barclays Global Markets functionally, and Jaideep Khanna, chief executive, Asia Pacific regionally. Speaking about the appointment, Khan said: “[Mastrangelo] has demonstrated an exceptional ability to build and lead high-performing teams in dynamic markets. His deep understanding of the region, combined with a global perspective, will be pivotal as we accelerate growth and deliver for our clients in Asia Pacific.”Most recently, Mastrangelo served as head of equities APAC at Société Générale, and has worked across Paris and Hong Kong in several senior leadership roles – spanning structuring, trading, and platform development.“[Mastrangelo] is a proven leader within global markets. His appointment reflects our commitment to investing in talent, and building our platform to offer best-in-class products and services for our clients,” added Khanna.The post Barclays names ex-Société Générale equities expert as new head of markets for APAC appeared first on The TRADE.

Looking back on your first year at Tradeweb, what themes or shifts in the market have stood out most to you? At the core of what Tradeweb does is advancing technology to make markets more efficient over the long term. We spend a lot of time with clients to understand their pain points, helping to make markets work better – both for the growth of global economies and from a revenue generation standpoint. Looking back, there was once an intense fear about what technology might do to revenue generation. Encouragingly, we’ve seen technology create efficiencies that drive greater flows, faster information transfer, and new revenue opportunities. Fifteen years ago, if the fixed income business made three or four billion dollars in an entire year, that would have been considered a phenomenal outcome.  Today, it’s generating four to five billion dollars per quarter. A major driver of that growth is the electronification of markets and the influx of new technology that has driven enhanced efficiency, transparency, and volume. We’re also seeing our clients increasingly managing portfolios across regions, time zones, and products that were once fairly isolated. The barriers within the client base have come down, giving rise to a much more global outlook where multiple products are traded seamlessly across multiple time zones and regions. How is data and pricing analytics, artificial intelligence and algorithmic execution strategies changing how traders make decisions day-to-day? Trading strategies are increasingly being transformed by the rise of data and pricing analytics, artificial intelligence, and algorithmic execution. We’re now taking the massive amount of data accumulated over time and using it to create predictive analysis.  Historically, data was used primarily to aid execution, but we’re now leveraging it to optimise dealer selection and pricing models. For example, our SNAP+ feature uses historical trade data and advanced algorithms to quickly identify the optimal dealer set for a given trade, helping to improve execution quality while reducing costs and increasing trading efficiency.  Through this data analysis, it’s becoming increasingly clear that there is a quantifiable benefit to using technology and electronic execution. I think 2026 will be a watershed moment for understanding how critical data has become and what it will mean for markets over the long term.  AI is a slightly different animal. What has become clear is that AI will serve as a powerful input to processes. It won’t replace the investor, but it will make the implementation of processes much more seamless, and therefore, enhance productivity across our markets.  Algorithmic trading has also been an interesting evolution. There’s now a tremendous amount of data feeding into and being generated by algo strategies. Tradeweb has been building an ecosystem where liquidity, information and algos are interconnected. Recently, we unveiled a partnership with JP Morgan and Morgan Stanley to bring their algos onto our platform. You can expect to see more of that as we continue to integrate algos onto the platform to create an “algo liquidity hub” to execute across multiple asset classes.  Markets have become increasingly interconnected – how is that influencing trading behaviour and the way clients manage risk? As markets become more interconnected, clients are increasingly looking to trade multiple assets across platforms and regions. Our ethos has always been to work closely with clients to address their challenges through technology – never build for the sake of it.  This focus has driven significant investment in technology to enable seamless execution, such as trading ETFs alongside investment-grade credit on the same user interface. We’re also starting to see hedge execution taking place on the same platform. Three years ago, this wasn’t something that could happen, but by offering a broader scope of asset classes, clients now have access to those capabilities.  We’re also seeing certain trading protocols evolve and extend into other markets. For example, we’re beginning to apply insights from our credit space to mortgages, and from swaps to credit. It’s creating a very interesting circular dynamic where innovations, protocols and efficiencies in one market feed into and strengthen other markets.  How do you see digital assets reshaping institutional markets? What’s the biggest opportunity right now in connecting traditional markets with digital? The current US regulatory stance on digital assets has definitely accelerated how market participants are approaching the space – it’s now a constant topic of conversation across the industry.  While blockchain itself isn’t a new technology, having been around for a decade, we’re now seeing real implementation driving growth in both digital assets and the overall market. Whether it’s tokenisation or building rails for private credit, blockchain technology will be at the forefront.  Distributed ledger technology will also form the backbone of how digital markets continue to evolve. We’ve reached the point where any firm that hasn’t started to define its footprint in digital assets risks falling behind the curve.  Looking ahead, what excites you most about where Tradeweb and global markets are headed? Part of the reason I joined Tradeweb was because of the growing electronification of markets and the unique position Tradeweb has within that ecosystem. To put things in perspective, the US Treasury market is still around 40% traded by voice. We believe one of the ongoing challenges – and opportunities – is continuing to bring that number down.  Looking ahead, I see significant change on the horizon through further electronification, AI, algorithmic trading, private credit, digital assets and crypto. There are still vast green fields of opportunity across global markets, and that’s what makes this next phase so exciting for Tradeweb and for the industry as a whole.  The post Fireside Friday with… Tradeweb’s Troy Dixon appeared first on The TRADE.

Euronext has received regulatory approval from the Hellenic Capital Market Commission (HCMC) to acquire a qualifying holding in ATHEX shares.  Specifically, during a meeting on 13 November 2025, the board of directors of the HCMC approved Euronext’s suitability and its reference shareholders for the proposed acquisition.  As a result of the decision, the tender offer announced on 6 October is no longer subject to any regulatory approval, and is now an unconditional offer. The decision has also included approvals from the Regulatory Authority for Energy, Waste and Water (RAEWW), regarding the change of control that will be implemented from ATHEX’s involvement in the Hellenic Energy Exchange and EnEx Clearing House Single Member.  The move marks a further step forward in Euronext’s bid to acquire a qualifying holding in the Athens Stock Exchange and its subsidiaries, and the process will now enter an acceptance period for the tender offer, ending on 17 November at 2pm ET.  The results of the offer are set to be announced by Euronext on 19 November.  The proposed integration of ATHEX into Euronext’s ecosystem will run on a unified trading and post-trade technology, and expand Euronext Clearing to cover Greek securities and further consolidate the European post-trade market by introducing further reliance on a single clearing house operated by Euronext.    The move is also expected to boost the development and attractivity of Greek markets.  The bid was first announced in July this year, with news that Euronext had entered discussion to acquire the exchange, in a deal thought to value the trading venue at €399 million (on a fully diluted basis).  The post Regulators greenlight Euronext bid for Athens Stock Exchange appeared first on The TRADE.

George Budd has joined RBC Capital Markets as vice president, equity sales, marking an expansion of the firm’s European equity sales team.  London-based Budd brings almost a decade of experience working across financial markets to his new role, and will report to Lisa Tugwell, head of European SMID equity sales. He joins the firm from UK investment bank Cavendish, where he spent almost four years, most recently as an associate director working across equity sales.  Previously in his career, he also served as an investment analyst at JP Morgan for more than two years.  He has also worked at firms including Rowan Dartington, ADM Investor Services and Hargreaves Lansdown.  Budd confirmed his new role in an announcement on social media.  Read more – RBC Capital Markets names head of European leveraged loan trading Budd’s appointment marks a further recent hire for RBC in the last few weeks.  Most recently, Imad Frigui joined the firm as head of Continental Europe cash equities sales trading, based out of Paris.  Additionally, the hiring spree has also included the appointment of Malcolm Pratt as a director in EMEA high touch sales in the firm’s London office, as well as Tracey Brown, who joins from ODDO BHF, to serve as a director, EMEA high touch sales trading.  The post RBC Capital Markets bolsters equity sales team with Cavendish hire appeared first on The TRADE.

BlackRock and Santander Corporate & Investment Banking (CIB) have partnered to launch a new offering in the Mexican repurchase agreement (repo) market. Sergio MendezThe firms have unveiled the first fully electronic trading solution for the repo market in the jurisdiction, with the offering operated through the Tradeweb Markets platform. Mexico is the first country in Latin America to take this step.Sergio Mendez, country head for Mexico at BlackRock, said: “Trading Mexican repos through our Aladdin platform and Tradeweb represents a radical change. It expands our clients’ trading capabilities and improves operational efficiency.”The launch is aimed at replacing manual processes with a seamless end-to-end route – from RFQs to execution, as well as bolstering post-trade fund allocation, and collateral assignment. BlackRock and Santander CIB are aiming to promote transparency and operational efficiency through the move and support the region as it continues to develop its capital markets processes through enhanced market structure and digitalisation.The move is set to place Mexican repos at the fore of Latin American innovations, and according to an official Tradeweb announcement, the solution aims to bring repo operations to the level of markets such as Europe or the United States.Luis Betancourt Barrios, head of markets at Santander Mexico, explained: “This launch, which positions Santander as a leader in market structure and digitalisation in the region together with partners such as BlackRock and Tradeweb, represents a milestone in innovation in Mexican repos and opens a new era in these operations, projecting the country internationally.“For our clients, it is a substantial step that, in addition to facilitating operations, allows them to reduce risks by automating processes.”At present, users of BlackRock’s Aladdin OEMS can connect directly to the Tradeweb platform (with Mexican government securities available as collateral). Additionally, Santander CIB is the first liquidity provider to connect to the platform, however additional dealers and clients with Mexican peso repo books are set to be onboarded by Tradeweb in the near future.The post BlackRock and Santander CIB launch first fully electronic trading solution for Mexican repo market appeared first on The TRADE.

Pirum has facilitated its first trading transactions on its pre-trade connectivity solution, Pirum TradeConnect, with firms such as Citi printing their first trades, The TRADE can reveal. Zoë BalkwellThe solution allows industry participants to make use of a single connection to connect with counterparties on a real-time basis, either bilaterally or through venues, as well as enabling up to 99.9% straight through processing, spanning pre-trade, post-trade, collateral management and regulatory reporting.  Currently, Pirum TradeConnect is being used on a daily basis by Citi and other global financial institutions, with further Design Partner Group (DPG) clients set to join in the final implementation stages.  Speaking to The TRADE, Zoë Balkwell, head of pre-trade and trading at Pirum, said: “The way the solution, built collaboratively with Citi and our other Design Partner Group firms – by the industry, for the industry, so to speak – gives industry participants the ability to connect with any counterpart, in any format, is exactly what the industry has been asking for. “The fact that trades are now being printed by several of the industry’s biggest firms only validates that the solution offers an extremely valuable route to the market.” Read more – Pirum taps JP Morgan EMEA flow trading head to lead pre-trade offering Specifically, the solution aims to provide the industry with a pre-trade operating model, to unlock greater choice, transparency and resilience for participants.  Citi and other DPG clients also contributed to the development of Pirum TradeConnect.  Philip Winter, head of securities lending EMEA at Citi, said: “We are delighted to be the first trading desk to borrow securities through Pirum TradeConnect, a significant milestone that underscores Citi’s commitment to pioneering innovation. This new product enhances our real-time counterparty connectivity and supports the continued growth of our prime business globally.” The post Citi becomes the first firm to print trades on Pirum’s pre-trade offering appeared first on The TRADE.

T. Rowe Price has deployed low-code application development platform Genesis Global’s solution, Primary Bond Issuance (PBI), as part of an effort to streamline corporate bond data management and workflows. Dwayne MiddletonThe offering has been tailored specifically for T. Rowe Price’s needs and is expected to support the firm in enhancing the efficiency of its fixed income investment teams through the bond deal lifecycle, spanning roadshow to pricing.  Additionally, the PBI solution will optimise how teams track and invest in deals, and aggregate data to provide a real-time view of deals coming to market, as well as connectivity to chat functionality and integrations with the firm’s portfolio modelling and order management-related systems.  “The new issue application, built to our specifications and delivered through the Genesis platform, enables a scalable and repeatable investment process in the primary bond market,” said Dwayne Middleton, global head of fixed income trading at T. Rowe Price.  “By addressing data fragmentation and improving collaboration across trading, portfolio management and research, we now have a modern, integrated tool to view the market and assess opportunities with greater speed and precision.” Middleton also highlighted the offering’s ability to generate a composite deal record from multiple sources reflecting each transaction’s full structure as a vital tool during periods of elevated issuance.  Read more – The T. Rowe Price fixed income desk on making an impact The solution was also developed for the firm through collaboration with T. Rowe Price’s technology managers, traders and trading analysts.  Moreover, T. Rowe Price’s specific PBI will initially cover investment-grade corporate bonds, with plans to expand to high-yield and emerging-market corporate bonds expected over the next few weeks.  “We believe that PBI gives T. Rowe Price an edge in the highly competitive market for corporate bond deals,” said James Harrison, co-founder and chief executive of Genesis Global.  “Our ability to customise our solution to meet the data, workflow and system integration needs of the fixed-income team at T. Rowe Price is a testament to the expertise offered by Genesis and the adaptability of our technology.” The post T. Rowe Price deploys Genesis Global’s primary bond market solution appeared first on The TRADE.