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.  He has also worked in portfolio implementation specialist and portfolio analytics positions during his time at the firm.  Previously in his career, he also served as a financial analyst at ALMIS International.  Read more – Legal & General Investment Management names new head of US equity and FX trading Legal & General had not yet responded to a request for comment at the time of publication.  The post Legal & General tap Aberdeen Investments for fixed income trader appeared first on The TRADE.

RBC Capital Markets has made two senior hires to its European equities sales trading team, as part of an effort to expand the firm’s footprint in the UK and Europe and enhance client relationships.  The appointments see Imad Frigui joining the firm as head of Continental Europe cash equities sales trading, based out of Europe, 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 is set to focus on bolstering RBC’s hedge fund and sovereign wealth client coverage in his new position, and 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.  Read more – RBC Capital Markets appoints head of European inflation trading He has also previously worked at firms including Goldman Sachs, Credit Suisse and Deutsche Bank.  Speaking on the appointments, Luke Mackaill, head of European equity sales trading teams at RBC, said: “I am delighted to announce the senior appointments to our European equities sales trading team, underscoring our ongoing commitment to investing in our cash equities and sales trading business. These strategic hires reflect our focus on deepening our expertise, enhancing client relationships, and expanding our footprint across the UK and Continental Europe.” Frigui and Pratt’s hires align with the recent appointment of Tracey Brown, who also joins the European equities sales trading team, as a director, EMEA high touch sales trading.  She joins the global investment bank from ODDO BHF, where she spent a year as an equity sales trader.   The post RBC Capital Markets continues hiring spree with European equity sales appointments appeared first on The TRADE.

Dan Madsen has left his role as head of dealing and trading at Stonehage Fleming Investment Management, The TRADE can reveal.  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, including as an assistant fund manager, before later stepping up to lead the firm’s dealing and trading offering in June 2010. Speaking in an announcement on social media, Madsen said: “I am incredibly proud of this period of my career. I like to think that in some small part I contributed to a very successful period for the firm, but times change. “Hopefully, for my colleagues who remain the future with Corient and Stanhope Capital Group will be a success […] after a short period ‘in the garden’ it’s time I move onward and upward.” Prior to Stonehage Fleming, he also worked at UBS Global Asset Management, as a client liaison officer for almost four years. He began his industry career working across pooled funds at the firm in 2000.  His next role is currently unconfirmed, The TRADE understands.  The post Stonehage Fleming head of trading departs appeared first on The TRADE.

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, spanning a variety of fixed income sectors, and specialising in IG credit.  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.  Read more – HSBC, ADX and FAB partner on MENA’s first DLT-based digital bond listing Fenwick confirmed his new role in an announcement on social media.  HSBC had not responded to a request for comment at the time of publication.  His appointment follows news in September that Damien Travers had joined HSBC as an equity derivatives sales associate.  In the role, Travers will work across equity derivatives and fixed income structured products, and joined the firm from BNP Paribas CIB.   The post LGIM fixed income trader swaps buy-side for sell-side to join HSBC appeared first on The TRADE.

Based out of Brussels, the Degroof Petercam buy-side dealing desk is one committed to modernisation and innovating with the times, whilst simultaneously retaining the collaborative, relationships-focused approach which has been the lifeblood of its business since its inception nearly 20 years ago.Multi-asset at its core – with expertise predominantly across fixed income, equities and ETFs – the desk is one with a clear, overarching ethos: “expertise and innovation, guided by adaptability and vision,” explains Philip Bille, head of buy-side dealing and market structure.Every decision, and indeed even the inception of the desk back in 2007 – spearheaded by Bille himself – has been imbued with a sense of balance, enlisting and fostering highly talented individuals, whilst simultaneously navigating and proactively embracing market cycles and incoming innovations.“Trading desks have undergone profound transformations, driven by technological advancements, the proliferation of data, and evolving regulatory frameworks […] Traditional skills – such as intuition, market expertise, and relationship management – remain critical but are now complemented by proficiency in coding and data science,” asserts Bille.Whilst he oversees the multi-asset buy-side team, Pierre Renna heads up fixed income trading specifically as head of buy-side fixed income dealing.Renna is highly cognisant of the opportunities presented by the continued electronification of fixed income, nonetheless agreeing that the Degroof Petercam approach of equilibrium is the key to the firm’s accomplishments.“While electronification will grow where liquidity permits, thoughtful, relationship-driven execution will continue to play an indispensable role in significant parts of the market.“[…] We focus on striking the right balance. We leverage electronic tools where they add value, but we also maintain the flexibility to adapt our methods to the unique needs of each trade. This hybrid approach ensures that we consistently deliver optimal outcomes for our clients, regardless of the trading environment.”Collaboration is in Degroof Petercam’s DNAWhen it comes to the origins of the Degroof Petercam buy-side trading team, Bille tells The TRADE that his idea for launching the dealing desk came off the back of a common thread which has defined his approach throughout his career – to anticipate industry trends and align activities accordingly. “In 2007, after contributing extensively to the implementation of the Mifid I regulation, I became convinced that creating a buy-side desk was the right step for our company. Recognising the strategic importance of the moment, I transitioned from the sell-side to the buy-side to establish and lead this new desk.”Bille joined Petercam 31 years ago, guiding its evolution as a buy-side dealer in addition to its other offerings. All the time keeping his finger on the market structure pulse.“Over the years, I’ve had the privilege of managing a multi-asset buy-side team, navigating market cycles and crises, adapting to regulatory and technological changes, driving strategic projects, and recruiting highly talented colleagues,” enthuses Bille.One of these very colleagues is Renna, who took up the reigns as head of buy-side fixed income dealing in early 2024, having joined the firm back in 2012.Renna now oversees a team of five fixed income traders which form part of the ten-strong desk. The desk operates in a multi-asset model – whilst traders who comprise the desk specialise in their respective asset class, they operate as a cohesive unit.“Insights, tools, and strategies are shared across us to ensure optimal outcomes for our clients. Collaboration isn’t just a value – it’s the foundation of our daily operations,” explains Bille.“We form a unified team of professionals across diverse fields, all committed to driving innovation and shaping the future of our trading setup.”This is bolstered by close alignment with investment objectives and continuous dialogue with the firm’s portfolio managers, Bille and Renna explain, adding that another foundational characteristic of the firm’s DNA which is considered indispensable is the desk’s role as a strategic execution partner, generating alpha through execution.“What sets us apart is the diverse expertise within our team,” affirms Bille. “We’ve deliberately recruited individuals with varied backgrounds: some from the buy-side as former portfolio managers, others from the sell-side as traders, and a new generation of talent with strong coding and development skills. This blend allows us to combine traditional market expertise with forward-thinking, technology-driven approaches.”A single source of truthA focus on data has been a key area of attention for the buy-side dealing team, from sourcing to implementation.“Data and technology have fundamentally transformed the way we operate, and adapting to these shifts has been a key focus for our desk,” affirms Renna.“Over the years, we’ve built what we call a ‘data factory’ supported by our dedicated data analyst team, which was established to address the growing importance of data within the buy-side trading industry. This team has been instrumental in helping us collect, harmonise, and analyse trade-related data from various platforms, creating a centralised ‘single source of truth’.”Through this centralised approach, the team is able to streamline workflows, identify areas for improvement, and ensure consistency across the team. Whilst pre-trade analytics empowers the traders to make informed decisions, the post-trade analytics feeds into the desk’s best execution reports, explains Renna.When it comes to data empirically enhancing trading capabilities on the Degroof Petercam desk, Bille asserts that the data-centric approach has allowed the traders to create a coherent and systematic trading process.“It’s not just about collecting data – it’s about turning it into actionable insights that enhance decision-making and improve outcomes for our clients. We’ve also focused on creating a technology ecosystem that supports collaboration and transparency. By harmonising data and workflows, we’ve been able to create a more consistent and efficient trading process.”Of course, technological and data innovation is also affecting traders’ operations in general and reshaping the landscape as a whole. In this vein, the trading heads explain that it is in particular the impact of the speed of information dissemination and the acceleration of decision-making processes spurring that evolution.“[…] As the trading environment is becoming increasingly data driven, the ability to collect, harmonise, and act on large volumes of information in real time is now a critical component of success. This shift has required us to ensure that our team is equipped with the skills necessary to navigate this new reality,” says Bille.Indeed, the Degroof Petercam buy-side offering is demonstrably dedicated to exactly this.Renna adds that the important takeaway is that of course these new skills do not replace the traditional ones, instead building on that foundation, which he asserts “must remain impeccable”.“Data management augments the trader’s capacity, enabling them to deliver meaningful value. It allows us to deliver a high touch execution experience, but in a way that is highly scalable: efficient, targeted, and quick.”Speaking to the firm’s empirical approach to the industry’s changing tides towards a more electronified status quo, Renna explains that data input sources are assessed carefully, integrated tools focused on incorporating live data in the firm’s trading processes.The buy-side desk relies on external providers for pricing and inventory (axes) data, allowing the team to efficiently select or avoid certain dealers on specific trades – or identify alternative sources of liquidity when a given strategy cannot be implemented at decent prices, says Renna.Overall, the team relies on a combination of precise market knowledge and advanced technology to effectively incorporate relevant live data into its strategies.“What we define as ‘high-touch execution with scalable efficiency’. This approach strikes a balance between two critical components: the expertise, intuition, and judgment of the human trader on one side, and the power of technology, data, automation, and AI on the other,” affirms Bille, adding that he is confident that the ideal model will remain a hybrid approach.A strong network underpins effective tradingFixed income markets are naturally fragmented, in large part dominated by OTC trading, however, electronification has reached even this most rigid asset class.When it comes to how the desk manages the increasing complexity, how the team organises their network has been key to delivering results.“Having a well-structured and diverse network is essential. At Degroof Petercam, we’ve built strong relationships with a wide range of global, regional and local counterparties, which allows us to access liquidity and pricing across a broad spectrum of instruments,” says Bille.Renna highlights in particular the complexity of emerging markets, which need more attention in order to be successful, with the buy-side team focused on the operational needs when it comes to accessing these markets.“Our role is to bring this knowledge as close as possible to the trading desk, so that traders operate with a clear understanding of their counterparty network and its constraints. In that sense, we view network management as a genuine area of expertise – one that underpins effective trading.”For both Bille and Renna, another critical aspect of managing such a fragmented market is fostering those relationships with counterparties. Collaboration is, as previously stated, at the heart of the desk’s approach, with the focus on teamwork prioritised not just internally, but also externally.“We don’t see counterparties as mere liquidity providers but as long-term partners who play a crucial role in helping us deliver value to our clients […] we aim to get the best out of each counterparty by adapting our interactions to their strengths.Counterparties have diverse profiles – some excel in high touch execution, others in low touch or algorithmic trading – and we tailor our approach accordingly.”With the electronification of fixed income markets, an undeniable trend, also comes opportunity. As well as adding more methods to interact, the evolution has also led to greater transparency, efficiency, and scalability in trading processes.Speaking to how this looks in practice, Renna explains: “It is now clear to everyone – even those who fondly remember the days of negotiating every trade over the phone – that electronic trading can enhance execution quality by providing access to deeper liquidity pools, such as open trading or dark pools, or enabling more tailored strategies, like portfolio trading, which is particularly effective for managing large in- and outflows.“That said, it’s important to recognise that for some market participants, particularly those managing a very high number of tickets, this shift is often driven by necessity. These players face a trade-off: to ensure that their trades are executed, and size is moved by the end of the day, they have to automate. This can sometimes come at the expense of performance, as automation may not always allow for the same level of price discovery or negotiation that a more high touch approach could provide.”Further expanding on the topic of liquidity and price discovery in the fixed income sphere, Renna adds that there is room for more effective regulatory changes to bolster both.“While regulatory changes have undoubtedly aimed to improve transparency and market structure, their actual impact on pricing and liquidity has been far less transformative than the prevailing narrative suggests. The reality is that transparency, as it currently stands, is being applied in areas where it is least needed, offering little value to market participants.“In other words, the regulatory focus on transparency has been disproportionately directed at the most accessible corners of the market, while the broader fixed income universe – where liquidity is fragmented, and price discovery is genuinely complex – remains largely untouched.”However, Renna explains that this dynamic could shift significantly with incoming changes including ESMA’s proposed consolidated tape, as well as the revised definition of liquidity.Overall, market structure changes “could create new dynamics in how liquidity is managed and accessed across different segments of the market,” said Renna.“On the positive side, these changes should also help better assess the quality of buy and sell-side relationships […] Ultimately, this shift underscores the importance of data as a tool for navigating an evolving market structure.”‘Skilled traders are more impactful than ever before and will remain the cornerstone of value creation’When it comes to what the most important quality is for a buy-side dealing desk in today’s market, there are various schools of thought across the market on the most effective strategy.For Bille, the answer is easy – it’s all about adaptability: “With the trading environment in constant evolution, the ability to adapt – whether to emerging technologies, shifting market dynamics, evolving regulations, or changing client needs – is what distinguishes successful desks. Change, after all, is the only constant.”“[…] To stay ahead, we must continuously refine our tools and processes. While outcomes are beyond our control, processes are not – and process optimisation remains a central focus.”Making sure the team remains at the forefront of market developments is all about the right mindset for the Degroof Petercam trading heads, with proactive engagement in industry discussion a key facet of their operations, as well as collaborating with counterparties to achieve a holistic view of what’s happening across the markets.“Today, the trading desk is no longer merely an execution hub – it serves as a strategic centre, driving value creation, optimising performance, and navigating the complexities of modern markets. This evolution has made the trader’s role more dynamic, multidisciplinary, and impactful than ever before,” says Bille.“We strive to stand out through our impeccable behaviour. We prioritise professionalism, transparency, and fairness in every transaction and expect the same in return. In secondary markets, this means competitive and reliable pricing, while in primary markets, we value fair treatment and allocations that reflect a relationship built on trust and mutual respect.”Evidently, the evolution of buy-side desk set-ups will be driven by the industry’s irrevocable increase in automation and technological innovation, however, Bille is quick to point out that this must be blended with a continued emphasis on the importance of human expertise. “Above all, we are deeply committed to the human element of trading. A skilled and experienced team will always be a cornerstone of value creation. While these elements will evolve at different paces, the key challenge lies in advancing at the right speed while maintaining the right balance,” he concludes.“This equilibrium will ensure we remain agile, efficient, and responsive to our clients’ needs. After all, isn’t that our ultimate purpose?”The post Staying ahead of the game appeared first on The TRADE.

EuroCTP has selected trading data and analytics provider, BMLL, to supply data quality calibration, as part of its preparation for the EU equities and ETFs consolidated tape (CT) tender. Paul HumphreyCurrently, ESMA is scheduled to decide on the consolidated tape provider (CTP) by the end of 2025. If EuroCTP is selected as the CTP the collaboration will see BMLL providing the firm with access to its data sets, spanning more than 100 trading venues, with the aim of solidifying the foundations of the tape’s launch, and breaching the historical data gap.  Additionally, the new offering is expected to allow EuroCTP to validate its data quality control designs and calibrate the required thresholds and parameters ahead of go live.  Read more – Will the European equities tape tender process end up as a one-horse race? Speaking to The TRADE, Paul Humphrey, chief executive of BMLL, said: ”In this mandate BMLL is focused on data quality calibration and validation, providing EuroCTP with access to our harmonised level 3, 2 and 1 historical data and analytics and the expertise of our data science team to help test and refine its quality controls ahead of go-live.“EuroCTP remains the sole applicant for the consolidated tape and will retain responsibility for the product, its governance and its wider technical ecosystem. Our role is to support EuroCTP’s objectives by offering independent, specialised capabilities that can help validate and strengthen the tape’s data quality, transparency and reliability for market participants across Europe.”Read more – EuroCTP submits EU equities consolidated tape bid The collaboration is also expected to support EuroCTP in delivering a “fully mature product” by mid-2026, said the firm. “As of day one, EuroCTP has strived to develop the highest level of quality in the consolidated tape data for the European Union,” asserted Alicia Suminski, principal product manager of EuroCTP. “By working with such an experienced provider of historical data and analytics, EuroCTP will be making it easier for everyone, from the institutions to everyday investors to access and trust the information they need.” Read more – BMLL acquired by Nordic Capital Currently, EuroCTP is the only confirmed bidder in ESMA’s selection process, after xyt dropped out in June 2025, citing a lack of necessary financial backing as the driver behind the decision.  EuroCTP is backed by 16 exchanges as shareholders, spanning all 27 EU member states. The Budapest Stock Exchange, SIX, Euronext, Cyprus Stock Exchange, Athens Exchange Group and Nasdaq are among the shareholders.  The post BMLL to provide data quality calibration for EuroCTP’s EU consolidated tape appeared first on The TRADE.

Returning for the third year running, The TRADE and its sister title, Global Custodian are delighted to unveil The Outsourced Trading Handbook for 2025.  Following on from previous years, the two publications have combined forces once again to bring this initiative to light. This latest edition comes off the back of an upward curve forecast for outsourced trading over the last few years, as well as further developments and news over recent months.  Despite focusing on different segments of the service provider landscape, with The TRADE’s readers often at the helm of the trading desk and Global Custodian’s readership largely drawn from the client-end with the C-suite, outsourced trading has continually surfaced as a popular topic for both publications.  Discourse around outsourced trading is perhaps now hotter than ever, with the past 12 months producing a rollercoaster of developments in the remit.  In March, UBS announced its shock exit from the outsourced trading game, with several competitors picking up sections of the firm’s business in the ensuing months, as well as former UBS outsourced trading experts joining the likes of Marex, Clear Street and BTIG.  Additionally, BNP Paribas shuttered its outsourced trading for external clients in August, however interest in the initiative has not dulled, and firms across the industry continually appear to be drawn to the idea in some sense.  The features in this issue delve into changes across the provider landscape (page 4) and the factors driving buy-side participation in outsourced trading (page 12). As for the survey, we are incredibly proud of both the participation and the depth of analysis. Produced in partnership with Ergo Consultancy, this year marks our greatest input yet, with participant numbers having increased by 5% since last year, and the number of providers growing from 19 to 25.  Within the handbook, our annual survey explores the sentiment around outsourced trading from firms such as State Street, Coalition Greenwich and Northern Trust, as well as delving into buy-side opinions on the initiative.  Together with the features and thought leadership, we believe this issue delivers the most comprehensive view of the outsourced trading world to-date, and we are excited to continue our efforts to provide insights into the ever-evolving outsourced trading world. Access the handbook here.  The post The TRADE presents The Outsourced Trading Handbook 2025 appeared first on The TRADE.

Jane Street Briec Louchard has joined Jane Street as an institutional sales trader following four years at AXA Investment Managers.  Louchard will be based out of London at the sell-side firm and brings almost two decades of industry experience to his new role.  While at AXA Investment Managers, he served as head of ETFs capital markets in Paris for nearly four years. During his time at the firm, he also held a membership position on AFG’s ETFs commission, and was a member of EFAMA ETFs task force.  Prior to this, he spent seven years at Euronext, serving across roles spanning head of ETFs and business development manager for ETFs.  Previously in his career, he also worked at Societe Generale and Fourpoints Investment Managers.  RBC Capital Markets Tracey Brown has joined RBC Capital Markets as an EMEA equity sales trader, based out of London.  Brown brings more than 25 years of industry experience to her new role across Europe, working with both long-only and hedge fund clients, and will report to Luke Mackaill, head of European equity sales trading teams.  She joins the global investment bank from ODDO BHF, where she spent a year as an equity sales trader.   Prior to this, she worked at Citi for more than 16 years in an equity sales trading role. She began her industry career at Deutsche Bank in 1999, serving in a similar position. LMR Partners LMR Partners has named Andy Hill as the firm’s new head of European equity trading.  London-based Hill joins the firm from ExodusPoint Capital Management, where he spent seven years working across EMEA trading and execution services.  Prior to this, he was also at Balyasny Asset Management for three years, working as a senior trader.  He also spent nearly seven years at Millennium Capital Partners as a director in execution trading.  Additionally, he began his industry career working in portfolio trading at UBS Investment Bank in 2004.  The post People Moves Monday: Jane Street, RBC Capital Markets and LMR Partners appeared first on The TRADE.

Tell us a bit more about Europe’s current momentum, what’s driving it? European trading activity has surged 28% year-to-date, reaching an average daily value traded of €87 billion with one quarter still remaining. Each quarter has set new records, underscoring the sustained momentum in regional markets. The momentum has been built on US policy shifts and geopolitical uncertainty, both of which have encouraged investors to rebalance portfolios toward European equities.  As a result, Europe now stands at a potential inflection point for renewed global capital inflows. The key challenge for the region will be to convert this heightened activity into a durable trend rather than a transient response to volatility. Sustaining investor engagement will depend on continued policy stability, earnings resilience, and confidence in Europe’s long-term growth narrative. T+1, dark trading, periodic auctions, so many topics to cover – which is front of mind for you? What should the trading sphere be focusing on right now? Europe’s transition to T+1 settlement is rapidly approaching, with 2027 no longer feeling far off. The region is eager to align with the US, where the move to T+1 was ultimately executed with minimal disruption. However, Europe faces a more complex landscape. The presence of multiple currencies, central counterparties, and central securities depositories means the path to implementation will be far less straightforward than in the US, where a single currency, CCP, and CSD simplified the transition. Early and coordinated preparation across market participants will therefore be critical to ensuring a smooth shift. The introduction of the EU single volume cap in October marked a significant regulatory milestone. Following the change, the number of instruments subject to caps rose by 22%, reaching 325 -an outcome that may have exceeded initial market expectations. This development could encourage additional trading flow into periodic auctions as participants adjust their execution strategies. Although the complete removal of volume caps remains unlikely, the experience of the United Kingdom – where double volume caps were abolished without a notable rise in dark trading – raises important questions. Even after the UK’s deregulation, dark trading in Europe continues to account for roughly ~6–7% of total market activity. Against this backdrop, the EU’s caps are viewed by some as an unnecessary layer of regulatory constraint, and there is growing debate around whether further liberalisation could better support market efficiency and liquidity. With bilateral trading and SIs continuing to garner attention from buy-side liquidity seekers, how is regulation set to change things? The buy-side community we engaged with expressed strong appreciation for the flexibility of tailored, bilateral liquidity offerings. However, the key challenge lies in striking the right balance of bilateral execution while preserving the integrity of the price formation process.  There has been a lot of discussion regarding the rise of bilateral trading whether that be SI, OTC or off book on exchange, while it has been on the rise when non–price-forming trades are excluded from overall activity, the data reveals a markedly different view of the scale and nature of bilateral trading. Traders today have an extensive toolkit at their disposal to execute orders efficiently across a range of venues and mechanisms. During a recent discussion with a corporate issuer, I highlighted where their shares were actually being executed. They were surprised to discover that trading activity extended well beyond their primary venue. This underscores a broader issue and long debated within the industry the absence of a consolidated tape in Europe.  A comprehensive consolidated tape would serve to unify fragmented execution data, offering a more accurate and transparent picture of European liquidity. Such transparency would not only benefit corporate issuers but also international investors, many of whom remark that they lack a full understanding of European trading activity.  While some market participants feel that Europe is already subject to extensive regulation and therefore prefer stability over additional reform there remains scope to enhance transparency through targeted adjustments. One potential area of review could be the flagging of trades, which would help deliver a clearer and more consistent representation of market liquidity. Looking at 2026, what’s the biggest market structure changes on your radar? From a UK perspective, the anticipated reform of stamp duty represents a constructive step toward enhancing the country’s market competitiveness. The UK currently levies one of the highest stamp duty rates globally, placing retail investors at a disadvantage – particularly as they face no comparable tax when trading US. equities.  The potential removal of stamp duty could therefore stimulate greater retail participation and reduce transaction costs across the investor spectrum, improving market accessibility and overall liquidity. Another key area of focus is the evolution of research payment structures. The Financial Conduct Authority’s rules on joint payment of research, which came into effect in August of last year, were initially met with considerable industry hesitation a sentiment reflected in our recent survey of heads of trading.  However, market sentiment has become increasingly positive, with both buy and sell side participants anticipating a gradual shift toward commission sharing agreement accounts, from P&L in 2026. Similarly, firms operating within EU member states will be permitted to adopt joint research payment arrangements from June 2026, aligning their framework with the UK’s. That said, the transition is expected to be measured, as buyside firms assess operational and compliance implications before making structural changes. In the same way it has taken time to develop in the UK. Finally, 2026 likely to see a new entry into the European equity trading landscape, with OneChronos having secured FCA approval and awaiting EU authorisation. The firm’s differentiated trading model serve can serve as innovation into the market an additional source of liquidity rather than seen as further market fragmentation a development that the market will ultimately judge in practice. The post Fireside Friday with… Bloomberg Intelligence’s Nicholas Phillips appeared first on The TRADE.

As the recipient of The TRADE Legacy Award, Tony Shaw has been recognised as an individual who has gone above and beyond throughout his career, leaving a lasting legacy. Shaw received his award at Leaders in Trading 2025 on Thursday, recognising the importance of the people side of the financial markets industry, and shared valuable advice to those in attendance. As executive director at SIX Swiss Exchange, Shaw oversaw the London office – managing member sales and relationships, developing new products and services, and promoting the exchange within the UK market.  Prior to joining SIX, Shaw spent 13 years at HSBC as business manager in equity trading, where he was responsible for operational oversight and business development across equity trading functions.  His earlier career also included nine years in equity product control at Smith New Court and Merrill Lynch, providing a strong foundation in the operational and regulatory aspects of the financial markets. Shaw’s career reflects sustained leadership across multiple facets of equities and exchange operations, combining hands-on market experience with strategic oversight. His work at SIX has contributed to the exchange’s growth and deepened its engagement with UK market participants, and his expertise in equity trading and product development remains widely respected.  Shaw’s extensive expertise and commitment have earned him well-deserved respect across the industry. His lasting impact, significant influence within his organisation, and commitment to advancing and future-proofing the markets for years to come have rightly earned him this recognition. The TRADE would like to extend its congratulations to Shaw for his established legacy across the industry.  The post Tony Shaw wins The TRADE’s inaugural Legacy Award at Leaders in Trading 2025 appeared first on The TRADE.

Louis de Kock, head of trading at Global Poverty Carbon Justice, accepted a Lifetime Achievement Award from The TRADE last night at Leaders in Trading 2025. Collecting his award, industry stalwart de Kock’s speech spoke to the importance of continual learning across one’s career, asserting in particular the importance of relationships. De Kock was put forward by several peers across the industry for the award, particularly among the buy-side, picking up the Lifetime Achievement Award this year in recognition of his stellar career. He began his career in South Africa on the trading floor of the former Johannesburg Stock Exchange, establishing a solid foundation as a floor trader before pivoting into derivatives trading. His aptitude for navigating complex markets propelled him into the international arena when he accepted a role in London with Flemings bank, working in global derivatives and rapidly assuming responsibilities across Europe and ultimately running the European derivatives book. Ever entrepreneurial, de Kock then founded Horden Capital, where he built a trading platform from the ground up. He followed this with a founding role at Powe Capital, broadening his remit and deepening his experience in alternative investment strategies and partner-level trading functions.  In 2010, de Kock joined J O Hambro Capital Management as head of global trading, a role he held for almost 14 years, overseeing and fostering a talented team of traders globally. His current position is head of trading at direct action blockchain foundation, Global Poverty Carbon Justice.   Throughout his journey, de Kock has consistently demonstrated a blend of innovation, ambition, and leadership in markets where velocity, complexity and risk converge. From the trading pits of Johannesburg to desks in London, and eventually to founding and leading new ventures, his path reflects both technical mastery and strategic vision. He has been responsible for hiring and developing high-performance teams and navigating the shifting terrain of global financial markets.   His story is one of continual evolution, from trader to entrepreneur to market-leader, with each chapter marked by achievement and true leadership. The TRADE would like to extend its congratulations to de Kock for his long-standing commitment and continued service to the industry. The post Louis de Kock accepts Lifetime Achievement Award at Leaders in Trading 2025 appeared first on The TRADE.

The TRADE is thrilled to announce the winners of this year’s Leaders in Trading awards, with the recipients honoured at a glittering ceremony held last night at The Savoy, London. More than 300 industry leaders joined The TRADE to recognise the year’s leading individuals and firms within the industry, with awards honouring the buy-side, sell-side, service providers, technology firms and venues. Input for the coveted Buy-Side awards, awarded in partnership with SIX Swiss Exchange, was opened to the industry after a lengthy period of industry consultation prior. This year, the highly anticipated award for Trader of the Year went to Michael Johnson, Columbia Threadneedle. Additionally, Royal London Asset Management also took home the highly coveted Trading Desk of the Year award.   Among the other buy-side winners, Nordea Asset Management and Ninety One won the awards for Multi-Asset Trading Desk of the Year and Fixed Income Trading Desk of the Year, respectively. Meanwhile, Legal & General Investment Management received the award for Foreign Exchange Trading Desk of the Year. In another individual award recognition, Evan Canwell of T. Rowe Price was honoured with the Buy-Side Market Structure Expert of the Year award. This year’s prestigious Lifetime Achievement award for the buy-side was handed to Louis de Kock, head of trading at Global Poverty Carbon Justice, in recognition of his contributions to the industry, both on the buy- and sell-side, having spent more than three decades working across financial markets. The TRADE also unveiled a new award for 2025, the Legacy Award, recognising an individual who has been committed to the industry and their longstanding service. This year, the inaugural winner of this prestigious award was Tony Shaw, former executive director at SIX Swiss Exchange.  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 data and trading analytics, liquidity provision, pre-trade data digitisation and FX liquidity provision, FlexTrade and Goldman Sachs, BTIG, Saphyre and IMC took home these distinguished awards.  The Editors’ Choice categories are always highly competitive, and this year proved no exception. Across the 14 awards, this year’s winners – as judged by The TRADE’s editorial panel – were all worthy given their achievements over the last year. In the trading venues arena, Cboe Europe, Aquis Matching Pool, Tradeweb, LSEG, Euronext and Liquidnet each took home Outstanding Trading Venue awards, while SIX Group was crowned overall Outstanding Exchange Group. BMLL Technologies claimed the award for Outstanding Market Data Services Provider – Equities, while Propellant Digital took home the same award but for Fixed Income. Elsewhere, TS Imagine collected the Outstanding Trading Technology Provider award. Within the Algorithmic Trading and EMS categories – which are based on the results of The TRADE’s annual surveys – Virtu Triton took home multiple awards – namely, Best Market Access and Best Provider – UK & Europe. Elsewhere, BNP Paribas took home two Algorithmic Trading awards for Best Access to Market and Best Provider – UK & Europe.  In October, prior to the Leaders in Trading awards gala, The TRADE also recognised this year’s Rising Stars of Trading and Execution in a standalone event. This list consisted of 25 of the buy-side’s up and coming talents of the future. The ceremony for the Rising Stars marked the eleventh annual event, with many of the previous year’s winners now earning nods within the Leaders in Trading categories. Congratulations to all of this year’s winners: Algorithmic Trading:  Best Trading Performance Berenberg Best Access to Market BNP Paribas Best Price Improvement Capabilities Rothschild & Co Redburn Best Client Service Stifel Best Dark Pool Capabilities Virtu Financial Best User Experience – Large Clients Goldman Sachs Best Provider – Hedge Funds Kepler Cheuvreux Best Provider – Multi-User Clients UBS Best Provider – Large Clients Citi Best Provider – UK & Europe BNP Paribas Execution Management Systems:  Best Market Access  Virtu Triton Best Multi-Asset Capabilities LSEG TORA Best Client Service – Large Clients Instinet Newport Best Provider – Large Clients FlexTrade Best Provider – UK and Europe Virtu Triton  Legacy Award Tony Shaw Editor’s Choice:  Outstanding Exchange Group  SIX Group Outstanding Equities Exchange Cboe Europe Outstanding Dark Trading Venue Aquis Matching Pool Outstanding Fixed Income Trading Venue Tradeweb Outstanding FX Trading Venue LSEG, FXall Outstanding European Derivatives Trading Venue Euronext Block Trading Venue of the Year Liquidnet Clearing House of the Year LCH TCA Provider of the Year Virtu Financial Outstanding Market Data Services Provider – Equities BMLL Technologies Outstanding Market Data Services Provider – Fixed income Propellant Digital Proprietary Trading Firm of the Year XTX Markets Outstanding Trading Technology Provider TS Imagine Sell-Side Market Structure Excellence Gareth Exton, Liquidnet Innovation in Data and Trading Analytics FlexTrade and Goldman Sachs Innovation in Liquidity Provision, Bilateral Trading BTIG Innovation in OMS and EMS Integration Saphyre Innovation in FX Liquidity Provision IMC Lifetime Achievement Louis de Kock Buy-Side Awards:  Trader of the Year  Michael Johnson, Columbia Threadneedle  Trading Desk of the Year Royal London Asset Management  Multi-Asset Trading Desk of the Year Nordea Asset Management  Fixed Income Trading Desk of the Year Ninety One  FX Trading Desk of the Year Legal & General Investment Management  Buy-Side Market Structure Expert of the Year Evan Canwell, T. Rowe Price Industry Person of the Year Stuart Lawrence, UBS Asset Management The post The TRADE announces Leaders in Trading 2025 award winners appeared first on The TRADE.

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Stuart Lawrence, head of European equities trading at UBS Asset Management was voted industry person of the year last night at The TRADE’s Leaders in Trading awards gala.  The Industry Person of the Year Award was decided by a live industry vote by more than 300 attendees throughout the night and later announced on stage as the final award.  Now in its third year, the recognition is designed to celebrate individuals across the industry who have made a significant impact on their own organisation as well as the industry externally, with a commitment to making the markets better for years to come. After a competitive vote, Lawrence was announced as the winner before collecting his crystal and delivering an insightful speech, reflecting on his career in the industry, highlighting how times have changed for the better across the financial markets, and recognising the importance of mental health and supporting younger generations in their trading careers.  Lawrence is a well-known figure in the industry and has worked across financial markets for almost 25 years, in roles spanning both the buy-side and sell-side. Over the course of his career, he has become renowned for supporting the continued evolution of the broader market and collaboration between peers. He is also passionate about nurturing junior talent across the market and can often be spotted sharing insights and expertise at conferences and events. Lawrence currently serves as head of European equities trading at UBS Asset Management, where he has worked for more than six years. During his time there, he has served an integral role in the firm’s development, navigating complexities such as the merging and integration of the Credit Suisse Asset Management trading desk into the European trading desk, as well as the centralisation of all European trading within London.  Before joining UBS Asset Management, Lawrence worked at Kepler Cheuvreux, now known as KCx as a high touch equity sales trader. He has also served at firms including Principal Global Investors, Instinet, Ennismore Fund Management and ABN AMRO, where he began his industry career as a European market maker.  Other nominees for the award included: Alex Dalley, head of European cash equities, Cboe, Laetitia Visconti, head of market structure, Aquis Exchange and Mark Montgomery, chief commercial officer, xyt.  The TRADE would like to extend its congratulations once again to Lawrence for his award! The post UBS AM’s Stuart Lawrence takes home the Industry Person of the Year Award 2025 appeared first on The TRADE.

The European Central Bank (ECB) is set to expand its post-trade offering by joining both LCH RepoClear SA and Eurex’s centrally cleared repo market in Q1 2026.  Imène Rahmouni-RousseauThe moves mark a diversification of the ECB’s securities lending infrastructure, and will see the bank transferring part of its securities lending activities on its monetary policy portfolios to centrally cleared repo transactions.  Additionally, as part of the offering, the ECB will become a direct member of RepoClear, through the Special Clearing Membership model, which facilitates the onboarding of a central clearing counterparty (CCP) for central banks, supranationals and agencies.  Imène Rahmouni-Rousseau, director general of market operations at the ECB, said: “The trend towards central clearing for repo transactions supports the smooth functioning and the resilience of euro area repo markets. These markets play a crucial role for the transmission of our monetary policy and the redistribution of liquidity in the financial system.  “Central clearing will diversify our securities lending channels for monetary policy portfolios and will also contribute to broadening our existing market intelligence in this core segment.” The addition of ECB also makes it the sixth central bank to connect to Eurex’s repo ecosystem, joining more than 160 other participants from 21 different countries.  “We are honoured to welcome the European Central Bank to our repo market,” said Matthias Graulich, chief commercial officer and global head of products and markets at Eurex.  “The ECB’s decision underscores the growing importance of centrally cleared repo for the stability and integrity of European financial markets and is a strong testament to the market’s trust in our resilient and efficient infrastructure.” The post European Central Bank to join LCH RepoClear and Eurex’s repo market appeared first on The TRADE.

Coming off the back of recent market volatility, particularly noted since the US’ April tariffs and levy changes, risk management has emerged as the main pain point for many European equities traders, according to a recent Bloomberg Intelligence report. More than half (55%) of the traders surveyed predict volatility to persist for one to three years, leading to a shift in priorities for institutional desks. Addressing the current state of play, 39% of traders at large funds cited risk management, spanning real-time portfolio adjustments, hedging, timing trades and managing exposure, as the most significant challenge they face. When it came to small firms, 45% agreed that this is their biggest obstacle, while medium-sized funds were more evenly divided on what was the greatest challenge, differing between risk, liquidity, and procedural and operational hurdles.  As highlighted by the report, the recent bouts of market turbulence is a key driver behind this consensus – such as intraday swings and price fluctuations. Bloomberg estimated that the volatility would continue throughout the remainder of Trump’s administration as ‘the new normal’.  This was reiterated by an economic bulletin forecast produced by the European Central Bank in September, which confirmed that the trade tariffs and economic fluctuations experienced in the first half of 2025 would continue to impact the second half of the year, producing further volatility and impacting the European market.  Liquidity no longer a primary concern In contrast to previous periods of market volatility, during the most recent turbulence, liquidity was not viewed as a key challenge, with 91% of the traders surveyed at large funds stating that liquidity was not a primary concern.  Instead, the greater challenge related to this lay with accessing the right sources of liquidity and timing trades precisely in line with each desk’s investment philosophy. Read more – Buy-side traders expect tariff-led volatility to drive European equities investment, report finds  Despite this, only 9% of large funds and 18% of medium funds encountered issues accessing liquidity during this period, while no small fund surveyed experienced these problems.  These findings draw a sharp contrast to previous years, most notably the COVID-19 pandemic, where volatility contributed to a sharp decline in liquidity, indicating a shift in European market infrastructure and resilience, and traders’ priorities. Read more – The pandemic has shaped a new normal in the trading space Bloomberg’s ‘European institutional equity trading study 2025’ report was conducted between April 2025 to June 2025, surveying 103 European head and senior buy-side traders from firms managing more than £25 trillion in assets.  The post Risk management taking priority over liquidity as key buy-side concern during periods of volatility, finds report appeared first on The TRADE.

The countdown is over! Tonight marks the return of Leaders in Trading to the ballroom of London’s Savoy for a night of celebration and recognition.  We are excited to be welcoming our shortlisted nominees and guests for the long-awaited Leaders in Trading awards night 2025.  As you read this, crystals are being laid out, silverware polished, and the TRADE team are brushing up on speeches as we prepare to welcome you for an amazing night of celebration! Tonight’s proceedings include prestigious awards across the buy-side, sell-side, service providers, technology firms and venues. Awards include our Algorithmic Trading and Execution Management Systems Awards, Editor’s Choice, Innovation Awards, Lifetime Achievement, Buy-Side Awards and the coveted Industry Person of the Year Award, as well as an exciting new recognition for 2025, The TRADE Legacy Award.  To all of our nominees and guests joining us later, we can’t wait to celebrate the year you’ve had. 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! We would also like to extend a special thanks to our sponsors: SIX Swiss Exchange, xyt and Saphyre, as well as our charity partner, Help for Children, we look forward to welcoming you.  See you soon! Tonight’s agenda: 5:30pm Leaders in Trading welcome drinks reception (River Room) 7pm Leaders in Trading gala awards dinner (Lancaster Ballroom)9:30pm After-dinner cocktail reception and entertainment (River Room)  The post Tonight’s the night… Leaders in Trading 2025 appeared first on The TRADE.

MarketAxess is set to launch the first opening and closing auctions for fixed income, as part of an effort to enhance price discovery and liquidity for trading US credit.  Chris ConcannonThe new offering will mark the first standardised market-wide auction protocol designed for this market and was developed in consultation with a variety of buy-side and sell-side participants, including AllianceBernstein, BlackRock, DWS and State Street Investment Management.  The launch is expected to enhance volume and liquidity for fixed income market structure, to reduce the impacts of volatility and increase efficiency and transparency for participants in this segment of the market.  Chris Concannon, chief executive of MarketAxess, said: “With the growth of fixed income ETFs, credit derivatives, and portfolio trading, the fixed income market’s needs are rapidly changing. We felt it was important to build a protocol to support price formation and liquidity at the most critical times of the day.” The new auction protocol is expected to be made available to clients and dealers over the next few weeks. Read more – MarketAxess to launch Mid-X protocol in US credit Specifically, clients will be able to access this new offering at the beginning and end of the trading day for US high-grade and high-yield bonds, through MarketAxess’ X-Pro trading platform.  Previously, opening and closing auctions have been available in equities and derivatives markets, with closing auctions able to account for up to 20% of daily volume on index rebalance days in equities. “Today’s fixed income markets are evolving quickly and there is a clear need for a market-wide auction protocol where price can be formed and liquidity can be unlocked,” said Kat Sweeney, global head of data and ETF solutions at MarketAxess. “Auctions in derivatives and equity markets have proven to reduce volatility, increase transparency and concentrate liquidity.” The post MarketAxess to launch first fixed income opening and closing auctions appeared first on The TRADE.

Cboe Global Markets is set to sell its Australian and Canadian markets businesses, Cboe Australia and Cboe Canada, as the firm looks to bolster its core derivatives offering globally.  Chris IsaacsonThe move will see Cboe offloading its equities and listings businesses in both regions, spanning both corporate and ETF offerings, to reflect the firm’s “global strategic shift” and a realignment of its portfolio of businesses.  “Our Australian and Canadian equities businesses have consistently performed well and earned a reputation for innovation, reliability, and customer service. We believe these businesses are well positioned for future growth under new ownership,” said Chris Isaacson, Cboe Global Markets executive vice president and chief operating officer.  “Cboe Australia and Cboe Canada have benefited greatly from a supportive regulatory environment, and we’re grateful to these regulators for fostering competition.” Cboe has also said that the decision does not reflect the performance of Cboe Australia, and the firm will work closely with regulators and customers in Australia and Canada to ensure the successful transition of the businesses. The Australian Securities and Investments Commission (ASIC) will also work alongside Cboe to find a suitable buyer for transaction.  Currently, Cboe Australia’s operations are scheduled to continue running as usual.  The firm’s Australian business spans a suite of trading, ETF and corporate listings and data services, and received regulatory approval on 7 October 2025 from ASIC to operate a corporate listings market, lining the business up to become a full-service exchange.  Craig Donohue, Cboe Global Markets chief executive, said: “This strategic realignment of our business portfolio and human capital ensures Cboe is well positioned to succeed in a dynamic and evolving market and supports our long-term vision to be a global derivatives leader.” Cboe acquired the Australian business, known at the time as Chi-X, in June 2021, to further expand its reach into Asia-Pacific and provide a single point of access into the Australian equity markets.  Currently, Cboe Australia is responsible for 20% of the region’s cash equities market, as well as more than 30% of ETF trading.  The transition also follows news in August that Cboe had disbanded its Japanese equities business and suspended the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform.  The exchange said that it will maintain its global derivatives and Cboe data vantage businesses in Japan, and the removal of its Japanese equities business will not have a significant impact on growth and expenses.   The post Cboe to offload Australian and Canadian markets businesses appeared first on The TRADE.

LSEG has partnered with cloud-native data and investment management platform, FINBOURNE Technology, as part of a combined effort to deliver integrated fixed income analytics to the industry.  Emily PrinceSpecifically, the integration will incorporate LSEG’s Yield Book fixed income data and analytics into FINBOURNE’s SaaS investment data management platform, LUSID, allowing asset managers to make use of this data to perform real-time complex prepayment modelling, loss severity modelling and analytics within their existing LUSID portfolio management system.  Currently, Yield Book’s fixed income analytics span government and corporate bonds, US municipal bonds, mortgages, asset-backed securities, and derivatives.  Emily Prince, group head of analytics and AI at LSEG, said: “This integration builds on our existing collaboration with FINBOURNE and marks a significant step forward for LUSID users. With Yield Book, clients will have access to LSEG’s sophisticated analytics capabilities and extensive market-leading data offering them a key advantage in navigating today’s financial markets.” Read more – Fireside Friday with… LSEG’s Emily Prince Additionally, the offering’s first client is already scheduled to go live, with launch expected in Q2 2026.  The integration also marks an expansion of the two firms’ existing partnership, following LSEG’s adoption of LUSID as a digital data component for its wealth and investment solutions businesses in 2021. Paul Carr, global head of partners at FINBOURNE Technology, said: “This development allows our clients to combine LSEG’s high-quality data and analytics with the flexibility of our LUSID platform, enhancing speed, accuracy, and transparency across their investment processes.” The post LSEG and FINBOURNE partner on fixed income analytics offering appeared first on The TRADE.