Euronext has posted record results for the second quarter of 2025, with revenue and income up by 12.8% year-on-year to €465.8 million. In particular, the exchange put the increased revenue down to organic growth, high market volatility and strategic expansions, with the results constituting the fifth consecutive quarter of double-digit growth.  Non-volume related revenue accounted for 58% of the quarter’s total revenue, with areas such as capital markets and data solutions revenue seeing a 12% increase to €165.4 million – a result linked to strong performance across the exchange’s corporate and investor solutions and technology services, as well as the acquisition of Admincontrol on 13 May.  Similarly, high market volatility, particularly in the first part of the quarter, also boosted volume-related revenue.   Fixed income trading and clearing revenue noted record activity over the course of the quarter, up 31.9% and totalling €51.7 million, compared to €39.2 million in the same quarter in 2024. The exchange pointed towards favourable market conditions as a key driver for the strong revenues.  Similarly, Euronext attributed the 18.9% growth of FX trading to €9.3 million to record trading volumes in April 2025, stating that the results outbalanced the impact of the USD during this period.  Meanwhile, the exchange reported a robust quarter in cash equity trading, with average daily volumes recorded at €13.4 billion, marking an increase of 21.2% compared to Q2 2024. The exchange also reported that net income was up 29.7% to €183.8 million, an increase by €42.1 million compared to the same period last year.  On the other hand, derivatives trading saw a marked decrease compared to the same quarter last year, constituting a 22.9% decline from €16.6 million in Q2 2024, to €12.8 million in Q2 2025. The exchange attributed this to lower volatility and a decrease in the average clearing fees.  Stéphane Boujnah, chief executive and chairman of the managing board of Euronext, pointed towards the key drivers of the exchange’s results. “The strong performance reflects the strength of Euronext’s diversified business model, capable of capturing favourable market conditions and of generating non-volume-related revenue growth.”  Boujnah also put the strong quarterly results in part down to the exchange’s recent government bond coverage developments across Europe, following the expansion of its repo offering across the continent in July.  “We continue to foster the integration and competitiveness of European capital markets via strategic initiatives. With a strong footprint in Italian repo, a growing list of government bond coverage, and the majority of key clearing members already connected, Euronext is well positioned to become the clearing house of choice for European repo.” The exchange group’s results follow developments such as the recent submission of a voluntary share exchange Hellenic Exchanges – Athens Stock Exchange (ATHEX), expanding footprint in the Nordics, partnerships with Euroclear and Clearstream and the upcoming launch of fixed income mini futures on European government bonds scheduled for September.  Boujnah added: “We have expanded our presence in the Nordics with the acquisition of Admincontrol and will further strengthen our position with the migration of Nasdaq Nordic’s power futures to Euronext Clearing in Q1 2026.  “The contemplated acquisition of ATHEX would expand our integrated model across Europe to deliver the Savings and Investments Union. We are strongly committed to boosting the development and attractivity of Greek markets internationally and generating efficiencies and competitiveness across the group.” The post Euronext reports ‘all-time record’ Q2 results, with overall revenue and income up 12.8% appeared first on The TRADE.

StoneX has completed the acquisition of US clearing broker RJ O’Brien & Associates (RJO). Philip SmithThe firm initially announced the acquisition in April 2025, which is set to make StoneX the largest non-bank futures commission merchant (FCM) in the US and support the firm in its goal to provide greater access to liquidity in fixed income markets. Through the acquisition, RJO’s clients will gain access to a wide range of markets, products and services such as StoneX’s over the counter (OTC) hedging platform and liquidity across fixed income products. “This transaction significantly expands our scale and increases our capabilities in several critical areas, including through a materially expanded client network and the addition of the leading introducing broker business,” said Philip Smith, chief executive of StoneX. “This transaction adds significant value for our clients and reinforces our ability to deliver across asset classes through every market cycle.” The firm has also said that the integration has allowed StoneX to target $50 million in expense savings, and gain access to at least $50 million in capital synergies through operational consolidation.   Read more – StoneX picks up fixed income brokerage Octo Finances The move also expands StoneX’s client float by almost $6 billion, with clear listed derivatives volume projected to increase by 190 million contracts annually.  Gerry Corcoran, chairman and chief executive of RJO, said: “Today marks an exciting milestone as RJO joins StoneX to deliver broader services and greater reach to our clients. We will continue to deliver the same level of outstanding and personalised service we’ve always provided – now on an even larger scale with more extensive resources.” Corcoran will continue in a senior leadership role with StoneX as part of the acquisition.  Currently, RJO holds over 75,000 client accounts and supports approximately 300 introducing brokers (IBs), in addition to commercial and institutional clients and individual investors.  The firm also generated $766 million in revenue over the calendar year 2024.  The post StoneX completes RJ O’Brien acquisition appeared first on The TRADE.

AI-backed financial software platform Saphyre has secured $70 million in equity investment from FTV Capital.  Gabino RocheThe fintech firm said the investment will enable it to accelerate go-to-market efforts in pre- and post-trade, support ongoing product development and expand its geographic reach.  “This investment marks a major milestone in Saphyre’s mission to revolutionise financial services workflows with our patented AI technology and exceptional commitment to our clients,” said Gabino Roche, chief executive and founder of Saphyre.  “FTV Capital stands out as a partner that not only understands the structural inefficiencies in this space, but also brings deep relationships across our core client base and a strong track record of scaling capital markets technology companies.” FTV Capital is a sector-focused growth equity firm with a focus on investing in high-growth capital markets technology firms.  “Despite the rapid pace of innovation in financial services, middle-office workflows continue to rely on outdated and fragmented processes,” added Mike Cichowski, partner at FTV Capital.  “Saphyre has grown rapidly as a category leader in automating account and fund onboarding through its differentiated platform and cloud-native architecture, which enables seamless data sharing between investment managers, asset owners and the sell-side and benefits from a powerful network effect that strengthens with each new client.” The investment marks a significant milestone for the firm, which has rapidly emerged as a key player in digitising and streamlining onboarding workflows across the investment lifecycle. Global Custodian sat down with co-founders Gabino Roche and Stephen Roche earlier this year, to discuss their journey so far and how they are looking to transform pre- and post-trade through technology. BNP Paribas, one of Saphyre’s early institutional partners, reaffirmed its support for the firm’s continued growth. “BNP Paribas remains a committed partner to Saphyre and supports the innovation the company is continuing to bring to the industry,” said Junaid Baig, head of strategic investments and co-head of strategy at BNP Paribas. The post Saphyre targets global expansion with new $70m investment appeared first on The TRADE.

The London Stock Exchange Group has posted overall organic growth of 7.8% in H1, with its markets division up 11.7% year-on-year.David SchwimmerThe markets offering provides secondary market trading for equities, fixed income, interest rate derivatives, foreign exchange (FX) and other asset classes, as well as clearing, risk management, capital optimisation and regulatory reporting solutions. Equities revenue reached £205 million, a 4.4% increase, which the group put down to “robust volumes” in LSE Cash Equity, ETPs and Turquoise, in addition to growth in the Markets Data and Stock Exchange Daily Official List (SEDOL) businesses. Within equities, the group’s Digital Markets Infrastructure platform has gone live, having been built in collaboration with Microsoft. LSEG confirmed that its first customers are due to be onboarded later in 2025. Elsewhere, the group’s FX revenue reached £139 million, increasing 13.1%, with both dealer-to-client platform FXall, and dealer-to-dealer platform FX Matching posting a strong first half year thanks to market volatility.Higher clearing volumes also saw the OTC derivatives revenue increase to £314 million, up 14.4%, driven by activity across SwapClear and ForexClear. In addition, LSEG posted strong results in fixed income, derivatives ‘and other revenue’, which was primarily comprised of Tradeweb, confirmed the group. A 17.9% year-on-year increase saw revenues of £777 million, with average daily volume across all asset classes at $2.6 trillion. This is up 19% from H1 2024, “excluding the impact of the ICD acquisition, representing strong market activity across Tradeweb’s asset classes.” David Schwimmer, chief executive, highlighted that the group had improved margins in the face of market volatility.“We have continued our strong and consistent growth track record, with a good performance from our subscription businesses enhanced by our leading markets platforms, which drove upside from increased volatility in the period. At the same time, we have improved our margins strongly as we realise the benefits of our ongoing transformation and deliver attractive operating leverage.“We have built a business which is strategically aligned to a number of powerful growth drivers: the long-term growth in demand for data to feed and drive the modern economy, including for AI models, the digitisation of financial markets and the increasing demands of regulatory, financial and reputational risk management.”The group further confirmed that in its post-trade business the focus is on entering new markets and asset classes, with 30 new customers now signed up across the product suite.Read more: LSEG overall revenue up following strong performance in capital markets divisionLSEG’s other divisions have also performed well, with Data & Analytics up 5.1% in H1, and Risk Intelligence increasing 12.2%.LSEG’s positive showing was in part put down to their partnerships over the last year. As Schwimmer explained: “We continue to make significant investments in product innovation for our customers, to generate growth over the long term. The first half was marked by a consistent cadence of new product launches, which we expect to continue in H2.”The post LSEG revenue posts positive results in face of market volatility, markets division up 12% appeared first on The TRADE.

Market maker and liquidity provider Flow Traders has appointed former global head of markets at First Abu Dhabi Bank (FAB), Thomas Spitz as its new chief executive, effective 1 September. Thomas SpitzSpitz brings more than two decades of experience leading and building trading operations to his new role, in which he will assume the responsibility for driving the firm’s growth and diversifying its strategy and trading capital expansion plan. The appointment will also see him taking on the position of executive director of the board, subject to regulatory and shareholder approval. Speaking to his new position, Spitz said: “I see tremendous opportunities given the extraordinary capabilities the company has built over the past two decades. I look forward to meeting the team and together expand our market leadership, drive our strategic growth agenda, and provide exceptional value to all of our stakeholders.” Spitz takes over from Mike Kuehnel, who was made chief executive in February 2023, and initially joined Flow Traders in 2021 as chief financial officer.  Prior to Flow Traders, Spitz served as chief executive of alternative data and analytics firm, QuantCube Middle East from February 2025. He also worked at FAB from 2022 to 2024, initially serving as head of global markets, and later taking on a senior managing director role. Previously in his career, he also spent more than 20 years at Crédit Agricole, covering several leadership roles spanning global markets, fixed income, credit and rates, derivatives, alternative products and structured credit markets. “He [Spitz] brings a wealth of experience leading trading, sales and research organisations at global financial institutions while driving growth through innovative business strategies,” said Rudolf Ferscha, chairman of the board at Flow Traders.  “We are confident that he will excel at executing our strategic agenda and lead Flow Traders into its next phase of growth.” The post Flow Traders selects former First Abu Dhabi Bank global markets head for new chief executive appeared first on The TRADE.

Transaction Network Services (TNS) has expanded to include six Latin American equities and derivatives exchanges in its network, in a bid to enhance its global market data and connectivity infrastructure. Jeff MezgerThe expansion encompasses the Mexican Stock Exchange (BMV), the Mexican Derivatives Exchange (MexDer), Argentina’s BYMA, Chile’s Santiago Stock Exchange, Peru’s Bolsa de Valores de Lima (BVL), and Colombia’s Bolsa de Valores de Colombia (BVC).  The extended offering is expected to help firms access market data without the need to deploy or manage infrastructure in-country and will make use of the nuam exchange access point in Santiago to connect the markets in Chile, Peru and Colombia with a single connection.  Jeff Mezger, TNS’ vice president of product management said: “Our extensive global coverage and local boots on the ground approach means we can support our customers with faster access to data, while also relieving them of the complexity of managing local infrastructure.” Read more – Nasdaq and nuam exchange partner to develop new marketplace in Latin America The firm has said that the offering addresses a growing demand for simple access to market data delivered straight into the US, as well as expanded regional coverage across Latin America.  Specifically, the offering will see TNS acting as the low latency managed service provider for access to the exchanges, while Avelacom will manage the physical presence and circuits from the exchanges to TNS’ network.  “Our collaboration with TNS provides institutional clients with robust, ultra-low-latency access to South America’s key financial markets,” said Lorenz Voss, managing director of Avelacom. “Our recent build-out in Argentina, Chile, Peru, and Colombia enhances our presence in the region and complements key markets like B3 in Brazil, where we offer fast connectivity between São Paulo, New York, and Chicago.” The post TNS adds six Latin American exchanges to its network to expand data and connectivity offering appeared first on The TRADE.

BlackRock and Standard Chartered have successfully executed the first trade on MarketAxess Holdings’ new fully electronic trading solution for Indian government bonds (IGBs).  Riad ChowdhuryThe inaugural trade follows the launch of the electronic trading solution in June, designed to allow foreign portfolio investors (FPIs) and market makers to trade IGBs electronically. The launch also made MarketAxess the first platform to allow fully electronic workflow for IGB trading. “We are excited to see access to India’s onshore bond market becoming more efficient and scalable,” said Jatin Vara, head of international trading at BlackRock. “India offers compelling opportunities for foreign investors, especially in its expanding onshore bond market, where continued inclusion in major global indices is fuelling strong investor interest.”  Read more – MarketAxess first to provide fully electronic workflow for Indian government bonds trading MarketAxess has previously said that its IGB offering is set to increase workflow efficiency, spanning pre-trade allocation to post-trade reporting, and is integrated directly with the NDS-OM system operated by the Clearing Corporation of India Limited. In addition to the launch of IGBs, MarketAxess’ trading platform also offers 29 other local currency bond markets for investors.  Read more – Fireside Friday with… MarketAxess’ Riad Chowdhury and Paulo Costa Riad Chowdhury, head of Asia-Pacific at MarketAxess said: “Our solution for India has been purpose-built to meet the specific needs of institutional investors and dealers, and we look forward to increased client adoption in the coming months.” The post BlackRock and Standard Chartered execute inaugural Indian government bond trade via MarketAxess appeared first on The TRADE.

Marex has entered a strategic partnership with GFO-X, the UK’s first regulated and centrally cleared trading venue for digital asset derivatives. Thomas TexierThe collaboration will see Marex joining GFO-X as a participant, as well as LCH SA’s DigitalAssetClear service as a clearing member, allowing Marex’s clients to access Bitcoin index futures traded on GFO-X, and subsequently cleared through LCH DigitalAssetClear. The firms have said that the partnership is driven by a growing demand for expanded global institutional access to secure digital asset infrastructure, and is set to enhance risk management, collateral optimisation and counterparty protection.  “Their [Marex’s] deep expertise in derivatives and strong global client base make them a tremendous partner in our mission to deliver institutional-grade digital asset market access,” said Arnab Sen, chief executive and co-founder of GFO-X. “Marex’s commitment reflects the rapidly growing demand and we look forward to working closely with them to scale the regulated, centrally cleared crypto derivatives market.” Read more – Marex to acquire Winterflood Securities from Close Brothers in £100 million deal The partnership launch is currently scheduled for mid-September 2025.  Thomas Texier, global head of clearing at Marex said: “This partnership will allow us to meet the increasing demand for digital asset derivatives, allowing us to best meet our clients’ needs.” GFO-X opened for trading Bitcoin index futures and options on 9 May, and the addition of Marex as a participant on GFO-X marks a further step in a string of recent partnerships for the trading venue.  In June 2025, Trading Technologies announced that it had provided its clients with a connection to GFO-X, following increasing demand for centrally cleared cryptocurrency trading and digital asset trading. Similarly, in the same month ION unveiled a partnership with the trading venue, which sees ION powering market access, clearing and margin processing for GFO-X’s ecosystem, through the provision of software and infrastructure.  The post Marex joins GFO-X as participant appeared first on The TRADE.

London-based index and data provider Ultumus has selected BMLL as they seek to enhance data and analytics for ETF market participants.  Paul HumphreyThrough the partnership, Ultumus will leverage BMLL data offering to provide insight into the ETF trading efficiency of the firm’s portfolio composition file (PCF) service for clients across the global. Additionally, the offering is expected to bring tighter spreads, improved pricing precision, trading efficiency and data quality to the ETF market, and will see Ultumus combine its reference and index data with BMLL’s historical level 1,2, and 3 market data and analytics.  BMLL’s global customer base will also now be able to access Ultumus’ ETF reference data, as well as ETF issuer-published metrics.  Paul Humphrey, chief executive of BMLL, said: “We’re very excited to collaborate with Ultumus as our global customer base is now able to use these combined data sets to deepen their understanding of ETF liquidity dynamics, how these shift over time, and gain insights that will help them differentiate themselves in a competitive landscape.”   Read more – BMLL secures $21 million injection from Optiver-led investment round As part of the collaboration, the firms have said that a European ETF issuer has already made use of the offering, and through the combined data and analytics, noted a 16% reduction in spread threshold breaches, as well as a 12% performance growth through spread performance analysis.  “By utilising BMLL’s granular Level 3 data and analytics, we’re able to quantify how accurate, timely fund data improves trading outcomes and market efficiency for clients using Ultumus’ Portfolio Composition File (PCF) service,” said Bernie Thurston, chief executive of Ultumus. “This collaboration underscores our commitment to innovation and to delivering real benefits for ETF issuers and the broader trading ecosystem.” In June, BMLL announced a multi-year strategic partnership with Wamid, the technology and innovation arm of Saudi Tadawul Group (STG), to offer the market white-labelled cloud analytics tools – aimed at institutional investors, quants and analysts, the first of its kind for the Saudi market.  The firm also enhanced its established partnership with Exegy in March, as part of an effort to deliver a unified data stream for historical OPRA options data.  The post Ultumus selects BMLL to enhance data and analytics for the ETF market appeared first on The TRADE.

LoopFX has launched as a live FX liquidity network, allowing clients’ trades to be matched within State Street’s execution platform, FX Connect.  Blair HawthorneThe offering is set to address obstacles within the FX market surrounding counterparty selection and information leakage, by providing real-time, anonymous, mid-rate matching to allow institutional clients to execute larger trades with reduced market impact.   Currently, 15 asset managers and banks have already executed agreements on the network, including Schroders, Royal London Asset Management, State Street Investment Management and RBC Capital Markets, with more expected to follow soon. Blair Hawthorne, chief executive and founder of LoopFX said: We’re especially grateful to State Street’s FX Connect; their support and collaboration have been instrumental in enabling a smooth and timely rollout, we couldn’t have done this without them. With strong early adoption and growing momentum, we are well-positioned to accelerate our growth in the institutional FX market.”  Through integrating the new network with FX Connect, the offering is also expected to provide easy accessibility for clients and maintain workflow continuity. “Integrating LoopFX into our FX Connect platform enhances our clients’ ability to access mid-market liquidity efficiently and securely,” said Greg Fortuna, head of GlobalLink at State Street. “This collaboration supports our broader goal of delivering seamless execution workflows that help clients manage large FX trades with greater precision and reduced market impact.”  Specifically, LoopFX is a liquidity venue which provides dark mid-point matching for asset managers and banks, specialising in large trades in excess of $10 million.  In June 2024, fintech fund Augmentum announced a £2.6 million investment in LoopFX, to support the firm’s trading and price discovery innovations into the FX markets.  Additionally, LoopFX and FlexTrade Systems announced an integration in February 2025 in a bid to enhance the breadth of actionable liquidity options available when executing large FX trades via LoopFX, within the FlexFX order blotter. The post LoopFX launches as live FX liquidity network integrated with State Street’s FX Connect appeared first on The TRADE.

EquiLend has acquired Trading Apps, a front-office technology provider whose modular trading solutions and messaging services are used by several securities finance desks globally. The acquisition brings into EquiLend’s portfolio a suite of tools aimed at automating front-office workflows across the securities finance ecosystem.  Among these are the Lender and Borrower Apps, which are designed to streamline trading activity, including the identification of short positions, rate negotiation, and execution.  The tools aim to reduce manual input, increase trade volume capacity, and provide more control over lending and borrowing decisions. TA.Link, a trade messaging service developed by Trading Apps, is also part of the transaction. It will serve as the ‘resiliency solution’ for EquiLend’s Next Generation Trading (NGT) platform.  “This acquisition enhances our ability to deliver even greater value to our clients by accelerating automation across the EquiLend platform,” said Rich Grossi, chief executive of EquiLend.  “The Trading Apps team has built high-quality tools that help firms move faster and operate more efficiently. Integrating these capabilities into the EquiLend platform will provide our clients with a broader set of solutions to fit their securities finance needs.” Grossi added: “We are excited to work with Matthew Harrison and the Trading Apps team to build on their strong foundation and drive the next wave of securities finance innovation together.” TA.Link will continue operating independently with separate infrastructure, a design intended to ensure redundancy and maintain operational stability. The acquired solutions can be used on a standalone basis or integrated with existing EquiLend services. The post EquiLend acquires Trading Apps to expand front-office offering appeared first on The TRADE.

Institutional digital asset prime broker FalconX has moved to expand into Latin America, as part of the firm’s drive to grow its global offering.   Andre PortilhoAs part of the expansion, the firm now supports two of the region’s largest financial institutions, investment bank BTG Pactual and Brazilian cryptocurrency exchange Mercado Bitcoin, bringing FalconX’s full prime brokerage suite to clients in Latin America, spanning global liquidity, capital efficiency tools, and infrastructure.  “FalconX’s institutional infrastructure accelerates our ability to deliver seamless crypto solutions at the speed the market demands,” said Andre Portilho, head of digital assets at BTG Pactual.  “Their deep liquidity and global execution capabilities give us a meaningful edge as we continue to lead digital asset adoption across Latin America’s evolving financial landscape.” The offering follows notable growth in demand for digital assets and crypto services in Latin American markets, as the region becomes a key player for firms eyeing global expansion and diversified entry to new markets.  In an Acuiti report released in June 2023, 67% of trading firms surveyed pointed to Latin America as a region of focus for market expansion.  “Latin America is one of the fastest-growing regions for crypto adoption, supported by a tech-forward financial sector, early regulatory frameworks, and real economic drivers,” said Josh Barkhordar, head of Americas, sales at FalconX.  “As we continue to expand our global footprint, we’re proud to support leading financial institutions across the region with world-class execution, tailored solutions, and deep global liquidity.” Read more – FalconX goes live with foreign exchange desk Over the past decade, technological advancements and market expansion in Latin America have increased significantly, particularly in Brazil, as the country’s economy continues to grow.  Most recently, in June 2025, LSEG announced that it had entered an agreement to provide trading, clearing and market surveillance technology to power Brazil’s next-generation derivatives and futures exchange, A5X. The post FalconX expands digital asset offering into Latin America appeared first on The TRADE.

Nasdaq has resolved the root cause of a technical issue which halted cash equities, Extended Exchange Trade Products (ETP), and equity derivatives trades on Nasdaq Nordic from 5pm CET on Tuesday. Nasdaq confirmed that the issue had been identified and fixed and that all Nordic and Baltic markets opened as normal on Wednesday July 30, when approached by The TRADE. Specifically, the outage affected Nasdaq Stockholm, Nasdaq Helsinki, and Nasdaq Iceland. The cause has been confirmed to be related to the INET (the Nasdaq trading platform for Nordic and Baltic equities trading and publication of OTC trade reports), which stopped disseminating equity order data via ITCH and GCF feeds. Read more – European trade settlement outage resolved after incident reverberates through market on Thursday At the time of the technical disturbance, NLS feed for trade information and trade data via GCF were unaffected and continued to work as expected. The outage was communicated to members on OUCH and FIX sessions, Nasdaq has confirmed. In an announcement during the incident, Nasdaq told the market that “all trades on the equity derivatives market in scope for cancellation cannot be cancelled today due to the cut off to run After Business for Nasdaq Clearing. Affected members will be contacted regarding its affected trades and its cancellation.” Read more – Plato Partnership proposes new standards for tackling market outages The exchange further confirmed at 9pm on Tuesday that the closing prices for the affected equity and Exchange Trade Product markets would be the last traded price prior to the incident – ETP markets had been halted since 6.45pm CET. In an update, Nasdaq assured its users that “all equity derivatives trades in scope for the cancellation have been cancelled, however, these trades can still be seen in the system. Nasdaq is working on removing the trades and impacted members will be contacted regarding its affected trades and its cancellation.” The post Nasdaq Nordic and Baltic trading back up and running after technical glitch suspended trading appeared first on The TRADE.

UK-based listed derivatives block trading network InTick has secured £2 million in its most recent funding round. This support follows the firm’s recent launch in October 2024.   James GoaterRaised by angel investors, this capital injection is set to spur the further expansion of InTick’s platform.   InTick focuses on listed derivatives block trading by automating processes that are currently largely manual, complex, and inefficient. The platform centralises pricing data and supports independent block matching via a consolidated order book.   By aggregating listed derivative block liquidity onto a single platform, InTick is focused on simplifying workflows and lessening the time and expenses associated with pre- and post-trade operations for market participants.   The fundraise follows InTick’s recent launch of its block matching platform for ICE Gilt and Eurex futures rolls.   This most recent funding will accelerate InTick’s technological development and extend its reach into new markets, meeting growing client demand for electronic solutions in listed derivatives.   James Goater, co-founder and chief executive of InTick, said: “The InTick platform is already transforming the listed derivatives block trading landscape by improving efficiency, price discovery, and trading outcomes for all participants. As we advance our platform and move forward at speed to deliver a truly transformative offering for the industry, this financial backing is a strong validation of our mission to enhance and grow listed derivatives block trading.”  The post InTick secures £2 million capital injection appeared first on The TRADE.

On-venue trading represented 64% of total addressable liquidity in European markets in Q2 2025, according to the latest report by the Association for Financial Markets in Europe (AFME). The Q2 ‘equity primary markets and trading report’ this year found that off-venue trading is gaining significant traction in European markets. Notably, big xyt data reveals that off-venue volumes now make up 36% of total liquidity. Specifically, OTC trading made up the majority of off-venue volumes, constituting approximately 20%, with systematic internalisers (SIs) accounting for 16% of off-venue trading.  Moreover, off-book (on-exchange) trading accounted for 7% of Europe’s total addressable liquidity in the quarter.  These findings show a marked increase from Q1 2025 where on-venue trading made up 72% of total addressable liquidity, while volume traded off-venues only constituted the remaining 28%.  Additionally, since 2018, on-venue liquidity had remained largely stable, consistently making up just over 70% of total addressable liquidity. Elsewhere, the report found that the double volume cap (DVC) mechanism – which seeks to limit equity trading under the reference price waiver and the negotiated transaction waiver on EU venues – has slightly declined since February 2023, with 227 instruments recorded as suspended at the beginning of July 2025.  DVCs limit the amount of dark trading that can take place under EU law in a bid to boost the amount of trading that is executed on more transparent, lit venues. Read more – Half of traders convinced FCA post-Brexit DVC decision will have little bearing on dark trading With off-venue trading volumes continuing to grow, it appears that this occurrence is set to continue on its path of growth throughout 2025 and beyond.  The post On-venue trading volumes constituted only 64% of European market liquidity in Q2 2025, finds report appeared first on The TRADE.

Technology provider Rapid Addition has partnered with TradingStack.io in a bid to enhance connectivity in the global digital asset markets. Mike PowellThrough the partnership, TradingStack.io is expected to be able to extend its digital connectivity solution to FIX infrastructure as part of its trading platform solutions, to facilitate integration with key digital asset markets for clients and enhance asset liquidity.  The firms have said that the collaboration comes off the back of increased interest in digital assets and tokenisation in capital markets, as firms look to solutions integrated with existing front-to-back workflows that will provide faster settlement, increased transparency and fractional ownership.  “As traditional capital markets firms increasingly look to new trading and investment opportunities offered by cryptocurrencies and other digital assets, integration with existing infrastructure and systems is paramount to cost optimisation and operational efficiencies,’ said Mike Powell, chief executive of Rapid Addition. “We are therefore delighted to work with TradingStack.io to integrate our asset class agnostic platform with their digital asset trading solutions, providing our mutual customers with faster time to market and seamless connectivity to digital markets.” Read more – JSE and Rapid Addition unveil new order routing service The new offering is also expected to address challenges associated with bridging gaps between established trading protocols like FIX and new crypto interfaces.  Tim Connolly, managing director at TradingStack.io said: “As traditional buy- and sell-side firms look to extend their offering to digital assets, they can avoid the operational burden of managing multiple fragmented systems, connections, and integrations across exchanges, custodians and service providers.” The partnership follows significant developments for Rapid Addition in recent months and marksa further industry collaboration to enhance trading solutions. In June 2025, the firm collaborated with Wedbush Securities in a move which saw the firm adopting Rapid Addition’s cloud-ready platform, with the aim of streamlining multi-asset trading, risk management, and post-trade processes. Similarly, in February 2025, The TRADE revealed that Rapid Addition had partnered with trading technology firm Adaptive to integrate FIX capabilities into Adaptive’s custom trading technology platforms.   The post Rapid Addition and TradingStack.io partner to enhance global digital asset markets connectivity appeared first on The TRADE.

JP Morgan has carried out the first live transaction utilising distributed ledger technology (DLT) to mobilise collateral for PGGM on Eurex Clearing.  Danny HandThe underlying service went live earlier this July and enables the transfer of securities collateral from a custodian location to Clearstream for use as margin collateral at Eurex Clearing. The solution, developed with technology from HQLAx and supported by Clearstream’s custody infrastructure, facilitates near-instant access and mobilisation of collateral assets independent of their physical location.  Danny Hand, prime financial services product development at JP Morgan, said: “JP Morgan’s participation as the clearing member in the world’s first live DLT-based collateral transaction for cleared derivatives initial margin demonstrates our commitment to innovation and our belief in the transformative power of DLT for collateral management across the industry.” The solution is designed to improve the efficiency of collateral management and support liquidity needs. Eurex Clearing, part of Deutsche Börse Group, received regulatory non-objection from BaFin for this approach.  The initiative forms part of Eurex Clearing’s broader efforts to integrate digital technologies into its collateral management processes. Anja Kleefsman, head of treasury and liquidity management at PGGM, said: “PGGM is delighted to be part of this first live DLT-based collateral mobilisation transaction initiated to meet our margin obligations at Eurex Clearing. Optimising our collateral management is a key priority and an element that plays an important role here is the ease of moving collateral.” Kleefsman added: “Instant access to and mobilisation of collateral assets provided by this DLT-based technology is a major step forward and we welcome this innovation. We’re looking forward to the industry’s further adoption of this solution and leveraging its benefits.” The post JP Morgan executes first live DLT-enabled collateral mobilisation transaction on Eurex Clearing appeared first on The TRADE.

Aquis Exchange has named Thomas Downes as its new head of markets, as part of the firm’s continued expansion of its markets division.  London-based Downes brings extensive electronic trading experience to his new role, and is set to lead the firm’s strategy and operations, as well as driving the growth of Aquis’ pan-European multilateral trading facility (MTF). Speaking to his new appointment, Downes said: “Following its recent acquisition by SIX, the Aquis team are highly motivated for growth across all of its business divisions. “There are great opportunities ahead, and I am excited to join the strong team behind Aquis’ MTF as we continue to challenge and drive innovation, grow our presence in European trading, and deliver meaningful value to clients and investors.” Read more – SIX closes Aquis acquisition He joins from fintech IOX Partners, where he worked as a managing partner for almost three years.  Previously in his career, Downes has held various roles covering liquidity, sales, strategy and execution at ITG for 14 years, before joining Virtu Financial as head of electronic trading sales and strategy for EMEA and executive committee member after the firm acquired ITG in March 2019. Before this, he worked at Merrill Lynch for more than six years, in various senior and product management positions.  Downes’ appointment follows the hire of Laetitia Visconti in February 2025, who joined Aquis in a newly created role as head of market structure after almost 14 years in various equity-related roles at Barclays.  The post Aquis appoints new head of markets appeared first on The TRADE.

Marex has appointed Patterson McDonald to the prime brokerage and outsourced trading sales team.He joins from Jefferies where he had most recently spent five years as vice president, focused on outsourced trading and relationship management and prime sales for new launch hedge funds.Speaking to his appointment, New-York based McDonald said: “[…] been lucky to see this industry from a few different angles over the years, and I’m looking forward to putting that experience to work in a new role.” He has previously served in a range of roles at firms including Signpost Capital, Incline Global Management, Perella Weinberg Partners, Stonebrook Fund Management, and Jefferies.In his new role he is set to work closely with hedge funds and asset managers. Further new hires are expected to be made to the time imminently. Read more: Marex to acquire Winterflood Securities from Close Brothers in £100 million deal“We are seeing a surge in demand globally, and we are growing to meet it. We’re pleased to welcome Patterson McDonald as the latest addition to our expanding prime brokerage and outsourced trading team,” explained Bobby Croswell, co-head of Americas prime brokerage sales, outsourced trading and capital introduction, Marex. “Patterson brings a rare combination of experience across trading, technology and institutional sales […] His cross-functional insight means he understands the full trading lifecycle from multiple vantage points – helping clients identify opportunities, navigate complexity and stay ahead of what’s next.”The post Marex expands prime brokerage and outsourced trading sales team with Jefferies hire appeared first on The TRADE.

JP Morgan  Mona AlMagboul has joined JP Morgan as a Middle East and North Africa (MENA) FX trader.   Dubai-based AlMagboul joins the firm following a six-year stint at HSBC, where she most recently served as an associate director and MENA FX trader for the firm.   She has also covered G10 short term interest rate (STIR) trading for HSBC and served as a global markets analyst, working in locations across both Dubai and London.  Susquehanna  Former Morgan Stanley market maker, Sandro Oswald, has joined Susquehanna in a position covering quantitative trading – central risk book.  London-based Oswald brings extensive industry experience covering centralised risk book to his new role. He announced his new role on social media.  He joins from Morgan Stanley where he most recently co-headed centralised risk book and systematic market making EMEA at Morgan Stanley, which he held for five years.  Prior to that, he was an executive director – quant trader ETF, equities at the firm for four years.  Oswald was also a quant trader ETF at both KCG Holdings and Bank of America Merrill Lynch for around a year respectively.  Canaccord Genuity  Julian Hewitt has joined Canaccord Genuity Australia as an equity sales trader.    Hewitt will be based out of Sydney in his new role, and brings extensive industry experience to his new position, having covered areas including sales trading, Australian equities and equities sales.   He joins from HSBC, where he served as an equity sales trader in London for almost two years.    Prior to this, he worked at Bell Potter Securities for more than seven years, where he covered institutional equity sales from May 2022 to October 2023. He also held stockbroker, associate advisor and dealer’s assistant positions at the firm.    Vegah Trading  Elijah Diallo has joined Vegah Trading as a proprietary trader following his departure from Magellan Capital, as revealed by The TRADE.  Diallo most recently served as head of trading at the firm, overseeing multi-strategy operations.   He was recognised as one of The TRADE’s Rising Stars of Trading and Execution in 2021.  Previously in his career, Diallo served as an investment manager at ADQ, senior trader and portfolio manager at Azimut Investments, and equity trader at Avalon Capital Markets.   Before that, he worked in a range of roles at firms including Mubasher Financial Services, EFG Hermes, Exotix Capital, and Convergex.   Broadridge  Broadridge named Munish Gautam as global head of trading platforms – product management, within the firm’s trading and connectivity solutions business (BTCS).  London-based Gautam brings over 25 years of trading platforms and product management experience to his new role and is set to support the development of Broadridge’s product suite and multi-asset trading capabilities.  Gautam joins Broadridge following a 15-year tenure at JP Morgan, where he most recently served as executive director and cash equities product lead for global equities trading platforms. Previously in his career, he also served as a senior business analyst in equities at Credit Suisse, working in locations including London, New York, Singapore and Pune. The post People Moves Monday: JP Morgan, Susquehanna, Canaccord Genuity, and more…  appeared first on The TRADE.