Hidden Road has expanded its prime brokerage product suite with the launch of support for OTC options on digital assets. Michael HigginsThe brokerage has said that the launch follows growing industry demand for increased sophistication in risk management tools, and through the offering, institutional clients will be able to execute, and cross-margin OTC options integrated with the rest of their digital asset portfolio. The move also makes the firm the first prime broker to support cross-margining across the full suite of digital asset product types, such as spot, swaps, options, forwards and cleared derivatives.  Additionally, digital assets firms QCP and BlockTech will also act as launch partners for the new offering, and are set to provide support by opening up liquidity and institutional access for structured and derivatives products.  Michael Higgins, international chief executive and global head of corporate development at Hidden Road. “Historically, options trading in digital assets has been limited, given the bilateral credit involved and lack of cross-margining capabilities. That is no longer the case.” The expansion also builds upon Hidden Road’s recent launch of digital asset swap capabilities for the US in May 2025, designed to provide clients with greater access to a wider range of products and solutions. Alongside the launch, the brokerage announced its plans to develop cross-margining services.  “Clients can now execute OTC crypto-asset options with Hidden Road, gaining access to a trusted and creditworthy counterparty alongside the benefits of portfolio margin offsets,” said Sander van Zelm, head of business development at BlockTech.  Earlier this year in April, Hidden Road confirmed that it was set to be acquired by Ripple in a $1.25 billion deal, which is expected to “exponentially’ expand the firm’s capacity, and make it one of the largest non-bank prime brokers globally. The deal is expected to close later in 2025, subject to regulatory approvals. The post Hidden Road launches support for OTC options to expand digital asset offering appeared first on The TRADE.

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. Read more – Fireside Friday with… JP Morgan’s Kate Finlayson 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. JP Morgan declined to comment on the appointment when approached by The TRADE.  AlMagboul’s hire marks a further trading hire from HSBC to JP Morgan in the past year.  In October 2024, the firm appointed Kyle Hackett as a US rates trader, based in New York, following three and a half years at HSBC, as a global markets analyst and most recently as a US rates trader.  The post JP Morgan taps HSBC for MENA FX trader appeared first on The TRADE.

Singapore-based EDXM International has set its perpetual futures exchange into motion with the support of numerous OEMS and prime brokerage partners.  Key partners include Citadel Securities, Virtu Financial, Hidden Road Partners, LTP, DV Chain, and CoinRoutes.   Designed for institutional clients beyond the US, EDXM International enables secure, capital-efficient trading of digital assets. EDXM claims its new exchange is particularly well-suited for regions such as APAC, where institutional interest in crypto is rising.   In early July 2025, EDXM International became the first crypto platform to introduce smart collateral management (SCM), a tool designed for liquidity providers.  The platform enables participants to manage risk efficiently while optimising quoting across multiple markets.  With SCM, EDXM International sets a new standard in the financial services industry, optimizing exposure without sacrificing security on the trading venue.  By prioritising liquidity and collateral management, EDXM International claims to fill a “key gap” in global market infrastructure, allowing non-US investors access to cryptocurrency markets.   Clients of EDXM International will now be able to trade perpetual future contracts spanning 44 crypto pairs, including Bitcoin, Solana, Ethereum, and XRP.   In response to the launch, Jack Yang, Founder and CEO of LTP, stated: “EDXM International’s venue aligns with our mission to deliver integrated, full-service prime brokerage solutions for the digital asset ecosystem.”  This venture is specifically curated for investors outside of US markets. The post Citadel Securities and Virtu-backed EDXM International launches digital assets-focused futures exchange appeared first on The TRADE.

In May, the UK’s Financial Conduct Authority’s (FCA) implemented new rules allowing fund managers to pay for research with a joint payment option, essentially allowing for the ‘bundling’ together of payments for trade execution and research.This followed the FCA’s July 2024 decision to re-introduce an optional element of rebundling for Mifid investment firms, with the UK buy-side able to facilitate joint payments for third-party research and execution services.The topic is one which is keeping firms on their toes and reinvigorating the debate around the previously delicate balance of research-related decisions weighing on trading desk movements – something desks of course want to avoid.“If you speak to a dealing desk, they don’t want to go back to a rebundled market because that has the connotations of directed trades and all the inefficiencies that entails. But that needn’t be the case – use of CSAs should ensure you can still deal where you think you’re going to get the best execution. That’s absolutely critical,” explains Andrew Quick, global head of execution services at Redburn Atlantic, who highlights that this should be seen as an opportunity for those teams to return to the investment team process.“This is an opportunity to get dealers back into the investment team’s process. Some desks have come to be viewed by their PMs as operational rather than integral to the investment process which feels a shame. Joint payments is about working together to help those who are helping performance.”The back and forth was a direct result of the pursuit for increased efficiency when it came to firms acquiring research, but now that we have seemingly come to a conclusion, let’s take a look back at the journey and how the industry is feeling about what’s now on the table.Mifid – a bundle of funPrior to Mifid, the status quo saw firms combine research costs and trading activities as one, however with the advent of the directive, fees were ‘unbundled’. As Mifid II was introduced at the start of 2018, these fees were separated due to various industry concerns surrounding spending on duplicative or low-quality research.At the time, a significant concern for asset managers was the possibility that access to, and quality of, research would be diminished. Most firms looked to get this research from their internal sources, or research payment accounts (RPA). The motivation behind the change was to up the quality of research, as well as eliminate the influence of research on trading desk decisions.As Quick explained in his recent opinion piece for The TRADE: “The word ‘rebundling’ tends to trigger dealers, who immediately recall the bad old days of directed trades and fund managers leaning over their shoulders guiding them on which counterparty to use for the trade – regardless of whether it ensured the best outcome or not.”However, all in all, the good intentions behind regulators’ decisions at the time cannot be denied – the pursuit of more efficient capital markets is necessary after all. But, demonstrably, there was work to be done when it came to the introduced set-up.As Quick explains: “The intention of unbundling was good, it was ideally to have an explicit payment for the consumption of research and allow dealers to focus on securing best execution – the problem came from the unintended deflation of research payments.”Not to mention another factor key which came into play – the diversion between the UK’s payment structure and other regions, namely the US.Subsequently, in 2023, Rachel Kent’s UK Investment Research Review – a report commissioned by the UK government – highlighted the importance of investment research as a crucial element of effective and attractive capital markets, emphasising that more and better research could directly result in better pricing for all companies and, importantly, increased liquidity for the market.The review officially concluded that unbundling requirements had had “adverse impacts” on the provision of investment research in the UK and subsequently the UK economy, and also pinpointed unbundling requirements as a potential factor in reducing UK asset managers’ access to global investment research, putting them at a competitive disadvantage on the global scene.Speaking to The TRADE at the time, Mike Carrodus, chief executive of Substantive Research, explained: “Rachel Kent’s review focuses on removing enough of the operational burdens to encourage asset managers to take advantage of new rebundling freedoms, but not so much that transparency for asset owners is completely jettisoned.“The FCA now has the task of preserving this sensitive balance […] asset owners will have to buy into the message that taking on these costs will benefit the investment processes of their asset managers, and by extension the money that they are investing with them.”The review consisted of seven recommendations as to the empirical approach, as well as advising the inclusion of an additional optionality for paying for investment research – ensuring greater access to investment research for retail investors.Speaking at the time, Jeremy Hunt, then Chancellor of the Exchequer, said: “The government welcomes Rachel Kent’s excellent Investment Research Review (IRR) published today and has accepted all recommendations made to it.“We therefore welcome the FCA’s commitment to start immediate engagement with the market to inform any rule changes on removing the requirement to unbundle research costs by the first half of next year.”And so, it began.We’re all in this togetherAfter the IRR was laid out, plans were put in motion for change, with a consultation release by the FCA on the notion of payment optionality in April 2024 – specifically joint payments for Mifid firms. This became a reality just three months later with the re-introduction of an optional element of rebundling.Under the new proposed payment option, the UK buy-side were able to facilitate joint payments for third-party research and execution services, provided these firms met set requirements.“They [the FCA] have made changes in a few areas which definitely increase the likelihood of the buy-side being tempted to try to get these costs off their own P&Ls and potentially become more open to consuming new research,” Carrodus told The TRADE at the time.“For example, many interpreted the proposed rules in the consultation paper as requiring ‘strategy level budgets’ which would have been a dealbreaker for some asset managers – this has been clarified and removed. Allocating a budget down to individual teams is common practice, but for some asset managers who consume and repackage research insights centrally this would not have been an option.”Notably, the FCA’s new rules also meant that firms were not obligated to disclose their top providers in terms of payment amount – a direct result of feedback from participants in the consultation – and instead provide a breakdown of types of providers in the budget.The new rules also included a more relaxed approach in how firms ensure research charges versus execution costs, with firms required to put in place set-ups that evidence how the separation is done more broadly.Following this, the FCA followed up with a new rule focused on fund managers, with a pay for research model introduced, including a joint payment option.The decision also came off the back of recommendations from the IRR and pertained to the full-scope UK alternative investment fund managers (AIFMs).The rules allowing fund managers to pay for investment research using a joint payment option for research and execution services were based on those introduced for Mifid investment firms.Speaking to the TRADE at the time, Carrodus explained: “Now that buy-side firms can budget for research at a strategy level, the group that are motivated to transition over to CSA-funded research will expand materially.“The next question will be how quickly they can move across, with a small group getting it done by the end of the year and a much larger contingent now targeting 2026.”Notably, the FCA in both instances opted not to re-implement ‘full rebundling’, with the watchdog explaining that this would lead to opacity of prices paid for research services, as well as hinder the comparison of what prices have been paid to research providers, and subsequently hinder competition on both the trade execution and research side.Demonstrably, the new rules appear to be here to stay and with this in mind, firms are now in the midst of analysing their set ups to make the most of this presented opportunity.Speaking to The TRADE, Giulia Pecce, head of secondary capital markets and wholesale investor protection policy at AFME, said: “The recent rules for pooled vehicles is good news as firms will be able to make a holistic assessment of the new payment option across the franchise.“In particular, the increased flexibility on budgeting rules is a welcome improvement compared to consulted-on rules. The new framework needs to be assessed in its entirety and no doubt firms will be dissecting it to understand the operational impact of each element.”Getting the toothpaste back in the tubeThough this update has been widely understood as an opportunity to advance things in the research space, the reality is that in many instances it is looking as though a key challenge will be convincing some firms to go back on their current set ups.When it comes to the asset management side, a recent report from Substantive Research found that the buy-side are falling into one of three categories – a core of potential early adopters, a large ‘wait and see’ group and an entrenched group of sceptics.In light of the final rules, the potential early-adopter group doubled, while the group of managers who were neutral and ‘waiting to see’ grew also – though to a lesser degree.Notably, just 9.6% fell into the ‘not interested in moving’ pack, regarding the unbundling rollback as “an unwelcome distraction, now that they finally have their post-Mifid II processes in place and working well,” according to Substantive.Speaking to The TRADE in June, Carrodus explained: “The initial group of smaller firms moving fast towards CSAs in the UK are apparently encountering very little push back from end investor clients. Whether that’s a signal for the larger firms to have greater comfort levels concerning their ability to follow suit is by no means certain.“However, it does suggest that this will gradually become a European industry trend, especially once the EU regulations are implemented at a domestic level in June 2026.”Speaking to the need to embrace the change, Quick affirms: “Joint payments should actually be a net positive for dealing desks if they embrace it but they’re definitely going to have to change the way they approach things.”Importantly, changes made by the FCA in the final rules reportedly eliminated some deal breakers for the more engaged firms keen to proceed – removing key operational barriers which were hampering the potential take-up of greater flexibility in research funding.The same survey found ‘relaxation of the rules around strategy level budgets’ was the most important change, followed by ‘removing the requirement for buy-side firms to have separate written agreements with providers’.Notably, a number of senior executives on the buy-side were reportedly not so keen to open up the fees discussion due to the current market situation representing such a challenging landscape for asset gathering and retention. The change being reintroduced six years later is of course no small mission.Robert Buller, global account management at Kepler Cheuvreux, tells The TRADE that “Kepler Cheuvreux is well positioned to benefit from joint payments,” but adds that “most UK long-only managers are hesitant to be first movers. Serious implementation is more likely by 2027, given the operational and regulatory steps required.”Likewise, the fund management side appears to be taking a similar view, as Joe Abdallah, global head of account management at Kepler, explains: “UK hedge funds prefer the stability of their current RPA setup, and on the Continent, client interest in joint payments remains limited, even with regulation expected by mid-2026.”After ten years, the unbundling to rebundling journey has seemingly reached its conclusion, and while the introduction of new initiatives from the UK government are widely regarded as the right step towards bolstering capital markets in the region, there is definitely work to do.The industry is now facing the challenge of reassessing their processes and finding the right path to efficiency when it comes to their broker relationships – there’s a prime opportunity here, but it remains to be seen just which firms are ready and willing to embrace it… stay tuned.The post The rebundling conundrum appeared first on The TRADE.

Cboe Global Markets is set to discontinue its Japanese equities business and suspend the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform.  The exchange has said that the closure aligns with plans to channel resources into other opportunities to provide the most benefits to shareholders and was also influenced by the current and financial sustainability of the equities business in Japan.  Operations are expected to cease on 29 August 2025, subject to consultation with regulators.  Read more – Cboe Europe to launch EBBO retail trading solution “While we have made the strategic decision to exit the Japanese equities business, we remain committed to serving Japan and its financial community by leveraging the strengths of our global derivatives and data capabilities,” said Craig Donohue, chief executive at Cboe Global Markets.  “As Japanese market participants continue to seek greater access to international markets, Cboe is well-positioned to meet that demand with our high-quality market data and suite of tradable derivatives products.” Read more – Cboe head of market data joins EuroCTP advisory committee The exchange has 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.  Cboe’s evolving presence in Japan has been a key priority for the exchange recently. In August 2024, Cboe announced that it had agreed to acquire a minority equity ownership stake in Japannext through a purchase of shares from SBI Holdings, as part of the exchange’s drive to promote innovation in the Japanese capital markets, and represent its commitment to the region.  The post Cboe Global Markets to disband Japanese equities business appeared first on The TRADE.

CoinShares Asset Management, the French subsidiary of European investment company Coinshares, has become the first European regulated asset management company to receive the Markets in Crypto-Assets Regulation (MiCA) authorisation.  Through the authorisation, the firm will be able to offer operations throughout the EU covering institutional-grade portfolio management services across all asset classes and investment vehicle types. Currently, operations cover France, Germany, Cyprus, Ireland, Lithuania, Luxembourg, Malta, and the Netherlands, with hopes to extend to all EU member states in the future. The move also makes CoinShares continental Europe’s only asset management firm to hold a triple regulatory license combination, encompassing an alternative investment fund manager (AIFM) license, Mifid and now MiCA authorisation.  “Receiving MiCA authorisation from the AMF is a pivotal milestone, not just for CoinShares, but for the entire European digital asset industry,” said Jean-Marie Mognetti, co-founder and chief executive of CoinShares. “For too long, asset managers operating in crypto have been confined to partial or improvised regulatory frameworks. With MiCA, we now have a clear, harmonised structure across the EU, and CoinShares is proud to be the first in continental Europe to meet that standard as a fully regulated asset manager.” The firm has also said that the authorisation will pave the way in addressing challenges of improper licensing, organisational structure of separation of duties related to asset managers in the current European crypto investment landscape. The move follows significant developments in the crypto markets in Europe in the past few months. Most recently, Standard Chartered announced that it had launched a fully integrated digital assets trading service, in a bid to provide institutional clients with deliverable spot crypto asset trading, covering spot trading for Bitcoin (XBT/USD) and Ether (XET/USD) through its UK branch. Similarly, in April 2025, One Trading became EU’s first Mifid II-regulated venue for crypto perpetual futures, increasing the European crypto-assert exchange’s accessibility to both institutional and eligible retail clients.  The post CoinShares AM becomes first European asset manager to receive MiCA authorisation appeared first on The TRADE.

The Abu Dhabi Security Exchange (ADX) and the Budapest Stock Exchange (BSE) have signed a memorandum of understanding (MoU) for the mutual benefit of both markets. Under the agreement, the goal is  to forward visibility of the capital markets in both UAE and Hungary.   The two parties are developing joint efforts to develop and promote ETF products, aiming to offer investors in both markets access to a broader range of current and diversified investment options.  Additionally, BSE and ADX plan to explore opportunities for dual listings and cross-border trading between the exchanges.   ADX and BSE are planning to join the Tabadul Hub, Abu Dhabi’s premier digital exchange operating on a mutual market access framework produced by ADX in 2022.   Moreover, the two exchanges intend to trade their best practices, extending to market and product developments, IT capacity building, and regulatory practices.   Commenting on the agreement, Tibor Tóth, CEO of the Budapest Stock Exchange, said, “We are confident that these new initiatives will make our markets even more attractive to both domestic and international investors. Tabadul is a unique platform and initiative providing exciting opportunities for BSE.” This follows ADX’s partnership with HSBC and FAB in early July, launching the MENA region’s first digital bond listing powered by distributed ledger technology. The post ADX and BSE sign MoU agreement to promote international market growth and visibility appeared first on The TRADE.

Broadridge has named Munish Gautam as global head of trading platforms – product management, within the firm’s trading and connectivity solutions business (BTCS). Munish GautamLondon-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.  He will report to Brian Pomraning, chief product officer at Broadridge Trading and Connectivity Solutions, who said: “Munish has a proven track record developing and managing comprehensive trading solutions at a global scale, and we are delighted to welcome him to the team. “His extensive experience in building high-performance trading systems coupled with a deep understanding of global market structure and regulatory environments will be instrumental as we continue to evolve our solutions to deliver transformative innovation to our clients.” 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.  Speaking to his appointment, Gautam said: “I’m excited to join Broadridge at such a pivotal moment for the global markets. Clients today need trading platforms that not only deliver low-latency cross-channel execution and adaptability but also respond to ongoing regulatory and structural changes. “I look forward to building on Broadridge’s collaborative, innovation-driven culture to deliver an agile, resilient and data-powered trading ecosystem that keeps our clients ahead of the curve.” Gautam’s appointment follows a string of hires for Broadridge in recent months. In June 2025, the firm named Kenneth MacHarg as its new managing director, global head of futures and options trading. Additionally, the firm also further expanded its product management team in April, with Ian Williams assuming the role of vice president of product management based in Toronto, while Anand Chintala joined as the division’s senior director in New York. The post JP Morgan director joins Broadridge as global head of trading platforms appeared first on The TRADE.

The UK’s first regulated digital securities exchange, Archax, is set to acquire Germany-based digital asset manager, Deutsche Digital Assets (DDA), as part of a push to expand the exchange’s EU footprint. Graham RodfordThe exchange has said that the acquisition will allow Archax to expand into Germany and France, as well as enhance its regulatory stack with the additions of advisory, distribution, portfolio management and contract brokerage permissions. Specifically, DDA currently holds approximately $70 million assets under management (AUM), and its offering covers crypto exchange-traded products (ETPs), institutional products as well as distribution channels connecting banks and asset managers across Europe.  “Archax is an ambitious business, and we believe that our regulatory structure is on the way to becoming one of the most extensive in the digital asset industry, and acquiring DDA furthers that ambition,” said Graham Rodford, chief executive and co-founder of Archax. “Germany and France for example, two of the largest and most regulation-driven markets in Europe, are covered via DDA’s existing structure and relationships.” Read more – Aberdeen Investments, Lloyds Banking Group and Archax leverage digital assets in UK-first trade The move is set to complement the increasing growth of digital assets and crypto ETPs in the UK market in recent months, with both Euronext and Cboe Clear Europe expanding to add the services to their offerings, following the Financial Conduct Authority’s approval of UK listings of crypto ETPs in early 2025.  Maximilian Lautenschläger, managing partner at DDA said: “Joining their [Archax’s] family creates incredible synergy: we bring deep access to institutional investors across Germany, France, and Switzerland who are actively looking for tokenised products.  “At the same time, Archax opens the door to the UK market, where crypto ETPs are now gaining momentum among professional and soon, retail investors. Together, we’re building what we believe will become the leading European digital asset champion.” The post Archax to expand EU footprint with Deutsche Digital Assets acquisition appeared first on The TRADE.

Elijah Diallo has joined Vegah Trading as a proprietary trader following his departure from Magellan Capital, The TRADE can reveal.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.The TRADE’s Rising Stars of Trading and Execution Awards is returning for its eleventh year, and nominations are now open to recognise the brightest up-and-coming talent across trading and execution for 2025.Read more: Rising Stars of Trading and Execution 2025 nominations now openPreviously in his career, Diallo has 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 served in a range of roles at firms including Mubasher Financial Services, EFG Hermes, Exotix Capital, and Convergex. The post Magellan Capital head of trading joins Vegah Trading appeared first on The TRADE.

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.Read more – Former Barclays market structure expert Coupe lands Susquehanna fixed income trading roleHis appointment follows that of Matt Coupe who was appointed to Susquehanna’s fixed income trading team in June.Susquehanna had not responded to a request for comment at the time of publishing.The post Morgan Stanley systematic market maker joins Susquehanna in quant trading role appeared first on The TRADE.

UBS and the London Stock Exchange Group (LSEG) have signed a multi-year strategic partnership which will see the bank adopt LSEG’s full suite of data and analytics solutions. Sergio ErmottiSpecifically, the suite will be applied across asset classes, business franchises and the trade lifecycle at UBS. Sergio Ermotti, chief executive at UBS, said: “this expanded partnership reflects our shared commitment to innovation, efficiency, and delivering differentiated value to our clients.“As we continue to execute on our integration strategy, the longstanding trusted partnership with LSEG will be important in unlocking synergies, supporting scalable and long-term revenue growth across the Group.” The decision is set to contribute to cost synergies and operational efficiencies, according to UBS.The consolidation of data infrastructure, enhancement of data cataloguing, and streamlining of data governance and access across the bank is set to be particularly beneficial for clients. UBS is also set to leverage the LSEG Workspace offering, including cloud-native analytics, AI-powered modelling tools, and enhanced interoperability across platforms. “Our focus is on delivering high-quality, multi-asset class solutions that support our partners’ and customers’ evolving needs,” said David Schwimmer, chief executive, LSEG.“We look forward to working closely with UBS to enable mutual, sustainable growth for both organisations, and the wider market.”The post UBS and LSEG unveil multi-year data and analytics partnership appeared first on The TRADE.

Bloomberg has expanded its leveraged loan index offering and data solutions for European and global markets in a bid to provide greater investor insight into the fixed income market. Jasvinder SinghThe expansion builds of Bloomberg’s interconnected syndicated loans solutions and includes the launch of the Bloomberg European Leveraged Loan Index and the Bloomberg Global Leveraged Loan Index, both of which were built with BVAL, Bloomberg’s evaluated pricing service. The firm has said that the expansion addresses increasing investor demand for transparent and varied syndicated loan benchmarks, to provide insight into the European market as well as assist global investors in accessing a cross-market oversight.  “Following the introduction of our US Leveraged Loan Index, demand from clients, particularly in Europe, for more benchmarks for leveraged loan investments has been strong and consistent so this is a natural next step,” said Jasvinder Singh, fixed income index product manager at Bloomberg Index Services Limited.  Specifically, the Bloomberg European Leveraged Loan Index includes broadly syndicated loans denominated in EUR and GBP, a 150 million local currency minimum size threshold, as well as covering rated and unrated loans.  The Global Leveraged Loan Index integrates broadly syndicated loans for US, Europe and other markets’ public and private companies. Scott McMunn, chief executive of the Loan Market Association (LMA) said: “we’re excited to see the launch of Bloomberg’s new Leveraged Loan Index and the expanded coverage of European loan data. In a market where data is everything, this marks a significant leap forward.” The expansion follows further recent data developments spearheaded by Bloomberg in recent months. In July 2025, Bloomberg FX Fixings (BFIX) announced that it would include EBS Market’s spot FX transactions in its offering, as part of an agreement between Bloomberg Index Services Limited (BISL) and CME Group.   The integration is expected to assist clients and market participants in matching BFIX, to enhance efficiency and reduce risk. The post Bloomberg builds out leveraged loan indices to European and global markets appeared first on The TRADE.

Market infrastructure group CLS has unveiled its newly redesigned CLSClearedFX service, in a bid to provide a consolidated settlement model for central counterparties and their clearing members.  Tharidu GamwaraThe redesign builds on CLSClearedFX’s current platform, a payment-versus-payment settlement service allowing CCPs and clearing members to settle clear FX and derivative trades while simultaneously mitigating risk.  Through the offering, CCPs will be able to integrate flows into the main CLSSettlement sessions to connect and submit bilateral settlement instructions for their clearing members, with the aim of enhancing risk mitigation, operational efficiency and liquidity.  Additionally, LCH Forex Clear has been named as the first CCP to go live on the platform, combining its settlements of cleared deliverable FX contracts into the main CLSSettlement session.  Tharidu Gamwara, managing director, business manager for global currencies and emerging markets trading at JP Morgan said: “CLSSettlement and LCH ForexClear are industry leading post-trade FX solutions. The operational efficiencies derived from both services will be advantageous to our business, offering multiple benefits that come from cleared FX trades being integrated in the main CLSSettlement session through CLSClearedFX.” Through LCH ForexClear’s integration, the new offering is expected to address challenges associated with separate workflows and provide a more consolidated service, to ultimately reduce settlement costs.  Andrew Batchelor, head of ForexClear, LCH said: “LCH ForexClear was developed in response to customer demand for solutions that mitigate counterparty credit risk and provide improved financial resource efficiencies. ForexClear and CLS operating under the new redesigned service, will be instrumental in continuing to provide more efficient risk management in the global FX market.”The post CLS redesigns CLSClearedFX service to enhance settlement offering appeared first on The TRADE.

US broker Clear Street is moving to cut down its UK-based team just eight months after bolstering the unit to support its expansion in the region following its entry in December 2024, The TRADE can reveal.  According to several sources familiar with the matter, among the key departures are Matthew Cyzer, head of markets, execution; Phillip Hylander, managing director, execution; and Luke Holmes, managing director, sales trading. Others are expected to take place in the coming days, The TRADE understands.  Clear Street did not respond to a request for comment when approached by The TRADE. Read more – Clear Street appoints trading experts to senior positions as it bolsters UK operations The trio were appointed in February of this year alongside Stuart Holt, managing director, client distribution and strategy, equities and Tarquin Orchard, global head of event-driven strategies as the firm looked to expand its UK presence following its launch and FCA approval in the region in December last year. Clear Street has been vocal in its attempts to expand in the UK. Just last week Financial News reported that the firm was looking to target wins with UK asset managers and hedge funds by leveraging its newly appointed team.  Jacinda Fahey, CEO of Clear Street UK and Europe, commented in February: “we are building a sustainable business in the UK with scalable infrastructure to ensure we continue delivering innovative solutions tailored to our clients’ needs. These leadership appointments reflect our dedication to hiring top-tier talent and driving long-term success.” More to follow… The post Clear Street makes cuts to UK team months after appointments appeared first on The TRADE.

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 dealers assistant positions at the firm.  Hewitt confirmed his new role in an announcement on social media.  Canaccord Genuity had not responded to a request for comment at the time of publication.  The post Canaccord Genuity taps HSBC for equity sales trader appeared first on The TRADE.

The London Stock Exchange Group (LSEG) may become the first trading venue to pave the way for 24-hour trading in Europe and the UK. First reported by the FT on Sunday, a source familiar with the matter has suggested to the publication that LSEG is exploring a shift to extended hours to address an increasing demand for longer trading windows from small investors trading on smartphones outside of the current 8am to 4:30pm market hours.  The group is believed to be considering the technological and regulatory implications of the move, as part of further discussions surrounding the creation of new products and services.  LSEG declined to comment when approached by The TRADE. A shift to either extended trading hours or 24-hour trading would make LSEG the first UK or European trading venue to move to this model and follows a marked uptake in interest in the US, following the rise of crypto and retail participation. Over the past few months, platforms such as OTC Markets and Blue Ocean Technologies have announced partnerships expanding their out of hours trading offering.  Read more – LiquidityBook leverages Blue Ocean ATS to extend overnight trading Similarly, in October 2024, the New York Stock Exchange (NYSE) proposed plans to extend weekday US equities trading to 22 hours a day, while 24X National Exchange received approval from the US Securities and Exchange Commission (SEC) for near-continuous sessions for equities trading.  Cboe Global Markets also revealed plans in February to expand its trading hours for US equities, moving to a 24/5 model, subject to regulatory approvals. This was followed by news revealed in March that Nasdaq had begun engaging with regulators to enable 24/5 trading on the Nasdaq Stock Market.   Read more – An un-unified approach to expanding equities trading hours The question of whether Europe should follow its overseas counterparts and move to extended trading hours has gained considerable traction in recent months, yet overall sentiment appears to be uncertain. The role of retail has been central to the debate, with many in the industry noting a marked difference in volumes in the UK and Europe than those seen in the US.  “Retail is probably around 5% of the market in Europe, compared to 20–25% in the US,” said Chris Collins, senior trader at Lazard Asset Management, speaking to The TRADE. “There’s just not the same scale or structure of retail activity here. So, building policy around the US model risks missing the mark.”  Read more – Rethinking market hours: Why Europe should follow behaviour, not headlines Additionally, Europe’s primary markets operate the longest continuous equity trading day in the world, with most of them running at eight and a half hours. However, many in the UK and Europe believe that aligning primary hours with natural liquidity formation instead of extending hours instead will bring the most benefits.  Collins said: “It’s easy to assume that 24-hour access equals round-the-clock activity,” he says. “But when you drill into the numbers, it’s a rounding error. The real liquidity is still concentrated during the main session. The rest is mostly noise.”  The post Is LSEG set to become first venue to move to 24-hour in Europe and the UK? appeared first on The TRADE.

SIX Adam Matuszewski has rejoined SIX as managing director and part of the management committee for exchanges, following a year-long stint at Citadel Securities, The TRADE can reveal.   London-based Matuszewski returns to SIX after having previously left in February 2024 following a 10-year tenure with the firm.   During his time at the exchange, he served as head of equities and executive director, as well as covering various product management roles in equities.   After leaving SIX, he joined Citadel Securities as head of EMEA business development in March 2024.   Marex Serhan Eryuksel has joined Marex’s outsourced trading team, focused on sales in the UK, Europe and MENA. London-based Eryuksel most recently spent 15 years at UBS – predominantly in senior sales and equity trading roles before heading up the business development of UBS’ outsourced trading platform across EMEA.  At UBS he also served as trading back-up for the London multi-asset trading desk. Previously in his tenure, Eryuksel has also served as director of global emerging markets sales trading and head of equity trading and vice chair of UBS in Turkey. Massimo Labella, co-head of international prime brokerage and outsourced trading at Marex, said: “Serhan’s arrival strengthens our ability to connect with managers across regions and strategies, as demand for outsourced trading continues to grow.” Liquidnet Juan Ferrer Pons has joined Liquidnet as a listed derivatives sales trader, as part of the firm’s wider push to expand its listed derivatives business.   In his new role, Ferrer Pons will be based out of Madrid and is set to support the firm’s members in Continental Europe by providing tailored liquidity solutions and helping them navigate local markets to enhance regional execution.   Ferrer Pons joins from TP ICAP, where he worked as an equity derivatives broker for more than three years.   Previously in his career, he also spent almost 15 years at BBVA, where he covered trading roles including volatility, equity derivatives and funds of hedge funds (FoHF).   Clear Street Chris Tufano has joined Clear Street as the firm’s new head of clearing, following an almost nine-year tenure at Bank of America.   New York-based Tufano brings more than 20 years of industry experience to his new position, which will see him working towards delivering a robust clearing platform and client experience alongside the firm’s trading, risk, operations, technology and client service teams.   He is also set to oversee the business’ margin, collateral and settlement processes.   Speaking on his appointment, Tufano said: “I’m proud to join Clear Street to lead the broker-dealer clearing division at a time when the industry demands scalability, speed and simplicity.” During his time at Bank of America, he served as a managing director, member of the board of directors and global head of clearing and prime brokerage platform transformation.  He has also previously held senior roles at Morgan Stanley and Goldman Sachs, working across areas including electronic trading, broker dealer clearing business, product development and account management.   TD Securities Yi Chi Lin has joined TD Securities as director, US head of fixed income and FICC trade surveillance.   New York-based Lin joins after serving more than seven years at BNP Paribas CIB, most recently as AMER head of quality assurance.   During his time at the firm, he also held the positions of vice president, FICC trade surveillance manager and assistant vice president, compliance trade surveillance analyst.  Previously in his career, he spent almost eight years at Jefferies as a senior FX trader.  Before this, he also worked as an FX trader at MUFG and a currency spot dealer and trader at FXCM.  The post People Moves Monday: SIX, Marex, Liquidnet and more… appeared first on The TRADE.

Yi Chi Lin has joined TD Securities as director, US head of fixed income and FICC trade surveillance.  New York-based Lin brings extensive FX trading and FICC compliance trade surveillance experience to his new position, which he joins after serving more than seven years at BNP Paribas CIB, most recently as AMER head of quality assurance.  During his time at the firm, he has also held the positions of vice president, FICC trade surveillance manager and assistant vice president, compliance trade surveillance analyst. Previously in his career, he spent almost eight years at Jefferies as a senior FX trader. Read more – Fireside Friday with… TD Securities’ Matthew Schrager Before this, he also worked as an FX trader at MUFG and a currency spot dealer and trader at FXCM. Lin confirmed his new position in an announcement on social media.  TD Securities had not responded to a request for comment at the time of publication.  The move follows the addition of Greg Levett, Neil McKay and David Abraham as TD Securities’ new managing directors of its event driven sales and trading team in April 2025. All three hires transferred from BTIG and are expected to build the firm’s presence across European equities and special situations.  The post TD Securities appoints US head of fixed income and FICC trade surveillance appeared first on The TRADE.

EuroCTP has welcomed the Bratislava Stock Exchange as its sixteenth shareholder ahead of the European Securities and Markets Authority’s (ESMA) selection of the consolidated tape provider (CTP) for equities expected later this year.  Eglantine DesautelThe addition of the exchange now expands EuroCTP’s shareholder base to include all 27 EU member states, and the firm has said that the move aligns with its vision to create a pan-European participant for the ESMA tender.  Speaking on the addition, Eglantine Desautel, chief executive of EuroCTP said: ““We are excited to welcome Bratislava Stock Exchange among our shareholders. EuroCTP now has secured shareholders from all 27 EU Member States, reflecting our ambition to build a pan-European market infrastructure. As a joint venture, EuroCTP remains open to new shareholders who share its vision of advancing the EU’s single market.”Among the other shareholders are European exchange groups including the Budapest Stock Exchange, SIX, Euronext, Cyprus Stock Exchange, Athens Exchange Group and Nasdaq.  In a statement published on social media, the Bratislava Stock Exchange commented: “This is an important milestone that strengthens our common European presence and gives weight to the shared vision of developing an integrated capital market in the EU.” Read more – EuroCTP’s Eglantine Desautel on the future of European market structure Currently, EuroCTP is the only confirmed bidder for the equity tape, after bigxyt dropped out of the bidding process in June 2025, citing a lack of necessary financial support as the main reason for the withdrawal.  The addition of the Bratislava Stock Exchange also follows recent news that ESMA had unveiled a list of more than 40 potential data contributors for the equity CTP, which included Aquis Exchange, Bloomberg, Cboe, Euronext, LSEG, Nasdaq and Tradeweb. The selection process for the equity CTP began on 12 June 2025, with applications open until 25 July, and ESMA has said that a decision is expected to be made by the end of the year.   The post Bratislava Stock Exchange becomes EuroCTP’s sixteenth shareholder appeared first on The TRADE.