Let’s discuss the integration of digital assets and tokenised instruments into mainstream portfolios, what’s front of mind for the buy-side? At Prescient, we approach digital assets and tokenisation through a practical, data-driven lens: does this improve capital efficiency, execution quality and portfolio transparency? In theory, digital rails offer faster settlement – moving from T+2 toward near real-time – as well as simultaneous exchange of cash and securities without settlement lag. That could reduce counterparty exposure and improve capital usage. But those benefits only matter if they integrate seamlessly with existing custody, clearing and regulatory frameworks. Digital instruments must align with portfolio systems, custodians, administrators and reporting requirements. If post-trade infrastructure is not aligned, complexity increases rather than decreases. As we explore how a fund structure might operate on digital rails, we are working through practical questions: how settlement interacts with existing clearing models, how custodians reflect holdings, and how to ensure credible market makers and liquidity providers support secondary trading. From an exchange perspective, we see blockchain less as disruption and more as infrastructure modernisation. Exchanges such as the JSE are likely to embed distributed ledger efficiencies into established frameworks – enhancing settlement and compliance while preserving regulatory oversight and market integrity. Adoption will follow alignment. Which roadblocks could appear when it comes to that integration? The constraints are structural rather than technological. Traditional exchanges operate within central securities depositories and clearing houses that provide legal certainty and defined counterparty protections. If digital settlement models do not integrate with those systems, the theoretical advantages of faster settlement cannot be fully realised. Liquidity formation is equally critical. For any instrument to function at institutional scale, there must be participants willing to continuously quote two-way prices and commit balance sheet. Liquidity providers and market makers absorb order flow, tighten spreads and facilitate execution without excessive price impact. Without them, bid-offer spreads widen, price discovery weakens and institutional trade sizes become difficult to execute efficiently. In tokenised markets, this challenge is amplified. Liquidity is often fragmented across multiple venues, and market-making capital may be limited or opportunistic rather than structural. In environments that include exchanges, alternative trading systems and crypto-native platforms such as Luno, liquidity can disperse rather than consolidate – complicating best execution and increasing transaction costs. Regulatory clarity remains foundational. Asset segregation, venue oversight and settlement finality must meet the same standards as traditional markets. In our experience, innovation scales when regulation, infrastructure and committed liquidity provision evolve together. Without that alignment, efficiency remains theoretical. Your panel unpacks evolving client mandates – how are shifts in alpha expectations, ESG integration and passive vs active investing changing buy-side strategy? We are seeing mandates become more structurally engineered and more outcome-focused. Globally, portfolio construction is increasingly taking on a barbell shape: highly liquid ETF exposure on one end, and private markets or alternative assets on the other. While this trend is more developed offshore than in South Africa, it reflects a broader objective – combining scalable, low-cost beta with differentiated sources of return that are less correlated to public markets. ETFs have evolved into core portfolio building blocks. They provide intraday liquidity, efficient balance sheet usage and flexible tactical allocation. For trading desks, this shifts attention toward secondary market liquidity, authorised participant activity and creation/redemption dynamics. Actively managed ETFs are also gaining traction globally. They combine active portfolio construction with exchange-based access and transparency, reshaping distribution economics and increasing real-time pricing scrutiny. This environment strengthens the case for portable alpha and enhanced indexation. Separating beta from alpha – holding low-cost index exposure while overlaying systematic, data-driven return streams – can deliver more efficient return enhancement than traditional high-fee active mandates. Strategically, we are balancing liquidity, access and differentiated alpha. Execution capability, risk discipline and data infrastructure are central to delivering consistent outcomes. The post TRADE Talks: Prescient Investment Management’s Cheree Dyers appeared first on The TRADE.

BMLL has partnered with AI-driven surveillance solutions firm, Features Analytics, to support the development of new trade surveillance benchmarking and market integrity analytics products. Paul HumphreyUnder the partnership, Features Analytics will build new surveillance benchmarking tools on top of BMLL’s harmonised historical Level 3, 2 and 1 order book data spanning global equities, ETFs, futures and US equity options. The collaboration is designed to enable firms to independently measure how their surveillance frameworks are performing, including like-for-like benchmarking of market abuse detection rates across incumbent solutions.  The products will also provide “regulator-ready, explainable evidence trails grounded in real-world reconstructed order book behaviour,” according to the firms. Paul Humphrey, chief executive of BMLL, said: “Market integrity and surveillance are a natural application layer on top of high-quality historical order book data. This partnership reflects our focus on enabling sophisticated workflows on top of BMLL data, now extending beyond market quality into market integrity and surveillance benchmarking use cases.” Read more – BMLL and Saudi Tadawul Group launch new analytics platform Specifically, the initiative is intended to address ongoing challenges around model benchmarking and risk measurement in trade surveillance, particularly where legacy, parameter-heavy systems generate high false positive rates and require continuous recalibration. Cristina Soviany, chief executive and co-founder of Features Analytics, added: “Our mission is to help financial institutions stay ahead of regulatory requirements.. Access to deep, harmonised, high-quality historical order book data through BMLL’s Activate program supports faster development and validation of the new products we are bringing to market.” The post BMLL and Features Analytics partner to launch surveillance benchmarking capability appeared first on The TRADE.

Bombay Stock Exchange (BSE) has selected ITRS, a real-time observability platform, to provide real-time monitoring across its trading infrastructure, as part of efforts to bolster operational resilience and modernise its technology environment. Ryan Terpstra.Through the integration, the exchange will deploy ITRS’ Geneos platform, alongside ITRS Analytics, to deliver end-to-end visibility across critical components of its trading systems.  The move is intended to improve uptime service level agreements (SLAs), enable faster identification of potential issues, and support business continuity. Read more: ION becomes certified algorithmic trading vendor on BSE Sundararaman Ramamurthy, managing director and chief executive of BSE, said: “In today’s fast-paced and regulated markets, real-time system visibility is essential. Our partnership with ITRS enhances proactive monitoring, supports seamless trading, and strengthens BSE’s operational resilience.” The partnership is also expected to align with operational resilience guidelines set out by the Securities and Exchange Board of India (SEBI), while laying the groundwork for a more centralised, command-centre-led monitoring model. Read more: Fintech Raptor partners with trading technology provider OmneNEST to drive growth in the Indian markets Ryan Terpstra, chief executive of ITRS, added: “Our platform is purpose-built for mission-critical environments where downtime is not an option. By delivering real-time observability, we help BSE meet evolving regulatory requirements and maintain market stability, while supporting their strong business growth with resilient, future-proof technology.” ITRS provides real-time IT observability solutions to financial services firms and other regulated industries globally, with its Geneos platform widely used across capital markets to monitor trading and post-trade systems. The post Bombay Stock Exchange selects ITRS to strengthen real-time monitoring capabilities appeared first on The TRADE.

Jefferies has selected TS Imagine’s integrated order and execution management platform to power its fixed income outsourced trading offering. Joram SiegelThe SaaS platform will allow Jefferies to scale operations while maintaining risk controls, streamlining workflows, and improving execution across fixed income markets.  Moreover, the move is also expected to position Jefferies alongside firms which unify trading, portfolio management, and risk oversight in a single infrastructure. Rob Flatley, chief executive of TS Imagine, said: “Our platform is purpose-built and tailored for Jefferies to meet the sophisticated needs of its institutional clients, and we look forward to supporting Jefferies with cutting-edge tools that increase client efficiency, insight, and performance now and into the future.” Read more – Fireside Friday with… Jefferies’ Mohit Kumar TS Imagine’s platform combines order and execution management with portfolio and risk analytics, enabling banks and asset managers to connect trading strategies with real-time market intelligence.  For Jefferies, the adoption is also part of a broader push toward next-generation technology to support fixed income execution at scale. Joram Siegel, global head of fixed income outsourced trading at Jefferies, added: “Built on a robust trading infrastructure that combines experienced professionals, leading technology, and operational support, we provide clients with institutional-grade capabilities without significant fixed investment.” The post Jefferies taps TS Imagine’s SaaS platform to bolster fixed income outsourced trading appeared first on The TRADE.

London Stock Exchange Group (LSEG) has signed a multi-year collaboration agreement with Standard Chartered that will see the bank adopting LSEG’s multi-asset class data, news and analytics at enterprise scale. The agreement will support Standard Chartered’s operating model by consolidating market data access across the organisation, introducing consistent rights management and delivery, and streamlining governance and entitlements. As part of the deal, the bank will look to improve catalogue and data lineage oversight, while simplifying how content is accessed across its corporate and investment banking division. Gianluca Biagini, group co-head, data and analytics at LSEG, said: “We’re pleased to deepen our relationship with Standard Chartered. With broad coverage, transparent usage rights and flexible delivery via feeds, APIs and cloud channels, we’ll support the Bank’s efficiency today – and its future innovation.” Read more – Standard Chartered expands Coinbase partnership to further develop digital asset trading for institutional clients The collaboration spans front-to-back workflows across markets, risk, finance and wealth, and is intended to strengthen control, auditability and regulatory alignment across the bank’s data environment. Mark Price, chief operating officer, corporate and investment banking at Standard Chartered, added: “This agreement gives our teams a single, governed pathway to high-quality multi-asset class content. Consolidating access and entitlements will help us simplify our data landscape, enhance controls and deliver new client value, faster.” The integration is the most recent in a spate of data-based partnerships for LSEG. Earlier this week, the firm entered a partnership with Bank of America, which will enable the bank to provide its clients with access to LSEG’s data, analytics and workflow capabilities.   Similarly, in December 2025, Citi and LSEG collaborated, to allow the firm leverage LSEG’s data, analytics and workflow solutions at enterprise scale.  The post LSEG and Standard Chartered unveil multi-year enterprise data agreement appeared first on The TRADE.

What’s front of mind when it comes to driving capital-market innovation in South Africa?What’s front of mind for me is how South Africa can build deeper, more resilient capital markets without losing the strengths it already has. The country has credible market infrastructure, strong institutions and a sophisticated domestic investor base, which many emerging markets would envy.The challenge now is to reduce friction – in issuance, trading and post-trade – while broadening participation in a way that attracts long-term capital rather than short-term flows. Global investors are very clear that transparency, governance and policy credibility matter at least as much as technology.Innovation therefore has to be practical rather than cosmetic: better data, faster settlement, more efficient access for issuers and investors, and regulatory clarity that gives confidence over time.If South Africa can combine modern market infrastructure with regulatory consistency and strong rule of law, it can position itself as a genuine gateway market, not just regionally but globally. That, ultimately, is what unlocks sustainable capital formation.What does ‘building the next generation of capital markets’ really mean?When people talk about next-generation capital markets, it’s easy to focus on new products or headline technologies, but the real shift is more fundamental. The next generation is about markets that are simpler to access, cheaper to use and more resilient under stress. That means modernising core infrastructure – data standards, clearing, settlement and reporting – so information flows more cleanly across the system.The BIS has been very clear that data quality is now a form of financial stability infrastructure in its own right. It also means using technology selectively, not ideologically: cloud, AI and distributed ledgers where they genuinely reduce cost or risk, not where they simply sound innovative.Just as important is governance. As markets become more automated and interconnected, operational resilience, cyber security and clear accountability frameworks become critical. Finally, collaboration matters. Regulators, exchanges and market participants need structured ways to test and refine new ideas together. The goal isn’t complexity – it’s markets that work better, especially in periods of volatility.  What regulatory lessons should emerging markets take from elsewhere? One of the clearest lessons from advanced markets is that strong foundations matter more than any single reform. The IMF and World Bank have consistently shown that disclosure standards, enforcement credibility and legal certainty are what anchor investor confidence over time. Emerging markets should also avoid overly prescriptive regulation that struggles to keep pace with innovation. Risk-based, technology-neutral frameworks tend to be more durable. That said, there is real value in forging a different path. Emerging markets are not burdened by the same legacy systems and can often leapfrog directly to more digital, efficient infrastructure. Proportionality is also critical – importing complex regulatory regimes wholesale can unintentionally raise costs and reduce liquidity in smaller markets. Another area where divergence can be beneficial is regional integration. By prioritising cross-border harmonisation and market linkages, emerging markets can achieve scale more quickly. The balance to strike is alignment with global standards, while retaining enough flexibility to reflect local market structure and development priorities.  How should markets balance rising retail participation with resilience?The growing influence of retail investors is a structural shift, particularly in emerging markets, and it brings both opportunity and risk. Retail participation can improve liquidity and broaden the investor base, but global experience – well documented by the FT and BIS – shows how quickly sentiment can amplify volatility.The right balance starts with market design. Access should be broadened through diversified, transparent products rather than excessive leverage or complexity. Conduct standards also matter, particularly around digital platforms, marketing and gamification. Education and disclosure need to be continuous and accessible, not treated as a one-off hurdle. From a system perspective, market infrastructure has to be able to absorb surges in volume and volatility without failure, and supervisors need to rely more on real-time data rather than backward-looking reporting. Encouraging innovation and protecting resilience are not opposing goals. Well-designed guardrails allow retail participation to grow in a way that strengthens markets rather than destabilising them.The post Building deeper, more resilient capital markets appeared first on The TRADE.

Legal & General Asset Management has made an addition to its fixed income trading team, appointing James Maddox as a junior credit trader.  London-based Maddox joins the firm after more than two years at TSB Bank, where he initially joined as a Treasury junior analyst in 2023, before later being promoted as a dealer, covering swaps, gilts, SSA and covered bonds, repo and FX.  Prior to this, he also worked across multi-faceted investment strategy in equities at hedge fund RAB Capital.  Read more – LGIM fixed income trader swaps buy-side for sell-side to join HSBC Maddox also gained early career experience at firms spanning JM Finn and Killik & Co.  Legal & General confirmed the appointment when contacted by The TRADE.  The post Legal & General Asset Management appoints fixed income trader appeared first on The TRADE.

AllianceBernstein has selected global fintech SimCorp as its core investment partner as the firm looks to enhance its front-to-back infrastructure.  Karl SprulesThe partnership is set to build on AllianceBernstein’s existing technology, by incorporating all-in-one investment management platform, SimCorp One into its core front-to-back infrastructure.  Specifically, the offering is set to provide AllianceBernstein investment teams with greater access to centralised and real-time data, through both market-leading and proprietary trading tools.  “We look forward to transforming our firm’s existing infrastructure to empower our investment teams, serve our global clients, and scale for the future,” said Karl Sprules, chief operating officer of AllianceBernstein.   “Through SimCorp One, AllianceBernstein’s front-, middle-, and back-office platforms will be unified on a single, cutting-edge investment platform.” Read more – MSCI and SimCorp expand partnership to enhance buy-side access to private market data  Integration of SimCorp One is currently underway, with benefits such as enhanced innovation, expertise and data efficiencies are expected to be implemented throughout AllianceBernstein’s infrastructure and investment teams.  The core investment data platform is set to be the first feature incorporated into AllianceBernstein’s front-, middle-, and back-office platforms, as part of a multi-year phased implementation.  Allen Zimmerman, head of Americas at SimCorp, said: “Innovation is rooted in AllianceBernstein’s DNA, and it has enabled their team to service some of the world’s most sophisticated clients.  “SimCorp One will help amplify AllianceBernstein’s continued competitive edge in major markets.” The post AllianceBernstein selects SimCorp to transform front-to-back infrastructure appeared first on The TRADE.

LSEG and Bank of America have entered a multi-year partnership, which will enable the bank to provide its clients with access to LSEG’s data, analytics and workflow capabilities.  Fernando VicarioThrough the collaboration, LSEG’s data and analytics solutions will be integrated across key areas of Bank of America’s business and platforms, with the aim of supporting clients with market condition analysis, trend interpretation and decision making.  Specifically, the new offering will provide access to LSEG’s integrated workflow solutions through LSEG Workspace, and is supported by APIs and enterprise platform. Moreover, the integration also includes LSEG’s World Check risk intelligence data to bolster Bank of America’s compliance, screening and monitoring processes across both markets and jurisdictions.  Fernando Vicario, chief executive of Merrill Lynch International and UK country executive at Bank of America, said: “Trusted, high quality data is essential to how we support clients and manage risk. Partnering with LSEG provides a unified, governed source of intelligence that strengthens our solutions, empowers client decision making and enhances how we innovate and execute.  “Integrating LSEG’s capabilities across our workflows will enable faster insight generation and a more seamless experience for our clients.” Read more – LSEG and FINBOURNE partner on fixed income analytics offering In addition, LSEG will also provide AI-ready content through the integration, to speed up and enhance analysis and insight generation across the bank’s client workflows.  “By powering Bank of America’s ecosystem with our analytics and workflows, including LSEG Workspace, we are supporting the bank’s transformation ambitions while strengthening governance and risk management,” said Gianluca Biagini, group co-head of data and analytics, LSEG.  “This will equip Bank of America with the trusted data needed to deliver deeper insights, streamline decision making and drive new value across client workflows.” The new offering marks LSEG’s most recent partnership, following the firm’s multi-year data and analytics collaboration with Citi to enhance quality and speed of client delivery.  The integration, announced in December 2025, will leverage LSEG’s data, analytics and workflow solutions at enterprise scale, to enhance Citi’s data foundations and support the firm’s front-to-back workflows across its business lines. The post LSEG and Bank of America enter multi-year data, analytics and workflow partnership appeared first on The TRADE.

Chloe Shepherd has joined BBVA as a vice president, repo trader, based in London.  Shepherd joins the Spanish bank after nearly three years at Citi, where she worked as a credit repo trader in locations spanning both London and Hong Kong.  Prior to this, she served at RBC Capital Markets for five years, initially joining as a credit trading analyst in 2018, before later being promoted as a repo trader, associate in 2019.  Read more – BBVA rates and FX trader joins HSBC She also gained early career experience in global markets sales and trading at RBC.  Shepherd confirmed her new role in an announcement on social media.  BBVA had not responded to a request for comment at the time of publication.  The post Citi credit repo trader joins BBVA  appeared first on The TRADE.

ETS Connect UK, provider of the UK bond consolidated tape (CT), has confirmed the members of its Consultative Committee following an open application process, which opened on 16 December. James Oliver.The 20 voting members were selected based on their industry experience, seniority and their capacity to contribute effectively to the development of the UK bond CT. The Committee is designed to act as an independent source of expertise and will play a central role in supporting the delivery of high-quality, comprehensive bond market data to all market participants.  Specifically, the members will provide input, advice and recommendations to the Board on matters including costs, performance and data quality.  James Oliver, chief financial officer at Etrading Software, said: “This Committee will play a vital role in enhancing our governance framework by bringing together key stakeholders and expert voices to advise on strategic priorities.  “Its appointment reflects our commitment to robust oversight, transparent decision-making, and building the long-term value of the consolidated tape to market participants and other users of the service.” Overall, the Committee comprises 11 data users, five data contributors, three vendors and one academic, with a particular emphasis on representation from the user community, with representatives including senior figures from BlackRock, Citadel and Janus Henderson Investors.  Appointees include Laura-Jane Carlyle, director of global fixed income trading at BlackRock; Jason Recordon, head of European fixed income trading at Janus Henderson Investors; and Virginie Saade, head of government and regulatory policy, EMEA at Citadel. From the data contributor community, members include Liz Carter, managing director, strategic initiatives at Tradeweb, and Eddie Coghlan, global head of regulatory reporting technology at TP ICAP Group. Speaking to The TRADE, Sassan Danesh, chief executive officer of Etrading Software, said: “We are delighted with the quality of applicants we received across the spectrum of CT stakeholders. Advice from committee members will help the CT remain responsive to industry needs.” ETS Connect UK has also invited trade associations to apply to join the Committee as observing members, with appointments expected to be announced by 2 March 2026. The Committee’s first meeting is scheduled for 10 March 2026. The post ETS Connect UK announces UK bond consolidated tape Consultative Committee members  appeared first on The TRADE.

The Association for Financial Markets in Europe (AFME) has affirmed its support for the Financial Conduct Authority’s (FCA) proposal to establish a commercially viable UK equity consolidated tape, following a recent framework consultation.  The FCA launched the consultation on the framework on 19 November 2025, with interested entities invited to provide comments until 13 February 2026.   Responding to various questions open during the consultation, AFME announced its backing of initiatives such as the inclusion of both post-trade and attributed pre-trade data in the tape from launch, as well as the publication of end-of-day consolidated post-trade data before the tape goes live.  In a published statement, AFME said: “To support a robust and efficient trading ecosystem, AFME emphasises the importance of a single, competitively tendered tape that offers clarity and consistency for end users.  “We support a straightforward and cost-effective design so that the tape remains accessible and sustainable for all users. Where appropriate, the technical approach should be aligned with the EU model to ensure cross-border efficiency.” In addition, the regulatory body has also underscored its support for the consultation with recognition of the need for more comprehensive reforms to the UK’s Reasonable Commercial Basis (RCB) framework, to resolve broader issues around the cost and availability of market data for users.  The FCA is currently set to launch the UK equity CT in 2027, with the aim of enhancing liquidity visibility and encouraging innovation and confidence in UK equity markets.  The post AFME backs FCA UK equity consolidated tape framework consultation appeared first on The TRADE.

Outset Global  Independent outsourced buy-side equity trading platform, Outset Global, has expanded its global trading team with a string of several senior hires from Tourmaline Partners.   Among those joining Outset’s US team is Laurence Bag, who brings more than two decades of global equity trading experience to his new role, with a key focus on equity market structure and multi-cap strategies.   Previously in his career, Bag served as a partner at Tourmaline Partners for 16 years until his departure in August 2025, and has also worked as a trader at Greenwich Prime Trading Group.   Also appointed alongside Bag is Sean Riley, who will serve as a senior trader, working alongside Outset’s global equities and derivatives execution teams.   Prior to his time at Tourmaline, where he worked until September 2025, Riley co-founded global hedge fund Glade Brook Capital Partners and has also held various head of trading positions at firms including Shumway Capital and GLG Partners, as well as senior roles at Credit Suisse and Prudential Securities.   In addition, Tim O’Halloran has been appointed to a senior leadership role out Outset, and is set to support the firm in accelerating its US expansion in his new position.   Kepler Cheuvreux  Vito Scarola has joined Kepler Cheuvreux’s KCx team as a high touch sales trader.   Based out of New York, Scarola will report to Oliver Mudie, head of sales trading, US client zone, KCx, and is set to support the firm’s continued development of its execution strategy.  Scarola brings extensive trading experience to his new role, and joins the firm from US investment bank Stifel, where he spent nearly three years as a trader covering European equities.   Prior to this, he held various institutional sales trading positions at firms including Carnegie Investment Bank, Handelsbanken and Societe Generale.   Scarola has also served as an equity trader at Solstice Equity Management and Willowbridge Associates.   Earlier in his career, he spent six years as a proprietary trader at Spear, Leeds and Kellogg.   Bernstein Bernstein has named Chloé Bonnaffoux as an equity sales trader, based out of Paris.   Bonnaffoux joins the firm’s Nordic and Dutch cash equity sales trading desk, with her appointment expected to expand Bernstein’s EEA client‑facing capabilities in Paris, as well as reinforce the firm’s Continental and Dutch platform.   In addition, Bonnaffoux’s addition is also set to strengthen the firm’s quantitative and electronic trading capabilities.   Barclays Kanika Malik has joined Sumitomo Mitsui Banking Corporation Group (SMBC Group) as a repo trader.   London-based Malik joins the Tokyo-headquartered bank from Barclays, where she spent more than six years as a treasury funding and risk trader, working across areas including interest rates, asset and liability management and swaps.  Prior to this, she served at Russian investment bank, VTB Capital for almost eight years, initially joining as an associate in June 2011, before later moving up the ranks to become an associate director in 2016.   Previously in her career, Malik has also held a balance sheet management analyst role at HSBC.   The post People Moves Monday: Outset Global, Kepler Cheuvreux, Bernstein and more… appeared first on The TRADE.

Germany has introduced a new legislation for third country regulatory market-makers (RMMs), as part of an effort to ease market access in Europe and reduce bureaucracy for foreign industry participants.  Specifically, the Financial Centre Promotion Act – Standortfördergesetz – will prevent non-EU RMMs from having to establish a physical entity or seek an individual exemption in Germany to operate as a market maker on German regulated exchanges.  Through this reform, these RMMs will be able to participate directly in providing liquidity on these exchanges, removing a significant operational and financial barrier faced by many firms across the world, and marks a step towards creating a level playing field for financial hubs in the EU.  In addition, the move is also set to benefit exchanges such as Eurex, by boosting their role as a continental competitor, and aligns with the firm’s goal to strengthen liquidity and improve entry to European derivatives markets.  “This is a landmark development that directly reflects our long-term strategy of lowering access barriers and boosting liquidity,” said Robbert Booij, chief executive of Eurex. “By removing a significant regulatory hurdle, we are opening the door for additional liquidity providers to access our exchange. This is not just a win for Eurex, but for all market participants who will benefit from more efficient and competitive markets.”   Eurex has also confirmed that it is currently working with firms across the UK, Switzerland, North America and Asia to support them in navigating the new legislation. The introduction of the reform also complements recent efforts made by Eurex to enhance global participation and market efficiency.  In November 2025, the exchange introduced a new ‘Sponsored Access’ model, to enable its members to extend market access to their own end clients through their existing memberships.   The offering aims to broaden market accessibility to a greater variety of trading firms, by allowing existing Eurex members to use their membership to act as sponsors to give their own clients direct and ultra-low latency access to Eurex’s T7 platform and full connectivity suite.  The post Germany introduces new legislation to enhance foreign market maker access in Europe appeared first on The TRADE.

BlackRock’s co-head of global trading, Jatin Vara, is departing the firm to embark on a new chapter after 27 years at the asset management giant.  Vara stepped up to his most recent role following Supurna VedBrat’s departure in January 2023, after being promoted from his previous position leading international and emerging markets trading.  He served as co-head of global trading alongside Daniel Veiner, who was named head of markets at the firm in July 2025.  Vara’s next role is currently unconfirmed.  Speaking in an announcement on social media, Vara said: “After 27 incredible years at BlackRock, I’m closing a chapter that has shaped all of my professional life.  “It has been a privilege to work, learn and build alongside so many talented & driven colleagues across the breadth of the firm. I’m deeply grateful for the experiences, the friendships, and the shared successes over nearly three decades.” BlackRock declined to comment when contacted by The TRADE.  Vara’s departure follows further shake ups across BlackRock’s senior leadership team in recent months.  In December 2025, Paul Battams was named global head of equity trading, after 17 years at the investment management giant.  During his time at BlackRock, Battams has served in various senior trading roles, most recently as head of international equity trading.  The post BlackRock co-head of global trading departs for pastures new appeared first on The TRADE.

While it’s impossible to replace decades of experience following the departure of sector experts, the incoming generation’s aptitude for technology is helping to bridge potential knowledge gaps, according to one buy-side trading head. Speaking about his own experience, Patrick Smith, head of trading Americas at Aberdeen Investments, shared that recent times have seen the firm lose a combined 70 years of experience through two consecutive retirements, highlighting how this phenomenon is contributing to the transition to multi-asset trading.  “We lost two senior FX dealers in the UK to retirement about three or four months apart. It was well telegraphed and we knew it was happening […] but you’re never going to replicate those relationships and that experience. However, with it, the market had changed, and the desk had changed and we saw it as an opportunity to think a little bit differently about how we would solve for that in the future,” he said speaking at the TradeTechFX US conference in Miami. Read more – Multi-asset desks are the way forward argues Schroders’ Gordon Noonan Across the industry, trading teams have continued to lose senior talent, with younger junior traders hitting the desks, highly reliant on exceptional technological capabilities. When it comes to the hiring of these individuals, Smith affirmed that it is a continually demanding mission. “As the years have gone by, the team has gotten more mature and older, and you want to be able to replace them with younger junior traders. Frankly, it’s been a little challenging. A lot of the jobs on Wall Street that were really appealing a generation ago aren’t quite as appealing now. “[…] If we were fortunate to replace people who retired, we went a lot younger – which is good and in some cases we didn’t replace them and people picked up more opportunity, more work. People are doing more with less.” True partnerships When it comes to the current state of play and striking the correct balance between a focus on innovation and relationships, Smith explained that for Aberdeen maintaining connections is very much front of mind. He explained: “At Aberdeen we’re fresh off two weeks of global broker reviews with our top panel of global brokers and there’s long standing relationships that are really important and we don’t want to disrupt that.  “However, we also want to embrace the technology – use automation, use FX algos – so we’ve had some senior equity and credit traders pick that up and be trained. In other instances some had experience from previous jobs and so have taken over a lot of the FX trading.” Read more – Beyond the Data: Hedge funds increasingly beginning to push FX into the algo age as automation accelerates It is in this phenomenon that lies the dilemma for heads of trading – maintaining execution quality and also keeping up with change, whilst also maintaining relationships to partnerships with the sell-side. Smith said: “We know we need the sell-side and we need those relationships, and that’s why we put in the work on broker reviews so there are no surprises and we can have open conversations. We realise we’re not going to replace the experienced traders, those relationships, and so it’s really important we view the sell-side as a true partnership.” Looking ahead, things are set to look different not just within the FX sphere, but across the whole capital markets. Speaking to the changing face of the asset class, Smith explained that in years to come, teams will need to see both an increased acceptance of technology, and also a willingness to learn and change. “We’ll continue to explore automation and benefit from it in an FX perspective, and while it’s difficult to predict what I do know is we’ll be making better use of technology and hopefully we’ll be a little bit younger, and better multi-asset traders across the board.” The post Tech aptitude to bridge experience drain, says buy-side trading head appeared first on The TRADE.

German securities trading bank, Steubing AG, has elected data analytics firm xyt as its nominated next generation transaction cost analysis (TCA) provider.  Through the partnership, xyt will deliver comprehensive analytics across Steubing AG’s various trading activities, spanning listed stocks, bonds, certificates and warrants.  Specifically, the move is expected to allow the German bank to provide its institutional clients with enhanced transparency and execution quality analysis.  Robin Mess, chief executive of xyt, said: We are committed to providing the industry with the greatest transparency possible through enhanced TCA capabilities. Our goal is to evolve TCA from a compliance exercise into a decision-support tool that provides actionable insights that support decision making in broker selection, trade timing, and trading strategy.” Read more – Buy-side becoming more reliant on TCA, with 85% of traders viewing it as an essential tool Steubing AG also confirmed that it’s decision to progress with xyt was based on the data analytics firm’s data quality, customised end-client TCA reporting, pre-trade cost estimates for single stocks and portfolio baskets via API, and customer service capabilities.  Moreover, xyt’s TCA solution will support Steubing AG’s integrated order flow management (IOM) services and designated sponsoring activities, to ensure precise measurement of execution performance and market impact.  The move marks a further development for xyt, which has established various TCA-related partnerships in recent months.  In July 2025, the firm was selected by London-based alternative investment firm, Regents Gate Capital (RGC) to provide TCA and execution analytics.  The integration provides RGC with greater market transparency and increased access to liquidity while simultaneously minimising price impact and slippage.  The post Steubing AG selects xyt as next generation TCA provider appeared first on The TRADE.

Kanika Malik has joined Sumitomo Mitsui Banking Corporation Group (SMBC Group) as a repo trader.  London-based Malik joins the Tokyo-headquartered bank from Barclays, where she spent more than six years as a treasury funding and risk trader, working across areas including interest rates, asset and liability management and swaps. Prior to this, she served at Russian investment bank, VTB Capital for almost eight years, initially joining as an associate in June 2011, before later moving up the ranks to become an associate director in 2016.  Previously in her career, Malik has also held a balance sheet management analyst role at HSBC.  Read more – Repo trading becoming an increasing priority for the buy-side SMBC Group declined to comment when contacted by The TRADE. The post Barclays treasury funding and risk trader joins SMBC Group appeared first on The TRADE.

London Stock Exchange Group (LSEG) has announced plans to build an on-chain settlement capability, to be known as the LSEG digital securities depository (DSD). Daniel MaguireThe proposed DSD will serve as a market infrastructure solution for institutional participants. It is intended to support interoperability between traditional and digital markets, connecting existing settlement systems with emerging digital infrastructures. According to LSEG, the platform will support multiple blockchain networks and allow interaction between conventional post-trade processes and tokenised environments.  The first phase of delivery is targeted for 2026, subject to regulatory approval. Daniel Maguire, group head of markets, LSEG: “We look forward to welcoming new strategic partners as we build LSEG Digital Market Infrastructure – a seamless ecosystem in which participants can move effortlessly between digital and traditional markets, connected across time zones and choice of payment options.”   The development builds on LSEG’s existing distributed ledger-based digital markets infrastructure (DMI), powered by Microsoft Azure. The DMI platform has been used to facilitate the tokenisation and distribution of private funds.  The new DSD capability is expected to support on-chain settlement across a broader range of asset classes, including fixed income, equities and private markets. LSEG said the initiative is intended to enhance collateral management processes and improve access to liquidity.  Ryan Hayward, Head of Digital Assets, Barclays, said: “LSEG’s Digital Securities Depository is a positive step in the development and adoption of digital assets across UK markets. Barclays will continue to work with the UK government, LSEG and other providers on exploring a range of digital assets, as well as developing our own use cases.”  The group has previously indicated that tokenisation could play a significant role in the future of capital markets, particularly in the issuance and trading of bonds. The DSD forms part of that broader strategy to integrate digital asset infrastructure with established exchange and post-trade environments.  As part of the design and implementation process, LSEG plans to establish a strategic partner group. The objective is to incorporate market feedback into the build and to support issuance, settlement and trading across both digitally native securities and digital representations of traditional instruments.  Angus Fletcher, global head of digital solutions, State Street, said: “As tokenisation continues to mature, interoperability between traditional and digital market infrastructure will be critical.”  Fletcher added: “We are pleased to engage with LSEG as it develops the Digital Securities Depository, and we look forward to collaborating to assess models that support institutional adoption while meeting the operational and regulatory expectations of our clients.” Participants in the programme are expected to be announced in due course.The post LSEG to develop on-chain settlement capability through digital securities depository appeared first on The TRADE.

Nuveen is set to acquire Schroders in a cash deal valued at approximately £9.9 billion in a bid to “meet institutional clients’ increasingly diverse needs”.The agreed terms are for the entire issued and to-be-issued share capital of Schroders, with the transaction expected to complete in Q4 2026.Currently, Nuveen has $1.4 trillion in assets under management (AUM) while Schroders possesses $1.1 trillion AUM – together, the new entity will be one of largest active asset management firms globally and be active in more than 40 markets.William Huffman, chief executive, Nuveen, said: “We look forward to welcoming Schroders into the Nuveen family. By bringing our complementary platforms, capabilities, distribution networks, and cultures together, we willcreate an extraordinary opportunity to enhance the way we serve our collective clients through access to new markets, bolstered product offerings, and deeper pools of investment talent. “This transaction is about unlocking new growth opportunities for wealth and institutional investors around the world by giving our leading, differentiated public-to-private platform a broader global presence.”Nuveen has confirmed that for the first year, Schroders will continue to operate as a standalone business within the wider Nuveen group, and continue to be led by chief executive Richard Oldfield – reporting to Huffman. Additionally, “in recognition of Schroders’ position as a preeminent financial institution with a deep-rooted history and strong brand,” Nuveen has stated that London is expected to serve as non-US headquarters for the combined group – made up of more than 3,100 individuals. In an announcement, the firms jointly addressed the strategic rationale, explaining that the entities are well-matched across public and private markets, and together are set to design new solutions, including capabilities across: equities, fixed income, multi-asset, infrastructure, private capital, real estate, and natural capital. Read more – Schroders on European equities: Attention to detail is essential“In a competitive landscape where scale can help deliver benefits, in Nuveen we see a partner that shares our values, respects the culture we have built and will create exciting opportunities for our clients and people,” said Oldfield.  “The transaction will significantly accelerate our growth plans to create a leading public-to-private platform with enhanced geographic reach and a strengthened balance sheet. Together, we can create an exceptional opportunity to provide clients with a true breadth of high-quality solutions to meet their evolving needs.”The post Nuveen confirms blockbuster £10 billion Schroders acquisition appeared first on The TRADE.