Luke Hedley is joining Rothschild & Co as an equity sales trader, after more than four years at Investec.  London-based Hedley has worked across equities sales trading for more than 13 years, covering both long only and hedge funds.  He joins Rothschild & Co after serving in the same position at Investec, and prior to this, also spent a decade at Numis Securities as a sales trader.  Read more – Rothschild & Co Redburn sales trader joins Panmure Liberum Hedley confirmed his new role in an announcement on social media.  Rothschild & Co had not responded to a request for comment at the time of publication.  At The TRADE’s most recent Leaders in Trading New York awards, Rothschild & Co took home the award for Innovation in Algorithmic Trading, recognising the firm’s commitment to advancing the markets and fuelling change.  The post Investec equity sales trader joins Rothschild & Co appeared first on The TRADE.

Barclays has appointed Chetan Vohra as global head of securitised products, based out of New York.  In his new role, Vohra is set to lead the securitised products business for the firm, and will report to Adeel Khan, head of global markets.  His appointment succeeds Scott Eichel, who led the firm’s securitised products division until his departure from Barclays in January 2025.   His addition to Barclays is expected to bolster the firm’s securitised products platform, and strengthen cross-asset connectivity, as well as engagement across origination, financing and trading.  Speaking about the appointment, Khan said: “[Vohra] is an exceptional leader with deep industry insight and a demonstrated ability to build high performing teams. His appointment underscores our commitment to investing in areas of strong and sustained client demand. performing teams. His appointment underscores our commitment to investing in areas of strong and sustained client demand.  “I’m confident that his expertise and strategic vision will strengthen our securitised products franchise and support the continued growth of our global markets business.” Vohra has worked across capital markets for more than two decades, and brings extensive securitised products experience to his position at Barclays.  Read more – Barclays names ex-Société Générale equities expert as new head of markets for APAC He joins from American alternative investment firm, Cerberus Capital Management, where he served as a senior managing director and portfolio manager, working across residential and asset backed loan trading, origination, finance, private credit, SFR debt and equity.  Prior to this, he had worked at Citi for 19 years, in various different roles spanning fixed income, MBS trading, and securitised products, with oversight across agency, non-agency and mortgage banking.  Barclays has continuously built out its securitised products business over the last few years, and Vohra’s appointment follows that of David Garner, who joined the firm in June 2024, to lead bond trading for the division.  Garner had previously spent 14 years at Credit Suisse, most recently as co-head of securitised products trading. The post Barclays names new global head of securitised products appeared first on The TRADE.

Technology provider Pico has expanded its market coverage with the addition of new trading venues across APAC, EMEA and the Americas in a bid to enable continuous global market participation. The expansion spans various asset classes and is set to provide Pico’s clients with enhanced market access via its infrastructure, in line with accelerating shifts towards 24/7 trading in venues across the world.  Specifically, the additions include Japan Alternative Market (JAX), Osaka Digital Exchange (ODX), MTS Markets, Level ATS, 24X National Exchange, Bruce ATS, Cboe BZX Complex Orders, MIAX Futures Onyx, Cboe US Treasuries, Nasdaq PHLX Fusion, BrokerTec Chicago and the Texas Stock Exchange UAT (TXSE). “We are excited to broaden Pico’s coverage with new venues that reflect how global markets are evolving,” said Stacie Swanstrom, head of market services at Pico.  “Clients need reliable access to liquidity across regions and asset classes, especially as overnight and extended-hours trading accelerate.” Read more – Pico and BMLL partner to provide historical and real-time data integration capabilities Moreover, the expansion also paves the way for further development of Pico’s market data and order execution solutions, Redline, to provide greater access to low-latency normalised market data, order execution and market data replay.  In April 2025, Pico announced that it had collaborated with Coinbase Derivatives, to enhance trading infrastructure and connectivity.  The partnership allows Pico to leverage its industry expertise to boost Coinbase Derivatives’ connectivity infrastructure.  The post Pico builds out market coverage with APAC, EMEA and Americas venue expansion appeared first on The TRADE.

Market data and technology provider Exegy is set to launch an overnight best bid and offer (OBBO) consolidated feed connecting Blue Ocean, Bruce and MOON’s alternative trading systems (ATS), marking an industry first. Arnaud DerasseBy linking all three of the after-hours ATSs, the new offering is expected to allow market participants to capture liquidity currently not accessible on traditional exchange feeds outside of normal trading hours, to address a structural gap in overnight markets.  In addition, clients using the new functionality will be able to perform best price discovery with ease, with the consolidated feed set to provide real-time information on the best price for a specific security instrument, instead of requiring clients to carry out their own calculations.  Speaking on the connection, Arnaud Derasse, chief technology officer at Exegy, explained: “As participants continue operating across time zones, we are seeing major interest towards extended or after-hours trading venues.  “The addition of these three ATSs, along with the Exegy live calculated OBBO, will enrich the consolidated market data our clients have access to via Axiom, providing them with a more complete market view with simplified overnight best price discovery.” Read more – Institutional tide of opinion on extended trading hours not turning? Market data access to these ATSs will be available through Exegy’s data-as-a-service solution, Axiom, which currently offers connectivity only to Blue Ocean ATS, with the other two set to follow.  The live calculated OBBO is set to launch in Q1 2026 and aligns with an uptick in interest in extending trading hours towards as 24/5 model in the US equities markets.  “As trading moves toward a true 24/5 market, access to overnight liquidity is essential,” said Matt Fuchs, executive vice president, market data at OTC Markets Group.  “With almost 15 years of building and operating ATSs, we’re thrilled to bring MOON ATS market data to Exegy’s Axiom, giving investors the tools to capture opportunities across US equities anytime, anywhere.” Read more – Trillium Surveyor and Blue Ocean to offer 24/5 trade surveillance coverage Extending trading hours in US equities is a key talking point across financial markets at present. Recent discussions were highlighted in the Depository Trust & Clearing Corporation’s (DTCC) industry-wide testing phase for 24/5 trading – currently scheduled to come into effect on 28 June 2026.  Many national exchanges are also expected to complete the transition to near-continuous trading between 2026 and 2027. The post Exegy to connect all three after-hours ATSs through overnight consolidated feed appeared first on The TRADE.

ICE Clear Credit has received approval from the US Securities and Exchange Commission (SEC) to clear US Treasury securities, with the service now operational. The move is an expansion of ICE’s Covered Clearing Agency (CCA) designation. ICE has confirmed that the service operates separately from its credit default swap clearing business, with a dedicated rulebook, membership structure, risk management framework, financial resources and governance. Testing and integration for Treasury repo clearing is expected to launch in Q4 2025. The approval comes as the market prepares for the SEC’s Treasury clearing mandate, which will require a significant portion of cash and repo Treasury trades to be centrally cleared by 2026 and 2027. Read more – US Treasury Clearing: Levelling the field or moving the goalposts?ICE Clear Credit is set to initially focus on clearing cash Treasury transactions, with repo clearing planned as a subsequent phase. Paul Hamill, chief commercial officer of ICE Clear Credit, said: “The service was developed in response to market demand. “US Treasury market participants want innovation, change and progress.” The service is intended to align access models, operational workflows and risk management across cash, repos, futures and swaps. The Treasury clearing service supports both ‘done away’ and ‘done with’ models, allowing firms to determine their clearing methods. The launch comes as firms across the buy and sell-side prepare for the SEC’s clearing mandate, which was adopted in December 2023 following concerns over settlement risk and market resilience highlighted during periods of stress, including the 2020 ‘dash for cash’. Under the rule, a large share of Treasury cash and repo transactions will be required to clear through a CCA. The post ICE Clear Credit receives SEC approval to clear US Treasuries  appeared first on The TRADE.

Kepler Cheuvreux and Cambiar Investors have entered a strategic collaboration, with the firms ‘exploring’ the creation of an asset management joint venture.Brian BarishThe move – if approved – will distribute Cambiar’s investment strategies to investors across Europe, Canada, and the Middle East. Initially, the joint venture would focus on distributing Cambiar’s global equity and the large cap value strategies, the firms have confirmed.The JV is subject to UCITS or other appropriate regional structures and other regulatory approvals.In parallel, Kepler and Cambiar have entered into a research cooperation agreement which is effective immediately. Read more: Fireside Friday with… Kepler Cheuvreux“This partnership aligns Cambiar’s disciplined, long-standing investment process with Kepler Cheuvreux’s deep European research and asset management infrastructure,” said Brian Barish, president of Cambiar Investors.“It allows us to extend our reach globally while simultaneously strengthening the research foundation behind our international investment strategies […] This is an expansion of capability. Our process remains intact, but the resources supporting it are meaningfully stronger.”Specifically, the firms are set to share analytical resources and corporate access, with Kepler’s European equity research platform to be leveraged and the global distribution of Cambiar’s investment strategies due to be expanded.Jean-Pierre Ané, deputy chief executive, Kepler Cheuvreux, explained: “This partnership leverages Kepler Cheuvreux’s leading independent equity research and unique distribution capabilities across Europe.“It strengthens our existing presence in the United States and our ability to offer the best set of geographically diversified products to our clients.” The post Kepler Cheuvreux ‘exploring’ creation of asset management JV with Cambiar Investors appeared first on The TRADE.

Cantor Fitzgerald has expanded its fixed income trading team with the addition of Christine Belliard.  Belliard joins the investment bank as a fixed income trader, having previously spent more than a year in a similar role at JonesTrading.  Prior to this, she also held a 15-year tenure at Bank of America as a vice president, having initially joined the firm in 2009.  New York-based Belliard confirmed her new role in an announcement on social media. Cantor Fitzgerald had not yet responded to a request for comment at the time of publication.  Read more – O’Connor investment team to transfer to Cantor Fitzgerald AM following UBS offload Belliard’s appointment follows further significant hires for the firm in recent months. In August 2025, Cantor Fitgerald appointed former Stifel managing director in electronic trading, Tony Nash, as co-head of portfolio and electronic trading for EMEA.  Nash has worked across financial markets for more than 30 years and had spent six years at Stifel.  The post Cantor Fitzgerald taps JonesTrading for fixed income trader appeared first on The TRADE.

Nasdaq’s Eqlipse Trading and Market Surveillance technology platforms have been selected by Japan’s Osaka Exchange (OSE), to bolster the trading venue’s derivatives offering.  Magnus HaglindAs part of the collaboration, OSE will be able to quickly deploy new products and service, through enhanced performance capabilities and multi-asset trading support which is adaptable to market and volume fluctuations.  Moreover, by adopting Nasdaq’s Eqlipse trading offering, OSE clients will also gain access to risk management tools and market-standard APIs.  “The evolution of global capital markets demands infrastructure that can not only meet today’s requirements but anticipate tomorrow’s opportunities,” said Magnus Haglind, head of capital markets technology at Nasdaq.  “[…] Our technology will provide OSE with the agility and advanced capabilities needed to serve their clients while positioning for future innovation and growth.” In addition, the integration of Nasdaq’s Market Surveillance technology will see OSE leveraging advanced analytics and AI-powered capabilities to enhance the exchange’s market integrity framework.  Read more – Philippine Stock Exchange adopts Nasdaq Eqlipse Trading The partnership is also expected to enhance the positioning Japanese derivatives market on a global scale, and poise the region’s industry for future growth opportunities.  “We have built a strong relationship of trust with Nasdaq over many years in the field of market infrastructure, and this new initiative will further reinforce our long-term collaboration,” Ryusuke Yokoyama, president and chief executive of OSE. “The platform will significantly enhance the foundation of derivatives trading at OSE, and by combining Nasdaq’s expertise with our own experience, we believe we can provide all market stakeholders with a safer and more efficient trading environment.” The integration with OSE is not Nasdaq’s first venture into Japan’s financial markets, and the firm has long provided its Calypso, AxiomSL and Trade Surveillance technology solutions to Japanese institutions, spanning capital markets, treasury and regulatory platforms. The post Japan’s Osaka Exchange adopts Nasdaq market surveillance and trading technology platforms appeared first on The TRADE.

Etrading Software’s dedicated consolidated tape (CT) subsidiary – ETS Connect UK – has published its draft user contract and fee schedule, to enable the delivery of the UK bond CT.  As part of the pricing, fintechs and small firms with annual revenues below £50 million will be able to use CT data at no cost, while bigger firms will fall into tiered revenue bands, spanning £6 a month at the lower end of the scale, to £300 for the firms with the largest annual revenues.  Moreover, the licensing publication is expected to ensure market participants have early visibility of the legal and commercial framework related to UK bond CT data, and support ETS Connect UK in meeting policy objectives of bolstering UK competitiveness on a global stage, encouraging innovation and supporting the fintech landscape.  Speaking to The TRADE, Sassan Danesh, chief executive of Etrading Software, explains: “By providing the bond data for free to smaller firms, we are supporting the government’s objective to create a strong and diverse UK-based fintech ecosystem.” In addition to providing low or no cost for smaller firms, ETS Connect UK has also committed to meeting specific requirements to deliver the tape, including operating on a 24/5 basis, providing users with continuous support during UK market hours and offering optional out of hours support for global institutions.  Read more – Etrading Software confirms intention to bid for OTC derivatives consolidated tape Currently, the UK bond CT is scheduled to go-live on 22 June 2026, in line with Etrading Software’s delivery roadmap for the tape.  The publication of the licensing comes a week after Etrading Software signed a concession agreement with the Financial Conduct Authority (FCA), formally triggering the CT’s implementation phase.  Specifically, the agreement allows the tape delivery to advance in line with the published timeline, which also includes the publication of technical specifications, a series of industry engagement activities and the establishment of a CT consultative committee, set to be announced on 16 February 2026.  The post Etrading Software announces pricing and draft user contract for UK bond consolidated tape appeared first on The TRADE.

Emma Horner has joined Panmure Liberum as vice president, sales trader.  London-based Horner joins the UK investment bank after spending two years in a similar role at Rothschild & Co Redburn.  While at the firm, she worked as part of the US high-touch trading team, with a key focus of US equities trading for institutional investors.  Prior to this, she also gained early career experience at Ebury, working across fintech, FX trading and trade finance.  Panmure Liberum declined to comment when contacted by The TRADE. Read more – Panmure Liberum and Nedbank CIB announce equities partnership Horner’s appointment marks an expansion of Panmure Liberum’s trading team, and follows the recent hire of James Bastick, as director, equity trader in August 2025. Bastick joined the firm after spending more than eight years in Winterflood Securities’ UK equities market making division, followed by a brief stint at Singer Capital Markets from January to July 2025.  The post Rothschild & Co Redburn sales trader joins Panmure Liberum appeared first on The TRADE.

ING has appointed Alexander Critien as global head of FM rates and nonlinear trading. The newly created role will see Critien lead ING’s global FM rates and nonlinear trading platform, working closely with regional trading teams, technology partners, quantitative functions and other key stakeholders. Based out of London, Critien is set to report to Niall Carton, global head of FM trading, who said: “[Critien’s] deep expertise in nonlinear markets, combined with his leadership in quantitative innovation, will be invaluable as we continue to strengthen our global rates offering at ING.” Critien brings nearly two decades of experience in rates options trading to his new role and joins ING after having spent his entire career at JPMorgan based out of London and Paris.  He joined JP Morgan in 2006 as an analyst and progressed through the ranks to managing director, most recently serving as head of EMEA rates options trading, where he was desk head and risk owner for the business. Read more – ING appoints new global head of eFI trading Critien holds strong expertise infront office technology, quantitative tooling within rates options, and has also worked extensively in volatility products across currencies, including EUR, GBP and CHF. Commenting on his appointment, Critien said, “I’m pleased to join ING and work with teams globally to strengthen our rates and nonlinear offering for clients. It’s a strong platform with great potential, and I look forward to contributing to its continued progress for our clients.” The post JP Morgan EMEA rates options trading head joins ING in newly created role   appeared first on The TRADE.

BNY BNY has named Laide Majiyagbe global head of markets, following five years with the business. Her appointment is part of a wider executive shake-up aimed at accelerating growth across its wealth and managed accounts businesses. Majiyagbe, currently global head of liquidity, financing and collateral, will also join BNY’s executive committee as part of her new role. Specifically, she will oversee execution services, liquidity, financing and global collateral, serving institutional clients including asset managers, asset owners, banks and broker-dealers. New York-based Majiyagbe previously spent 14 years at Goldman Sachs, most recently as MD, corporate treasury – global head of liquidity projections. Cboe Natan Tiefenbrun, president of Europe and global head of cash equities, confirmed his departure “to pursue new opportunities”. As part of a reshuffle of Cboe’s equities business, Alex Dalley has been elevated to senior vice president to run its European equities business. Dalley, currently head of European equities, will take on the expanded role subject to regulatory approval. He is set to co-lead the London office alongside Jon Weinberg, global head of FX and off-exchange trading at Cboe. The new regional office leadership model is designed to support its global expansion. Additionally, Weinberg has expanded his leadership role, overseeing Cboe’s global FX and off-exchange trading business lines. Elsewhere, Cboe also appointed Heidi Fischer as global head of equities and spot markets, whileScott Johnston was named chief operating officer in a wider executive overhaul. Fischer will be based in New York and joins from TMX Group, where she was most recently managing director and president of TMX Alpha US. She previously held senior roles at Deutsche Bank, Instinet and Tucker Alan and will lead strategy, product development and client engagement across Cboe’s equities and spot markets. Dalley and Weinberg will both report to Fischer in their new roles. Johnston replaces current COO Chris Isaacson, who plans to retire from the role on 6 March and remain with the company as an adviser through the end of 2026 to support the transition. Fischer will assume oversight of Cboe’s global cash equities and spot markets, responsibilities previously held by Isaacson.Tourmaline Elijah Diallo has been named director of trading at outsourced trading firm Tourmaline Partners, based in Dubai, as revealed by The TRADE.  The hire has been made as part of the firm’s expansion across the Middle East, The TRADE understands. In the role, Diallo is set to assume the responsibility for trading and supporting Tourmaline’s regional growth and will report to Kish Desai, senior executive officer, Tourmaline Europe, who is leading the expansion in the region.  Diallo has worked in a range of senior buy-side roles across firms including: Magellan Capital, ADQ, Azimut Investments, and Avalon Capital Markets. Previously in his career, he has also served at Mubasher Financial Services, EFG Hermes, Exotix Capital, and Convergex.  In 2021, Diallo was named one of The TRADE’s Rising Stars of Trading and Execution , a recognition which celebrates up-and-coming talent across the buy-side. The post People Moves Monday: BNY, Cboe and Tourmaline  appeared first on The TRADE.

State Street has appointed Yusuf Nurbhai as head of markets UK and senior managing director. He returns to the firm after five years at BestX, having led the company as head of the business for the last two years.State Street acquired BestX back in 2018, in a move set to boost front-office capabilities for the firm. BestX was fully integrated into State Street as a wholly-owned subsidiary upon closure of the deal.Read more: State Street acquires FX TCA startup BestXPrior to BestX, Nurbhai had spent more than a decade at State Street in senior leadership roles across global markets. In his new role, he will report to Michael Eldridge, UK country head and will lead the strategic direction and growth of State Street’s UK markets business, The TRADE understands. Specifically, Nurbhai is set to focus on strengthening State Street’s market presence and advancing innovative, client-focused solutions. Read more: Fireside Friday with… State Street’s Peter Vincent Nurbhai confirmed his new role in an announcement on social media.    Earlier in his career, Nurbhai held roles with State Street in equity strategy, frontier markets foreign exchange sales and trading, and macro strategy research. The post State Street names new head of markets UK  appeared first on The TRADE.

With European regulation on dark trading beginning to tighten, markets across the continent appear to be evolving away from being an order book-dominated market to a diverse landscape made up of auctions and off-exchange trading.  A recent report released by the Association for Financial Markets in Europe (AFME) highlighted data from xyt which revealed that the lit order book only made up 27% of addressable trading in Q4 2025, with other mechanisms spanning auctions, systematic internalisers (SIs) and OTC transactions making up most of the rest of the activity. To explain these findings, the study pointed towards the EU’s transition from the double volume cap (DVC) regime to the single volume cap (SVC) for dark trading, as part of an effort to simplify frameworks and enhance transparency and consistency across European markets.  Building on this, the report revealed that early data has indicated that the shift has had a significant impact on the proportion of dark trading across Europe, with the number of instruments suspended at the EU level under the SVC declining by 39% over a two-month period – from 355 in October 2025, to 217 by the end of December.  Despite this decline, displaced flow does not appear to be moving onto the exchange order book, but is instead being routed to period auctions, which saw a market share increase of 1.3% following the SVC shift, indicating that institutional investors are prioritising reducing information leakage during large order execution. Read more – More instruments than expected could potentially be affected by new SVC in EU Speaking to The TRADE about the findings, Mark Montgomery, chief commercial officer at xyt, said: “What you’re seeing is liquidity changing shape, as opposed to disappearing. “When the rules constrain one channel, the market adapts quickly and reroutes flow to mechanisms that still allow institutional investors to trade size efficiently.” The report has also awakened fresh questions around intraday price discovery and where price formation really takes place across European markets.  Specifically, AFME’s figures reveal that the average block trade size in Q4 2025 was approximately €3.5 million, indicating that institutional trading still dominates, with most activity stemming from large investors moving big sums rather than smaller retail trades.  For Rob Cranston, head of equity business development sales strategy at SIX Exchange, a shift away from continuous lit trading may be a cause of concern, as prices won’t reflect supply and demand as accurately during the trading day. Speaking to The TRADE, he commented: “Intraday price discovery will be weaker over the long term if too much activity migrates away from continuous trading.” To combat this, Cranston also indicated that there should be incentives to encourage institutional investors to trade on the lit order book, adding: “If the objective is healthier daytime price discovery, driving better institutional visibility of European liquidity, we must positively encourage displayed price and size by designing mechanisms that make joining the lit book as attractive as possible.” The post Europe increasingly becoming a patchwork of auctions and off-exchange trading, finds report appeared first on The TRADE.

As the equities market has increasingly had to adapt to periods of turbulence in recent times, panellists at the Equities Leaders Summit in Miami this week discussed the best ways to optimise and manage liquidity during volatility.  Following on from recent market-moving events seen over the last few weeks and months – most notably the ongoing Greenland negotiations being driven by the US – conversations turned to the key questions faced by institutions during volatility: when to trade, how to trade and where to trade.  Reflecting on this, Rob Bowles, distribution and liquidity management at XTX Markets indicated that market makers see increased business during volatile times, as tighter spreads are balanced with rising demand from liquidity during stress.  “The way you could characterise it is you’ve got buy-side sources of flow, you’ve got market makers who are the shock absorbers and then you’ve got the brokers who are executing the algorithms based on the underlying objective of their particular client. “In times of volatility and extreme stress, there tends to be an increased urgency to trade, and you then see less netting opportunities. As a result, there’s an increased premium or interest in interacting with flow that can access the shock absorber.” Read more – Risk management taking priority over liquidity as key buy-side concern during periods of volatility, finds report The impact on trading behaviour Similar sentiment was also echoed by Noel Reyes, head of electronic trading product at Goldman Sachs, who made reference to the nature of trading patterns displayed during highly volatile periods. Specifically, Reyes highlighted the common tendency for traders to lean into more aggressive trading strategies, which has in turn driven volumes on-exchange, rather than off-exchange.  “When you’re trading more aggressively, typically what happens is we see more trading on-exchange versus off-exchange,” he added. “That’s because there’s a premium in the display quota. Additionally, ATS numbers go down a little bit, but what’s even more interesting is that there’s a redistribution in the market share. For different venues with more passive mechanisms like trajectory crossing, we typically see lower market share on days of high volatility.” Read more – The TRADE predictions series 2026: The impact of market volatility  In a similar vein, and perhaps further indicating the preference for on-exchange trading tactics, the rising fragmentation and volatility of modern markets have also intensified the significance of the closing auction.  To explain this increase, panellists emphasised two key drivers which have bolstered the closing auction during these periods – custom indexes and passive flows not aligned to regular schedules.  An example reference was made to efforts by the New York Stock Exchange (NYSE) to introduce balance information changes to improve usability and flexibility while maintaining fair and transparent rules.  Commenting on this, Kevin Tyrell, head of markets at NYSE, stated: “If anything, we’ve seen a growth in the closing auction volume during volatile times. When we think about the close, our obvious first point is how do I disable the market fragmentation and what can we offer to customise equipment, so that we can make sure that close works well for market participants.” Erring on the side of caution Although market turbulence has opened windows of opportunity for areas such as on-exchange growth and closing auction volumes, panellists were also quick to advise cautionary measures when it comes to using intermediated private rooms during these periods.  While recognising the benefits that can be wrought from this method of liquidity access – such as providing transparent interaction and adding high-quality incremental business – there are key factors to consider in tandem. Specifically, speakers made reference to the potential for private rooms to obscure accountability, and hence complicate trade ethics. In addition, oversight in times of turbulence was also highlighted during the discussion.  Reyes, in particular, stressed this as a key element of liquidity seeking during volatile periods to stay aware of: “When a client asks my opinion about engaging in a bilateral relationship, its great if you see value add and you should connect directly to the liquidity provider who’s adding that value.  “However, a bilateral relationship has many responsibilities and that includes a fiduciary’s execution responsibility, and it all gets really murky when you insert this private room in the middle of that.” Looking ahead, as volatility becomes a more persistent feature across the industry, market participants will have to navigate their execution and trading strategies with precision, to ensure reliable liquidity access, and successfully ride the waves of turbulence.  The post Market volatility fuelling opportunities for on-exchange and closing auction trading, experts concur appeared first on The TRADE.

Tradeweb has launched a new multi-asset package functionality in a bid to enhance institutional trading of USD-denominated swaps.  Bhas NalabothulaThe new offering, which makes use of the Tradeweb swap execution facility (TW SEF), aims to enable the simultaneous execution of interest rate swaps, inflation swaps and government bonds, all bundled within a single trade.  As part of the launch, the first fully electronic multi-asset package trade for these instruments on the TW SEF has been successfully executed by Barclays.  By enabling this functionality, the enhancement is expected to provide both buy-side and dealer clients with greater transparency, efficiency and smarter analytics, as well as deeper liquidity access.  “This enhancement to the TW SEF platform gives clients a more efficient way to trade interest rate swaps,” said Bhas Nalabothula, managing director, head of US institutional rates at Tradeweb.  “As our market continues to evolve, our clients are increasingly focused on smarter, more streamlined trading solutions. We’ve had great success in the adoption of this functionality in Europe, and have now expanded access to the US, enabling clients to package and execute large baskets of risk with greater control and simplicity.”   Read more – Fireside Friday with… Tradeweb’s Troy Dixon Specifically, the enhancement marks an extension of Tradeweb’s current swaps offering, which expanded to include in-competition request-for-quote (RFQ) functionality on its global interest rate swaps platform in 2019.  Dan Orlando, head of US rates trading at Barclays, added: “Executing the first fully electronic, multi-asset packaged trade for USD-denominated interest rate swaps for Tradeweb reflects the significant investment Barclays has made in building a market-leading, technology-driven execution platform.” The launch follows further swaps-related developments for Tradeweb in recent months, and in October 2025, the firm completed a fully electronic request-for-market (RFM) swaption package trade, marking an industry first.  The offering allows institutional clients on TW SEF to request and receive a two-way market (as opposed to a price based on one direction) for a series of swaps and swaptions in one single electronic quote. The post Tradeweb unveils multi-asset package trading for USD swaps appeared first on The TRADE.

Marex Group has launched a multi-asset derivatives execution desk aimed at providing execution and advisory services across rates, equities and commodities. The desk is now fully operational, serving asset managers, hedge funds and sovereign wealth funds globally – led by Head of Listed Rates Execution Chris Stone. It combines high-touch and low-touch trading with proprietary market analysis. The offering is focused on assisting clients using algorithmic execution strategies who require access to expert market insight. The desk provides futures execution and specialised options coverage, supported by proprietary algorithms and on-desk market microstructure analysis. Partnerships with boutique research providers give clients additional perspectives on strategy, economics and policy, while leveraging Marex’s broader capital markets platform. The firm confirmed that high touch coverage is provided by Ben Parker, Ben Nathan, James Coxon and Alex Evans, while low touch execution and advisory e-trading is led by Steven Litchfield, Shayan Hassanzadeh and Noemi Cursio.The post Marex launches multi-asset derivatives execution desk appeared first on The TRADE.

Elijah Diallo has been named director of trading at outsourced trading firm Tourmaline Partners, based in Dubai, The TRADE can reveal. Elijah DialloThe hire has been made as part of the firm’s expansion across the Middle East, The TRADE understands.In the role, Diallo is set to assume the responsibility  for trading and supporting Tourmaline’s regional growth and will report to Kish Desai, senior executive officer, Tourmaline Europe, who is leading the expansion in the region. Read more: Tourmaline expands global team with two new trading hiresDiallo has worked in a range of senior buy-side roles across firms including: Magellan Capital, ADQ, Azimut Investments, Avalon Capital Markets.Previously in his career, he has also served at Mubasher Financial Services, EFG Hermes, Exotix Capital, and Convergex. In 2021, Diallo was  named one of The TRADE’s Rising Stars of Trading and Execution , a recognition which celebrates up-and-coming talent across the buy-side. The post Tourmaline appoints new director of trading amid Middle East expansion appeared first on The TRADE.

With the European consolidated tape for shares and ETFs set to create waves across the continent’s markets, how to address key challenges of fragmentation and what lessons should be learned from the US were at the forefront of discussions at the Equities Leaders Summit in Miami.  Specifically, panellists acknowledged Europe’s late arrival to the equities consolidated tape game compared to US – which has had an operational tape since 1976.   Speakers emphasised the importance of timing, highlighting that the US tape emerged alongside centralised exchanges, whereas Europe’s is being built after fragmentation became entrenched into its markets.  Moreover, Michael Warlan, head of global trading at Third Avenue Management, acknowledged the challenge of fragmentation for Europe, yet retained support for the tape, indicating that better data and consolidated views is crucial to improving execution quality and market efficiency. “Fragmentation from an implementation side is one challenge, but bringing things together through the tape will ensure more transparency and consolidation” he said, adding that “after that, execution quality will follow suit.” Read more – EuroCTP named EU consolidated tape provider for shares and ETFs by ESMA In order to address issues of fragmentation in Europe for global traders, panellists also pointed towards the importance of harmonising market definitions and post-trade processes between both the US and Europe.  However, for Robert Miller, global head of equity execution sales at Kepler Cheuvreux, it is essential that Europe ensures there is sufficient transparency across its markets – through the consolidated tape or other ventures – before adapting US-style approaches to tackle fragmentation, to balance integration with Europe’s unique multi-national market realities.  Speaking on this, he asserted: “A key dynamic to be aware of would be to avoid importing fragmentation without sufficient transparency. That’s why the US markets work out well because they have that transparency there, and we’re trying to bring things in Europe along. For Europe, we’ve got to decide whether we want to integrate new dynamics or stay as we are.” Discussions around fragmentation also shifted toward dark pools, an area where Europe has historically been more sceptical than the US. Miller pointed to fundamental regional differences underpinning this hesitation, stating: “In the US we are more comfortable trading dark than in Europe. “In Europe it’s not just fragmentation of the market, it’s fragmentation of currencies, of regulation, it’s even more fragmentation of mindset. We are a group of different nations together […] On the sell-side, what we’re trying to do is find out how we can navigate that for complexity. We’re not trying to solve fragmentation, we’re trying to manage it.” This sentiment was also echoed by Scott Charity, head of market structure at Berenberg, who recommended cautious adoption of adopting US-style dark pools, warning that Europe’s rapid dark pool setup post-Brexit led to incomplete data and misaligned transaction cost analysis (TCA).  “Europeans didn’t like the dark book and it was set up very quickly which then means that not all of the referrals and indicators come back,” he added.   The post Europe should avoid importing US-style fragmentation without sufficient market transparency, experts warn appeared first on The TRADE.

As market activity becomes more volatile and less tied to traditional trading hours, quantitative trading firms are increasingly being constrained by the limits of their trading infrastructure. A report from Acuiti and Exegy has revealed that three quarters (74%) of quantitative trading firms have experienced issues with their market data infrastructure in high-volatility markets. Only a minority of firms reported fully stable market data systems under volatile conditions. Almost a quarter (21%) responded that their market data infrastructure was ‘very stable even in high volatility,’ while 40% confirmed that they may experience some latency spikes ‘sometimes, in very rare cases’, and a further 26% reported that they had ‘at times dropped market data’.Furthermore, 12% indicated they had ‘absolutely’ experienced complete outages/failures during peak volatility’.If you fail to prepare… The report also delved further into how quant trading firms are planning for their future and their expectations as data volumes continue to increase. Less than a third (29%) of respondents believe their current front-office infrastructure is capable of processing the market data volumes expected by 2030 without further investment.A further 43% said their systems would ‘possibly’ cope, while 27% confirmed that they would not. The report further highlighted the impact of periods of sharp market moves, which are generating sudden surges in data traffic that can exceed normal daily averages by multiples, placing strain on feed handlers and downstream systems. The front-office function most frequently reported to degrade under these conditions was ‘market data processing’, followed by ‘network infrastructure’ and ‘order execution’.The impact on performance is already visible. Only 3% of respondents confirmed that they captured ‘all’ available opportunities during recent volatile episodes, while 16% stated that they missed ‘many’ opportunities and 38% responded that they missed ‘some’. Speaking to the significance of the findings, Ross Lancaster, head of research at Acuiti, said: “Volatility has been an ever-present factor in global markets since 2020, and this is presenting both significant opportunity and also challenges for quant firms. This research suggests that firms are increasingly missing opportunities not because of strategy, but because their infrastructure cannot absorb today’s volumes and structural complexity.” Liquidity shifts Factors including the potential for extended exchange trading hours, the growth of off-exchange trading venues and rising global participation are redistributing liquidity into overnight and out-of-hours sessions, particularly in US equities. According to Acuiti, some estimates suggest that around half of US equity trading activity now takes place off-exchange, “driven by a sustained shift toward alternative trading systems (ATSs), internalisers and other non-exchange venues”.Firms that built their technology stacks around the traditional US trading window are now facing a market where meaningful price formation increasingly occurs outside the established hours. Survey respondents reported thinner liquidity on traditional venues during parts of the trading day, alongside missed opportunities as activity migrates to alternative venues and different time zones. Acuiti further suggested that a combination of higher average volumes, unpredictable surges and longer trading days is eroding the margin for error in front-office systems. As market data volumes continue rising, quantitative trading firms are demontrably cognisant of the importance of future-proofing their market data and trading infrastructure.The ‘2026 state of trading infrastructure’ report by Acuiti and Exegy included responses from 61 quantitative trading firms globally, alongside interviews with senior trading and technology professionals.The post Quant trading firms set to be hit by increased data failures due to lacking infrastructure as liquidity drifts beyond the trading day, report finds  appeared first on The TRADE.