Broadridge Financial Solutions’ bond trading platform LTX has launched a new capability – BondGPT Intelligence – which integrates generative AI capabilities directly into trading platform workflows.Jim KwiatkowskiSpecifically, the offering uses artificial intelligence to anticipate users’ queries based on their location in the investing and trading workflow, ‘proactively’ making key insights available to traders.Read more: Broadridge’s new algo co-pilot: The first tangible use case of AI in trading?Speaking to The TRADE, Jim Kwiatkowski, chief executive of LTX, said: “BondGPT Intelligence further integrates the BondGPT functionality into the LTX trading platform, anticipating the trader’s next step and proactively providing them information in the form of in-platform pop-ups. “We are maturing our offering to help corporate bond traders and portfolio managers consider all available data in the moment when making a decision and answer any questions they may have. By embedding GenAI directly into our trading and investing workflows, our new capability will allow traders to make faster, more confident decisions.” Using the BondGPT offering, the new capability provides immediate access to a wide range of market data and insights. BondGPT Intelligence is embedded in the platform and thus does not require users to access another system.Read more: AI? Patience young grasshopper“From bond and liquidity discovery to counterparty selection and execution, BondGPT Intelligence integrates practical, sophisticated AI capabilities into every phase of the trading workflow – unlocking the true potential of AI in modern trading,” explained Kwiatkowski in an official statement.The post Broadridge’s LTX launches new AI capability for traders appeared first on The TRADE.

The London Stock Exchange Group (LSEG) has entered an agreement to provide trading, clearing and market surveillance technology to power Brazil’s next-generation derivatives and futures exchange, A5X.  Ron LeffertsThe agreement will see A5X operating LSEG’s integrated market infrastructure technology suite, which includes pre-trade risk management, ultra-low latency matching engine, market data distribution and real-time surveillance.  The move comes following intensive joint design efforts to tailor LSEG’s systems to Brazil’s market to support the exchange’s development and deployment and will also include provision of end-to-end post-trade platform, covering clearing, settlement and risk management.  “As Brazil’s economy grows and its markets continue to evolve, LSEG will deploy its real-time insights, performance analytics, and market infrastructure expertise to empower A5X in its journey of creating a more robust, innovative and efficient market in Brazil,” said Ron Lefferts, group head of sales and account management at LSEG. The exchange is set to be ready for regulatory testing by Q4 2025, with operations scheduled to begin by 2026.  Carlos Ferreira, A5X chief executive said: “We are incredibly honoured to have the opportunity to bring LSEG to our side on the journey of creating a more efficient and innovative market in Brazil, driving growth and transformation.  “The technology partnership with LSEG, combined with the access to its deep knowledge of global markets and products, materially strengthens our position to achieve this goal.” In January 2025, it was announced that a consortium including Optiver, IMC Trading, Jump Trading Group, XTX Markets and ABN AMRO Clearing Bank had invested into A5X, to fund the investment in talent and technology necessary for the exchange’s launch.  The post LSEG technology to power Brazilian exchange A5X appeared first on The TRADE.

Trading Technologies (TT) has provided its clients with a connection to GFO-X, the UK’s first regulated and centrally cleared trading venue for digital asset derivatives.  Alun GreenThe firm has said that the integration follows increasing demand for centrally cleared cryptocurrency trading and digital asset trading, and access will be available through the TT platform.  This follows the launch of GFO-X, which opened for trading Bitcoin index futures and options on 9 May, with the aim of bridging the gap between traditional finance and digital assets by providing institutional-grade market infrastructure, central clearing and deep liquidity.  Arnab Sen, chief executive of GFO-X said: “This integration enables market participants to leverage TT’s advanced execution capabilities on a fully regulated and centrally cleared venue.  “As we continue expanding our product suite, TT’s integration enhances our ability to offer deep liquidity and seamless access to the digital asset derivatives market within a familiar institutional framework.” The integration will also allow clients trading on GFO-X to make use of TT features, such as execution algorithms, APIs and charting and analytics.  Alun Green, EVP, managing director, futures and options for TT, said: “With the relaxation of the US regulatory market, there is increased global interest among our institutional clients for access to digital assets.” Following the launch in May, the first institutional trade was executed between Virtu Financial and IMC on GFO-X, and centrally cleared through LCH DigitalAssetClear.   The trading venue has confirmed that it will continue to expand its offering to align with increasing institutional adoption. The post Trading Technologies enables access to GFO-X appeared first on The TRADE.

Liontrust Asset Management’s trading for investment funds and institutional accounts has been officially outsourced to BNY. John IonsLiontrust announced that it was exploring outsourcing parts of its trading to BNY back in January, with initial plans at the time stated to be covering non-UK activity.Read more: Liontrust exploring outsourced trading arrangement with BNYThe latest news confirms that the outsourced trading arrangement will see its UK-based traders join BNY’s buy-side trading solutions team.Currently, almost half of Liontrust’s investments and trading are now outside of the UK. John Ions, chief executive of Liontrust, said: “Trading for asset managers has changed significantly over the past few years with the increasing use of automation and technological developments.“While this presents opportunities for greater efficiency and returns, it also requires careful management of the associated risks and a significant investment in technology to compete. Our collaboration with BNY will enable Liontrust to achieve this.”Notably, Liontrust has highlighted that one of the advantages of the move to outsource to BNY is the opportunity to extend its capabilities beyond UK trading hours, among other benefits.Read more: Industry stalwart Matt McLoughlin and Liontrust part waysSpeaking about the latest news, Adam Vos, global head of markets at BNY, enthused: “This builds on the long-standing relationship between both firms, most recently collaborating to implement Liontrust’s data solution to enhance investment management, client service, and scalability in July last year.“We look forward to working with Liontrust so its investment teams can continue to access new markets and opportunities and achieve long-term success.”The post Liontrust UK traders to join BNY as outsourced trading relationship begins appeared first on The TRADE.

RBC Capital Markets RBC Capital Markets has named Geoffroy Samarcq as its new head of multi asset quantitative investment strategy (QIS) structuring, effective July 2025.   The new role will see Samarcq managing the multi asset QIS structuring teams out of New York, as well as helping to drive RBC’s positioning in the expanding QIS sector.   Samarcq previously held the title of managing director, head of US cross asset and global FICC strategic indices structuring at JP Morgan from October 2021.   Prior to this, he also worked at Bank of America Securities from June 2013 to October 2021, covering roles as global head of FICC QIS structuring and director of equity structuring.  Amundi Ross Finlayson has joined Amundi as the firm’s new head of markets and product strategy within the ETF and indexing business.   In his new position, London-based Finlayson is set to help drive the growth of the business and assist in the commercialisation of Amundi’s ETF platform.   He joins from BlackRock, where he had been working since May 2013. His most recent position at the firm was as managing director, leading the iShares EMEA equity product strategy team. Prior to this, he worked as a trader at Avalon Capital Markets, having begun his career at Lehman Brothers and Nomura, covering equity trading.  Siebert Williams Shank Siebert Williams Shank has appointed Anthony Santostefano as managing director, global equity sales trading.  In the role, he will focus on global equities trading and multi asset market intelligence.  Prior to this, Santostefano most recently served as senior vice president and lead international sales trader at Stern Brothers.   Speaking to The TRADE about his new role, Santostefano said: “I will continue to cover live APAC/EMEA market hours with my sales trading coverage, servicing our global institutional investment community by supporting clients in global equities trading and multi asset class market intelligence with my three decades of experience and expertise.”  Kepler Cheuvreux Henri Sinet has joined Kepler Cheuvreux in a senior credit sales role. Sinet brings 10 years of trading experience to his new position and previously worked as a credit trader at Mizuho from April 2023 to November 2024. He has also worked as a technical analyst at FlexTrade, and prior to this, served as a credit trader at Crédit Agricole CIB, focusing on EUR financial retail bonds, quotation on different platforms and hedging positions.   A spokesperson for Kepler Cheuvreux confirmed the appointment when approached by The TRADE. Peel Hunt Peel Hunt’s head of electronic and program trading Nishad Vallonthaiel is departing for pastures new, The TRADE can reveal. A spokesperson for Peel Hunt confirmed Vallonthaiel’s departure and that the firm was actively recruiting to fill the role.  Vallonthaiel could not be reached for comment. His next role is unconfirmed. Vallonthaiel was appointed head of electronic and program trading at Peel Hunt in 2023 after most recently serving at Numis Securities. Previous companies include Bloomberg Tradebook, Execution, Canaccord, C.I.M Banque, Banca Commerciale, and Lugano Espirito Santo Investment Bank. Citi Citi has promoted John McLean to head of equity capital markets (ECM) and global asset managers (GAM) for Australia and New Zealand following more than two decades at the firm.   The appointment will see McLean relocating to Sydney from his current base in Singapore, where he holds the position of head of GAM, Citi’s financial sponsors business in Asia Pacific.   His new role will see him leading the management of a regional team to advise global alternative asset manager and sovereign wealth fund clients.   McLean initially joined Citi in 2001 and has worked extensively across ECM Australian and New Zealand clients. Speaking about his new appointment, McLean said: “There is significant opportunity in both private capital markets and ECM across Australia and New Zealand and I look forward to growing the team and delivering for our clients.” The post People Moves Monday: RBC, Amundi, Siebert Williams Shank and more… appeared first on The TRADE.

European crypto-assert exchange One Trading has partnered with LSEG Regulatory Reporting Solutions, in a bid to meet compliance standards across Europe.  Joshua BarracloughThe move will see the platform integrating the post-trade regulatory reporting services’ Mifir and Emir reporting infrastructure to provide an automated solution to align with EU reporting obligations. The firm has also said that the partnership will solve challenges faced by both institutional and eligible retail clients, such as compliance, operational burdens and lower standards of transparency. “As the first crypto futures OTF in Europe, we take our reporting obligations seriously, and LSEG Regulatory Reporting Solutions’ infrastructure allows us to meet those obligations with scale and confidence,” said Joshua Barraclough, chief executive of One Trading.  “This is a foundational piece of the trust we are building with both our clients and regulators across the EU.” Read more – Fireside Friday with… One Trading’s Joshua Barraclough Additionally, One Trading has said that the partnership aligns with the firm’s aim to create a reliable digital asset ecosystem in Europe.  Jose Navarro, chief executive of LSEG Regulatory Reporting Solutions said: “This partnership reflects the growing maturity of the digital asset space and our shared commitment to regulatory excellence. “By providing a unified solution for both Mifir and Emir reporting, we are enabling One Trading’s clients to trade with clarity and confidence, while easing the complexity of cross-border compliance.” The collaboration follows the launch of the firm’s new regulated perpetual trading venue in April 2025, which established One Trading as the only Mifid II-regulated trading venue for crypto perpetual futures in the EU. The firm also expanded the venue’s access to retail investors in Germany, Austria and the Netherlands in May 2025.  The post One Trading and LSEG Regulatory Reporting Solutions partner to meet European compliance standards appeared first on The TRADE.

Sand Grove Capital Management has selected HUB, a cloud-based post-trade platform, to automate and optimise its reporting workflows.  The London-based alternative investment firm, which manages $1.2 billion across event-driven offshore funds and a UCITS strategy, will leverage HUB’s platform to consolidate and match post-trade data from multiple sources.  The implementation is designed to reduce manual intervention, enhance data accuracy, and enable teams to focus on exception management and analytics. “With HUB’s solution we are able to automate key workflows, improving control and speed of our report production process,” said Jonathan Groom, COO of Sand Grove Capital. HUB’s SaaS technology is increasingly being adopted by asset managers and hedge funds seeking to modernise legacy processes and scale their operations. “We are delighted to support the team at Sand Grove Capital,” added Paul Taylor, CEO of HUB. “HUB helps asset managers and hedge funds simplify daily tasks by automating complex and manual workflows.” Founded in 2014, Sand Grove Capital specialises in merger arbitrage and other event-driven strategies for institutional investors. The post Sand Grove Capital taps HUB for post-trade automation appeared first on The TRADE.

Miami International Holdings’ (MIH) acquisition of The International Stock Exchange Group (TISE) – via its wholly owned subsidiary MIH East Holdings – has come into effect. Thomas GallagherThe initial agreement on a recommended cash offer for MIH was reached in March 2025. The deal, valued at £70.4 million, will see MIH acquire the entire issued and to be issued ordinary share capital of TISE not already owned by MIH East Holdings. “MIH’s acquisition of TISE represents a key milestone in advancing our international growth strategy,” said Thomas Gallagher, chair and chief executive of MIH. “We are excited to establish a presence in Guernsey and believe that TISE’s strong reputation and solid business foundation provide MIH with significant opportunity to enhance our offerings and expand our international footprint through investments in TISE’s technology, business development and operational processes.” By the end of 2024, TISE, which is headquartered in Guernsey, had reported over 4,400 securities on its Official List, equating to a total market value of more than £750 billion.  Read more – Miami International Holdings starts publishing Bloomberg 500 Index The exchange has said that the acquisition will help to drive its overall growth and expand its current financial markets and securities services offerings.  “The acquisition of TISE by MIH signifies the growth of our business and we look forward to collaborating with the MIH team to further strengthen TISE’s credentials as a leading European listing venue,” said Cees Vermaas, chief executive of TISE.  “With MIH’s endorsement of our strategy, people and position in the European market, we are well placed to accelerate our growth ambitions, broaden our service offering and deliver greater value to our stakeholders.” The post Miami International Holdings closes £70 million acquisition of The International Stock Exchange appeared first on The TRADE.

Why has cloud adoption across capital markets picked up so much in the last few years?If you think about the evolution of markets, both where they are today and how they compete, operational resilience is the absolute top concern, but resilience is also function of their wider ecosystem as well. Therefore, if you modernise or transform a market, you have to think about the broader list of market participants, including the platforms that they use, the APIs that help them connect, the data that supports their decision-making, and the whole market community in a much wider sense. When it comes to adopting the cloud therefore, we have to think about where to take the whole ecosystem – if you compare a bank and a buy-side firm adopting the cloud, it’s a very different ballgame.Another driver is regulation, where it’s taken some time for the cloud conversation to gain traction in certain markets. But we’ve now reached a tipping point where the benefits are very clear and visible, and the question has shifted to ‘how’ we make it work in a way that allows market operators to retain data sovereignty and ecosystem control, whilst gaining the benefits of cloud as well. The key to that is partnerships and technology. You can’t just take a market, move it to a public cloud, and forget about the ecosystem – it has to be an approach which takes into account every corner of the capital markets industry. All the players have to move together in the same direction, modernising their infrastructure and ultimately growing the pie for everyone.Was moving the entire ecosystem as one always the plan for the cloud providers and trading venues?I think this is where the partnership angle comes into play and where understanding each participant’s need is vital. A lot of it depends on the type of market – for example a retail-focused market may be able to launch in any given location and build its ecosystem virtually. However, more established market operators have well-established data centre infrastructure, which is a different beast. Their whole ecosystem is locked in a complex network and so moving the entire market to the cloud would naturally be a huge challenge.Success will come with bringing cloud technology to markets in an incremental way, without unrooting existing ways of working, and with optionality to gradually modernise the whole ecosystem over time. Once that shift takes place, it will open up a whole new set of products and services which in turn will make markets more attractive, encourage new sources of liquidity and be better placed to support the economies they underpin.How is the buy-side sentiment when it comes to the partnership announcements?On the buy-side, Nasdaq has different solutions across long-onlys, typical asset managers, proprietary trading firms, and they’re all cloud enabled or available as test services with very regular updates. The common thread is that all firms are in pursuit of increased efficiency and prefer working with platforms that solve problems end-to-end, without having to deal with multiple solutions that can be expensive and difficult to operate. Managing and maintaining multiple systems is not an efficient way to operate.I’ve been somewhat surprised by how hard not just the buy-side but also the sell-side is pushing towards not only cloud, but also SaaS. They increasingly recognise the benefits of drawing on third party platform providers to oversee various forms of operational heavy lifting, such as regular upgrades and ongoing maintenance, to free up resource to focus on driving innovation and growth.When it comes to Nasdaq and AWS’ relationship, what can you tell us about the future of that partnership?We have a very long standing and trusting partnership with AWS and recently announced an expansion of our partnership that will see us offer a new suite of solutions to market operators. It provides a blueprint for market operators to accelerate not just their own modernisation journey, but also the wider ecosystem around them. Cloud is also a prerequisite for AI and so this long-term partnership will also be foundational to bringing AI to our clients.Taken together, it’s about driving towards a vision of modernising markets and helping to build a financial ecosystem which is highly efficient, very innovative and one of integrity. We see the expanded partnership as a major step forward in our own vision to become the trusted fabric of the world’s financial system.The post Fireside Friday with… Nasdaq’s Valerie Bannert-Thurner appeared first on The TRADE.

Citi has promoted John McLean to head of equity capital markets (ECM) and global asset managers (GAM) for Australia and New Zealand following more than two decades at the firm.  The appointment will see McLean relocating to Sydney from his current base in Singapore, where he holds the position of head of GAM, Citi’s financial sponsors business in Asia Pacific.  He brings extensive industry experience in ECM to the new role, which will see him leading the management of a regional team to advise global alternative asset manager and sovereign wealth fund clients.  Speaking about his new appointment, McLean said: “I am excited to be returning to Australia to lead the ECM and GAM businesses.  There is significant opportunity in both private capital markets and ECM across Australia and New Zealand and I look forward to growing the team and delivering for our clients”. McLean initially joined Citi in 2001 and during his tenure at the firm has worked extensively across ECM Australian and New Zealand clients. From 2010 to 2021, he also led Citi’s local capital markets origination team.  Mark Woodruff, Citi Australia chief executive, said: “[McLean’s] experience in Asia leading the global asset managers business combined with his prior experience leading the ECM business in Australia, makes him the ideal person to lead our growth plans in these areas into the future.”  The move marks an additional hire for Citi’s Australian business, which in May 2025 made three key hires, and one senior promotion to grow its offering in the region. The appointments included the hires of Andrew Bruce as director and head of low touch execution, Christian Ford as director, equities high touch execution and Nicolas Lebon as director in the firm’ corporate solutions group.  Dan Smith was also internally promoted to take over as head of Australia, prime finance in the equities business.  The post Citi names new head of ECM and GAM for Australia and New Zealand appeared first on The TRADE.

Multi-asset electronic trading services provider smartTrade Technologies has begun leveraging Amazon Web Services (AWS) in a bid to enhance its platform for its clients.  Scott MullinsThe new offering, called the MetaCloud project, makes use of AWS to streamline smartTrade’s operations, and is also supported by the firm’s innovation incubator, smartTrade Advanced Innovation Lab (SAIL). Through this, the offering is set to address client needs, with the offering enabling the firm to manage and deploy solutions through AWS’ hybrid cloud approach.  “AWS’ capabilities augment smartTrade’s existing strengths, further accelerating their innovation roadmap, enhancing their market-leading platforms, and enabling the delivery of next-generation solutions to their clients,” said Scott Mullins, managing director of AWS Financial Services. The firm has also said that by leveraging AWS, LLM powered automation and insights for front-office workflows will be enabled, as well as analytics to provide opportunities for market and trading data mining. Integration of generative AI is also expected to be a further advantage.  Additionally, the offering is set to provision complete environments in less than 15 minutes, and builds into smartTrade’s current roadmaps, such as powering advancements like its AI smart Copilot. “Building on AWS is about strategically positioning smartTrade to define the future of trading and payments technology,” said David Vincent, chief executive and co-founder of smartTrade Technologies.  “Leveraging the advanced infrastructure and services of AWS allows us to accelerate our innovation roadmap, particularly with advancements like our AI smart Copilot and advanced analytics services.” Read more – LSEG expands AWS existing relationship with cloud collaboration The initiative follows further developments for AWS in recent months. In April 2025, the firm was named LSEG’s preferred cloud provider for its markets, risk intelligence and FTSE Russell divisions, marking an expansion of its existing relationship with the exchange.  The post smartTrade Technologies leverages AWS to enhance client solutions appeared first on The TRADE.

Peel Hunt’s head of electronic and program trading Nishad Vallonthaiel is departing for pastures new, The TRADE can reveal.A spokesperson for Peel Hunt confirmed Vallonthaiel’s departure and that the firm was actively recruiting to fill the role.Vallonthaiel could not be reached for comment.His next role is unconfirmed.Vallonthaiel was appointed head of electronic and program trading at Peel Hunt in 2023 after most recently serving at Numis Securities.Read more – Peel Hunt selects former Numis electronic and program trading head to lead division in similar rolePrior to moving to the UK and joining Numis, Vallonthaiel also served in a variety of hedge fund and private banking roles in Switzerland. Since moving to the UK, he has served in senior electronic and program focused roles.Previous companies include Bloomberg Tradebook, Execution, Canaccord, C.I.M Banque, Banca Commerciale, and Lugano Espirito Santo Investment Bank.The TRADE reported in April that Numis had shuttered its low touch electronic trading desk after concluding the unit was not part of its core business.In the same week, Deutsche Bank confirmed it was set to acquire institutional broker Numis for £410 million, according to documents seen by The TRADE.The post Peel Hunt’s head of electronic trading departs appeared first on The TRADE.

Henri Sinet has joined Kepler Cheuvreux as senior credit sales, in a push to expand the firm’s fixed income business.  Sinet brings 10 years of trading experience to his new position, which will see him working out of Paris.  Previously, he worked as a credit trader at Mizuho from April 2023 to November 2024, and held the same position at CIC Market Solutions for over two years, covering market-making on EUR investment grade corporate bonds. He has also worked as a technical analyst at FlexTrade, and prior to this, served as a credit trader at Crédit Agricole CIB from June 2015 to November 2018, focusing on EUR financial retail bonds, quotation on different platforms and hedging positions.  A spokesperson for Kepler Cheuvreux confirmed the appointment when approached by The TRADE. The new position follows further hires across Europe for the firm, with the appointment of Sam Dawson as high touch sales trader for Kepler Cheuvreux’s UK hedge funds client in June 2025.  The post Kepler Cheuvreux expands fixed income franchise with senior credit sales hire appeared first on The TRADE.

A small buy-side firm’s budget for the T+1 implementation is likely to start at $223,000, a report by Firebrand Research has revealed. Virginie O’SheaBy analysing North America’s settlement, the report emphasised key success factors to be learned and considered for European implementation, highlighting steps such as budgets and greater post-trade automation investment to ensure success in the transition to T+1 settlement. Additionally, the research, which was produced in collaboration with Clearstream, The Depository Trust and Clearing Corporation (DTCC) and Euroclear, pointed to the complexity of Europe’s move to T+1, as a result of higher quantities of financial market infrastructures (FMIs), regulators, markets involved across the continent. Specifically, on average 83% of equity flow and 71% of fixed income flow from the firms interviewed goes through automated central trade matching, however issues surrounding mismatch associated with SSIs and place of settlement (PSET) require improved operational processes and automation.  The research also noted that accurate and detailed settlement data being shared at convenient and appropriate times would be important step for firms to take, to ensure a successful transition.  “While the report highlights operational issues and data inconsistencies as significant challenges, leveraging the lessons learned from other regions’ move to T+1 –particularly regarding automation and client engagement – will be instrumental in ensuring a smooth transition across European markets,” said Val Wotton, managing director and global head of equities solutions at DTCC. “Post-trade automation has proven to be a critical enabler of T+1 settlement, significantly reducing errors and operational costs. Therefore, it is imperative that firms allocate sufficient resources and budget to invest in advanced automation systems, including technology to support central matching and standing settlement instructions.” The research also revealed further key concerns for interviewees ahead of the move scheduled for 11 October 2027, including possible misalignment regarding foreign exchange and implementation across the UK, EU, Liechtenstein and Switzerland. Virginie O’Shea, founder of Firebrand Research said: “The European move to T+1 is undoubtedly much more complex from a planning and implementation standpoint than the North American transition. Not only are there more currencies, market infrastructures, market participants and regulators involved, but there are also significantly different market practices to accommodate. “However, the research also shows that valuable lessons have been learned in previous moves to shorten the settlement cycle such as the benefits of early testing and strong governance.” The report was produced from interviews with operations and technology teams representing 45 firms from the asset management, custodian, bank and brokerage communities.  The post Even the smallest buy-side firms will have to spend a quarter of a million dollars on T+1 switch appeared first on The TRADE.

What advice would you give those looking to consolidate their transaction data?Begin with a thorough analysis of your scope and objectives. Clearly define the problems you’re trying to solve through data consolidation and what capabilities you want to establish. Consider whether you’re focusing on a single asset class like equities or expanding to cross-asset and derivatives, as this impacts the number of data sources and adds complexity to the data consolidation. Prioritise need-to-have versus nice-to-have capabilities, such as intraday updates for real-time decision-making versus one- or two-days delay in data if only used for quarterly assessments.Don’t underestimate the ongoing effort and cost of maintaining data pipelines and ensuring data quality. Budget accordingly, as internal management requires significant investment, especially with multiple data sources and pipelines. Consider leveraging external providers as this might be the easiest way to get going on a small budget but be aware that this may result in less control, oversight, and flexibility for future changes.Assess your team’s technical capabilities and resources. Consolidating transaction data often requires expertise in data engineering, database management, and analytics. If these skills are lacking internally, factor in the cost of hiring or training.How important is it to supplement this with third-party and other market data? What does this look like empirically?Supplementing transaction data with third-party and market data is crucial for comprehensive analysis and informed decision-making. Most firms have access to transaction cost analysis (TCA) of their data, as it’s challenging to benchmark transactions without market data. While request for quote (RFQ) protocols might allow for some analysis without additional market data due to their auction nature, generally, it’s difficult to be truly data-driven without external data sources.Empirically, we use external TCA providers to enrich our data across all available asset classes. This enhancement improves trading desk operations, interactions with portfolio managers, and broker relationships. Third-party peer data comparison services offer valuable relative performance insights and are only possible to obtain by using external providers. We’re also exploring execution-related data like indication of interests (IOI), particularly in the fixed income space, to get a feeling for the liquidity landscape before going in the market.The importance of additional data is evident in its impact on our decision-making process both pre- and post-trade. For instance, externally provided cost models and market data allows for more precise evaluation of execution quality, helping identify opportunities for improvement. Having a proper TCA solution available has helped us change the conversations we are having with our brokers. We have been able to steer the conversation more and improve performance this way.When it comes to maintaining a high quality of data, what should be front of mind?Data visibility is paramount – if no one is looking at the data, it’s likely to be incorrect. Our goal has been to democratise data, making it accessible to as many users as possible. This approach serves multiple purposes: it enables employees to explore data and enhance their data management skills, fosters data-driven decision-making, and improves data quality by identifying issues earlier and more frequently.Continuous monitoring of data pipelines and data state is essential to ensure completeness and accuracy. With multiple data providers and sources, fields inevitably contain noisy content. Balancing the number and types of quality checks is crucial – too many tests can lead to an overwhelming number of failures, so it’s important to prioritise and potentially only flag as failures when a certain fraction of data is impacted.While external systems and data providers often highlight data normalisation as a selling point, it’s important to thoroughly evaluate and test these claims. In our experience, we have found the normalisation provided by external sources to be lacking in some areas, often requiring additional in-house efforts to meet our specific needs. This consideration also supports using fewer providers and simpler data pipelines to reduce the overhead of data normalisation.Implementing a robust data governance framework is vital. This includes clear data ownership and well-defined data quality standards. Additionally, fostering a culture of data quality awareness across the organisation can significantly contribute to maintaining high-quality data, but in practice it’s difficult if not strictly enforced by the systems i.e. having a list of pre-defined options instead of free text fields.Are you an advocate of in-house solutions in this space, or an advocate of third-party providers?I generally advocate for a ‘buy before build’ approach, especially for services like transaction cost analysis data. The pre-trade and portfolio implementation spaces are generally where we see more benefit in developing bespoke solutions.However, we have found value in building internal data pipelines and data models to enhance quality, timeliness, and flexibility of our data. This approach allows us to tailor our data infrastructure to our specific needs and workflows. Moreover, by exposing our data internally to multiple teams, we achieve a level of convenience and integration that would be challenging if we relied solely on external providers’ platforms.The decision between in-house solutions and third-party providers often depends on factors such as the organisation’s size, available resources, and specific requirements. In-house solutions offer greater control and customisation but require significant investment in technology and expertise. Third-party providers can offer cost-effective, ready-to-use solutions but may lack the flexibility of custom-built systems.Our strategy involves a hybrid approach, leveraging third-party providers for standardised analyses and data sets while developing in-house capabilities for areas where we need more control or have unique requirements. This balanced approach allows us to benefit from external expertise while maintaining the ability to innovate and adapt quickly to our evolving needs, but it’s definitely not the cheapest approach.The post Buy-side must prioritise needs before wants when it comes to data appeared first on The TRADE.

While fallout from Trump’s ‘Liberation Day’ tariffs in April and the market volatility which ensued caused industry chaos for some, proprietary trading firms prospered, new research by Acuiti and Avelacom has found.  According to the report, only 7% of proprietary trading firms experienced losses during the periods of volatility. These figures indicate that investments made by proprietary firms into risk management and trading strategies over the last 10 years have proved successful.  The report also pointed towards factors alongside market volatility, such as an increased interest in AI and similar technological investments, in driving a competitive advantage throughout the year.  Ross Lancaster, head of research at Acuiti said: “Proprietary trading firms perform a vital role to the market during times of volatility providing liquidity in times of market stress.”  “The volatility during early April put significant strain on the market but proprietary trading firms proved the value they add and performed well as a result.” Moreover, 65% of proprietary trading firms are expected to grow their headcount by hiring traders, software developers, network engineers and risk management positions, despite few reports of salary increases for the majority of roles over the past year.  Read more – Market volatility driving derivatives growth “We are seeing a variety of requirements from proprietary firms,” said Aleksey Larichev, chief executive of Avelacom. “While most continue to invest in low-latency strategies and the need to be the fastest, others are exploring alternative approaches, like risk-focused.” Despite the emphasis on risk management solutions, the report also found that only 19% of proprietary firms believe that pre-hedging during client order flow execution should be permitted.  Additionally, the general consensus of those surveyed emphasised that improved market maker schemes and a revision of capital requirements would make the biggest difference to increasing European market liquidity.  The post Proprietary trading firms thrive during tariff-led market volatility, report finds appeared first on The TRADE.

Siebert Williams Shank has appointed Anthony Santostefano as managing director, global equity sales trading. In the role, he will focus on global equities trading and multi asset market intelligence. Prior to this, Santostefano most recently served as senior vice president and lead international sales trader at Stern Brothers. Before that, he served as director of EMEA equities sales trading at Cabrera Capital Markets.  Previously in his career, he has served in a range of senior roles at firms including DWS Group, Natixis, Topeka Capital Markets, and Natixis.  New York-based Santostefano has particular expertise working with APAC markets across the equities sphere.   Speaking to The TRADE about his new role, Santostefano said: “I’m very excited to join SWS! I’m honoured to have such an opportunity to collaborate with this team of industry experts and veterans.  “I will continue to cover live APAC/EMEA market hours with my sales trading coverage, servicing our global institutional investment community by supporting clients in global equities trading and multi asset class market intelligence with my three decades of experience and expertise.” The post Stern Brothers’ lead international equities sales trader joins Siebert Williams Shank appeared first on The TRADE.

Ross Finlayson has joined Amundi as the firm’s new head of markets and product strategy within the ETF and indexing business.  In his new position, London-based Finlayson is set to help drive the growth of the business by leading a multidisciplinary team and assist in the commercialisation of Amundi’s ETF platform.  He joins from BlackRock, where he had been working since May 2013. His most recent position at the firm was as managing director, leading the iShares EMEA equity product strategy team. He has also held other positions at BlackRock. Read more – Amundi Technology partners with Murex to expand OTC derivatives capabilities Prior to this, he worked as a trader at Avalon Capital Markets, having begun his career at Lehman Brothers and Nomura, covering equity trading. The post Amundi names new head of markets and product strategy, ETF and indexing appeared first on The TRADE.

RBC Capital Markets has named Geoffroy Samarcq as its new head of multi asset quantitative investment strategy (QIS) structuring, effective July 2025.  The new role will see Samarcq managing the multi asset QIS structuring teams out of New York, as well as helping to drive RBC’s positioning in the expanding QIS sector.  His position will also cover the full value chain and all asset classes, and he is set to functionally report to Fabian DePrey, managing director, global head of US market sales. He will also report locally to Greg Hart, head of US global markets sales.  Speaking on the appointment, RBC said: “As we continue to hone multi-asset strengths to deliver strong client solutions, QIS is a strategic priority for us, and we are committed to investing in its growth.” Samarcq brings extensive experience across the QIS ecosystem to his new position, and previously held the title of managing director, head of US cross asset and global FICC strategic indices structuring at JP Morgan from October 2021.  Prior to this, he also worked at Bank of America Securities from June 2013 to October 2021, covering roles as global head of FICC QIS structuring and director of equity structuring. He started his career covering equities and hybrid structuring at Goldman Sachs.  The appointment follows further recent hires for RBC. In May 2025, Harry Williams joined the London team as a credit trader, following on from his previous role at MUFG as a senior European financials trader.  The post JP Morgan director joins RBC to expand the firm’s quantitative structuring appeared first on The TRADE.

Lloyds has partnered with BNP Paribas to offer its clients access to the bank’s foreign exchange execution algorithms.Asif RazaqThe partnership is set to offer FX algo capabilities to Lloyds’ corporate and financial institution clients to allow for more efficient FX trade execution, supported by BNP Paribas’ solutions.  The firms said that this will be done while retaining transparency and control through “robust” TCA. Asif Razaq, global head of FX automated client execution at BNP Paribas, said that the firm is “actively expanding [its] footprint using exclusive offerings in target markets as we continue to develop and refine our platform”.  The use of execution algorithms in FX are on the up across the buy-side, allowing firms to hedge large exposures and provide detailed analytics to support trading decisions.  Through the move, Lloyds’ clients are set to gain access to the full algo technology stack from BNP Paribas, including flexible execution strategies which can be adapted to strategies based on risk appetite.Features include limit pricing, start/stop times, and the ability for clients to amend, pause, resume, or cancel orders mid-execution. Rob Hale, head of financial markets at Lloyds, said: “This partnership marks a significant milestone in our commitment to continually invest in enhancing our clients’ experience. As FX market and risk dynamics shift, integrating algorithmic execution technology into our Lloyds platform ensures we continue to offer market leading FX solutions to meet the needs of our clients.”The post BNP Paribas and Lloyds partner on new FX algorithmic execution offering appeared first on The TRADE.