As extended trading hours begin to mark their territory on US equities markets, industry experts at the Equities Leaders Summit in Miami weighed up whether institutional scepticism on the prospect is starting to ease.  Across the panel, the overarching view seemed to be that while exchanges appear to be warming to the idea, with references made to shifts to from major US stock exchanges such as the New York Stock Exchange (NYSE) and Nasdaq, the buy-side is not yet entirely convinced.  For Jason Lenzo, global head of trading at Russell Investments, a key challenge which is clouding buy-side perspectives on an extended hours shift are the operational and staffing requirements needed to fully support 24-hour trading.  Specifically, he made reference to obstacles such as liquidity remaining thinner during extended trading periods, particularly outside major US market hours, as well as difficulties in attracting traders to willingly work overnight shifts, due to the psychological impacts of stress and fatigue.  “There’s a lot of question marks in my mind about how well this is going to integrate into the market,” he said.  “One of the things people need to consider is: do you need a single central located office just here in the US or do you actually start locating geographically around the world just to make sure your traders aren’t vampires?” Read more – An un-unified approach to expanding equities trading hours  A similar standpoint was also heralded by Peter Weiler, executive vice president, head of data and analytics at Trading Technologies, who emphasised operational challenges on the sell-side, with continuous trading raising concerns about managing settlement processes outside normal business hours.  Reflecting on this, he concurred: “From speaking with clients, most of their concern isn’t so much with just simply trading and moving capital but more from the operational standpoint. If you’re on the sell-side and you work for commissions and you have the factory running, you’d rather have it running.  “The market is usually driven by client demand. But are clients clamouring for it on the buy side? I’d say no; we have a better view on the sell-side of clearance really following the money.” A matter of time Despite some disparities in opinion on extending trading hours, there was a clear shared agreement across the panel that continuous trading was inevitable, as regulation and critical infrastructure shifts across the industry drive forward this market change.  Specifically, Dmitri Galinov, founder and chief executive of 24 Exchange highlighted the Depository Trust and Clearing Corporation’s (DTCC) planned transition to a 24/5 trading schedule, with implementation currently set to come into play in June 2026. Emphasising the importance of industry readiness for extended trading hours, he said: “When players like NYSE and Nasdaq are making big changes, it becomes inevitable. We have changed the industry and if you take one thing from this conference, it’s that a shift is coming pretty soon. A lot of firms will migrate, so it’s important to begin preparing now.” Read more – The TRADE predictions series 2026: The extended hours trading debate In addition, Lenzo also noted further knock-on effects that may arise from a shift to extended trading hours in the US equities market. Specifically, the possibility that more alternative trading systems (ATS) and dark pools will enter overnight trading as volume increases, in an effort to offer additional liquidity and innovation opportunities.  “We haven’t stepped into that ATS ecosystem, but it’s something we’re evaluating, watching, looking at, but not yet executed.  “Hopefully as that volume picks up there will be more players in there. For investors and it more broadly extends the theme of democratising trading.” As extended trading hours begins to blaze brighter on the US equities horizon, it appears that the industry can no longer ignore the prospect, and preparations are now essential as the landscape starts to shift.  The post Institutional tide of opinion on extended trading hours not turning appeared first on The TRADE.

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.Read more: BNY unveils new collateral offering for the buy-sideSpecifically, she will oversee execution services, liquidity, financing and global collateral, serving institutional clients including asset managers, asset owners, banks and broker-dealers. Commenting on the changes, chief executive Robin Vince said the new structure – which also includes a new global head of wealth solution – will help BNY “fully leverage the scale and breadth of its market-leading platforms” as the wealth landscape continues to evolve.New York-based Majiyagbe’s previously spent 14 years at Goldman Sachs, most recently as MD, corporate treasury – global head of liquidity projections.The post BNY names new head of markets appeared first on The TRADE.

Etrading Software has signed a concession agreement with the Financial Conduct Authority (FCA), formally triggering the implementation phase of the UK’s bond consolidated tape (CT). Under the agreement, Etrading Software – through its subsidiary ETS Connect UK – will commence the building and operational delivery of the UK bond CT. The watchdog named the UK bond consolidated tape provider back in September 2025, beating out three other named bidders for the mandate. Etrading Software has previously said it plans to launch the tape on 22 June 2026. Since the selection, the tender process has since come under fire from competing bidder, Ediphy, which formally challenged the UK Financial Conduct Authority’s (FCA) decision to award Etrading Software the consolidated tape provider (CTP) mandate in late September 2025. Read more: Ediphy appeals FCA bond CTP decision Speaking about the latest development, Sassan Danesh, chief executive of Etrading Software, said: “The signing of the concession agreement provides market participants the confidence to invest in connecting to the UK bond CT, secure in the knowledge that delivery of the infrastructure will proceed on a firm contractual basis and will not be disrupted by ongoing legal proceedings. “Our focus remains on delivering a high-quality CT that enhances transparency, supports efficient market functioning, and provides long-term value to all participants.” Read more: The consolidated tape: If you build it, will they come? This latest milestone allows the programme to advance in line with its published timeline, including the release of draft and final contracts, publication of technical specifications, the establishment of a consolidated tape consultative committee, and a structured series of industry engagement activities. ETS Connect UK reiterated in its latest statement that it will continue to work closely with the FCA and market participants to ensure the tape is transparent, accessible and of high quality. The development also comes weeks after Etrading Software confirmed its intention to bid for the EU’s over-the-counter (OTC) derivatives consolidated tape, through the launch of a new non-profit entity, Transparent Markets Europe (TME). Speaking at the time, Matthijs Geneste, chief executive-designate of TME, said: “The revised Mifir framework presents a once-in-a-generation opportunity to transform OTC derivatives transparency in Europe.” The post Etrading Software begins implementation phase for UK bond consolidated tape  appeared first on The TRADE.

Despite the continued proliferation of AI and automation across capital markets, the human element is still integral to ensure efficient trading, say buy-side experts. Speaking at the Equities Leaders Summit, a macro-focused panel emphasised that while AI can offer many benefits to traders, human traits such as episodic memory and gut instinct cannot be taken for granted. Specifically, panellists made reference to recent periods of turbulence and market volatility and highlighted that AI and trading technology cannot react to these events in the same way that a human trader can.  Eden Simmer, head executive vice president, global equity trading at Pimco, said: “In a situation where you have large volatility events, the first thing you do is you shut the machine off and you go to the human, because it’s a situation where it’s always going to be the case that humans drive future strategy. “AI works based on predictive analytics and historical data. But who can predict what, for example, Trump’s going to do next?” Read more – What AI in in financial services will look like in 2026 The speakers also recognised the importance of certain skillsets across trading desks to navigate new AI developments and advancements, and conversations turned to the influx of younger tech-savvy graduates joining trading desks, and spearheading the ‘AI revolution’, with a particular emphasis on how senior traders and members of the desk can navigate this.  For Nick Daniel, head of trading at Redwheel, this again fed back to the value of human insight, specifically, how the relationships built on the desk are essential to overall execution and performance.  Speaking on this, he said: “Senior teams do have the challenge where they’re sitting with more tech savvy traders coming through. But that’s not to say that we don’t have a place and a real value in the relationships we build, and the understanding of market structure. I tend to lean on flexibility within the team and learning new markets as the key to success.” Working hand-in-hand While recognising that human oversight is still essential, when it comes to the opportunities that AI can present, panellists were also quick to sing its praises.  The capacity to introduce huge efficiencies to trading desks was a key advantage highlighted during discussions, as was reiterated by Miles Sampson, head of asset allocation research at Franklin Templeton.  “From our perspective, AI is incredibly powerful – it’s been a total game changer. Even something as simple as we get 40,000 emails almost a month on sell-side research. How do you absorb all that? Well, the perfect tool is AI.” Coinciding with this, Sampson also recognised that introducing AI to workflows has also resulted in casualties along the way, as desks reduce and technology automates tasks, meaning that new skills and more flexible roles are more important than ever to ensure traders can adapt to this fast-changing market.“Unfortunately, that means my team has gone from about half the size. That might be an asset management margin story, but the big takeaway is that we’re doing more with less and I think we’re just at the beginning of it.”The post Human traders remain relevant in an AI-driven world, experts say appeared first on The TRADE.

Clearstream and LCH have broadened their collaboration to offer clearing members expanded settlement options for Italian government debt.The initiative will allow members to settle all Italian government instruments, including cash and repos, through Clearstream’s ICSD and CSD accounts.  The move is intended to streamline access to one of Europe’s largest sovereign debt markets, providing market participants with more choice, reduced fragmentation and greater operational efficiency.  It also allows LCH members to consolidate settlement activity within Clearstream’s pan-European CSD solution, strengthening the trade flow hub network that connects major trading venues and central counterparties. Michel Semaan, global head of RepoClear, LSEG, said: “As a trusted partner in clearing Italian government debt, we are proud to be continuing our collaboration with Clearstream to drive greater efficiency and expand choice for our members – key pillars of a stronger, more competitive European capital market.” The service is expected to go live during 2026 and extends the existing partnership between Clearstream and LCH, which currently covers French, Belgian, German, Austrian, and Spanish government securities.  By adding Italian debt, the two institutions further their shared objective of creating a more integrated and efficient European post-trade landscape. Dirk Loscher, head of custody and investor solutions at Clearstream, said: “We are thrilled to expand our successful collaboration with LCH SA to include the Italian bond market. By broadening our trade flow hub proposition for market participants to consolidate the settlement of their cleared and uncleared trade flows with our pan-European CSD solution, we are not just enhancing service for our clients; we are actively contributing to the strength and harmonisation of European capital markets.  “This initiative furthers our goal of providing a seamless, one-stop solution for accessing European liquidity.” The post Clearstream and LCH expand settlement options for Italian government bonds appeared first on The TRADE.

Kepler Cheuvreux had unveiled a new integrated ETF platform – ETF One – as part of a bid to enhance the firm’s ETF capabilities for institutional investors.  Specifically, the new offering brings the firm’s entire ETF investment cycle under one umbrella, spanning ETF data services, research and advisory and execution, and will allow clients to gain access to ETF selection through quantitative analytics and digital tools.  Read more – Fireside Friday with… Kepler Cheuvreux’s Jean-Pierre Ané Moreover, the platform launch is expected to address ETF-related challenges often faced by institutional investors, including market access, liquidity and strong execution quality.  Speaking on the new offering, Jean-Pierre Ané, deputy chief executive at Kepler Cheuvreux, said: “With ETF One, Kepler Cheuvreux brings together its full ETF expertise for institutional investors, powered by technology and innovation.” Read more – Kepler Cheuvreux and Unigestion unveil joint €3 billion asset management plans The platform is also supported through ETF research from Trackinsight – which was acquired by Kepler Cheuvreux in 2024 – enabling clients to gain access to a database spanning 14,000 ETFs across all asset classes and key geographies.  As part of the move, ETF One will function with the support of an independent ETF-dedicated trading desk, while execution capabilities will be delivered through the firm’s KCx execution business.  The post Kepler Cheuvreux launches institutional-focused ETF platform appeared first on The TRADE.

The TRADE is delighted to introduce new premium content offering TRADE+ to give readers access to exclusive insight, data, analysis, and much more. The new in-depth market intelligence platform is designed to keep readers at the forefront of global trading and market structure developments, while offering insight into The TRADE’s proprietary data through a new interactive data tool comprising thousands of data points and historical information.  Additional benefits to subscribers include exclusive editorial features, opinion and thought leadership from a select group of industry experts and full access to our Magazines and complete archive. New data visualisation tool includes research from our five surveysThe majority of The TRADE’s daily news content will still be free to view for our global readership.  We have also partnered with leading capital markets events organiser WBR to offer a unique discount code to their global trading events – spanning equities, FX and fixed income. “The launch of TRADE+ reflects our ambition to help our readers better understand the forces shaping markets across the globe,” said Jonathan Watkins, publisher, The TRADE. “With more than five million people regularly visiting The TRADE each year, we see a clear opportunity to go beyond breaking news and surface deeper insight, analysis and data.   “TRADE+ creates space for that deeper thinking, giving market professionals the context, evidence and perspective they need to make sense of an increasingly complex trading landscape.” As part of the launch, The TRADE has developed a new interactive data tool, which brings The TRADE’s proprietary surveys and research to life.   Compares scores and providers versus the global averageThe platform enables users to dig deeper into the data, compare historic trends, and use powerful comparison tools to extract meaningful insights. The tool will cover five surveys ‘algorithmic trading (long-only)’, ‘algorithmic trading (hedge funds)’, ‘execution management systems’, ‘outsourced trading’, and the ‘prime brokerage’ survey delivered by our sister publication Global Custodian. Two types of subscription exist for users: an individual account payable online by card, or a company-wide subscription which gives everyone within an organisation access to the site via a dedicated sign-up link. As part of the launch, The TRADE is giving users a 50% discount on their first year by using the discount code WELCOME50. You can purchase a subscription by clicking here.For further information contact subs@thetradenews.com or our subscriptions co-ordinator Lenny Willson lenny.willson@thetradenews.com.  The post The TRADE launches new premium content subscription TRADE+ appeared first on The TRADE.

Marex Marex has bolstered its electronic offering, appointing Christophe Roupie as global head of electronic trading and platforms.   Roupie brings more than three decades of industry experience to his new role, spanning cross-asset trading, securities financing, collateral management, regulatory reporting and data management.   He joins the firm after an eight-year tenure at MarketAxess, where he served as head of EMEA and APAC, and chief executive for the UK.   During his time at MarketAxess, he oversaw the firm’s electronic bond trading, data and post-trade businesses across more than 60 countries in the UK, Europe, the Middle East, Africa, and Asia Pacific.   Previously in his career, Roupie also held the role of global head of trading and securities financing at AXA Investment Managers for 10 years, based out of Paris.   He has also worked at Natixis Asset Management and Tradition.   ING  ING has named Alex Yang as its new global head of electronic fixed income (eFI) trading.   London-based Yang joins the firm from asset management giant Millennium, where he spent three years as a quantitative researcher, covering systematic fixed income trading, corporate bonds, rates and ETFs.   Prior to this, he also spent a year at Jefferies as head of EMEA credit algorithmic trading, as well as an eight-year tenure at Citi in various roles.   Specifically, during his time at Citi he served as a credit algo front-office developer, as well as in roles spanning eFX automated trading and algo trading.   He began his industry career as a software engineer at UBS Investment Bank.   ANZ As part of an update of its Asia credit trading platform, ANZ has hired several traders and analysts in a move designed to support buy-side clients’ execution and address risk management needs.  Specifically, the bank’s re-established credit trading desk comprises five traders and two dedicated desk analysts, led by head of credit trading for Asia, Bwochau Fu, who joined the firm in H2 2025.  Fu has served in senior positions at several firms, including China International Capital Corporation Hong Kong Asset Management (CICC HKAM), Deutsche Bank, and Morgan Stanley Asia, and personally covers USD bond trading in Australia and Japan on the ANZ desk.  While currently his team focuses on credit flow trading in Asian sovereign, quasi-sovereign, corporate, and financial credits, primarily in USD, ANZ plans to further develop SGD and CNH credit trading capabilities in early 2026, The TRADE understands.  The new hires include Andy Leung who recently joined from HSBC as a market maker. At ANZ he is specifically focused on bolstering its sovereign and quasi-sovereign offering while re-establishing flow trading in Hong Kong and Taiwanese credits.  Chirag Srivastava also joined the firm in recent months. He is responsible for broader Asia ex-China/Hong Kong markets, overseeing Korea, India, Thailand, Malaysia, and Singapore.  Prior to joining ANZ, Srivastava worked stints at Standard Chartered and Deutsche Bank focused on Asian credit bond trading.  Aurora Guo and Nikolai Beck are also members of the desk, having been with the firm for several years. Guo specialises in Chinese financials and corporates, while Beck maintains pricing and risk management continuity across European and US trading time zones.  Two analysts have also been added to the Asia credit trading desk – Shanghai-based Ting Meng and Singapore-based Viacheslav (Slava) Shilin.  Both dedicated desk credit strategists have extensive industry experience, and engage directly with clients providing detailed credit analysis and actionable trade recommendations.   ODDO BHF ODDO BHF has named Ammir Naqvi electronic sales trader.  He joins from Instinet, where he spent a year working as across LSET (Latency Sensitive Electronic Trading) sales and coverage.  In the role, Naqvi was focused on electronic execution, low-latency trading and market structure.  Prior to joining ODDO BHF, Naqvi spent more than eight years at Societe Generale, most recently as director, electronic and programme trading sales within the bank’s equities business.  Before that, Naqvi spent more than three years at Kepler Cheuvreux as a sales-trader, focused on electronic execution, programme trading and pairs trading across Europe, US and APAC equity markets. Bernstein Amaury de Miguel has joined Bernstein’s cash equity execution team in Paris as an electronic sales trader.   In his new role, de Miguel will support execution strategy design, optimise liquidity access and reduce trading costs for Bernstein’s clients, and bring a deeper focus on electronic trading and innovation in client solutions to the trading team.   Specifically, his appointment aligns with the firm’s wider goal to build out its EEA client-facing capabilities in Paris.   He joins Bernstein from AXA Investment Managers, where he spent the past three years working across various different roles.   He initially joined the French buy-side firm in 2022 as a trading engineer, before becoming an equity quantitative analyst, and later stepping up to his most recent position as an electronic trader and data scientist.   Previously in his career, he worked as a quantum computing researcher at IBM.   HSBC HSBC has expanded its equity and listed derivatives desk with the addition of Pierre Gilles de la Londe as a trader.   He brings more than a decade of industry experience to his new position, and will report to Alexander Neil, head of equity for HSBC Swiss Private Bank. He joins HSBC from Alana Capital, where he spent a year as a cross-asset trader, spanning equities, derivatives, bonds and FX.  Based out of Geneva, de la Londe’s new role will focus on enhancing the desk’s execution quality and performance.   Prior to his time at Alana Capital, de la Londe also held cross-asset trading positions at FlowBank, Greenwich Dealing and Tradition Securities and Futures.   Previously in his career, de la Londe has served as an investment portfolio advisor for private banking at Crédit Agricole in Grenoble and also had a stint as an index head trader assistant based out of Sydney, at Wizard Trading Strategies. BNP Paribas  James Hickling has joined BNP Paribas as a rates repo trader.   Hickling brings more than a decade of industry experience to his new role, and joins the European bank after three years at the UK Debt Management Office, where he served as a cash dealer, covering gilt repo trading.   Prior to this, he also spent nearly a year at BGC Partners in London, where he worked as a broker, with a core focus on secondary products in the investment grade space spanning various currencies.   He has also held fixed income trading, sales and brokerage positions at LXM Group and RP Martin.   He began his industry career gaining experience at various firms including JP Morgan, Mizuho, Susquehanna and Deutsche Bank.     The post People Moves Monday: Marex, ING, ANZ and more…  appeared first on The TRADE.

Cboe Global Markets has reshuffled its equities leadership, making moves on both sides of the Atlantic as part of a major overhaul.  One headline move sees Alex Dalley elevated to senior vice president to run its European equities business, while long-time executive Natan Tiefenbrun departs the company.  Natan Tiefenbrun and Alex Dalley.Dalley, currently head of European equities, will take on the expanded role, subject to regulatory approval, marking a key internal promotion as Cboe looks to strengthen its regional structure.  Tiefenbrun, president of Europe and global head of cash equities, is leaving to pursue new opportunities after helping build out Cboe’s European and global equities franchise. Cboe stated Dalley will also co-lead its London office alongside Jon Weinberg, the firm’s global head of FX, under a new regional office leadership model designed to support its global expansion. Weinberg’s remit has been expanded to include oversight of Cboe’s off-exchange trading business, while other regional hubs will be led from New York, Kansas City and Amsterdam. Craig Donohue, chief executive officer of Cboe Global Markets said Dalley and Weinberg were “long-tenured, talented leaders with deep customer relationships, clear strategic visions, and proven records of delivering results,” adding that the company was grateful to Tiefenbrun for his leadership in developing its European and global equities operations. The moves form part of a wider executive overhaul, which also sees Scott Johnston appointed executive vice president and chief operating officer, and Heidi Fischer named executive vice president and global head of equities and spot markets. Johnston will replace 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. Chicago-based Johnston brings more than 40 years of industry experience, including senior roles at Akuna Capital, Hudson River Trading, Citadel, Tower Research Capital, CME Group and UBS. He will oversee day-to-day operations across Cboe’s trading platforms, market operations, infrastructure and clearing teams, working closely with chief technology officer Tim Lipscomb. Johnston will join Cboe on 17 February. Fischer, who will be based in New York, joins from TMX Group, where she was 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. The post Cboe announces major reshuffle in equities leadership appeared first on The TRADE.

HSBC has expanded its equity and listed derivatives desk with the addition of Pierre Gilles de la Londe as a trader.  He brings more than a decade of industry experience to his new position, and will report to Alexander Neil, head of equity for HSBC Swiss Private Bank.He joins HSBC from Alana Capital, where he spent a year as a cross-asset trader, spanning equities, derivatives, bonds and FX. Based out of Geneva, de la Londe’s new role will focus on enhancing the desk’s execution quality and performance.  HSBC confirmed the appointment when contacted by The TRADE. Prior to his time at Alana Capital, de la Londe also held cross-asset trading positions at FlowBank, Greenwich Dealing and Tradition Securities and Futures.  Read more – HSBC Global Asset Management’s Daniel Leon on enhancing workflows with smarter data  Previously in his career, de la Londe has served as an investment portfolio advisor for private banking at Crédit Agricole in Grenoble and also had a stint as an index head trader assistant based out of Sydney, at Wizard Trading Strategies.  HSBC had not responded to a request for comment at the time of publication. The post Alana Capital cross-asset trader joins HSBC appeared first on The TRADE.

How has ETF demand from institutional clients shifted over 2025 and the beginning of 2026? ETF demand from institutional investors accelerated markedly over 2025, supported by a combination of rising structural demand and geopolitical shifts. Global ETF assets under management reached a record $18 trillion (Trackinsight), confirming that ETFs are being used as a core allocation tool rather than a tactical overlay. Equity ETFs continued to dominate, accounting for over 75% of total assets, while fixed income ETFs gained traction, given that the rate environment remains supportive and the rise of active fixed income ETFs.  In the United States, higher interest rates and a more mature ETF ecosystem drove inflows toward lower-risk fixed income exposures, such as cash and government bond ETFs. In contrast, European investors were compelled to assume greater duration and credit risk to generate yield, resulting in a different composition of fixed income flows. Geopolitics also played a decisive role. Europe experienced a strong rebound in ETF demand amid developments related to the conflict in Ukraine and the announcement of the German fiscal stimulus plan. This translated into a ninefold increase in global net inflows into European ETFs compared with the previous year. Heightened concerns around strategic sovereignty further reinforced allocations to thematic ETFs, particularly in defence and strategic industries. Are you starting to see any new trends in the types of ETFs that investors are favouring? In terms of trends, thematic investing gained further momentum. Defence emerged as the dominant theme in Europe, representing 36% of total net inflows, while US investors favoured domestic defence exposure. Technology remained a key driver of inflows, with $54 billion of net inflows globally, three-quarters of which originated from the US. New themes also gained visibility, notably the nuclear renaissance, offering differentiated indirect exposure to artificial intelligence and data centre growth. Emerging market ETFs experienced a notable acceleration in flows, supported by strong performance, while cryptocurrencies attracted significant interest, particularly in the US, where inflows were 12 times higher than in Europe. At the same time, ESG ETF demand slowed sharply. In Europe, investors reallocated from Paris-aligned benchmark ETFs toward climate transition benchmark strategies, while SFDR article nine ETFs faced net outflows in favour of article eight products. This shift reflects a growing investor preference for ESG solutions with lighter constraints. What is your outlook for ETF markets going into 2026? The outlook for ETF markets heading into 2026 remains highly constructive. Early indicators are already supportive, with flows recorded during the first eight days of January already running at 75% of the levels observed for the full month of January 2025. This momentum suggests that ETF assets under management will continue to grow exponentially.  Investors tend to favour ETFs as a vehicle to take tactical positions in the market, while macro themes are increasingly shaping asset allocation decisions. Defence, technology, geopolitics, and strategic autonomy have become central drivers of investment flows.  Innovation will continue to reshape the ETF landscape. In the US, active ETFs now outnumber passive ones, facilitating broader adoption by traditional asset managers. ETF issuers are making growing use of active ETFs to deliver fixed income and options-based strategies. The rapid expansion of buffer ETFs also highlights growing demand for outcome-oriented solutions offering downside protection. Overall, ETFs are well positioned for 2026, as investors increasingly value their transparency, liquidity, and cost efficiency in navigating complex and evolving market environments. The post Fireside Friday with… Kepler Cheuvreux’s Jean-Pierre Ané appeared first on The TRADE.

As AI begins to mark its territory as a key tool in financial markets, buy-side firms are increasingly exploring how they can best leverage the technology, however, the obstacle of fragmented data appears to be hindering effective adoption.  Specifically, 70% of buy-side firms are now actively deploying AI solutions, yet 63% of firms still lack unified data across their front-, middle- and back-offices, indicating that widespread preparation for AI across the buy-side is not yet consistent, according to a recent report from SimCorp. This problem appears to be particularly pertinent for firms in the EMEA region, with 51% experiencing challenges with a lack of unified data, and a further 61% referring to difficulties in sourcing and integrating unstructured data sources when looking to adopt AI tools into their workflows. “Nearly two-thirds cite a lack of a unified, real-time data layer to support investment, operations, and client management processes, which perhaps is inevitable given the wider challenges of data fragmentation, duplication, and manual reconciliation,” said Joe Morant, global head of asset and wealth management at Alpha FMC. “These issues underscore the operational complexities resulting from siloed systems and labour-intensive workflows, which are further compounded by the increasing complexity of private asset data, the demand for multi-asset total portfolio views, and the intensification of information demands from clients […] Firms eager to embrace advanced analytics will remain constrained by fragmented data, legacy systems, and cultural inertia.” Despite these challenges, the study still indicates that the buy-side is keen to keep up new AI and technological advancements. Of the survey respondents, 58% are consolidating their technology platforms and vendors, as they seek out effective execution strategies that will allow them to adapt to this innovation shift. Predictive analytics at the fore As highlighted in the report, a key focus for the buy-side appears to be how AI-driven tools can enhance data and analytics capabilities, with 66% of respondents stating that they expect the most value from AI will be gained from predictive analytics and forecasting over the next two years.  In addition, AI-powered data quality, such as continuous monitoring and anomaly detection, was also an area expected to bring significant benefits for buy-siders integrating this technology into their workflows.  Read more – The TRADE predictions series 2026: Artificial intelligence Speaking in the report, Tanguy de Grandpré, director of product front office and AI innovation at SimCorp, said: “Predictive analytics and forecasting depend on data quality, as reliable predictions require trustworthy data. AI is becoming central to both. The transition from static thresholds to contextual monitoring is crucial, particularly for alternative investments.  “Unstructured data in this asset class lacks the built-in validation of exchange-traded instruments, requiring firms to identify anomalies based on evolving patterns rather than fixed rules. When anomalies surface, understanding data provenance helps distinguish genuine exceptions from quality issues.” With AI becoming increasingly prominent across buy-side workflows and trading desks, it appears that addressing issues of data fragmentation is essential to ensuring the greatest benefits can be reaped from these tools, and those that ensure these challenges are tackled will gain the most value.  To collate SimCorp’s ‘2026 InvestOps report’, WBR interviewed 200 buy-side leaders across APAC, EMEA and North America during Q4 2025.  The post Buy-side increasingly looking to integrate AI but hurdles remain, with 63% of firms lacking unified data across trading processes appeared first on The TRADE.

ODDO BHF has named Ammir Naqvi electronic sales trader. He joins from Instinet, where he spent a year working as across LSET (Latency Sensitive Electronic Trading) sales and coverage. In the role, Naqvi was focused on electronic execution, low-latency trading and market structure. He confirmed his new role in an announcement on social media.   Prior to joining ODDO BHF, Naqvi spent more than eight years at Societe Generale, most recently as director, electronic and programme trading sales within the bank’s equities business. Before that, Naqvi spent more than three years at Kepler Cheuvreux as a sales-trader, focused on electronic execution, programme trading and pairs trading across Europe, US and APAC equity markets. He has also previously served at Scotiabank. ODDO BHF had not responded to a request for comment at the time of publication. The post ODDO BHF appoints electronic sales trader appeared first on The TRADE.

Robinhood Markets and Susquehanna International Group have completed the purchase of a 90% stake in MIAX’s derivatives exchange – MIAXdx – through a joint venture established by the two firms.  Thomas GallagherThe deal, which was initially announced in November 2025, is expected to allow MIAX to gain increased exposure to prediction markets and expand the firm’s offering for both institutional and retail traders in this growing sector.  As part of the transaction, MIAX retains 10% of the issued and outstanding equity in the exchange and clearinghouse.  “Our sale of MIAXdx reaffirms our strategy of partnering with industry leaders to accelerate our growth strategies and we’re pleased to gain exposure to the growing prediction market through our retained equity stake in the exchange,” said Thomas Gallagher, chair and chief executive of MIAX.  Read more – MIAX receives $100 million capital injection from Warburg Pincus Specifically, MIAXdx is a Designated Contract Market (DCM) and Derivatives Clearing Organisation (DCO) which is approved to list and clear fully collateralised futures, options on futures and swaps.  Speaking on the completion of the deal, JB Mackenzie, vice president and general manager of futures and international at Robinhood, said: “The purchase of MIAXdx accelerates our investment in the prediction markets and improves our position to deliver a better experience for customers in this growing asset class.” In January 2025, Miami International Holdings (MIH) collaborated with Bloomberg to list 500 Index futures and options on its MIAX exchanges.  Specifically, MIAX Bloomberg 500 Index options will be listed on MIAX Options, while the futures products will be listed on MIAX Futures.  The post Robinhood and Susquehanna JV complete acquisition of MIAX derivatives exchange appeared first on The TRADE.

The FIX Trading Community has launched a new industry working group to examine the opportunities and challenges surrounding 24-hour trading in US equities, as industry momentum builds toward round-the-clock market access. The initiative comes as several alternative trading systems (ATS) have begun to offer overnight access to US markets, and other major market infrastructure providers continue plans to extend their operating hours. Read more – 24/7 equities trading – A red herring or an inevitable reality The move follows the NYSE’s push to secure regulatory approval for a tokenised-securities platform that would support 24/7 equities trading, alongside other venues moving toward extended hours, raising new questions over market structure and regulation. Although according to DTCC and EY data, overnight trading currently accounts for just 0.1% of total US equity market volume, participation from institutional investors – and retail – is rising. Specifically, industry estimates suggest this could grow to between 1% and 10% of total volume by 2028.  Jim Kaye, executive director of FIX, said the working group will explore the development of equity trading outside regular US hours, the evolving role of broker-dealers and ATSs, and the implications of expanded access for global investors. Read more – Fireside Friday with… FIX Trading Community’s Jim Kaye FIX has confirmed that the group will also focus on practical and regulatory hurdles, including reduced liquidity and wider spreads during overnight sessions and how existing regulatory frameworks apply outside standard US trading hours. Additionally, industry onlookers are set to examine in detail how 24-hour trading can be integrated into established institutional workflows. “We’ve seen growing interest in 24-hour trading for some time, but we’re at a tipping point now,” affirmed Kaye. “Exchanges including NYSE, CBOE and NASDAQ, as well as the Securities Information Processors and the Depository Trust & Clearing Corporation (DTCC) have all recently announced plans to extend their hours to offer 24/5 trading. This is the right time to rally the industry to ensure we’re ready for the next stage of overnight trading.” The post FIX launches industry working group to explore integration of 24-hour trading into established institutional workflows  appeared first on The TRADE.

Marex has bolstered its electronic offering, appointing Christophe Roupie as global head of electronic trading and platforms.  Roupie brings more than three decades of industry experience to his new role, spanning cross-asset trading, securities financing, collateral management, regulatory reporting and data management.  Speaking in an announcement on social media, Roupie said: “I am honoured and humbled to be joining as the global head of electronic trading and platforms.  “To my new colleagues, I am looking forward to all our future achievements as the company continues to grow across markets and products.” He joins the firm after an eight-year tenure at MarketAxess, where he served as head of EMEA and APAC, and chief executive for the UK.  During his time at MarketAxess, he oversaw the firm’s electronic bond trading, data and post-trade businesses across more than 60 countries in the UK, Europe, the Middle East, Africa, and Asia Pacific.  Previously in his career, Roupie also held the role of global head of trading and securities financing at AXA Investment Managers for 10 years, based out of Paris.  He has also worked at Natixis Asset Management and Tradition.  Read more – Marex to act as clearing firm for SGX crypto perpetual futures Marex had not responded to a request for comment at the time of publication.  In October 2025, Marex announced that it had entered an agreement to acquire European fixed income market maker, Valcourt, which will see 700 clients integrated into Marex’s business.  Specifically, the deal is set to allow the firm to diversify its platform and earnings by bringing the Swiss institutional community into its distribution offering.  The post Marex appoints former MarketAxess UK chief executive to lead global electronic trading appeared first on The TRADE.

Extended trading hours – arguably one of the hottest topics in the industry at the moment. With some trading platforms in the US already offering after hours trading, and others exploring the notion, the question most debated when it comes to the topic lies with what impact this will have on the wider industry. More specifically, how will this potential change affect the buy-side, sell-side, exchanges, tech providers, differently? These topics were unpacked in The TRADE’s extended trading hours-focused webinar, ’24/7 equities trading – A red herring or an inevitable reality?’.Featuring industry experts from firms including T.Rowe Price, Glenmede Investment Management, Lazard Asset Management, and Clear Street, among others, the discussion explored all sides of the extended trading hours argument.  Is the buy-side hungry for extended trading hours? It’s no secret that in the last few years, the markets have experienced a certain ‘democratisation’, with retail – particularly in the US – expanding and opening up the industry further. Embedded in this, is the concept of extending trading hours, to complement the new participants coming into the market, and suit the needs of those looking to trade outside of regular trading hours, with experts citing participants such as those in the APAC region. However, discussions during the webinar turned towards whether the concept of expanding trading hours has grown enough within the industry to truly merit as much attention as it has done.  Speaking to this, Mehmet Kinak, global head of equity trading at T. Rowe Price, said: “From my perspective, the need for all exchanges to jump into this foray when there is on average 30 million shares trading seems a little early. I’m sceptical that we need that much of a change in our industry, but I’m also told that this is inevitable, and as technology and the DTCC support this, it’s only a matter of time.” This sentiment was also reiterated by other speakers, including Melissa Hinmon, director of equity trading at Glenmede Investment Management, who shared that from Glenmede’s perspective, there is not yet an appetite for extended hours trading.  Data as a barrier  As discussions focused on what may drive institutional firms to move towards extended trading, participants in the webinar also highlighted a lack of data and trade reporting for overnight sessions as a possible hurdle. Specifically, for participants such as long-only firms, unlike hedge funds which may be looking for overnight trading, they are aiming to mitigate alpha slippage, therefore trading in an overnight session could pose problems of volatility and illiquidity. This was also emphasised by Kinak, who said that for firms such as these, a lack of data and trade reporting makes it difficult to understand the makeup of what’s trading overnight.  He explained: “There’s no trade reporting facility that takes place during overnight hours, there’s no market best bid and offers (MBBOs) so you can’t see where the best quotes may be, what sizes they are, what’s being traded live during these sessions. “Without that type of visibility, there is zero interest from an institutional perspective to jump into the fray, because we’re trying to balance our need for liquidity with reducing information leakage.” Bifurcation between the buy- and sell-side As the prospect of extended trading hours grows due to certain areas of demand across the industry, most notably, as previously discussed, from retail sectors and clients in the APAC region, between the buy- and sell-side, there appears to be a bifurcation of opinion. Specifically, a proportion of the sell-side are seemingly beginning to perk their ears up at the idea, while the buy-side still appears to be wary of taking part. Explaining this, Jesse Forster, head of equity market structure and technology at Coalition Greenwich, commented: “On the sell-side, there is a bit of a fear of missing out, because no one really knows if it’s better to be the first mover, or the second mover, so there’s a mentality of where do we want to be? For the buy-side, however, there’s whispers of not really wanting this. Some opinions are that just because they want to interact with retail doesn’t mean they want to auction with them in this method.” He also referenced the demand sector, adding: “Asian retail brokerage heads swear there is massive overnight demand among their client base once they get a US exchange as a seal of approval. It could be a case of it they build it, they will come, but if the US buy-side doesn’t come, we’ll end up with an even further bifurcated market.” The potential liquidity impact that may come with extending trading hours was a further concern emphasised by experts during the webinar discussion, with particular reference to recent bouts of volatility and turbulence experienced over the past year.  However, for Peter Eliades, head of electronic execution at Clear Street, this confluence of volatility and extended trading may pose opportunities for clients looking at this form of trading. He said: “Current administration has accelerated overnight and macro news flows, which has been exciting opportunistically for some clients, either to make more markets, or take some directional bets. The clients that are looking at this are okay with some volatility, and they’re looking for some episodic trading to help them either reduce risk or to get into positions they feel are aligned with their investment thesis.” Challenges of ensuring firms have the correct staffing and infrastructure in place to support a shift to extended trading hours was also brought up in discussions, however for Kinak, addressing these issues is almost premature, in relation to some of the liquidity obstacles presented.  “We’re putting the cart ahead of the horse a little bit. We have a liquidity issue with overnight trading more than we have any portfolio manager or trader issue. If you look at the symbols that trade, it’s a lot of ETFs that firms like T. Rowe Price and Glenmede would not traffic in. We’re also trading in mid and small-cap names that don’t trade during the continuous session much, if at all.”  This was also supported by Hinmon, who added: “We have a responsibility to our institutional clients to ensure that we’re getting the best price for best execution. If we don’t have the metrics, the liquidity’s not there, and there’s extreme volatility, that’s a really hard thing to try to explain why we’re in the marketplace when there’s nothing really advantageous to our clients to be there.” Comparing European and US liquidity As discussions began to centre around how extending trading hours would impact the ways that firms access liquidity, experts on the webinar also drew comparisons between the US and Europe. Specifically, conversations emphasised the importance for those in Europe to look through a regional lens.  For Chris Collins, equity trader at Lazard Asset Management, introducing overnight trading may add to an already challenging liquidity problem faced by European firms; specifically, navigating overlap of trading when the US markets open, specifically referring to the greater volumes traded during the short periods when European markets coincide with US trading hours.  “In Europe we trade about a tenth of the volume on a daily basis compared to the US, so I think you run a risk,” he emphasised. “The volume is massively concentrated into the two or less hours that overlap with the US. Even a market like Norway that’s open for 55 minutes overlapping with the US has half of its volume trading in that time.” Collins also contrasted the makeup of the US and European markets, highlighting that the growth of demand for out-of-hours trading in the US is largely driven by the retail sector over there, which has a much bigger participation than in Europe. Specifically, he indicated that retail makes up 20-25% of the market, compared to approximately 5% in Europe.  “Whilst the 24-hour debate is getting very loud globally, and these discussions are important in Europe, it’s really important to look at the individual makeup of the markets and not just blindly follow what’s going on in the US. If you break down where the volumes are happening, even in the US, the vast majority of those volumes are still trading in the main six-and-a-half-hour window, so it’s a bit of a rounding error in the US, and even more so if translated to Europe.”If you build it, will they come?  Despite some pushback around the prospect of introducing extending trading to the industry, with the webinar indicating that this is largely stemming from the buy-side, it appears that, as described by Collins, the “genie is out of the bottle.” In particular, as the concept of extending trading hours is becoming more prominent in industry discussions, some sell-side firms are beginning to look to connect to these new markets, therefore creating the need for the technology and infrastructure to allow for these new ventures. Hence, from a technology vendor’s perspective, comes the “if we build it, they will buy it” argument. For Arnaud Derasse, chief technology officer at trading, data and technology provider, Exegy, if there’s a market willingness or interest, it’s natural that the technology and automation required will also spring up around this.  He said: “We’ve seen a lot of traction in the past 12 months, specifically from the sell-side, so we’ve been building feed and execution coverage for all these new exchanges. Particularly on the broker side, there’s a willingness to see what’s available.  “From a tech point of view, there’s a kind of build it and they come perspective, and potentially we may see more liquidity as the products become more available.” Looking ahead As industry discussion around extended trading hours begins to roar louder, it appears that buy-side anticipation still lags behind the sell-side and other market participants. When questioned on whether the prospect is likely to materialise, experts in the webinar were quick to assure that across the US, there are too many ongoing commercial interests to stop overnight and extended trading from making their mark.  However, as Europe slowly comes up on the heels of its overseas counterpart, discussions are shifting to the need for ongoing dialogue and broader consultation, to ensure that whatever comes has the most positive impact on the industry. Difference of opinion across different segments of the market seems to be a key driver behind uncertainty towards the prospect, as reiterated by Kinak, who asserted that “the real question is what juice is worth the squeeze here? Can we just extend the markets a little bit and make enough people happy or everyone equally dissatisfied to do enough?” Perhaps if issues such as liquidity and provision of data can be resolved, the buy-side will increasingly warm to the prospect of extended trading hours. But for now, it appears that 24/7 trading will remain on the trading horizon is some shape or form, and its impact on all corners of the industry are likely to remain a central focus of discussion for the foreseeable future. The post 24/7 equities trading – A red herring or an inevitable reality appeared first on The TRADE.

CME Group is set to leverage FairXchange’s Horizon platform as it seeks to bolster its FX execution analytics and enhance liquidity management. Specifically, the trading venue is set to deploy Horizon on EBS Direct – CME Group’s disclosed FX trading venue, used by banks and institutional investors to execute bilateral spot FX trades. The integration of Horizon is intended to improve how liquidity is priced, accessed and evaluated across the platform. Paul Houston, global head of FX products at CME Group, said the platform would strengthen EBS Direct’s analytical capabilities and support clients navigating increasingly complex FX markets. “Leveraging FairXchange’s Horizon solution will significantly enhance liquidity management for EBS Direct. This solution will empower our market participants with independent, data-driven analytics, enabling more informed decisions and optimising liquidity management and execution.” Read more: Integral integrates CME Group FX markets into workflow solution Market participants are set to benefit from greater transparency into execution quality and trading behaviour, as well as more data-driven interaction between liquidity providers and buy-side firms. Guy Hopkins, founder of FairXchange and head of capital markets at United Fintech, said:  “CME Group is one of the most significant and respected institutions in global financial markets, and their decision to select Horizon is a strong validation of our commitment to promoting transparency, collaboration and commercially sustainable trading relationships.” The post CME Group to leverage FairXchange solution to enhance FX liquidity management and execution  appeared first on The TRADE.

James Hickling has joined BNP Paribas as a rates repo trader.  Hickling brings more than a decade of industry experience to his new role, and joins the European bank after three years at the UK Debt Management Office, where he served as a cash dealer, covering gilt repo trading.  Prior to this, he also spent nearly a year at BGC Partners in London, where he worked as a broker, with a core focus on secondary products in the investment grade space spanning various currencies.  Read more – Former Credit Suisse trader joins BNP Paribas cash equities desk He has also held fixed income trading, sales and brokerage positions at LXM Group and RP Martin.  He began his industry career gaining experience at various firms including JP Morgan, Mizuho, Susquehanna and Deutsche Bank.  Hickling confirmed his new role in an announcement on social media.  BNP Paribas had not responded to a request for comment at the time of publication.  Hickling’s new role follows the appointment of Alexander Ford as managing director, head of BNP Paribas’ UK cash sales trading last week.  London-based Ford joins the firm after nearly five years at Citi, where he served as head of equity block and liquidity solutions.  In addition, earlier this month, BNP Paribas and AXA Investment Managers combined their trading teams under the BNP Paribas Dealing Services umbrella, as part of the firm’s acquisition on AXA IM in July 2025.  The move marks the completion of all main legal mergers, and also marks the formation of BNP Paribas Asset Management as a single entity.  The post BNP Paribas bolsters fixed income business with rates repo trader hire appeared first on The TRADE.

ING has named Alex Yang as its new global head of electronic fixed income (eFI) trading.  London-based Yang joins the firm from asset management giant Millennium, where he spent three years as a quantitative researcher, covering systematic fixed income trading, corporate bonds, rates and ETFs.  Prior to this, he also spent a year at Jefferies as head of EMEA credit algorithmic trading, as well as an eight-year tenure at Citi in various roles.  Specifically, during his time at Citi he served as a credit algo front-office developer, as well as in roles spanning eFX automated trading and algo trading.  He began his industry career as a software engineer at UBS Investment Bank.  Yang confirmed his new role in an announcement on social media.  ING had not responded to a request for comment at the time of publication.  Yang’s new role aligns with a recent shake up of ING’s senior leadership team, with David Leech succeeding Gary Prince as global head of FX trading last week.  Leech initially joined ING in 2016 as a senior FX forwards trader, before later being promoted to head of FX UK in 2023.The post ING appoints new global head of eFI trading appeared first on The TRADE.