How did the plan come together for an around-the-clock equities trading platform? We started our business with foreign exchange when I created the company in 2019. We specialise on FX in the currencies of emerging market countries, such as Korea, India, Brazil etc. and with that I was traveling the world and spending a lot of time in Asia and the Middle East. What struck me was that across those different time zones, in all those countries, you have Apple stores and McDonald’s and Tesla dealerships and these American companies have a definite interest from the local people. They want to invest in American companies and participate, but exchanges like the New York Stock Exchange or NASDAQ at the time did not offer the service that meant they could do it in real time and at their convenience. At the time, the New York Stock Exchange or NASDAQ didn’t really have any plan to address after hours trading, so that was the gap. Even though crypto and foreign exchange trade 24 hours, the exchanges didn’t seem to offer a service in the same vein, so that’s when we said okay there is definitely a need for foreign investors to access US markets in real time, let’s make it happen. We began by doing research into the percentage ownership of foreign investors in US stocks and how that was increasing every year and it was an undeniably growing demand.Following that, four years ago, we approached the SEC to request a license for a stock exchange that trades overnight. That process began in 2021, and after many dozens of meetings with the regulator, we received approval for an overnight equities trading platform.Tell us more about the market sentiment following your approval?It’s been very positive, and the level of support from large financial institutions has been surprising. To give an example, when we started this process we thought that the early participants would be retail clients from APAC, and perhaps some US clients who don’t want to sleep at night on one side and your typical market makers on the other side that would provide liquidity. However, we didn’t really think that big banks, big institutions would want to do it from day one.Basically, it’s very expensive for banks to add compliance and trading systems to support significantly increased trading hours. Add to that, the fact that stock trading is of course very regulated. Talking to the banks over the last few years this was repeated continuously, however a few months ago these entities really changed their views. Now many of them are embracing it, there’s been a sea of change in the banks supporting 24 Exchange.When we asked why they told us that they had received a lot of calls from their institutional clients from APAC that wanted to participate in the US market and so clearly that’s why they need to support expanded trading hours. Clearly, aside from Asian retail clients, there’s also Asian institutions that want to trade at their convenience and are pushing global banks to support this overnight trading.You’ve spoken before about bring the dynamism of crypto to equities, tell us more about that. It all comes off the back of everything becoming more electronic – most institutions now trade through algorithms (especially US equities), so there is no need to be on the New York Stock Exchange floor anymore, things have changed.And what you will see with 24 Exchange’s round-the-clock trading is some companies will have an algorithm which will trade a lot overnight. Because there is so much electronic trading now, it will be a much easier migration than people think.Other exchanges have also announced plans to extend trading hours, thoughts?We have our big competitors like Nasdaq and NYSE of course who have announced their plans to go overnight and then the question for us is how we compete. What I think is useful to highlight is that as a small exchange just starting out we are looking at how to compete with this behemoth that’s been around for literally hundreds of years. So we compete by having our own unique selling proposition (USP). There’s a couple of things to highlight. One, the way we compete is through using newer technology. So, for example, the New York Stock Exchange and Nasdaq have had to build, build, build and maintain their own technology. It’s very expensive and it’s also older. What we’re doing now is renting another exchange’s technology – which is much newer – and also cheaper. The benefits are therefore two-fold: we become much more cost effective and as a result we can be much more aggressive on pricing, and also we can change and upgrade more quickly. And we are uniquely able to bring our proven expertise in 24/7 electronic FX trading – something the legacy exchanges do not have.”With the market hours debate ramping up, what’s your perspective on differing opinions either side of the pond?It’s very interesting and I definitely know that in London they want to shorten the hours but I see it more like risk management. Speaking to US-based buy-siders, what they would like is just to have the option of trading 24 hours. Maybe they will never do it, but they would like to have the possibility in case something happens. Let’s say they have even just an operational need to do something after hours, at least they will have an infrastructure to do it – at least they will have a price. Obviously, the market might be not very liquid for a buy-side client to be able to do a big transaction in the middle of the night, but they can find a bank that would be willing to do a trade and they have a reference price, so they at least know where the stock is trading at 3am. For a trader, keeping your options open is always important.The post Fireside Friday with… 24 Exchange’s Dmitri Galinov appeared first on The TRADE.

The European Union’s T+1 committee has reached a consensus on the first set of high-level recommendations for Europe’s switch to a shortened settlement cycle.  Members of the committee convened in person in Brussels on 28 May to finalise the proposals.  This is according to independent chair of the committee, Giovanni Sabatini, who, speaking at The Network Forum in Madrid, said the team is now working to collect all of the recommendations into a single report – due to be published at the end of this month.  “We have been able to run fast in less than five months to be able to agree on multiple complex recommendations, starting from the new operational timetable,” Sabatini said.  The industry has 27 months to go to the go-live date of T+1 across the EU, the UK and Switzerland – with policymakers and industry groups urging market participants to begin their preparations as soon as possible, to ensure a smooth transition.  During the panel, the audience were asked whether they had begun budgeting for T+1. Four in 10 (39%) respondents stating that they had not, but plan to do so soon. A further 3% said they have no immediate plans to start budgeting.  “We have a communication strategy to ensure we will be able to reach all market participants in the 27 jurisdictions,” Sabatini added. “It’s a big effort. We will be there to push for adherence to our recommendations.” A recently published study from Firebrand Research found that the spend for the largest custodians on Europe’s transition to a T+1 settlement cycle is likely to top out at $36 million – including staffing and technology costs. 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.” The post EU reaches consensus on T+1; high-level report to be delivered end of June appeared first on The TRADE.

David Saltiel, The US Securities and Exchange Commission’s (SEC) acting director of the trading and markets division is set to leave the regulator. Salitel is set to depart 4 July 2025 having served as acting director since December 2024. He also previously served a separate stint as acting head of the department in 2021.“I want to thank David for his wise counsel since I became chairman, and he has been a critical member of the division’s leadership team for nearly a decade,” said SEC chair Paul Atkins.“Throughout his career at the SEC, David’s steady leadership has clearly demonstrated his commitment to the core mission of the agency, the highest ethical standards, a dedication to rigorous data-driven policymaking, and a strategic mindset. David’s contributions have made our markets stronger. The SEC will lose an outstanding resource; nevertheless, I wish him the very best in his next pursuits.”The SEC’s existing employee, Jamie Selway is set to take over from Saltiel as head of the division from July. Saltiel’s tenure at the watchdog includes a stint as deputy director of the trading and markets division, and before that as associate director of the division’s office of analytics and research since 2016. Prior to the SEC he served as chief economist for the Municipal Securities Rulemaking Board. Speaking about his departure, Saltiel said: “I want to thank Chairman Atkins, all the commissioners, and my colleagues in the division as well as across the SEC. The staff in the division are smart and dedicated people of integrity. It’s been an honour to work with them and learn from them. I will miss the interesting and critical work of the commission.”The post SEC’s acting director of the trading and markets division departs appeared first on The TRADE.

BNY has completed the integration of its buy-side CollateralOne platform with its short-term investment platform LiquidityDirect as it seeks to transform assets to higher-quality balance collateral. The move is set to allow clients to automate the use of Money Market Funds (MMF) in triparty transactions, specifically by converting excess cash into collateral against the trade. In addition, BNY confirmed that the integration will optimise MMF’s “to hold against their [clients]  triparty deals and increase yield while allowing more flexibility to consider a broader pool of asset types to use as collateral.” Read more: BNY Mellon launches new white labelling solution for its LiquidityDirect platform Further, the combination of the CollateralOne and LiquidityDirect platforms will work to centralise how users manage their collateral and liquidity within BNY’s offerings, serving to streamline inventory and reduce funding costs. CollateralOne was unveiled in November last year, when BNY combined its LendingLiteSM service with a new collateral offering, creating a buy-side platform with an expanded triparty service.The launch provided BNY clients with the option of opportunistic specials-only lending and a holistic view of all their assets, liabilities and opportunities in one place.The post BNY integrates CollateralOne and LiquidityDirect platforms appeared first on The TRADE.

ABN Amro Clearing has become an active participant of Cboe Clear Europe’s Securities Financing Transactions (SFT) clearing service, acting in the capacity of borrower.Jan TreurenCboe Clear Europe launched the clearing service in March 2025, wherein Natixis Corporate & Investment Banking acted as a principal lender against JP Morgan as a borrower, as part of the first trades cleared through the new service.At the time, Cboe noted that several entities were already on board, with other banks, asset managers, broker-dealers, and agent lenders having also completed final testing in preparation for clearing. The service utilises BNY and JP Morgan as tri-party collateral agents, with Pirum serving as the transmitter of new trade instructions and post-trade lifecycle events for clients. Cboe Clear Europe is offering central clearing, settlement and post-trade lifecycle management of European SFTs in cash equities and ETFs. This service is available to principal lenders, special participant lenders (UCITS and non-UCITS) and borrowers, with settlements conducted across 19 European Central Securities Depositories (CSDs). Jan Treuren, SFT product lead, Cboe Clear Europe, said: “Our goal is to bring significant capital and operational efficiencies to this key market by leveraging our infrastructure, technology, and pan-European cash equities footprint.“We continue to actively onboard new participants from across the community, including principal lenders, agent lenders acting on behalf of special participant lenders (UCITS and non-UCITS beneficial owners), and borrowers.”In Europe, there have been multiple failed attempts to successfully introduce and maintain SFT clearing, with the most recent high-profile cautionary tale coming through Eurex Clearing which announced it was shutting down its Securities Lending CCP service in 2021 as a result of low clearing volumes and a prioritisation of other businesses.Cboe noted that the introduction of central clearing to this market at this point is particularly important given the increased regulatory, capital and operational burdens associated with SFTs resulting from the Central Securities Depositories Regulation (CSDR), Securities Financing Transactions Regulation (SFTR), and planned Basel IV implementation.The post ABN Amro Clearing joins Cboe Clear Europe’s SFT Clearing service appeared first on The TRADE.

Multi-asset technology provider, Integral and CME Group have unveiled an integrated solution, with the former gaining access to CME Group’s primary FX markets.Paul HoustonSpecifically, the move provides Integral clients no-cost access to CME’s EBS and FX Spot+ markets directly through Integral’s trading platforms, with no additional technology required.Paul Houston, global head of FX products at CME Group, said: “The volatility experienced so far in 2025 has served as an important reminder of the critical role that EBS Market plays in the FX markets, providing firm, anonymous liquidity and no last look pricing. “We are pleased that, through Integral’s trading interfaces, their clients will now be able to access our spot, NDF and precious metals liquidity, in addition to our recently launched FX Spot+ marketplace.”Integral clients – including regional banks and retail brokers – can now place both passive and aggressive orders, and trade via GUI, API and algorithmic trading models, as well as risk warehouses.Harpal Sandhu, chief executive of Integral, said: “The integration with CME Group will lower the cost of trading for Integral’s clients, while providing them with low-cost access to one of the most liquid FX trading venues globally.“Every institution can now directly access primary FX liquidity from their existing workflows at the click of the button. Our comprehensive front-to-back SaaS FX solution is trusted by over 200 of the world’s most influential companies, and this collaboration is testament to our ongoing commitment to offering the most sophisticated, optimised FX trading technology.”The post Integral integrates CME Group FX markets into workflow solution appeared first on The TRADE.

Institutional broker dealer Susquehanna International Securities has appointed Matt Coupe to its fixed income trading team.Coupe joins after most recently serving at Barclays as global head of cross asset market structure, departing the bank last year after a nine year stint.In his new role, Coupe will be responsible for working with market participants to help them “capture unique opportunities” on securities trading platforms.Previously in his career, Coupe also operated in various roles across NICE Actimize, Redkite Financial Markets, FTEN, Turquoise and Ullink.Commenting on his appointment, Coupe said he was “thrilled to be joining Susquehanna; it is a company which I have long admired, and it is a firm that is constantly evolving and developing alongside the changes that we are seeing in market structure.”Watch now – The TRADE sits down with Rebecca Healey and Matt Coupe, co-chairs of the EMEA Regional Committee, FIX Trading Community, to unpack key themes and trends discussed at the FIX EMEA Trading Conference 2025.During his career, Coupe has served on several industry committees, including the Financial Conduct Authority’s (FCA) Secondary Markets Advisory Committee, the US Commodity Futures Trading Commission’s (CFTC) Global Market Structure Sub-Committee, and the board of the Financial Markets Standards Board (FMSB).He currently co-chairs the FIX Trading Community for the EMEA region.The post Former Barclays market structure expert Coupe lands Susquehanna fixed income trading role appeared first on The TRADE.

Listed derivatives blocking network InTick’s block matching platform has gone live during the June ICE gilt and Eurex fixed income futures rolls.James GoaterThe platform facilitates the exchange of active futures block orders, addressing inefficiencies experienced when executing and booking exchange-traded assets. James Goater, chief executive of InTick, said: “It’s so great to have realised the innovation that has been lacking for so long in this area of trading, and it is particularly gratifying to see how both buy- and sell-side participants are embracing the change that is so desired and needed.”  “With InTick, we are fully challenging the status quo of high touch, listed derivatives block trading. Across the market, we are now solving the significant inefficiencies in executing and blocking exchange-traded assets.”The InTick network is now able to show axes across different contracts. The platform also allows for electronic all-to-all client matching for both equities and fixed income futures markets via a consolidated order book. Ben Parker, co-founder and chief operating officer, InTick, said: “We now have an opportunity to deliver the benefits of digitised processes to those organisations looking to embrace innovation, optimise block futures trading and drive business growth.“Our aim is to expand the listed derivative blocking network and open new trading opportunities for all market participants.” The post InTick block matching platform goes live for ICE gilt and Eurex fixed income futures rolls appeared first on The TRADE.

Trade surveillance provider Trillium Surveyor has launched its new next-generation best execution analytics solution, in a bid to enhance best execution performance and reduce costs.  Lisa Balter SaacksThe offering, Surveyor Best Ex, aims to support trading desks and compliance teams in driving best execution by analysing large volumes of execution data at scale to then be turned into actionable insights, reducing manual data wrangling.  Surveyor Best Ex is also expected to help firms access measurable ROI, support proactive compliance as regulation evolves and streamline workflows.  “This enhancement goes beyond a simple technology upgrade – it provides trading and compliance leads with the tools and flexibility needed to stay ahead of evolving regulatory demands while optimising best execution practices,” said Lisa Balter Saacks, president of Trillium Surveyor.  “Our enhanced analytics help uncover hidden inefficiencies and make faster, smarter execution decisions, turning regulatory requirements into a performance advantage.” Input from best execution committees at firms across the industry was used to help develop the offering, and enabling daily best execution monitoring is essential in periods of market volatility, according to the firm. Melissa Watras, director of product at Trillium Surveyor, said: “Traders and compliance officers don’t always speak the same language, but now they can work off the same data, in the same place, with the same level of confidence.”  Most recently, the firm partnered with Blue Ocean Technologies in May 2025, in a bid to enable 24-hour, 5-day trade surveillance coverage, as part of an industry push for after-hours trading.  The partnership also made Trillium Surveyor the first trade surveillance provider to cover overnight trading sessions.  The post Trillium Surveyor rolls out best execution analytics engine appeared first on The TRADE.

Trading Technologies International (TT) has launched a new pre-trade portfolio risk capability on its platform in a bid to bring new protections to its sell-side clients and facilitate increased trading opportunities for end-users.Alun GreenAlun Green, EVP managing director, futures and options for TT, said: “This is a significant step forward in managing risk that will allow a wider range of users to benefit from the award-winning trading features available on the TT platform. Users will easily be able to see how much margin has been consumed by their existing portfolio and how much buying power remains for trading.” The offering replicates the methodology used by clearing houses – namely using the same calculations – aiming to mitigate risk by allowing FCMs to more comprehensively manage client exposure.The capability supports a variety of exchange risk protocols, including: SPAN, PRISMA, value-at-risk, and other custom models. It includes more than 20 major derivatives exchanges and directly leverages risk parameter files supplied by the trading venues.Specifically, the functionality means that firms can now better manage risk by “capturing a client’s worst-case margin position at a given time and use the value to determine whether there is sufficient buying power before an order is sent to the market,” explained the firm.Trading Technologies’ platform handled more than 2.8 billion derivatives transactions in 2024 and is the most widely used platform globally for futures and options on futures.The post Trading Technologies unveils pre-trade portfolio risk functionality appeared first on The TRADE.

The first trade in Nasdaq custom basket futures has been made by University of Cambridge Investment Management (UCIM) with a notional value of €80 million. Julian ButterworthNasdaq custom basket futures allow investors to create a custom-made equity basket, specified by return type, currency, and chosen from a pool of equities.Julian Butterworth, head of sales, European market services, Nasdaq, said: “This offering is a strong example of how we are delivering innovative tools that empower investors to tailor their exposures while benefiting from the transparency and security of regulated markets.” The offering was first launched with custom basket forwards before being expanded to include futures in March 2025. Notably, it enables clients to use standardised contracts traded on a regulated market with central counterparty clearing, as opposed to relying on over-the-counter equity swaps. In the case of UCIM, Nasdaq custom basket futures were used to exclude conventional energy as the fund sought to uphold its sustainable investment strategy. “Nasdaq Custom Basket Futures enhance UCIM’s ability to further reduce exposure to conventional energy within the passive component of the endowment’s public equity portfolio, supporting progress towards our ambition to achieve net zero greenhouse gas emissions by 2038,” said Sarah Wood, associate director, marketable assets, UCIM.The post University of Cambridge Investment Management makes first trade in Nasdaq custom basket futures appeared first on The TRADE.

MarketAxess has become the first platform to provide fully electronic workflow for the trading of Indian government bonds to foreign portfolio investors. Riad ChowdhurySpecifically, international investors will be able to trade IGBs electronically. This goes alongside MarketAxess’ trading platform’s other 29 other local currency bond markets it already offers. “By integrating directly with the NDS-OM system operated by the Clearing Corporation of India Limited, our solution is designed to increase efficiency across the entire trading workflow, from pre-trade allocation to post-trade reporting,” said Riad Chowdhury, head of Asia-Pacific at MarketAxess. “Global emerging markets are well-positioned for increased innovation and international investment—as evidenced by India’s recent addition to notable global EM indices—and we are excited to support both with this launch.” The move expands the firm’s established emerging markets offering, which in 2024 reported annual trading volumes of nearly $860 billion.The post MarketAxess first to provide fully electronic workflow for Indian government bonds trading appeared first on The TRADE.

ABN AMRO has confirmed it has re-joined CLSSettlement as a settlement member, effective as of 5 May. Jacco KeijzerThe bank was part of the initial first group of settlement members that went live when the service launched in 2002, moving to an indirect, third party participation in 2009. Jacco Keijzer, head of global markets, ABN AMRO, explained: “Mitigating FX settlement risk has always been a priority for ABN AMRO. As a long-standing participant in CLSSettlement, we recognise the value it brings to our operations while supporting our adherence to global best practices. “Becoming a settlement member reflects our dedication to creating a more robust and efficient FX ecosystem, while ensuring our FX operations uphold the highest standards of operational efficiency and risk mitigation.” CLSSettlement settles more than seven trillion payment instructions daily across 18 currencies.   As part of the move, ABN AMRO will offer third-party access to CLSSettlement for its clients, the bank confirmed.   Lisa Danino-Lewis, chief growth officer, CLS, said: “The bank’s decision reflects the wider benefits of CLS’s PvP settlement system, such as our approach to multilateral netting and the in/out swap tool which delivers capital and liquidity efficiencies. “Settlement members who use both solutions only fund around 1%2 of the total value of their payment instructions on a typical day, enabling cash flow to be available for other business operations like trading, sales and business growth.”The post ABN AMRO re-joins CLSSettlement appeared first on The TRADE.

Peel Hunt Redburn Atlantic’s head of electronic trading has left the firm to join UK investment bank Peel Hunt, as revealed by The TRADE.Ian Cannacott has been with Redburn Atlantic for almost 10 years, assuming his most recent role in 2023. Cannacott previously served at State Street, Instinet, Dresdner Kleinwort and Credit Suisse. He replaces Nishad Vallonthaiel as head of electronic trading. Vallonthaiel is departing Peel Hunt for pastures new, as revealed by The TRADE earlier this month. A spokesperson for Peel Hunt confirmed the move. Cannacott could not be reached for comment. Redburn Atlantic   Redburn Atlantic’s global execution teams have undergone a redraft with the addition of four new individuals alongside three departures, as revealed by The TRADE Among the additions is Reto Meroni who has joined Redburn Atlantic’s Zurich office to build out its execution presence with Swiss accounts. Meroni joins from Sanford Bernstein and also previously served at Lehman, Goldman Sachs, UBS Investment Bank and Nomura. In the US, Finn Maloney is set to join Redburn Atlantic’s US execution team to help with the ongoing build out of its US electronic offering. The move follows Redburn Atlantic’s winning Best Agency Broker at The TRADE’s inaugural 2024 Leaders in Trading New York Awards in November. Based in the UK, Brian McCormack has joined the electronic execution desk from Panmure Liberum. Prior to Panmure Gordon, McCormack has also previously served at RBS, ABN AMRO, Shore Capital, HSBC Securities and GNI. Pete Murden is also set to re-join the firm in July from Tourmaline. Murden previously served at Redburn between 2004 to 2022 before leaving to join RBC. “Reto has a superb reputation with the Swiss clients and beyond. Finn will bring some additional technical expertise to a US desk which is one of the fastest growing areas of our business,” added Quick. “Brian’s arrival fits with our approach to bring a high touch service to the low touch desk – something we have been offering for years and one of the reasons for our multiple Best Client Service Awards at the Leaders in Trading Awards. Pete Murden is coming home after a brief sojourn elsewhere and we know the quality he brings.Also departing are Sam Dawson and Courteney Morrison. Morrison has been with Redburn Atlantic for almost four years, most recently serving as a director in sales trading. Previously in his career, he also spent seven years at Citi in equity sales trading roles. “We wish those leaving the firm the very best of luck with their new opportunities and we expect to continue to make further hires as our integration into the broader Rothschild & Co group continues,” said Andrew Quick, global head of execution at Redburn Atlantic. RBC Capital Markets  RBC Capital Markets has appointed Ralph Boumalham as director and head of European leveraged loan trading, according to a memo seen by The TRADE. Prior to joining RBC, Boumalham has operated in similar roles at UBS and Nomura.  In his new role, he is set to help bolster RBC’s leveraged credit trading platform, also working closely with the leveraged finance team in global investment banking, and sales and trading.  He will report to Olivier Lavie, head of high yield and loan trading, Europe. Three other appointments have also been made. Among them, Mousumi Dey is set to assume the position of director, high yield and leveraged loan sales.   She most recently worked at Unicredit, and in her new role will focus on leveraged credit product distribution, working with the leveraged finance team in global investment banking, and sales and trading.Dey will report to Michael Mulholland, head of European leveraged credit sales.In structured credit, Justin Stratton-Christensen has been named director, structured credit sales.  Previously, he has served at firms including Citigroup, Lloyds, Demica Finance, and KNG Securities. In his new position he will report to Simon Johnson, European head of credit sales at RBC and focus on the firm’s growth plans for the origination and distribution of asset-backed securities, as well as collateralised loan obligations (CLOs), as well as enhancing client coverage in the region. The fourth hire is Stuart Marenghi, now director, hedge fund sales, also reporting to Johnson. He joins from Wells Fargo Securities International, and in his new role is set to focus on “deepening” RBC’s coverage of hedge funds and leveraged finance clients across investment grade and leveraged credit products.  DNB Carnegie  Steve Hemmings has been promoted to the position of equity sales trader at DNB Carnegie, following more than 11 years at Carnegie Investment Bank, as revealed by The TRADE.   The move will see London-based Hemmings bring extensive industry experience to his new role, spanning mutual funds, private equity, finance and investment strategies.   He also leaves behind his previous position as sales trader at Carnegie Investment Bank covering pan-Nordic and European equities.   Hemmings joined Carnegie Investment Bank in 2013, which merged with DNB Markets in 2025 to become DNB Carnegie, with the aim of expanding its client services and product offering.   Previously, he also worked as an equity sales trader at KBW from September 2010 to August 2013.   Prior to this, he has also held executive director roles at UBS Investment Bank and Lehman Brothers and served as a managing director at Commerzbank.   Hemmings confirmed his appointment in an announcement on social media.   Citi Benny Aroeman has joined Citi as head of markets for Indonesia in a push to bolster the firm’s client solutions and markets business. Aroeman brings more than 30 years of industry experience to his new role, largely covering the delivery of derivatives, structured products and risk management solutions to Indonesian clients. His new role aligns with an increased focus on markets in the South Asia region, and will see him reporting to Sue Lee, head of markets for Asia South, and Batara Sianturi, Citi country officer and banking head for Indonesia.  Speaking to the appointment, Sianturi said: “We see client activity increasing across our interconnected businesses as foreign and domestic investments into Indonesia continue to strengthen. Our clients will greatly benefit from Benny’s insights and expertise.”  He joins Citi from ANZ Indonesia, where he held the position of head of markets for Indonesia from February 2019 to February 2025.   Prior to this, Aroeman was head of sales for treasury and markets at DBS Bank in Indonesia for 12 years.   He has also served as deputy head of corporate sales for global markets for HSBC Indonesia and at Deutsche Bank Indonesia as part of a senior sales corporate coverage group for global markets.   “We have a strong commitment to deliver market leading solutions to our Indonesian clients, and Benny’s appointment underscores this commitment,” said Sue Lee.   “He brings an impressive track record and deep market expertise, and I am confident that under his leadership, we will accelerate growth in Indonesia for our clients.”  Payden & Rygel Marcus Sheridan has joined investment manager Payden & Rygel as a fixed income trader.  The move sees Sheridan leaving Pimco where he has served for the last five years, most recently as vice president from January 2024 to June 2025.   Sheridan will be based out of Los Angeles in his new role.  He has also previously held senior associate and associate positions covering portfolio management at Pimco.  Prior to this, Sheridan spent more than five years at State Street in Massachusetts, where he worked as a FX middle office specialist, as well as an operations specialist.   Sheridan confirmed his new appointment in a social media announcement.  Payden & Rygel had not responded to a request for comment at the time of publication. LSEGLSEG has appointed former Taula Capital executive, Nick Rustad, as its new group head of LCH SwapClear and listed rates.   Rustad brings 25 years of financial markets experience to his new role, which will see him assuming the responsibility for driving the growth and performance of SwapClear and listed rates clearing services.  He will report to Susi de Verdelon, chief executive of LCH, who was appointed to the role in January 2025.   She said: “I am delighted to welcome Nick Rustad as group head of LCH SwapClear and listed rates. Nick’s experience will be incredibly valuable as we focus on delivering new products, as well as the growth and resilience of the services in the years to come.”   He joins LSEG from Taula Capital, where he served as deputy chief operating officer from January 2024 to January 2025.   Previously, he also worked at JP Morgan for more than 20 years, in positions such as global head of futures and derivatives clearing and head of EMEA emerging markets interest rates trading. His time at the firm also included a stint in Moscow as treasurer for JP Morgan Moscow from January 2008 to December 2009.   He was also a non-executive director for LCH from 2021 to 2022, as well as a member of the board of directors for the FIA from 2016 to 2022, serving as chair for two years.The post People Moves Monday: Peel Hunt, Redburn Atlantic, RBC Capital Markets, Citi, and more… appeared first on The TRADE.

Euronext and Clearstream have unveiled a new partnership aimed at advancing the continued development of Euronext Clearing’s collateral management services across repo, as well as other asset classes. Anthony AttiaThe move is a step closer to Euronext’s goal of creating a unified, pan-European clearing model for its repo clearing franchise. Anthony Attia, global head of derivatives and post-trade at Euronext, said: “This collaboration with Clearstream marks an important step in the execution of our ‘Innovate for Growth 2027’ strategy, reinforcing Euronext Clearing’s ability to deliver cutting-edge collateral and clearing solutions. “As we prepare to launch the Repo Foundation in June 2025, this alliance supports the broader expansion of our repo clearing services across Europe. By working with Clearstream, we are scaling our infrastructure, enhancing collateral mobility, and building a more resilient, client-focused clearing ecosystem.” Specifically, Clearstream is set to serve as a triparty agent (TPA) for Euronext Clearing, with clients benefitting from automated, flexible and operationally streamlined solutions aimed at enhancing margin and balance sheet optimisation. Clearstream will handle the collateral selection, valuation and substitution, acting as an independent third party, to ensure compliance with eligibility criteria, as well as managing settlement and custody services, handling regulatory reporting, and supporting liquidity and risk management objectives. Clearstream is also set to support Euronext Clearing with AI-based collateral schedule creation and liquidity optimisation data insights, according to the firms. The enhanced service offering is expected to go live in November 2025. “As financial markets become more unpredictable, demanding greater speed and efficiency, we stay committed to empowering our clients with reliable and scalable state-of-the-art solutions,” said Sam Riley, chief executive of Clearstream Securities Services.“This collaboration reflects our commitment to building a stronger and more accessible European capital market that is well-equipped to navigate the complexities of the financial landscape of today and tomorrow.” The post Euronext and Clearstream partner on collateral management enhancements appeared first on The TRADE.

Virtu Financial has collaborated with cloud-native investment management solution provider, Limina to enhance buy-side workflows. The collaboration is based around Virtu’s TradeOPS platform, which automates post-trade workflows, and combines Limina’s cloud-native order and portfolio management system (O/PMS) to provide buy-side clients with access to a fully integrated front-to-back workflow.  Virtu has said that the collaboration will address recent challenges and developments in the post-trade sector affecting buy-side firms, such as settlement delays, workloads and financial penalties, as well as the upcoming T+1 settlement and financial messaging shift from SWIFT MT to MX.  Prem Balasubramanian, head of Virtu’s TradeOPS platform said: “By providing streamlined and effective solutions tailored to clients’ needs, we can significantly reduce the operational burden and allow firms to refocus on what truly matters: managing investments and driving performance.” The offering has already seen the first client, Swedish investment management firm, Cliens, accessing the TradeOPS’ offering using DTCC-CTM through Limina’s platform.  Kristoffer Fürst, chief executive of Limina, said: “This partnership was an obvious choice to further strengthen the integration capabilities of Limina’s order management system, not only to DTCC CTM but to all venues that tie into Virtu TradeOPS including SWIFT and more.” Technological advancements have been a key focus for Virtu in recent months, and in January 2025, Glimpse Markets integrated its trade data and dealer rankings within Virtu’s Triton EMS, with the aim of improving market insights and execution quality.  Similarly, in the same month Schroders leveraged Propellant’s fixed-income transparency data through Virtu’s global multi-asset execution management system (EMS), Triton Valor. The post Virtu Financial partners with Limina to enhance buy-side workflows appeared first on The TRADE.

RBC Capital Markets has appointed Ralph Boumalham as director and head of European leveraged loan trading, according to a memo seen by The TRADE.Prior to joining RBC, Boumalham has operated in similar roles at UBS and Nomura. In his new role, he is set to help bolster RBC’s leveraged credit trading platform, also working closely with the leveraged finance team in global investment banking, and sales and trading.He will report to Olivier Lavie, head of high yield and loan trading, Europe.Three other appointments have also been made. Among them, Mousumi Dey is set to assume the position of director, high yield and leveraged loan sales. She most recently worked at Unicredit, and in her new role will focus on leveraged credit product distribution, working with the leveraged finance team in global investment banking, and sales and trading.Dey will report to Michael Mulholland, head of European leveraged credit sales.In structured credit, Justin Stratton-Christensen has been named director, structured credit sales.Previously, he has served at firms including Citigroup, Lloyds, Demica Finance, and KNG Securities.In his new position he will report to Simon Johnson, European head of credit sales at RBC and focus on the firm’s growth plans for the origination and distribution of asset-backed securities, as well as collateralised loan obligations (CLOs), as well as enhancing client coverage in the region.The fourth hire is Stuart Marenghi, now director, hedge fund sales, also reporting to Johnson.He joins from Wells Fargo Securities International, and in his new role is set to focus on “deepening” RBC’s coverage of hedge funds and leveraged finance clients across investment grade and leveraged credit products.The post RBC Capital Markets names head of European leveraged loan trading appeared first on The TRADE.

How is differing market structure in the US and Europe resulting in more or less retail activity?Over the last two decades, retail investing in the US and Europe has evolved considerably as financial technology has developed and investing has become more accessible. In the US, retail investors have access to several robo-advisors and mobile trading apps which have appealed to the next generation of investors. In the UK, we have also seen retail investors embrace fintech.At Nutmeg, we were one of the first robo-advisors and are now the largest digital wealth manager in the UK, serving more than 200,000 clients. Looking at Europe as a whole, there is still an opportunity to increase retail activity and reach a larger audience by catering to the different languages, currencies, and consumer preferences across the regions.Overcoming these challenges and nuances in the years ahead will ensure that retail investing appeals to a broader audience of investors and consumers. What needs to be done to help drive more retail participation in the UK and EU?To drive retail investor participation in the UK and EU, enhancing financial literacy is essential. The world of investing can be intimidating for first-time investors who might be deterred by potential risks and not fully understanding financial markets and investment basics. At Nutmeg, we have worked hard to try to demystify investing, offering educational content and webinars alongside providing comprehensive online resources to our clients. There is always more to be done, and we definitely have exciting plans for the future, but this work has gone far in empowering investors to make informed decisions.Another part of the puzzle is simplifying and optimising access. Retail investors need user-friendly, cost-effective, and intuitive platforms to easily initiate, manage and track their long-term investments. By innovating in this area, investing becomes more accessible and affordable while potential barriers to engagement are broken down.Finally, we need to consider more ways to foster an investing culture across the UK and Europe. Public awareness initiatives and greater education early on are key to this but should be built on further so that a more supportive environment for learning and sharing investment experiences is nurtured. What sort of changes are exchanges making to attract more retail order flow and enable institutions to better interact with it on their venues?In recent years, exchanges have made great strides to enhance transparency in the trading process by offering more comprehensive information on order flow, execution quality, and market data. This increased transparency has helped build confidence among retail investors, providing clarity on how their orders are processed and executed. At the same time, for institutional investors, having access to detailed insights into retail trading behaviour has allowed them to make more informed decisions. By fostering a transparent trading environment, exchanges aim to attract greater retail participation and improve the interaction between retail and institutional market players. At Nutmeg, we are in favour of any push for more transparency, as it will give customers greater insights into their investment portfolios and the broader market. A consolidated tape in Europe would also allow the market as a whole to more accurately reflect fair value for assets which again will only be a benefit for investors. How are you seeing brokers leverage retail flow on your behalf?Currently, we are seeing brokers leverage retail flow data to enhance liquidity in ETF trading. By gaining insights into retail investor behaviour and demand, brokers can more effectively match buy and sell orders, resulting in narrower bid-ask spreads and more competitive pricing. In turn, this has created more favourable trading conditions for retail investors.Furthermore, we have also seen brokers take more inventory onto their books in response to demand from Nutmeg’s customers. We saw this previously ahead of the launch of Nutmeg’s Socially Responsible Investment portfolios when working with some of the largest ETF brokers.The post Enhancing financial literacy is the key to retail success appeared first on The TRADE.

Marcus Sheridan has joined investment manager Payden & Rygel as a fixed income trader. The move sees Sheridan leaving Pimco where he has served for the last five years, most recently as vice president from January 2024 to June 2025.  Sheridan will be based out of Los Angeles in his new role.  He has also previously held senior associate and associate positions covering portfolio management at Pimco.  Prior to this, Sheridan spent more than five years at State Street in Massachusetts, where he worked as a FX middle office specialist, as well as an operations specialist.  Sheridan confirmed his new appointment in a social media announcement. Payden & Rygel had not responded to a request for comment at the time of publication.The post Pimco vice president joins Payden & Rygel as fixed income trader appeared first on The TRADE.

LSEG has appointed former Taula Capital executive, Nick Rustad, as its new group head of LCH SwapClear and listed rates.  Rustad brings 25 years of financial markets experience to his new role, which will see him assuming the responsibility for driving the growth and performance of SwapClear and listed rates clearing services.  He will report to Susi de Verdelon, chief executive of LCH, who was appointed to the role in January 2025.  She said: “I am delighted to welcome Nick Rustad as group head of LCH SwapClear and listed rates. Nick’s experience will be incredibly valuable as we focus on delivering new products, as well as the growth and resilience of the services in the years to come.” He joins LSEG from Taula Capital, where he served as deputy chief operating officer from January 2024 to January 2025.  Previously, he also worked at JP Morgan for more than 20 years, in positions such as global head of futures and derivatives clearing and head of EMEA emerging markets interest rates trading. His time at the firm also included a stint in Moscow as treasurer for JP Morgan Moscow from January 2008 to December 2009.  He was also a non-executive director for LCH from 2021 to 2022, as well as a member of the board of directors for the FIA from 2016 to 2022, serving as chairman for two years.  The post Taula Capital executive joins LSEG as group head of LCH SwapClear and listed rates appeared first on The TRADE.