The Depository Trust & Clearing Corporation (DTCC) has launched an industry-wide testing phase for 24/5 trading. The development comes in light of the US equities markets’ preparations to shift to extended trading hours in the coming months and years. In addition, the NSCC transition to a 24/5 model is also expected to align with similar plans to move towards near-continuous trading recently announced by several exchanges. In October 2024, the New York Stock Exchange (NYSE) proposed plans to expand weekday trading to 22 hours a day, while both Cboe and Nasdaq announced intentions to move to a 24/5 model in early 2025. Following on from this, many national exchanges are expected to complete this transition towards near-continuous trading between late 2026 and 2027, according to the DTCC. The DTCC’s testing phase is expected to support the National Securities Clearing Corporation’s (NSCC) move to extended clearing hours, in line with its 24/5 initiative – currently scheduled to come into effect on 28 June 2026. As part of this phase, all firms which receive Universal Trade Capture (UTC) real-time output messages must participate in testing, while similarly, sending entities submitting trades during extended hours must complete testing to ensure they are prepared for 24/5 processing standards and end-of-day balancing.   Specifically, the proposed 24/5 model, which is subject to regulatory approval, will allow the NSCC to apply its central counterparty (CCP) guarantee to overnight transactions, operating from 8pm ET on Sunday to Friday 8pm ET. Read more – An un-unified approach to expanding equities trading hours Val Wotton, managing director and global head of equities solutions, DTCC, said: “The transition to 24/5 trading represents a structural evolution for the industry – but it also introduces new operational and risk considerations.  “Testing ensures firms are ready to process trades seamlessly during overnight sessions, maintain robust risk controls, and support resiliency. […] DTCC is fully prepared to support the industry throughout this process and continues to collaborate closely with market participants, regulators, and exchanges to ensure readiness.” The launch of the phase marks a development of the NSCC roadmap towards a 24/5 model, and in September 2024, the firm opened up its UTC system, to allow trading platforms to submit trades at 1.30am ET, two and a half hours earlier than operating time.  Read more – Nasdaq files SEC proposal for 23/5 US equities trading The transition to overnight trading hours follows increasing discourse around the topic across the industry, with a recent DTCC report revealing that most of the market participants surveyed anticipate 1-10% of total equity volume to shift to overnight sessions by 2028.   By supporting these changes across the industry, the NSCC’s transition is expected to ensure seamless processing and mitigate counterparty exposure across time zones.  Moreover, the DTCC has confirmed that clearing and settlement process will continue to complement the accelerated T+1 settlement cycle adopted across the US in May 2024.  The post DTCC unveils industry-wide testing phase for US equities 24/5 trading appeared first on The TRADE.

Brian Pastor has been promoted to head of trading, global equities at Citadel, after almost eight years at the firm.  Pastor initially joined the firm in 2018 as an equity trader, before moving up the ranks to take on his new role. He confirmed his appointment in an announcement on social media. Read more – Sole confirmed EU equities consolidated tape bidder EuroCTP bolsters advisory committee with Citadel appointment Based in New York, he has worked across financial markets for more than 25 years, and prior to his time at Citadel, worked as a managing director and partner at Latimer Light Capital, which announced it would be shuttering its operations in December 2018.  Previously in his career, he also served as a trader at PFM LP for almost 10 years.  Pastor has also held various trader positions at firms including Deutsche Bank, Andor Capital Management and UBS Investment Bank. The post Citadel promotes internally for new global equities head of trading appeared first on The TRADE.

BNP Paribas has named Alexander Ford new managing director, head of UK cash sales trading. London-based Ford brings more than two decades of sell-side experience to his new role and joins the firm after nearly 5 years at Citi. Ford confirmed his new role in an announcement on social media. During his time at Citi, Ford served as head of equity block and liquidity solutions. Prior to this, he worked at Morgan Stanley for almost 12 years, initially joining as an equity sales trader, before later becoming head of UK flow derivatives sales for the firm. Read more – Fireside Friday with… BNP Paribas’ Gary O’Brien Ford began his industry career as an equity sales trader at UBS Investment Bank in 2005. BNP Paribas had not responded to a request for comment at the time of publication. 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 Citi equities expert joins BNP Paribas as head of UK cash sales trading appeared first on The TRADE.

Stonehage Fleming Joe Bellman has left his role at Arbuthnot Latham as head of dealing to join Stonehage Fleming as a senior multi-asset trader, as revealed by The TRADE.   Bellman, who is based in London, joins the UK-headquartered firm after spending more than a decade at Arbuthnot Latham.   He initially joined the firm as a dealer in 2014, before later moving up the ranks to the role of dealing manager, and taking on his most recent position as head of dealing in 2024.  Bellman was named one of The TRADE’s Rising Stars of Trading and Execution in 2022, which recognises up-and-coming talent on the buy-side. CLSA Fred Bethell has joined CLSA as a program sales trader, based out of London.   Bethell has worked across financial markets spanning various different roles and asset classes for more than 15 years and joins CLSA from buy-side firm Aviva Investors.  Bethell confirmed his appointment in an announcement on social media.  During his time at Aviva, he served as an equity trader in the firm’s London office for seven years.   This followed a stint at Odey Asset Management, where Bethell worked in the same role for almost three years.  Elsewhere, Bethell has previously served in assistant portfolio manager roles at Walker Crips and Ashcourt Rowan.  Huntington Securities Huntington Securities has named Brian Stauffer as the firm’s new head of equity sales and trading.   He joins from Janney Montgomery Scott, where he spent more than four years as head of institutional equity sales and trading.   Stauffer confirmed his new role in an announcement on social media.    Previously in his career, Stauffer has worked at Compass Point Research & Trading as managing director. He has also previously served in a vice president role across business growth, operations, and finance at Cohere Technology Group.  Prior to that, he was co-head of equity trading at FDR for 14 years and has also previously served as vice president at Credit Suisse. Outset Global  Jack Markham has joined Outset Global as managing director, trader, after more than a year at Cisu Capital Partners.   London-based Markham brings almost two decades of experience to his new role, having worked in various senior roles across a multitude of assets across both trading and portfolio management over the course of his career.   During his time at Cisu Capital Partners, he served as a partner and multi-asset trader, and prior to this, held the role of head of trading at European hedge fund, Oceanwood Capital Management for nearly 13 years.   Prior to this, Markham worked as Octopus’ head of trading and has also served in trader positions at firms including SAC Capital and Dresdner Kleinwort Wasserstein. Robinhood Robinhood has named Zeke Vince as the firm’s new global head of business development for institutional crypto.   New York-based Vince rings two decades of industry experience to his new role, and joins the firm from digital assets liquidity provider, B2C2, where he spent more than three years as head of sales, managing director.   Prior to this, he also served at Bank of America Merrill Lynch for five years, initially joining in 2017 as head of Americas eFX and algo sales, before later being promoted to the global leadership of this role.   Previously in his career, he has also worked across eFX at JP Morgan and Credit Suisse and also spent nearly five years at Bloomberg across sales, FX and electronic trading.  Vince confirmed his new role in an announcement on social media. The post People Moves Monday: Stonehage Fleming, CLSA, Huntington Securities and more… appeared first on The TRADE.

The past year has been no stranger to periods of market volatility and turbulence, with events such as the US’ so-called ‘Liberation Day’ creating waves across capital markets as industry players grappled with the impact of the tariffs.  So far, 2026 appears to be following suit, with the year kicking off with the US’ apprehension of Venezuelan president Nicolás Maduro on 3 January and the ensuing US strikes on the South American country.   As a result, financial markets braced themselves for reverberations of the back of the turbulence which began almost a week ago. So far, Latin America credit markets have recorded little impact from the invasion across both US and European desks, The TRADE understands, with Venezuelan bonds largely taking the hit. Speaking to The TRADE, Sally Bartunek, trader at Ninety One, explains: “The reaction was very contained to Venezuela and PDVSA bonds itself on this side of the pond. There was an expectation of heightened flow activity to kick off during the London session but even then that didn’t materialise until New York hours.” Specifically, Venezuela’s government bonds increased to 33 cents before the US’ capture of Maduro, before later spiking to 42 cents on the dollar on Monday, as reported by the Financial Times this week.  Read more – The TRADE predictions series 2026: All about emerging markets  Despite the turbulence, traders appear to have shrugged off any potential for severe hits. Noting broader stability across a wide majority of markets, the overarching message from industry participants is that the attack on Venezuela remains very much a contained event. However, although many markets didn’t experience a knock-on impact, some traders noted a growth in other bonds as a result. Specifically in MENA, with many investors viewing certain jurisdictions in the region as comparable and positions being adjusted in markets similar to Venezuela. “One notable spillover effect, highlighted by our London traders, is Venezuela’s impact on Lebanon. Lebanese bonds rallied on the headlines, as many investors view the two as proxy relative-value trades, driven by consensus underweight positioning, short covering linked to ESG constraints, and similarly low dollar prices,” added Bartunek. Looking forward Although the long-term impact and future developments related to the Venezuelan state of affairs is not yet known, vigilance within the industry remains essential as volatility shows no sign of let up. Read more – The TRADE predictions series 2026: The impact of market volatility Some market experts have indicated that the US’ actions over the last week may well trigger future changes in further asset classes, such as digital assets.  James Butterfill, head of research at CoinShares, underlined the possibility of geopolitical shifts as a result of the Venezuelan developments opening up opportunities to bolster non-sovereign assets, such as cryptocurrencies.  “A decisive shift in Venezuela toward US influence would have indirect but meaningful implications for Bitcoin through energy markets, geopolitics and confidence in the global financial system. Periods of heightened geopolitical realignment and erosion of trust in established power structures often strengthen demand for neutral, non-sovereign assets.  “While a Venezuela transition itself is unlikely to be a direct catalyst, the combination of shifting energy dynamics, pressure on sanctioned states and rising uncertainty around the durability of the existing geopolitical order would, on balance, reinforce bitcoin’s longer-term appeal as a hedge against political and monetary instability.” With the aftermath of the US military strikes in Venezuela still fresh, whether impact will continue to be felt on financial markets in the months to come is yet to be seen and will certainly be one to watch as 2026 begins to unfold.  The post As shockwaves ripple following US action in Venezuela, markets hold strong appeared first on The TRADE.

The UK Financial Conduct Authority (FCA) has granted digital asset trading firm, ABEX Capital, authorisation to offer derivatives trading for futures, perpetual contracts and options.  The new offering, which will be enabled through the firm’s new subsidiary, ABEX UK Derivatives Limited, will allow ABEX to expand its current client offering, which focuses on spot trading.  Specifically, ABEX UK Derivatives Limited will function alongside the firm’s existing FCA-registered crypto asset business, and make use of ABEX’s proprietary, data-driven trading engine and agency execution model.  Erkan Kaya, chief executive and co-founder of ABEX, said: “Authorisation by the FCA is an important step in ABEX growth and underscores our commitment to operating within recognised regulatory standards. “We believe that regulatory clarity and strong market infrastructure are essential to the continued participation of institutional firms in digital-asset markets.” The move also aligns with the firm’s development and growth plans, and follows an increasing uptick in institutional demand for regulated and transparent access to digital asset derivatives markets across the industry.  Read more – The TRADE predictions series 2026: The institutionalisation of digital assets Most recently, European digital asset exchange, One Trading announced on Thursday that it had been granted a regulatory extension by the Dutch Authority for the Financial Markets (AFM).  The authorisation will allow the firm to offer 24/7 central limit order book (CLOB) trading for equity perpetual futures, making the firm the only licensed venue in the world to offer full, continuous out-of-hours price discovery and trading for equity derivatives.  Similarly, StoneX’s digital asset subsidiary, StoneX Digital also recently received its Crypto-Asset Service Provider (CASP) license from the Central Bank of Ireland, allowing the firm to expand its digital asset services and capabilities across the EU.  The post FCA grants ABEX Capital digital asset derivatives trading authorisation appeared first on The TRADE.

Which recent developments have made the most impact on pre-trade analytics? We are seeing significant growth and transformation of market data and analytics in order to deliver efficiencies in execution and allow better performance outcomes for our funds. This has been driven by evolving trading requirements and market forces.   The growing need to process intricate datasets has been aided by AI and innovative analytics. How are the buy-side adapting processes to improve TCA and pre-trade accuracy? Managing data quality is a common challenge experienced across the market. The lack of a consolidated tape and subsequent increasingly fragmented nature of market liquidity, has a negative effect on the accuracy of market data and the relevance for traders to utilise in their pre-trade decision making. Pre-trade analytical tools are crucial but should be there to provide an indication not an absolute answer. Recent market volatility does not give an accurate indication of ‘normal’ conditions and can therefore generate misleading indications.  Intra-trade tools and metrics are more accurate and can help to give a useful snapshot of performance and to identify short term trends. Close interaction with our fund managers is key. Being able to back up trade decisions with accurate pre- and intra-trade analytics is important to maintaining these strong working relationships.   What should be prioritised when it comes to getting the best data for high-touch trades?   Accurate intra-trade tools and metrics are valuable. It is important to measure the performance of the trader or counterparty during the trade process. This data can also be shared with our fund managers. It starts a conversation and improves the final outcome. The decentralisation of liquidity in Europe has become heightened in the last few years. The usage of off-book mechanisms, including SI, OTC as well as ‘off-book, on exchange’ has increased significantly in this timeframe. Also, the rise in bilateral trading is causing a challenge around understanding whether liquidity is addressable and accessible and how this data is interpreted. There is no point having volume-based metrics if you can’t interact with a significant proportion of this liquidity. Are TCA providers looking to incorporate more LLMs? How could this look in practice? We currently work with a third-party TCA provider. They incorporate minimal LLMs but I expect this to change markedly in the future as the benefits become apparent. There is no doubt that LLMs can act as a helpful adviser and significantly improve our productivity. However, I think it is important that we understand where the intelligence comes from. This will help us evaluate whether the intelligence can be relied on and how it can be communicated with stakeholders in trading decision making. LLPs can also provide valuable insights from unstructured information and enhance data-driven decision-making by uncovering hidden trends and patterns. The post Fireside Friday with… Royal London Asset Management’s Sam Vaughan-Jones appeared first on The TRADE.

TP ICAP has entered an agreement to acquire global brokerage, Vantage Capital Markets, as part of an effort to expand the firm’s offering across the world.  Nicolas BreteauSpecifically, the acquisition is expected to bolster TP ICAP’s positioning in equity derivatives and fixed income markets, with a key focus on those in the APAC region.  Moreover, the move is also set to benefit Vantage, by enabling the firm to make use of TP ICAP’s footprint and leadership across the US to support its growth.  Read more – Fireside Friday with… TP ICAP’s Max Spoto Nicolas Breteau, chief executive of TP ICAP Group, said: “This acquisition forms part of our targeted investment strategy to drive profitable growth, expand our global reach, and broaden our product offering. It strengthens our presence in key APAC markets across several asset classes and opens exciting opportunities in the US, where Vantage will be able to leverage our footprint to scale at pace.” Vantage’s offering specialises in equity derivatives and fixed income, spanning more than 80 brokers. The firm operates across Hong Kong, London, Tokyo and Dubai, with more than 800 institutional clients across the world.  Read more – TP ICAP adds Coinhako to cryptoasset exchange as trading counterpart As part of the move, Vantage’s leadership team will continue in their roles.  The transaction is expected to complete in Q2 2026, subject to regulatory approvals.  “Joining TP ICAP, the world’s leading IDB, marks an exciting new chapter for us. We are confident that, together, we will accelerate our growth, notably in the US, and continue to provide outstanding service to our clients worldwide,” said Roderick Wurfbain, chief executive of Vantage Capital Markets.  The news marks another important move for TP ICAP, and follows the firm’s acquisition of Neptune Networks in June 2025.  The move saw the firm combine and enhance Neptune’s proprietary data network with Liquidnet’s electronic credit trading platform, to create a new dealer-to-client business.  The post TP ICAP to acquire global brokerage Vantage Capital Markets appeared first on The TRADE.

SimCorp has expanded its data collaboration with MSCI, giving buy-side firms using the SimCorp One investment management platform direct access to MSCI’s private market datasets and managed data collection services. The partnership provides SimCorp clients with fund, asset, and deal-level private market data embedded directly within the platform, addressing longstanding challenges around fragmented disclosure and inconsistent reporting in private markets. Read more: Clearstream partners with SimCorp on integrated fund data service Users will also be able to use MSCI’s managed service for automated document collection and data management, including transaction data, to streamline workflows for fund financial documents. The services are underpinned by MSCI’s private capital datasets and benchmarks covering nearly 28,000 funds and funds-of-funds across all private asset classes, including historical holdings, performance data and cash flow profiles. “Despite the rise of AI technology, many clients are still searching for turnkey solutions that remove complexity from private market operations,” said Hugues Chabanis, head of SimCorp Alternatives. “In their perpetual quest for efficiency, this continued collaboration with MSCI delivers exactly that, acting as an extension of their operations teams to handle everything from document processing to capital calls and reporting.” The integration forms part of SimCorp’s broader partner ecosystem strategy, aimed at improving data connectivity, reducing adoption costs and accelerating time-to-value while limiting vendor lock-in.  Luke Flemmer, head of private assets at MSCI, explained: “By embedding MSCI data, indexes, and analytics into SimCorp One, we are equipping investors with powerful tools to better manage complexity, address regulatory demands, and drive better outcomes.” The post MSCI and SimCorp expand partnership to enhance buy-side access to private market data  appeared first on The TRADE.

Broadridge Financial Solutions has expanded its partnership with agentic AI technology provider DeepSee in a bid to accelerate automation across post-trade capital markets operations. The strategic investment includes Broadridge taking a minority ownership stake in US-based DeepSee and aligns with Broadridge’s broader strategy to deploy artificial intelligence and harmonised data across its global post-trade infrastructure. The AI solution has already been deployed across Broadridge’s business process outsourcing operations, which serve more than 60 clients, and is also integrated with the firm’s post-trade platform.  The technology can be deployed either within a client’s own infrastructure or on a standalone basis. The latest agreement will initially focus on AI-powered email orchestration and is specifically set to help post-trade teams reduce manual email processing, improve operational efficiency, and strengthen compliance oversight by embedding AI directly into daily workflows.  Read more: A new frontier of automation: Why agentic AI is the financial markets’ next fundamental hurdle “This latest investment and partnership underscores Broadridge’s commitment to delivering innovative AI-powered solutions that transform operations, reduce risk, and enhances the client experience,” said Tom Carey, president of Broadridge global technology and operations “Working with DeepSee, we are bringing agentic AI directly into post-trade workflows, helping clients move from manual email handling to intelligent automation – unlocking new levels of productivity and operational resilience.”   The post Broadridge invests in agentic AI tech fintech to drive post-trade automation  appeared first on The TRADE.

Jack Markham has joined Outset Global as managing director – trader, after more than a year at Cisu Capital Partners.  London-based Markham brings almost two decades of experience to his new role, having worked in various senior roles across a multitude of assets across both trading and portfolio management over the course of his career.  During his time at Cisu Capital Partners, he served as a partner and multi-asset trader, and prior to this, held the role of head of trading at European hedge fund, Oceanwood Capital Management for nearly 13 years.  Prior to this, Markham worked as Octopus’ head of trading and has also served in trader positions at firms including SAC Capital and Dresdner Kleinwort Wasserstein.  Outset Global declined to comment when contacted by The TRADE.  Markham’s appointment follows further hires to Outset Global’s team back in February 2025, when the firm announced the addition of three new traders to its global team.  Specifically, Seamus O’Neill and Greg Toal both joined the firm’s New York team as managing directors, while Stanley Wong joined in the same position based out of Hong Kong.  The post Cisu Capital Partners multi-asset trader joins Outset Global appeared first on The TRADE.

One Trading is set to offer 24/7 central limit order book (CLOB) trading for equity perpetual futures, following a regulatory extension granted by the Dutch Authority for the Financial Markets (AFM). The authorisation marks an expansion of One Trading’s current Mifid II Organised Trading Facility (OTF) license and establishes the firm as the only licensed venue in the world to offer full, continuous out-of-hours price discovery and trading for equity derivatives. Specifically, the development is expected to enable market participants to access live price discovery outside of traditional exchange hours, continuous best-bid and best-offer formation, and immediate market access to global macro, geopolitical and earnings-driven events. Speaking to The TRADE, Joshua Barraclough, founder and chief executive of One Trading, said: “Clients can now go long or short on NVIDIA on a Saturday at 4pm at the price that the market thinks NVIDIA is trading at, without having to wait for the market to open on Monday. “This can be retail clients looking to invest in their opinions or this could be an institutional client looking to hedge their risk.” Read more – One Trading becomes EU’s first Mifid II-regulated venue for crypto perpetual futures The new offering will launch with US single-stock equity perpetual futures and equity index perpetual futures and aims to address challenges which have historically limited the equity derivatives market, such as fixed trading hours and legacy clearing cycles. Moreover, the extension also complements’ One Trading’s current MiCAR license for spot trading and custody, which makes the firm the only venue globally to combine regulated spot, custody, perpetual derivatives and continuous on-exchange settlement in a single onshore EU market structure. Barraclough added: “Our goal has always been to create a single venue where you can trade any asset 24/7 open to all clients and fully transparent. This is our first step into doing this in traditional assets and brings a lot of new players into the market who have been more reluctant to trade digital assets and provides new opportunities for those clients who have been trading digital assets.” Read more – Fireside Friday with… One Trading’s Joshua Barraclough The new service is expected to launch at the end of Q1 2026.  The launch of the offering aligns with One Trading’s recent growth drive for perpetual futures products. In August 2025, the firm unveiled new XRP/EUR perpetual futures for both institutional and retail clients in the EU, with the aim of expanding access for 24/7 trading and hedging out of market hours for the asset across the region. The post One Trading becomes first venue to offer 24/7 CLOB trading for equity perpetual futures appeared first on The TRADE.

Huntington Securities has named Brian Stauffer as the firm’s new head of equity sales and trading.  He joins from Janney Montgomery Scott, where he spent more than four years as head of institutional equity sales and trading.  Stauffer confirmed his new role in an announcement on social media.   Previously in his career, Stauffer has worked at Compass Point Research & Trading as managing director.He has also previously served in a vice president role across business growth, operations, and finance at Cohere Technology Group. Prior to that, he was co-head of equity trading at FDR for 14 years and has also previously served as vice president at Credit Suisse.  Huntington Securities had not responded to a request for comment at the time of publishing.    The post Huntington Securities appoints new head of equity sales and trading  appeared first on The TRADE.

The European Securities and Markets Authority (ESMA) has granted Tier 1 third-country central counterparty (CCP) recognition to Nasdaq Dubai and Dubai Financial Market’s (DFM) subsidiary, Dubai Clear.  The firms are currently the only CCPs in the Middle East and North Africa (MENA) region to gain ESMA Tier 1 status. The recognition came into effect on 31 December 2025. The accreditation is expected to enhance cross-border connectivity between European and Dubai-based capital markets, and bolster the United Arab Emirates’ (UAE) positioning across post-trade services globally.   Moreover, a greater influx of market participants from the EU are expected to join Dubai Clear and Nasdaq Dubai as clearing members.  Read more – How the legacy of the EMIR Refit continues to raise the bar for global compliance Specifically, the accolade of ESMA Tier-1 status allows CCPs to be recognised as non-systemically important to the EU, to enable easier recognition through home authority deference when operating in the EU financial system.  The recognition comes under the EU’s European Market Infrastructure Regulation (EMIR), which recently went under a refit implementation, with the aim of raising data quality and increasing transparency across the derivatives market through changes to the EMIR reporting regime.  The changes came into force in the EU on 29 April 2024, while the refit started in the UK later that year, on 30 September.  Hamed Ali, chief executive of Dubai Financial Market and Nasdaq Dubai, said: “This milestone reflects the progress Dubai has made in building market infrastructure that global investors recognise and rely on.  “ESMA Tier 1 recognition strengthens Nasdaq Dubai’s ability to connect regional opportunities with international capital and supports Dubai’s Capital Markets Development Strategy by enhancing access, efficiency, and investor confidence.” The post Nasdaq Dubai and Dubai Clear become first in MENA to gain ESMA Tier 1 status appeared first on The TRADE.

Fred Bethell has joined CLSA as a program sales trader, based out of London.  Bethell has worked across financial markets spanning various different roles and asset classes for more than 15 years and joins CLSA from buy-side firm Aviva Investors. Bethell confirmed his appointment in an announcement on social media. During his time at Aviva, he served as an equity trader in the firm’s London office for seven years.  This followed a stint at Odey Asset Management, where Bethell worked in the same role for almost three years. Read more – TRADE Talks: Aviva Investors’ Ash Sharma Elsewhere, Bethell has previously served in assistant portfolio manager roles at Walker Crips and Ashcourt Rowan. CLSA had not responded to a request for comment at the time of publication.  The post Aviva Investors equity trader joins CLSA appeared first on The TRADE.

Etrading Software has announced its intention to bid for the EU’s over-the-counter (OTC) derivatives consolidated tape (CT), through the launch of non-profit organisation, Transparent Markets Europe (TME).  The move follows the launch of the European Securities and Markets Authority’s (ESMA) initial selection procedure for the consolidated tape provider (CTP) on 5 January 2026, allowing firms to submit tender requests by 11 February.  Specifically, the establishment of TME is expected to act as a neutral, public-interest market utility, which aims to deliver the tape on an open-access, cost-recovery basis, if selected to be the CTP.  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. […] We look forward to working with partners across the market as we prepare for the ESMA tender.” Through the launch, TME has also outlined its core objectives for the delivery of an OTC derivatives CT, including: a single, authoritative consolidated record of EU OTC derivatives post-trade data, common data standards and enhanced data quality controls, resilient and scalable infrastructure and reasonable, transparent pricing.  Moreover, the organisation will not have any shareholders or equity, and will be headquartered in Amsterdam, with Etrading Software providing underlying technology and operational infrastructure for tape delivery.  The launch of ESMA’s OTC derivatives CT process for the EU aims to address market fragmentation across various venues and APAs in Europe, and enhance post-trade transparency for market participants.  A decision on the EU OTC derivatives CTP is expected in early July 2026.  In September 2025, Etrading Software was named the UK bond CTP by the UK’s Financial Conduct Authority, beating out three other bidders for the contract.  The firm plans to launch the tape on 22 June 2026.  The post Etrading Software confirms intention to bid for OTC derivatives consolidated tape appeared first on The TRADE.

StoneX’s digital asset subsidiary, StoneX Digital, has received its Crypto-Asset Service Provider (CASP) license, authorised by the EU’s Markets in Crypto-Assets Regulation (MiCA).  Stuart DavisonThe approval, which was granted by the Central Bank of Ireland, is expected to allow StoneX Digital to expand its digital asset services and capabilities across the EU.  “Our goal remains consistent: to enable our institutional and corporate investor base to integrate new products and new technologies into their existing investment lifecycle,” said Brian Mulcahy, chief executive of StoneX Digital.  “We focus our time and resources on reducing the friction between these two, often incongruous, financial environments, so that our clients can focus on their investment strategies and corporate goals.”  The authorisation is also expected to support the increasing convergence of traditional finance and digital assets across the industry, and follows the launch of StoneX Digital in 2022, the provide institutional investors with access to digital asset trading tools and markets.  Read more – StoneX unveils new platform to increase efficacy of loan market Stuart Davison, chief operating officer, StoneX Group, said: “This authorisation supports StoneX’s long-term strategy of helping clients integrate new products and technologies into their existing operating and investment frameworks.” “By building regulated, scalable infrastructure across our ecosystem, we enable clients to adopt innovation with confidence, without disrupting how they already operate.”  The news marks a further period of growth for StoneX, and follows the firm’s acquisition of US clearing broker, RJ O’Brien & Associates (RJO), which completed in August 2025.  The acquisition is set to make StoneX the biggest non-bank futures commission (FCM) in the US, and aligns with the firm’s goal provide greater liquidity access in fixed income markets.  The post StoneX Digital receives MiCA authorisation to expand digital asset services across the EU appeared first on The TRADE.

It’s fair to say that 2025 has been a year defined by big market moves, bouts of uncertainty, and significant structural shifts. These have brought much-needed clarity in some areas while raising fresh questions in others, as we look ahead to 2026 and beyond.The conversations we’ve had with all of you across the industry this year underscore just how rapidly the landscape is evolving, and how essential it is for everyone to remain adaptable, collaborative, and forward-thinking.Across global markets, both momentum and optimism are building – this Q4 edition of The TRADE delves into the year’s highlights and key themes.Inside this edition, you’ll find The Big Interview with HSBC Asset Management’s Carla Quintero – a former TRADE rising star, as well as the most impactful news and people moves from the last quarter, an in-depth look at SEC US Treasury central clearing reforms, expert predictions for 2026, a deep dive into the 24/7 equities trading debate, and The TRADE’s new segment – The Expert Call, plus much more! Starring on the cover is USB Asset Management’s Stuart Lawrence, The TRADE’s Industry Person of the Year 2025, who discusses his journey to the buy-side trading desk and ambitions for the future.  This edition also marks a new chapter for The TRADE with Claudia Preece’s inaugural issue as news editor. Stay tuned as The TRADE team continues to grow in 2026! Take a look below for more detail on the Q4 content:Buy-side cover interview – Stuart Lawrence, UBS Asset ManagementIndustry Person of the Year 2025, Stuart Lawrence, head of European equities trading at UBS Asset Management, sits down with Claudia Preece to discuss his journey to the buy-side trading desk and ambitions for the future. Lawrence shares his story thus far – from a baptism of fire to leading the charge for markets’ evolution as a key industry figure – and the key lessons gleaned from his 25 years of industry experience.The Big Interview – Carla Quintero, HSBC Asset Management Former Rising Star of Trading and Execution, Carla Quintero, trader at HSBC Asset Management, sits down with Claudia Preece to discuss her journey to her current role at the firm, unpacking the successful desk dynamic, how the day-to-day for traders is continuing to evolve, and the best advice for up-and-coming talent on the buy-side.In depth – Levelling the field, or moving the goalposts? With the SEC’s US Treasury clearing mandate scheduled for a phased rollout by 2027, Natasha Cocksedge examines how the shift to central clearing will reshape the market, and explores whether firms across the globe are equally prepared for the new rules, or whether the mandate remains largely on the US’ playing field.Leaders in Trading Leaders in Trading New York 2025 award winners More than 300 market leaders gathered at The Savoy hotel in London on 6 November to celebrate the industry’s achievements throughout the year, whilst more than 150 industry leaders gathered at Chelsea Piers in New York on 18 November to celebrate this year’s winners.In depth – 24/7 equities trading: a red herring or an inevitable reality? Natasha Cocksedge unpacks the key themes from The TRADE’s recent ‘24/7 equities trading’ webinar which explored different perspectives regarding the prospect of round-the-clock trading, highlighting the differing opinions from the buy-side, the sell-side, technology providers and market structure experts.In depth – Industry calling on European exchanges to strengthen outage management protocols Natasha Cocksedge explores the industry reaction to continued trading infrastructure breakdowns, unpacking the recent recommendations letter from AFME, EFAMA and FIA EPTA, which addressed the significant impacts of the persistent disruptions and outages since 2020.Rising Stars of Trading and Execution 2025 Now in its eleventh year, The TRADE, in partnership with Instinet, hosted a dedicated event at One Moorgate Place, London in October to celebrate the next generation of up-and-coming talent on the buy-side.The TRADE’s Crystal Ball predictions Gaze into The TRADE’s crystal ball to uncover what leading industry experts expect to see in 2026, including insights from those across the buy-side, sell-side, exchanges, technology providers, and more…The Expert Call Nicholas Phillips, market structure research analyst, Bloomberg Intelligence gives his perspective on what to keep an eye on in Q1 2026.The post The TRADE’s Q4 Magazine: Now available online!  appeared first on The TRADE.

Joe Bellman has left his role at Arbuthnot Latham as head of dealing to join Stonehage Fleming as a senior multi-asset trader, The TRADE has learnt.  Bellman, who is based in London, joins the UK-headquartered firm after spending more than a decade at Arbuthnot Latham.  He initially joined the firm as a dealer in 2014, before later moving up the ranks to the role of dealing manager, and taking on his most recent position as head of dealing in 2024. Bellman was named one of The TRADE’s Rising Stars of Trading and Execution in 2022, which recognises up-and-coming talent on the buy-side.  His new position aligns with further changes to Stonehage Fleming’s trading and dealing desk in recent months.  In December 2025, the firm promoted Joe Aldred as head of dealing, succeeding Dan Madsen, who left the firm in November after almost two decades, as revealed by The TRADE at the time.  Aldred has been at Stonehage Fleming since 2019, joining as a multi-asset dealer, and also previously served in the same position at Arbuthnot Latham. Stonehage Fleming declined to comment when contacted by The TRADE. The post Arbuthnot Latham head of dealing departs for Stonehage Fleming appeared first on The TRADE.

Robinhood has named Zeke Vince as the firm’s new global head of business development for institutional crypto.  New York-based Vince brings two decades of industry experience to his new role, and joins the firm from digital assets liquidity provider, B2C2, where he spent more than three years as head of sales, managing director.  Prior to this, he also served at Bank of America Merrill Lynch for five years, initially joining in 2017 as head of Americas eFX and algo sales, before later being promoted to the global leadership of this role.  Previously in his career, he has also worked across eFX at JP Morgan and Credit Suisse, and also spent nearly five years at Bloomberg across sales, FX and electronic trading. Read more – Fidelity Investments, Nasdaq Ventures, Robinhood among investors in Bruce Markets’ ATS Vince confirmed his new role in an announcement on social media.  The appointment follows further developments for Robinhood in recent months. In November 2025, the firm picked up a 90% stake in MIAX’s derivatives exchange – MIAXdx – in partnership with Susquehanna International Group.  The transaction is expected to close in Q1 2026.  The post Robinhood appoints global head of business development for institutional crypto appeared first on The TRADE.