Kevin Kennedy, executive vice president – North American markets, Nasdaq   I believe 2026 will be a transformative year for market innovation. On the technology front, I expect significant progress in tokenisation and digital assets, including tokenised securities and new product launches that drive meaningful AUM growth. We might also see the first ETFs structured as share classes of mutual funds, and AI will continue to reshape trading and market operations. I also anticipate clearer legislation on crypto and digital market structure, which will provide much-needed oversight to enable innovation.   From a regulatory perspective, we could expect updates to the order protection rule and related rules, while infrastructure changes like smaller tick sizes and a consolidated SIP will remain in focus. I also expect the launch of 23/5 trading to help enable global access to US markets – the largest and most liquid markets in the world.    Retail investors will continue to drive priorities, fueling growth in index options, buffered ETPs, and overall options activity, which reached record highs in 2025.   Darko Hajdukovic, head of digital markets infrastructure and chief executive of DMI private funds, LSEG   Capital markets are set for a major shift in 2026 with distributed ledger technology (DLT) being increasingly adopted to bring blockchain-powered innovation and efficiency to real world assets (RWA). The adoption of DLT as core infrastructure for markets will be a significant evolution and signal a future where tokenisation, liquidity enhancement, and data-driven automation redefine market operations, creating a more transparent, efficient, and inclusive financial ecosystem.   Central to this evolution is interoperable digital markets infrastructure (DMI). DMI introduces a framework that addresses long-standing inefficiencies by enabling tokenisation, real-time settlement, and secure post-trade servicing across asset classes. Its core strength lies in LSEG’s open model that embraces interoperability – connecting digital platforms with traditional systems to reduce friction, lower counterparty risk, and improve transparency.    This approach allows market participants to benefit from digital innovation without overhauling existing processes, thanks to modular integration and minimal adoption costs. Private markets are the first to benefit, with enhanced fund distribution and secure data access unlocking liquidity and efficiency. Beyond private funds, universal architectures will extend these benefits across equities, fixed income, and other asset classes, paving the way for tokenised assets to become mainstream.   Dirk Bullmann, managing director, public policy, strategy and innovation, CLS   Last year was pivotal for the evolution of the stablecoin market. Newly implemented regulatory regimes spurred institutional interest and contributed to a surge in volumes.    In 2026, we expect to see continued development of institutional use cases, including interoperability between blockchains, improvements to intraday liquidity management and the emergence of cross-currency collateral transfers.    At the current juncture, stablecoin use cases primarily serve retail and remittance businesses. Adoption in wholesale FX is likely to remain limited in the near term, given the enormous size of the global FX market, with $9.6 trillion being exchanged every day, stablecoins could only play a niche role today.   Moreover, the vast majority of stablecoins (99%) are US dollar-pegged and the current landscape therefore lacks sufficient diversity to meaningfully support broader FX market activity. In addition, near-instant settlement on blockchain does not yet provide the liquidity efficiency of payment-versus-payment (PvP) models.    Beyond 2026, we expect to see hybrid models evolve, where tokenised assets and stablecoins complement, rather than replace, trusted settlement networks.   Melissa Stevenson, head of FX product management, ION   Increased regulatory clarity in the US and Europe over stablecoins will spur more confidence and acceptance for commercial use. The US GENIUS Act and the EU’s MiCA framework will address concerns about compliance and risk, allowing mainstream financial institutions and retailers to integrate stablecoins into their operations.   Traditional financial players are actively partnering with crypto infrastructure providers. Firms like Mastercard and Circle are expanding partnerships to enable stablecoin settlement, while Morgan Stanley is planning to launch cryptocurrency trading for e-trade customers. In Europe, a consortium of nine major banks plans to launch a euro-pegged stablecoin in the second half of 2026.   There is also a continued focus on cross-border payments, with stablecoins expected to gain more widespread adoption as they offer faster, cheaper settlement compared to legacy banking systems like SWIFT.   At the same time, retailers will continue to explore acceptance of stablecoin payments as a way to bypass the high fees associated with card networks and to improve cash flow management through faster settlement. Finally, stablecoins are increasingly seen as a substitute for both crypto and traditional fiat. They will continue to grow as an acceptable medium over the very volatile crypto market and traditional fiat money, enabling transparent, predictable, and faster transactions that unpredictable cryptocurrencies like Bitcoin cannot offer for everyday needs.   The post The TRADE predictions series 2026: Post-trade innovation appeared first on The TRADE.

Hina Joshi, digital assets sales director, TP ICAP    2026 will see stablecoins graduate from experimental crypto tools to core institutional plumbing. Their ability to deliver 24/7 real-time value transfer will reshape how institutions manage liquidity and capital efficiency.   Corporates will increasingly recognise stablecoins’ transformational potential, and many will begin using them to move funds instantly across markets and time zones. Treasurers will optimise working capital in real time and accelerate trade settlement while reducing credit risk and FX friction. Meanwhile, global banks are set to deepen their roles as issuers, custodians, liquidity providers and enablers of stablecoin based treasury and payment solutions. Recent US legislation, like the Genius Act, is also likely to catalyse a fresh wave of corporate issuers.   While dollar-denominated stablecoins will continue to dominate, the global regulatory response is accelerating. Many jurisdictions worldwide are re-evaluating their digital currency strategies and developing frameworks to support domestic stablecoins.   As this unfolds, the biggest challenge will be fragmentation in the stablecoin ecosystem caused by differing blockchains, multiple issuers, custodians and exchanges, and inconsistent regulations. The defining theme for 2026 will be addressing that fragmentation through unified, consistent global standards.   By the end of 2026, stablecoins will be embedded in institutional finance rather than confined to crypto use cases.   Jenna Wright, managing director of digital assets, LMAX Group    Next year could be the time when traditional finance and digital assets finally collide at scale.   Institutional participation is accelerating, regulatory guardrails are taking shape, and markets are shifting toward a digitised, always-on model. We’re past the experimentation phase: firms are now building disciplined allocation frameworks and demanding the same governance, auditability and risk controls they expect in traditional markets.   The real structural break is the rise of stablecoins as a core rail for cross-market fungibility. We are entering a major S-curve adoption phase. Stablecoin integration will accelerate capital markets activity, with those issued by banks and other major financial institutions likely to be the primary driver. The market should expect a survival-of-the-fittest dynamic, narrowing institutional focus to a handful of regulated issuers.     As markets mature, the prospect of continuous capital markets, where assets are fungible and interchangeable, is becoming increasingly realistic. The adoption of stablecoins and tokenised money-market funds is creating genuine connectivity, reinforced by the first wave of institutional-grade tokenised infrastructure moving from pilots to production. This evolution is accelerating digital asset uptake and setting the stage for a technology-driven, 24/7 financial system.  James Butterfill, head of research, CoinShares   The most important trend in 2026 will be the normalisation of digital assets as they become embedded in global financial infrastructure. After a decade of experimentation, crypto is no longer a parallel system, it is becoming the underlying plumbing. The macro backdrop will still matter, with Bitcoin responding to shifts in real yields and the pace of Fed easing, but the decisive force of the next 12 months is structural adoption rather than liquidity alone.      Stablecoins will accelerate this shift as payment companies, banks and corporates roll out production-grade settlement rails. Tokenised Treasuries and money-market funds will expand at scale, transforming how yield-bearing products are distributed and settling value 24/7 across public blockchains. Bitcoin will continue to institutionalise, benefiting from ETFs, options markets, and a global move toward a more multipolar currency system that increases demand for non-sovereign stores of value.      This convergence, public blockchains integrating with regulated market structure, marks the transition from crypto as an asset class to crypto as infrastructure. Next year will be the year this becomes visible: not through hype cycles, but through financial products, payment flows and corporate balance sheets quietly migrating on-chain.   Martin Gaspar, senior crypto research associate, FalconX   As we move into 2026, the industry will benefit from a new level of regulatory clarity through practical market-structure frameworks, defined stablecoin policy, and clearer treatment of tokenised instruments. A global push for standardised, cross-border rules will be a major catalyst for true market maturity.    One particularly noteworthy piece of legislation is the proposed market structure bill in the US. Among other things, the bill would allow digital assets to operate under defined market obligations – capital, risk controls, reporting, and custody standards that mirror that of traditional markets. For institutional firms, the framework could materially reduce legal ambiguity and effectively transform crypto into an asset class that can be reliably integrated into existing trading, asset management, and lending use cases.    The story in 2026 is likely to be less about whether institutions enter digital assets and rather more about how they enter the market and the pace at which they can deploy. We’re going to see a greater number of traditional financial institutions formally step into the market. An offshoot of this trendline will be growing sophistication of regulated products, such as ETFs, which will offer more complex strategies to allow institutions to move in size efficiently.   Brooks Dudley, head of digital assets sales, Marex  The recent launches of SGX’s perpetual futures product and Cboe’s continuous futures products signify a maturing of institutional crypto trading. The bulk of crypto derivatives volumes has historically been in perpetual futures, and so it makes sense that institutional demand is now bringing this product into a regulated framework. These product launches, as well as the upcoming launch of perpetual futures on CME in 2026, onshore access to continuous trading with the same transparency, operational standards, and risk management frameworks as traditional listed derivatives. We expect that this will further drive crypto derivatives volumes in the coming year.  Brandon Mulvihill, chief executive and co-founder, Crossover Markets  Over the next 12 months, crypto trading is poised to expedite a fungible market structure that separates custody, clearing, and execution, and which more closely mirrors established institutional asset classes. For the first time, a true inter-dealer ecosystem is emerging alongside the retail-originated, vertically integrated exchange model that has long defined digital assets. This shift is being propelled by sustained institutional participation, the entrance of prime brokers and custodians with strong balance sheets, and recent periods of market stress that highlighted the limitations of vertically integrated exchanges.  October’s dislocation event was particularly instructive: several major market makers observed that certain exchanges experienced outages and other performance issues, highlighting the demand for execution-only venues like CROSSx to serve a primary destination for price discover and risk transfer. This move, coupled by Amazon’s crash days later accelerated a “flight to resilience,” at pace not previously seen.   As more institutions adopt prime brokerage and clearing relationships, liquidity will increasingly migrate toward interoperable, execution-only platforms. The result is a more robust and transparent institutional market characterised by venue specialisation, improved risk segmentation, and a healthier distribution of liquidity across participants.  Ali Celiker, founder and co-chief executive of BPX Digital Securities Marketplace    As we enter 2026, the digital assets landscape is shifting from experimentation to execution. For the UK, this year marks a turning point. After a decade of incremental adoption by financial institutions, legislation and regulation are creating conditions for large-scale uptake of digital securities and digital money.    Measures such as the Digital Assets Bill, the Property (Digital Assets) framework, and the Bank of England/FCA Digital Securities Sandbox now provide a clear environment for issuing, trading, and settling tokenised securities. The UK’s regulatory approach to stablecoins, supported by wider market acceptance, is strengthening confidence in on-chain payment instruments. Government willingness to transact on-chain, shown through the Digital Gilt pilot, is accelerating engagement.    In 2026, asset managers, banks, and corporates will move from proofs of concept to real-value activity. Tokenised funds, digital gilts, and blockchain-settled repo transactions will form part of market infrastructure. The benefits are clear: improved accessibility, faster settlement, reduced operational risk, and enhanced transparency, supporting liquidity.    This year, we expect the UK to position itself as a leader in digital capital markets, moving from promise to practice and laying the foundation for a tokenised financial system.    The post The TRADE predictions series 2026: The institutionalisation of digital assets appeared first on The TRADE.

Janak Patal, execution consultant, Aquis  In 2026, demand for higher quality data on liquidity will rise. The breadth of available datasets must now expand to match the sophistication of participants who want more transparency and insight. The current focus on headline volumes is being replaced by a demand to understand where quality liquidity resides.  Venues will look to increase the value add of their data products to promote unique liquidity opportunities and use data to innovate in their trading books, releasing features which address inefficiencies of the market, reduce market impact, and improve execution costs. Venues that can provide this granular transparency, while finding the right balance between sufficient anonymity and offering valuable colour will capture market share. This year, we saw several venues release flow analytic products, and Aquis will launch one early next year.  We anticipate a push to differentiate SI flow from true addressable liquidity. Aggregate volumes have long obscured the reality of market structure, combining SI flow with addressable on-exchange liquidity. We have done major work to clean up the publicly available data and found that on-exchange liquidity is deeper than previously conceived. On Venue market share increases from 50% to 59% once you remove identifiable technical trades (NPFT flagged trades) and breaking down off venue accessibility. This shift in perception is something we expect to reshape routing strategies next year.  Munish Gautam, global head of trading platforms product management, Broadridge  The OMS and EMS landscape is shifting from monolithic, all-in-one systems toward more componentised and modular architectures. Relentless pressure from shrinking commissions, evolving regulations, exploding trading volumes, volatility, and multi-asset convergence requires unprecedented efficiency and adaptability, driving this fundamental overhaul of the trading technology stack.  To thrive in this shifting environment, scalability, and trust matter more than ever before. Firms need a fully integrated, front-to-back platform that unifies multi-asset risk management, high-touch, and electronic trading within a seamless workflow. Success will not come from intractable systems, but API-powered platforms that are flexible, interoperable and connect order management and low-latency execution into one ecosystem, which also includes intelligent execution powered by robust data, trader AI copilots, and tight governance.  In markets defined by fragmentation and rapid change, success demands speed, resilience, and innovation. The margin for error will depend on trading functions that are open and integrated through API-first architectures delivering flexibility, efficiency, and innovation across multi-asset trading workflows.  Peter Gargone, founder and chief executive, n-Tier  After years of rising reporting demands and shifting expectations from global regulators, 2026 is shaping up as the year firms move decisively from reactive compliance to proactive, data-driven control.   Supervisors are widening their focus, looking for consistency not just within individual rule sets but across desks, systems and asset classes. That pressure is pushing institutions to strengthen data foundations, modernise validation workflows and remove the manual bottlenecks that have long limited their ability to keep pace with regulatory change.  Over the past year, firms have accelerated efforts to validate data earlier in the reporting lifecycle, build stronger audit trails and align compliance, operations and technology teams around centralised infrastructure. That momentum will only grow as reporting regimes evolve and trade volumes expand.  AI is also starting to play a more meaningful role, not as a shortcut but as an extension of resilient data architecture. In 2026, firms that embrace scalable validation and intelligent automation will be best positioned for what comes next.  The post The TRADE predictions series 2026: Key insights on data – part two appeared first on The TRADE.

Andrew Quick, global head of execution, Rothschild & Co Global Markets Solutions  If the last few years have taught us anything, it is to expect the unexpected, but one thing we are certain of seeing in 2026 is increased support for a move back towards a more bundled market.   We have engaged with over 250 UK and EU asset managers on this topic and there is a clear change of trend for a move to joint payments for investment research. Mifid II unintentionally cut research budgets, limiting access to differentiated views and hindering performance. Joint payments are seen as a way to restore flexibility and transparency, enabling high-quality research without the operational burdens of past unbundling rules. Backed by the FCA and ESMA, this initiative strengthens UK and EU capital markets’ global competitiveness at a critical time for the industry.   Momentum is clear – major asset managers and dealing desks are preparing CSA agreements. This change ensures better informed investment decisions and positions UK and EU fund managers to compete on the global stage.  A return to better returns for Active Fund Managers would definitely be on the Christmas list.  Craig Butterworth, chief commercial officer, Droit  In a world where settlement cycles are getting ever-compressed and where the penalties for trade fails and misreporting are getting larger, banks will realise that a change of mindset is critical to enable them to boost operational efficiency whilst keeping them out of the regulator’s spotlight.  Already in 2025, we have seen some of our most forward-looking clients, all global financial institutions, looking at ways in which they can bring regulatory decision-making further upstream – to the point of client onboarding, new product approvals and legal entity booking model design.  By applying a ‘data-first’ approach to regulatory decision-making processes, firms can save huge amounts of technology spend currently allocated to reconciling and remediating the symptoms of incorrect upstream data, such as control breaches, trade breaks and regulatory reporting, to name but a few. It’s not just technology spend either – banks have whole teams of people dealing with these issues, which is hugely inefficient. Paul Humphrey, chief executive, BMLL  In 2026, we will witness an irreversible shift in how the industry approaches market data curation and consumption.   The era of accepting poor-quality historical data from real-time incumbents is decisively over. High-quality, granular and reliable data is now the cornerstone for success; even HFT firms are looking at lower frequency strategies to find new sources of alpha. But beyond this, successful AI-driven trading strategies demand high-quality data that is engineered and ready to use, and clients are increasingly turning to us to help fuel their trading applications.   Secondly, and closely linked, is the strengthening ‘buy-to-build’ trend championed by many of our clients in 2025. Firms increasingly recognise that owning, storing, and cleansing vast datasets is not a differentiator. This is particularly acute as the number of venues and resulting market data volumes continue to increase, putting pressure on data engineering capabilities. Instead, the competitive edge is defined by what firms build with trusted data.    Thirdly, collaborating to raise the standards for market data quality will take centre stage and drive tangible change. The post The TRADE predictions series 2026: Key insights on data appeared first on The TRADE.

Paul Battams has been appointed global head of equity trading at BlackRock, effective immediately.  London-based Battams has spent 17 years at the investment management giant in a range of senior trading roles. Most recently, he served as head of international equity trading, a position he has held since February 2024.  Prior to that, Battams spent 11 years at Barclays Global Investors.  Read more – BlackRock and AccessFintech partner to increase post-trade connectivity between buy- and sell-side  The appointment is the latest in a series of senior trading moves at BlackRock.  Earlier this month, Paul Clifford was appointed as senior multi-asset trader, joining the firm from Citi where he served as head of trading.  In July, former co-head of global trading, Daniel Veiner, was promoted to the role of head of markets – where he now oversees trading, origination, corporate access and ETF markets for the firm.  The post BlackRock appoints new global head of equity trading appeared first on The TRADE.

Matt Barrett, chief executive, Adaptive  The move to 24/7 trading is real, and trying to bolt it onto yesterday’s platforms simply won’t work. This fundamental change is partly being accelerated by the seismic shift toward the ‘tokenisation of everything’, from US Treasuries to private equity funds. These tokenised assets inherently demand seamless, round-the-clock infrastructure for trading and settlement.   To thrive, firms need an architectural rethink: the capital markets tech stack of the next decade is fundamentally different and deliberately engineered for continuous operations, fast recovery, and clean audit trails by design, not as afterthoughts.  A notable shift is the rise of sequencer architectures, systems that enforce consistent event ordering. In practice, this gives trading and post-trade flows better auditability, quicker recovery after incidents, and true 24/7 operations through determinism.  Winning firms will move to modular platforms with clear interfaces so they can add or upgrade capabilities without rewrites; adopt open source for transparency and faster iteration; and use cloud and tech accelerators to cut time-to-market while retaining control of the parts that truly differentiate them. Practically, this points to a pragmatic buy-and-build model: buy non-differentiating foundations; build the flows, execution, and client experiences that set you apart – treating vendors as long-term partners.  Marc Biro, managing principal, capital markets, Capco  Capital markets are on the brink of a structural reset as extended trading hours (ETH) move from concept to implementation, reshaping both traditional trading and the rapidly expanding digital asset landscape. In stretching the trading day to one hour beyond the previous close, ETH serves as an initial – and crucial – test of how existing infrastructure can adapt and evolve.   If meaningful volume and price formation are happening outside 9.30am – 4pm, how much of the market are firms not seeing? In Q2 2025, over two billion shares traded outside regular hours; retail investors drove 80% of non–S&P 500 flow. Information moves continuously, but most processes still assume a bounded day. ETH relieves that mismatch, enabling price discovery closer to when information arrives.  Digital assets are normalising near-constant markets. A multi-trillion asset class, underpinned by tokenised securities and 24/7 infrastructure, is bringing programmable settlement, faster collateral mobility and transparency to traditional assets.   2026 is where these worlds will start to converge. Traditional venues extend access; digital infrastructure provides the settlement backbone. For desks, the question is no longer whether markets go continuous, but how firms’ execution, risk and operating models will cope when they do – and whether they will be positioned to proactively shape that market or merely reactively respond to change.  Ben Santos-Stephens, founder and chief executive, ClearToken  Before we know it, 24/7 markets will be here. Liquidity already flows at all hours, and next year, more of the market will expect the same for trading, risk control, and post-trade settlement. Recent volatility, where traders saw billions liquidated in crypto asset markets, has shown that speed without clear rules creates fragility. The ideal model will look like this: always-on execution with governed clearing rails with embedded risk management that makes settlement predictable, enforceable, and easy to audit.  We will see three shifts. First, standard frequent windows for settlement between market counterparties that repeat through the day, so operations and treasuries can plan and better manage funds. Second, wider use of netting between settlement cycles will free working capital and reduce the risk from failed payments. Third, there will be a greater separation of roles: venues can focus on matching, custodians on safekeeping, and market utilities on completing transfers.  London will dominate this transition. Our regulators see the need and opportunity to apply our solid rules to cross-border businesses, and market participants know and trust the UK’s financial market infrastructure. That’s the foundation institutions want as we move toward safe, scalable markets that never close.  Importantly, none have yet suggested this genie could, or should, go back in the bottle – 24/7 markets for equities, derivatives and fixed income are simply a new reality which is already present in crypto assets and which leaders will soon need to navigate for all asset classes.  The post The TRADE predictions series 2026: The extended hours trading debate appeared first on The TRADE.

Simon Jones, head of FX product and liquidity, LSEG  Next year will mark a pivotal moment for the foreign exchange market as the hedging of FX swaps reaches a tipping point toward full electronic execution. The industry has been moving steadily in this direction, but next year will see widespread adoption driven by efficiency and risk management imperatives.  Clients will place increasing demands on both liquidity providers and technology vendors to deliver seamless automation across workflows that today remain fragmented, costly, and prone to operational errors. The pressure to reduce manual intervention will accelerate investment in integrated platforms capable of handling complex processes end-to-end. At the same time, transparency will regain prominence in spot FX trading. All-to-all Central Limit Order Books (CLOBs), once overshadowed by bespoke liquidity solutions, are poised for a resurgence. Liquidity takers will prioritise openness and fairness over customisation, recognising the value of standardised access and price discovery in an environment where trust and efficiency matter more than ever.  In short, 2026 will not just be about incremental improvements – it will be the year electronic solutions become integral to customer FX hedging and execution needs, reshaping market structure and expectations for years to come.  Basu Choudhury, head of partnerships and strategic initiatives, OSTTRA  Regulators across major markets are accelerating the need to modernise post-trade infrastructure, creating an unusual situation where the public sector is moving faster than many of the financial institutions it oversees. The shift is considerable, with central banks across the globe advancing stablecoin-focused task forces (US/UK and international) looking at digital ledger-based models.  As we enter 2026, therefore, the direction of travel around FX settlement models is clear. The what is defined, but it’s the how and when that are yet to be realised on a larger scale. The focus next year needs to be on practical execution.  The evolution of 24/7 just-in-time funding models reflects a trend that has accelerated significantly in 2025 and is poised for some tangible milestones next year. As central bank pilots scale and industry demand for digital settlement grows, the best-case scenario for firms is real-time settlement at scale, lower counterparty risk, and expanded liquidity options. The middle ground is efficiency gains offset by new interoperability frictions. The worst-case scenario, however, is prolonged dual-system operations that increase costs without meaningful benefit.  Next year will be decisive in FX settlement and liquidity management, set to further widen the gap between early movers and late adopters.  Stephan von Massenbach, chief revenue officer, DIGITEC   The FX swaps market is probably 10 years behind NDFs and 15 years behind spot – but catching up rapidly. Driven by client demand, more data, and advances in technology FX swaps volumes are growing, and in 2026 the market will continue its rapid evolution to a more electronic structure.  Clients want to trade FX Swaps in multiple currencies, and tenors beyond overnight and tom-next, and banks can only service clients efficiently by implementing scalable technology solution. Without investing in technology they risk being left behind.  As electronic trading has become more widespread the velocity of the underlying market has increased. To keep pace banks are moving away from excel to FX swaps technology solutions. SaaS technology has reduced the investment required to deliver accurate and fast FX swaps pricing.  Interdealer FX swaps trading is the final part of the market to adopt electronic trading. Over the last two years it has begun to slowly migrate to venues like 360T SUN and LSEG Forwards Matching. To improve workflows we developed D3 OMS, which enables traders to efficiently place and manage orders on interdealer FX Swaps venues. We expect CLOB volumes to increase in 2026, driven in part by our pipeline of onboarding banks.  James Cawley, founder and chief executive, RTX Fintech & Research  Next year will spotlight the growing need for transformation within the interdealer swaps market.   In 2024, risk-adjusted interest rate derivatives trading volume rose 15.6% to $366 trillion, and US swap execution facilities processed $22 trillion in notional volume in November 2024 alone. Nearly 90% of dealer-to-client inquiries were electronic, underscoring the rapid advancement of digital protocols across the broader rates ecosystem.  That progress stood in sharp contrast to the interdealer swaps market in 2025, where voice-based execution remained dominant despite rising activity. Increasing volumes exposed the limits of manual workflows, inconsistent fills and restricted access to trade-level data, prompting institutions to accelerate their move toward scalable and reliable electronic infrastructure.  As 2026 unfolds, the interdealer swaps market is expected to advance toward meaningful structural modernisation. This shift will bring more consistent execution, reduced operational friction and continued movement away from voice-dominated practices, in favor of data-driven electronic models that better align with the complexity and scale of today’s rates markets. Working with its dealer partners. RTX is helping drive this evolution by delivering lower cost, frictionless trade execution, trade automation and scalability needed for modern interdealer workflows.   The post The TRADE predictions series 2026: What’s in store for foreign exchange appeared first on The TRADE.

Ed Wood, trader, Ninety One  In 2026, the buy-side trader will have to start thinking smarter. Tools like automation are no longer a nice-to-have, they are a necessity to stay competitive. Traders will have to start making smarter venue selection. Because ‘we’ve always done it this way’, is no longer an acceptable response. Cost pressure, internal oversight, and best execution scrutiny are driving desks to justify each trade’s journey, as well as demanding venues offer smarter solutions. That comes from traders engaging with the venues, along with the desire and willingness to be adventurous. Risk taking is not just for risk takers anymore.   We should all be asking ourselves, why do we do it this way? How can we get better outcomes for our clients? And what are our peers doing that we’re not? Traders are evolving into micro-optimisers, but optimisation is a continuous process. As desks feel the need to adapt in 2026, traders need to be able to stay up to date and stay relevant. Those that do, and become venue product experts, will sail to the front of the flotilla. Those that stay doing things ‘the way we’ve always done it’ will fall to the back and could struggle to compete in rougher seas.  Colette Garcia, global head of enterprise data real-time content, Bloomberg  As financial markets become increasingly automated and data-driven, the next frontier is event-aware automation – the ability to interpret, react to, and even anticipate market-moving events in real time.  In 2026, firms will increasingly combine structured, real-time events data from earnings, macroeconomic indicators, and corporate actions with automated execution and pricing workflows. The shift from simple data consumption to continuous, machine-readable awareness of what is happening at any moment will redefine how trading desks manage risk, source liquidity, and capture fleeting opportunities.  With compressed settlement cycles and heightened regulatory demands (T+1 now live in the US, with Europe expected to follow in 2027), latency will no longer be measured in milliseconds alone but in decision readiness. The ability to dynamically adapt trading algorithms, risk models, and portfolio valuations the moment a catalyst breaks will be a key competitive differentiator.  Advancements in cloud delivery, API-first design, and cross-venue integration are making this real-time, event-aware ecosystem a practical reality. As automation expands across asset classes from fixed income and FX to commodities and derivatives, real-time intelligence is set to become the core of the modern front office. Daniel Carpenter, chief executive, Meritsoft Capital markets will be tested in the coming years as exchanges and policymakers aim to attract more retail investors. Exchanges are weighing the move towards round-the-clock trading and European policymakers are focused on unlocking retail savings through the Savings and Investments Union. These initiatives could boost market volume and value, but there are concerns that legacy post-trade infrastructure may struggle to keep pace. Corporate actions tied to market close would require new cut-off conventions, for example.   T+1 implementation plans demonstrate just how demanding and resource-intensive such modernisation can be. Extending to a 24-hour trading model would likely require comparable levels of investment.  As trading volumes rise, there is a risk of increased settlement fails. Market participants will need to further automate their settlement operations, introduce predictive capabilities that can identify at-risk trades so as to enable rapid resolution and prevent costly fails. If these broader market ambitions become a reality, the coming year could mark a significant evolution in global capital markets, with post-trade infrastructure needing to adapt at pace to meet new demands. Jason Quinn, chief product officer, global head of sales, Trumid   Automation is shifting from an efficiency play to a real strategic advantage, and we believe it will be one of the defining themes of 2026. Traders are increasingly looking for tools that simplify complex workflows and help them execute with greater speed and precision.   What’s encouraging is how quickly the market is leaning in. We’re seeing higher velocity of trading and growing electronic engagement as clients confidently adopt tech-enabled liquidity solutions. E-credit portfolio trading, particularly in high yield, also reached new highs this year, signaling a market ready for deeper automation. Participants are moving from experimenting to truly scaling their use of automated tools.   As we look ahead, I expect systematic strategies and algorithmic trading to play a larger role in daily activity, while digitisation continues to reshape how liquidity is sourced, priced, and executed. The real question is where automation goes next. Can we imagine a world of ‘unattended’ trading, where systems are entrusted to work orders across multiple credit protocols? Intelligent automation moves us closer to that future by augmenting human decision-making and expanding access to liquidity opportunities. With more trading flowing through digital, data-rich channels, we remain constructive on market activity and innovation in the year ahead.  The post The TRADE predictions series 2026: The automation story appeared first on The TRADE.

Hayley McDowell, head of European market structure, RBC Capital Markets   It has been a busy year for market participants and trading venues as key amendments to the Mifid regime were rolled out in the UK and across Europe. With changes like the introduction of the single volume cap on dark trading, increased pre-trade transparency obligations for systematic internalisers and simplified post-trade reporting requirements, all eyes will be on shifts in liquidity and market structure as the impact of the new regulatory regime should become clearer in 2026.    As policymakers continue to focus on growth and global competitiveness, progress on other market structure initiatives like the UK’s PISCES private market, increased buy-side adoption of ‘bundled’ payments for research, preparations for the transition to T+1 settlement and ongoing consolidated tape efforts, will also take centre stage. While the benefits of these initiatives are potentially substantial, particularly in the long-term, it will be another busy year for market participants as they navigate the increasingly fragmented regulatory landscape.   Jack Seibald, global co-head of prime services and outsourced trading, Marex  In 2026, we will see shifting portfolio weightings away from the US towards Europe. From an investment perspective, this is currently one of the most significant global trends, and it is likely to continue to dominate in 2026.   US investment portfolios are being refocused on Europe for a variety of reasons – one of which is the enormous run in US equities, particularly in the technology sector, prompting some investors to reassess concentration risk. Another is the increasing level of capital investment taking place in Europe, including in defence, which is helping to fuel growth. The UK is included here; it represents a very significant part of capital markets and equity markets in Europe. In 2026, we’re likely to see an accelerated growth rate in European GDP and corporate earnings relative to the US.   Secondly, outsourced trading looks set to continue its upward trajectory, with larger firms open to incorporating an outsourced trading solution in some form – not to totally replace existing infrastructure, but to gain cost efficiencies and access to expertise.   Thirdly, we believe we will see the continued expansion in exchange-listed derivative products. The universe of leveraged and inverse ETFs has grown materially, with hundreds of new issuances, and this momentum looks set to carry into 2026.  Retail participation remains a dominant demand driver, and capital inflows have been significant. As a result, leveraged ETF turnover represents a meaningful share of secondary-market activity, generating elevated execution flow and commission revenue for brokers with established capabilities in this segment.  Prash Manoharan, head of execution consulting and market structure at LiquidnetIn Europe, investor sentiment is fragile as the exuberance that fuelled the global boom in AI stocks cools. While indices continue to track upward, all eyes are on headlines and data, as investors monitor for signs of weakness that could trigger a step change in trading behaviour. As a result of the uncertainty, touch sizes in the UK, France and Germany have shrunk, causing trading costs to increase. Meanwhile, spreads are also widening significantly – up around 10% over the past month in France and as much as 20% in Germany. While there is opportunity, the cost of capitalising on it is significant and market impact is high. Export-heavy sectors are therefore feeling the strain, while domestic-focused markets like German and UK small cap equities appear more aligned with underlying economic conditions. While investors wait for an inflection point that could trigger a correction, trading conditions will likely remain challenging.The post The TRADE predictions series 2026: What’s next for Europe appeared first on The TRADE.

Andrew Douglas, chair of the UK Accelerated Settlement Taskforce   As we head into 2026, market participants are moving from planning to delivery of T+1. Our latest survey shows that momentum is building, with the majority of firms already preparing for the UK’s move to T+1. This is a strong signal that the industry understands the scale of modernisation required, from automated workflows to real-time processing.   Automation should be a core focus for firms next year. We have learned from the North American transition that manual processes will not survive in a T+1 world. T+1 settlement removes over 80% of the time to resolve errors, so firms must be automated to settle safely and securely.”  In 2026, we also expect to see the conversion of the Taskforce’s recommendations into law, particularly the deadline of 11 October 2027. A clear sign that we are getting ever closer to crunch time.   Next year will be a crucial formative 12 months for ensuring T+1 readiness. Those who invest early and modernise will get ahead and define the next generation of post-trade infrastructure. Steve Walsh, managing director of reconciliation, Duco     Heading into 2026, European firms will be preparing for T+1, which will be much more complex than the US given the currency and regulatory patchwork. US firms increased headcount by up to 18% to support the move to T+1, and they were working within a landscape of only a few, mostly centralised infrastructures. Europe is much, much more complex with more than 30 central securities depositories, all with different technologies and rules.  While not all the specifics for the transition have been finalised, firms will need the next year to get ready. We believe they will be heavily focused on adopting a T+0 reconciliation mindset to meet the 80% reduction in post-trade processing time and the challenges that come with it. Ultimately, we see automation as the only realistic way to achieve this, enabling firms to process more data, with greater accuracy, at higher speed and with shorter investigation times. Corinna Mitchell, general counsel, Symphony  2026 will be a critical year for T+1 preparedness, especially when reports suggest that four in ten British financial businesses expect to miss the interim deadline of December 2026. As this deadline gets closer, firms will begin to prioritise methods of automating operational processes in order to satisfy T+1 whilst ensuring that they are meeting compliance standards.  Helen Adair, chief product officer, Taskize  European market infrastructure is heading into a demanding year as the shift to T+1 becomes real rather than theoretical. The regulator has made its expectations clear that firms will be held to account. The larger banks and custodians have already moved into execution mode, applying lessons from the US transition back in 2024. However, the real pressure point sits with smaller asset managers and alternative funds that have long relied on comfortable timelines and manual processes. Two-day settlement allowed for email chains, spreadsheets and people-led workarounds. One day does not.  The challenge is structural rather than cosmetic. The interaction between investment managers and their service providers is where most breaks occur, and this interaction still depends heavily on outdated tools. Lean teams simply cannot absorb higher volumes or faster turnaround times without improved workflows. Yet the solution does not require a wholesale rebuild of operating models. Practical, targeted upgrades can make a significant difference.  Collaboration platforms, self-service tools and API-driven data access can replace slow manual exchanges and give firms a more resilient footing. If smaller managers prioritise these changes in 2026, they will find implementing FCA guidance far easier, and they will be better positioned to meet the demands of T+1 with confidence.  The post The TRADE predictions series 2026: The clock is ticking for T+1 appeared first on The TRADE.

EuroCTP has been selected by the European Securities and Markets Authority (ESMA) to be the EU’s first consolidated tape provider (CTP) for shares and exchange-traded funds (ETFs).  The decision comes after the joint venture submitted its official bid to become the tape provider on 25 July 2025, following the launch of ESMA’s tender process on 20 June.  ESMA has stated that EuroCTP was selected following an in-depth assessment of its tender offer against Mifir criteria, all of which the firm met.  Speaking to The TRADE, Eglantine Desautel, chief executive of EuroCTP, said: “I am thankful for the dedication of our teams, partners, advisory committee members, and shareholders. We deeply appreciate the broad industry support and valuable feedback that enabled us to refine our product in close collaboration with the industry and deliver a cutting‑edge, future‑ready platform. “Our focus now is on working closely with ESMA to secure authorisation within the agreed process. From there, we are targeting a July 2026 go‑live, subject of course to the authorisation timeline. Overall, we’re proud of today’s announcement and look forward to what comes next.”EuroCTP is now expected to take steps to apply for authorisation, following which the group would operate the shares and ETFs CTP for a five-year period, under ESMA’s supervision.  The firm was the only confirmed bidder in the process, after data and analytics solutions provider xyt dropped out of the race in June 2025, citing a lack of necessary financial backing.  The provision of a CT for shares and ETFs is set to address issues of fragmentation and transparency across equity markets in the EU.  Natasha Cazenave, ESMA’s executive director, said: “Today’s announcement is a major milestone for the attractiveness of equity markets in the EU, as the CTP will provide a consolidated view of market activity in shares and ETFs for retail and institutional investors across Europe.  “As a long-standing supporter of European consolidated tapes, and after the selection of the CTP for bonds, ESMA is confident that this new step will contribute to advancing the Savings and Investment Union (SIU), benefitting all market participants.”  EuroCTP’s bid for the equites CT has garnered significant support across the industry, and the firm is backed by 16 shareholders, with Bratislava Stock Exchange marking the most recent addition in July.  In addition, the group is also supported by an advisory committee spanning 12 members from across the industry, including firms such as BlackRock, BNP Paribas and Norges Bank.  Citadel’s managing director and head of government and regulatory policy, EMEA, Virginie Saade was the most recent industry figure to join the committee in early December, with additional members expected to join in the future.  The post EuroCTP named EU consolidated tape provider for shares and ETFs by ESMA appeared first on The TRADE.

Trading technology provider EquiLend has made a strategic investment into US crypto financing and prime brokerage technology provider, Digital Prime Technologies.  Rich GrossiThe partnership is expected to allow EquiLend to align its infrastructure with tokenised assets, digital securities and crypto through access to Digital Prime’ network, Tokenet, enabling connectivity across trading, post-trade and data workflows.  Initially, the two firms will also specifically focus on enhancing market transparency and operational efficiency by corresponding workflows with EquiLend’s Next Generation Trading (NGT) and the 1Source post-trade platforms, routing aggregated activity to EquiLend’s data and analytics solution.  “As digital asset adoption accelerates, market participants increasingly expect a seamless, unified experience across traditional and digital workflows. Institutions expect governance, transparency and straight-through processing in every asset class,” said Rich Grossi, chief executive of EquiLend.  “Investing in Digital Prime extends our infrastructure model to tokenised assets and digital markets, positioning us to support clients as our market structures evolves.”  Read more – EquiLend expands EFG Hermes relationship to cover trading via the NGT platform Currently, Digital Prime’s Tokenet solution spans life-cycle management, exposure monitoring and institutional reporting, with future expansion scheduled for regulated stablecoin collateral and additional tokenised instruments.  James Runnels, co-founder and chief executive of Digital Prime Technologies, said: “Digital Prime is built around institutional standards. EquiLend’s investment and network will help us scale thoughtfully while we continue to prioritise compliance, risk management and transparency for clients.” The investment follows an increasing uptick in convergence between traditional finance and digital assets across the market, as well as a growing demand for governed, transparent and straight-through workflows as market structure begins to change.  Similar developments to address this demand have been noted across the industry in recent months. In July 2025, the UK’s first regulated digital securities exchange, Archax, announced that it was set to acquire Germany-based digital asset manager, Deutsche Digital Assets (DDA), to complement the increasing growth of digital assets and crypto ETPs in the UK market.  In addition, Euronext and Cboe Clear Europe have also both announced plans this year to extend their clearing services to cover cryptocurrency exchange-traded products (ETPs) listed on its platforms.  The post EquiLend partners with Digital Prime to expand digital assets offering appeared first on The TRADE.

3. GIX trading platform becomes first green securities exchange to gain SEC approvalHere it is, the final countdown of The TRADE’s most read stories in 2025. Cracking the top three was the attention-grabbing news that the US Securities and Exchange Commission (SEC) had approved the Green Impact Exchange’s (GIX) Form 1 application in April 2025.GIX stated at the time that trading is set to begin in early 2026. Through becoming a registered securities exchange, GIX will become the firm stock market in the US focused on the $35 trillion sustainability economy. Speaking about market interest in the sustainability-focused exchange, Charles Dolan, co-founder and president, told The TRADE that important conversations were well underway with key buy-side players.“Our discussions with major buy-side firms have revealed a high level of interest in our initiative. They believe our direction will significantly influence asset allocation decisions and other industry practices, making it a game-changer for the entire sector.” The GIX trading platform is set to be powered by MEMX technology and will offer non-tiered, competitive liquidity and quoting programs.In addition, GIX confirmed that it will also be part of the National Market System (NMS), ensuring best execution.“Climate risk is business risk. It’s that simple. US investors and companies are continuing to pursue sustainability because it makes financial and competitive sense,” said Dolan in an official announcement on 14 April. 2. LSEG names co-heads of global data and analyticsComing in at number two in our stellar most read line up is another huge people move story – and this time round it’s a double whammy! LSEG named its new co-heads of the data and analytics division – with Ron Lefferts and Gianluca Biagini beginning their new joint role in August 2025. Their appointment followed the departure of Satvinder Singh in February. New addition Biagini joined from S&P Global where he most recently served as head of data, valuations and risk analytics. As part of the new role, he also became a member of the LSEG executive committee.Lefferts has been with LSEG since 2021, having previously served as group head of sales and account management. He has also been a member of the executive committee since 2023. Both now report to chief executive, David Schwimmer, who said: “Gianluca and Ron make a formidable team. Their highly complementary track records are outstanding; they bring deep expertise of driving transformation, building customer partnership and creating long-term value.” Previously in his career, Biagini has worked across fixed income, private markets, cross-asset OTC derivatives, and equities, while prior to joining LSEG, Leffers worked at Protiviti as global leader of technology consulting, responsible for strategy, solution offerings, consulting delivery and external partnerships.1. One Trading becomes EU’s firstMifid II-regulated venue for crypto perpetual futuresThe one you’ve all been waiting for – The TRADE’s most read news story of the year, with more than 36,000 page views (almost double last year’s most read story!), was One Trading’s unveiling of a new regulated perpetual trading venue in April.The move increases the European crypto-asset exchange’s accessibility to both institutional and retail clients. The launch represents the first fully regulated, cash-settled perpetual futures platform in Europe, establishing One Trading as the only Mifid II-regulated trading venue for crypto perpetual futures in the EU.Specifically, the platform offers BTC/EUR and ETH/EUR perpetual futures trading pairs.“The launch of our perpetual futures platform is a major milestone in our three-year journey. From the start, our goal has been to simplify trading by making markets more accessible, transparent, and cost-effective,” said One Trading chief executive Joshua Barraclough. “Customers will no longer need to pay vast fees in margin to get access to leverage, trade CFDs or need to trade on unregulated offshore venues.” One Trading’s platform is set to offer real-time settlement of all derivative positions 24/7 with a sub-1-minute settlement time and aims to eliminate the need for external clearing by combining derivatives product creation and trading.The announcement follows a strategic investment into the exchange by Standard Chartered subsidiary SC Ventures in September 2024, focused on supporting the launch of the first crypto perpetual futures in the EU as a Mifid II trading venue.A brilliant round upSo there we have it, The TRADE’s most read stories for the year – an excellent line up! The last 12 months have marked another record-breaking year at The TRADE, smashing through previous pageviews records. We can’t wait to see what 2026 will bring.All this couldn’t have been possible without you, our readers, and we want to express our gratitude to you all for the continued support of The TRADE – we hope to keep serving you well!On behalf of the editorial team, thank you once again. We’re excited to continue to offer the thorough and insightful coverage you’ve come to expect in the new year, but in the meantime, we wish you all a very joyful holiday season!The post The TRADE’s most read news stories of 2025 part three: ESG developments, people moves, and digital asset wins – the readers’ top stories from the year! appeared first on The TRADE.

Euronext has started working in collaboration with leading financial institutions across Europe, as part of the firm’s effort to accelerate its plans to create a pan-European central securities depository (CSD) model.  Specifically, the firm has begun engaging with issuing agents including Uptevia, ABN AMRO Bank, Rabobank and Banque Internationale à Luxembourg to move ahead with its initiative.  By creating a single unified European CSD, Euronext aims to address post-trade fragmentation across European capital markets, and enhance issuer choice, liquidity and attractiveness of securities, and expand the accessible investor base, shareholder engagement and governance across the region.  Pierre Davoust, head of Euronext Securities, said: “Euronext’s European CSD expansion marks a major milestone in our commitment to building a more unified and efficient European capital market. “By working together with leading financial institutions, we are unlocking new opportunities for issuers and investors, strengthening Europe’s financial infrastructure and supporting the EU’s vision for a true Savings and Investment Union.” Euronext is also set to become the CSD of reference for equities and exchange-traded products (ETPs) in French, Italian, Belgian and Dutch markets, effective September 2026.  Read more – Euronext makes bid for all European government debts currently cleared by LCH SA Richard van Etten, head of corporate broking and issuer services at ABN AMRO Bank, said: “In light of the EU’s Savings and Investment Union plans, we support developments that offer optionality in the issuance and post-trade space, which resolves fragmentation. “This should ultimately result in a better service and quality for issuers and shareholders, as well as more broadly support the European capital markets.” Plans for a European-wide issuance model also align with the Savings and Investment Union (SIU) initiatives, launched by the European Commission in March 2025, to support the development of European capital markets and boost investment and financing.  In addition, on 5 December, the European Commission unveiled a major package of reforms developed as part of the SIU strategy, with one of the proposals centred on broader passporting for trading venues and CSDs, and the supervision of CSDs shifting to the European Securities and Markets Authority (ESMA).  The post Euronext begins work with European financial institutions to drive plans for a unified CSD appeared first on The TRADE.

7. BlackRock promotes from within for new head of markets You might have noticed over the years how much The TRADE loves a people move – and they don’t come much bigger than this!Daniel Veiner was named head of markets at BlackRock in July 2025, overseeing trading, origination, corporate access and ETF markets at the firm.Veiner has been with BlackRock for 22 years, having most recently served as co-head of global trading.He took over the role following Supurna VedBrat’s departure back in 2023, stepping in as co-head of global trading alongside Jatin Vara.Previously, Veiner was named one of The TRADE’s Rising Stars of Trading and Execution in 2016, the second iteration of the recognition which highlights promising up-and-coming talents in buy-side trading.Prior to joining BlackRock, Connecticut-based Veiner also worked a stint at Group One Trading as an equity options trader.6. CME and S&P offload OSTTRA in $3.1 billion dealThere’s big M&A transactions, and then there’s multi-billion dollar deals which were always sure to grab readers’ attention. Enter CME and S&P’s offload of OSTTRA back in April 2025.The firms signed a definitive agreement to sell post-trade solutions provider OSTTRA to investment funds managed by KKR in a deal valued at $3.1 billion. The sum is set to be divided evenly between S&P Global and CME Group as each hold a 50% interest and the acquisition is subject to customary purchase price adjustments.KKR confirmed that its focus is on increasing OSTTRA’s investments in technology and innovation across its post-trade solutions platform. “We have long admired OSTTRA for its mission-critical solutions, deep customer relationships, and strong market position, which we believe provide a great foundation for future growth,” said Webster Chua, partner at KKR. OSTTRA was established in 2021 – a joint venture between CME Group and S&P Global. The firm offers post-trade services across interest rates, FX, credit and equity asset classes.Clients include banks, broker-dealers, asset managers, and other market participants. Upon completion of the deal, current co-CEOs Guy Rowcliffe and John Stewart will remain at OSTTRA and continue to lead the company.5. StoneX acquires US clearing broker RJ O’BrienFrom a major offload to a notable acquisition, coming in at number 5 was news from April that StoneX was bolstering its offering, picking up US clearing broker RJ O’Brien.StoneX specifically agreed to acquire the global businesses of US clearing broker RJ O’Brien & Associates (RJO), marking an important step for StoneX as it seeks to provide greater access to liquidity in fixed income markets.StoneX confirmed plans to add over 75,000 of RJO’s client accounts following the acquisition, including brokers, commercial and institutional clients and individual investors, who will be given access to a wide range of markets, products and services such as StoneX’s over the counter (OTC) hedging platform. The move expands StoneX’s client float by almost $6 billion, with clear listed derivatives volume projected to increase by 190 million contracts annually. Chief executive and chair of RJO, Gerry Corcoran, confirmed he will continue in a senior leadership role with StoneX as part of the acquisition.“In addition to all the products we offer today, our clients and brokers will have a plethora of new products and services across asset classes available at their fingertips, bringing meaningful new trading and hedging opportunities,” said Corcoran.4. UBS makes shock exit from outsourced trading gameOutsourced trading news has seen no let-up in 2025, with The TRADE’s Outsourced Trading Handbook more sought out than ever. Arguably the biggest news from the fast-growing space was our fourth most read story of the year – UBS’ shock exit from the game.UBS made the decision in March, just weeks after appointing a new head of the business, according to multiple sources familiar with the matter.The Swiss bank gave its clients a three-month notice period that it was shuttering its outsourced business, The TRADE revealed at the time. The move came as the bank looked to ensure its resources were correctly aligned with its global plans.  “In the fourth quarter of 2024, our global markets division recorded its highest quarterly market share gain for cash equities and the highest prime brokerage balances ever,” said a UBS spokesperson when approached for comment by The TRADE.  “We continue to focus on growth and remain dedicated to our clients as we service them through our broad and leading global markets offerings.” The news came just weeks after UBS appointed Ian Power as head of its Execution Hub, EMEA, having most recently served as the firm’s head of multi-asset trading, UK. Power left the business following its decision to exit, The TRADE understands.The post The TRADE’s most read news stories of 2025, part two: A people move, multi-billion dollar M&A’s, and an outsourced trading exit appeared first on The TRADE.

Trading Technologies International (TT) has acquired derivatives margin analytics platform OpenGamma.  Justin Llewellyn-JonesThe acquisition will allow OpenGamma’s margin optimisation and capital efficiency tools and analytics to be directly integrated into TT’s platform, to enable automated trading and position transfer workflows.  As a result, the integration is expected to enhance TT’s current multi-asset offering, by reducing risk and enhancing efficiency across the platform’s entire trade lifecycle.  Justin Llewellyn-Jones, chief executive of TT, said: “The acquisition of OpenGamma is a transformative step that immediately deepens the value proposition we will offer our combined customer base.  “Global derivatives markets have undergone profound structural changes in recent years, particularly in the realm of margin requirements, resulting in an acute need to manage margin-driven liquidity risk without weakening safeguards around counterparty risk. OpenGamma’s real-time insights empower firms to maximise leverage and free up precious capital.” Read more – Trading Technologies unveils pre-trade portfolio risk functionality Moreover, the addition of OpenGamma will enhance TT’s client base across hedge funds, while OpenGamma will also gain access to a broader range of sell-side bank clients.  Peter Rippon, chief executive of OpenGamma, said: “Joining forces with Trading Technologies provides us with a massive opportunity to accelerate our growth. Leveraging TT’s scaled go-to-market and distribution capabilities will unlock new opportunities for the OpenGamma platform across the Americas, Europe, the Middle East and Asia-Pacific regions.” The integration of OpenGamma follows further expansion of TT’s platform in recent months. In July, the firm made a minority investment into fintech SIGMA AI, expanding the two’s existing partnership.  As part of the investment, SIGMA AI will provide a proprietary AI and innovation hub for TT, in a bid to enhance AI integration into TT’s platform and support adoption across the provider’s products and services.  The post Trading Technologies acquires OpenGamma appeared first on The TRADE.

10. Bloomberg Terminal back up, but traders’ exasperation with lacking market infrastructure more tangible than everComing in at number 10 in our 2025 most read countdown was an outages-related story – an issue which has dominated conversations throughout the last 12 months.A global outage of the Bloomberg Terminal on the morning of 21 May 2025, caused things to get “a bit chaotic”, one buy-side trader told The TRADE at the time. Whilst Bloomberg was down, internal instructions were given for “only essential orders” due to live prices being delayed.Another concurred that it was chaos “for a couple of hours” on their desk also, adding: “Everyone was asking for our phone numbers ‘just in case’”. The outage particularly affected the fixed income space, with bond deals delayed. Given the huge amount of new issuances [on 21 May 2025] the outage was particularly badly timed, one trader confirmed.When approached by The TRADE at the time, Ty Trippet, Bloomberg spokesman, said: “Our systems are returning to normal operations and Terminal functionality has been restored following a service disruption earlier today.” He further told The TRADE at 12.51pm UK on 21 May, that the issue had been “fully resolved” following an “internal issue”.Continued disruptions will more than likely spur even further discussions and proposed action points across the market - placing increased pressure on market infrastructure institutions.9. Optiver to convert to a systematic internaliserNext up was the huge news that Optiver had made the decision to switch to a systematic internaliser (SI), a story broken by The TRADE back in April 2025.The move amends how Optiver reports and will see the market maker expand the number of stocks it is able to offer up liquidity in.Head of European equity market structure, Anish Puaar, told The TRADE that the move comes as part of the natural progression of the business. “Our direct counterparty business is growing and the SI is a more familiar framework for that liquidity provision. The way that we trade with our buy-side counterparties now won’t change at all. Our core offering of showing two-way prices through to buy-side EMSs doesn’t change in any way.”Puaar further added that the decision will allow Optiver to expand the number of stocks it can offer up liquidity for, ultimately expanding the strategies it can offer to buy-side firms. “That [offering more stocks] helps us to expand the strategies we can offer in terms of trading baskets for example. There’s a wider universe and we can cater to different types of baskets for example. It makes a lot of things around the edges a bit cleaner.“There’s more flexibility there versus off book on exchange. When you’re reporting to an exchange you’re bound by that exchange universe. You can do more with an SI in terms of universe stock universe.” Prior to the decision, the market maker printed its volumes in the off book on exchange segment. Going forward as an SI, Optiver’s trades will be reported as part of the SI bucket.8. Nasdaq to launch 24-hour trading for US equities Coming eighth, a key milestone in the extended trading hours sphere – news that Nasdaq is preparing to launch an around-the-clock offering for US equities. Back in March 2025, Nasdaq confirmed that it had begun engaging with regulators to enable 24-hour trading, five days a week on the Nasdaq Stock Market.The exchange plans to launch in the second half of 2026.The development has been linked to increased retail participation, a reduction in barriers to accessing markets through wealth accumulation, and increased appetite to engage with US markets from global investors.Nasdaq also noted that in the APAC region, investors are increasingly turning their attention to US markets.“Attracting more investment to our markets presents a compelling opportunity for both the US and global economy. It is therefore incumbent on us to enhance access for those operating across different time zones,” said Tal Cohen, president at Nasdaq.“[…] The question is not whether we can build a market that operates 24/5, but how we do so in a way that strengthens investor confidence in US capital markets today.”Since the initial story, Nasdaq submitted a filing to the US Securities and Exchange Commission (SEC), to extend to a 23/5 trading hours model, for both US equities and exchange-traded products (ETPs), as reported by The TRADE on 16 December.The post The TRADE’s most read news stories of 2025, part one: A market outage, 24/5 US equities trading, and an SI conversion appeared first on The TRADE.

Kepler Cheuvreux has made two new credit sales hires, marking an expansion of its fixed income franchise across EMEA.  Maria Giulia Catania and Tommaso Manzone have joined the firm, set to work in senior credit sales and credit sales roles respectively. Both will be based out of London in their new positions and work across Kepler Cheuvreux’s fixed income EMEA clients, with a particular focus on Italian-based and Italian-speaking accounts.  Catania and Manzone will also work alongside the firm’s fixed income teams based in Paris, Geneva and Stockholm.  Speaking to The TRADE, Jean-Pierre Ané, deputy chief executive, in charge of business development at Kepler Cheuvreux, said: “Beyond individual expertise, these appointments reinforce a collaborative, pan-European credit sales platform designed to deliver liquidity, insight, and consistency to clients.” Read more – Kepler Cheuvreux appoints S14 Capital head of execution to sales trading role as part of KCx expansion Catania brings more than a decade of industry experience working across rates and credit for Italian clients to her new role. She joins the firm from trade finance-focused fintech, Tradeteq, where she worked as a structured sales manager for two years.  Prior to this, she spent nearly ten years at Jefferies, initially covering Italy rates sales, before taking on a role in credit sales, Italy coverage.  She has also previously served at Barclays, JP Morgan and Goldman Sachs.  In addition, Manzone joins Kepler Cheuvreux from IlliquidX, where he worked in capital markets sales across distressed debt, non-performing loans and emerging markets credit.  Previously in his career, he spent four years at Bloomberg, working across sales and account management and covering Italian clients.  The post Kepler Cheuvreux expands fixed income business with credit sales hires appeared first on The TRADE.

Nasdaq has submitted a filing to the US Securities and Exchange Commission (SEC), to extend to a 23/5 trading hours model, for US equities and exchange-traded products (ETPs).  Currently, the exchange operates three daily sessions from Monday to Friday, spanning a pre-market hours period from 4am to 9.30am ET, regular market hours from 9.30am to 4pm ET and post-market hours until 8pm ET.  If approved, the rule change will add a ‘night’ session to the current ‘day’ trading period, spanning 9pm to 4am ET the next calendar day, with a pause on trading between 8pm and 9pm ET daily for market infrastructure maintenance.   The new planned offering, named Global Trading Hours, aims to meet international demand for more accessible US markets across various time zones, while also maintaining trust and integrity in assets and trading.  Speaking to The TRADE, Chuck Mack, senior vice president, North American markets at Nasdaq, said: “By introducing a dedicated night session, we’re making it easier for participants around the world to engage with US equities on their own schedules and in their own time zones. “This isn’t just about extending trading hours; it’s about broadening the reach and availability of the deepest, most dynamic, and most liquid market in the world. As we evolve toward 23/5 trading, we’re doing so with purpose and responsibility – balancing innovation with market integrity and investor protection. This milestone underscores our commitment to resilience and progress, benefiting issuers and investors alike.” Read more – Nasdaq proposes tokenised securities trading on its markets The filing with the SEC marks a further development in Nasdaq’s efforts to achieve 24-hour trading, five days a week on its stock exchange.  The firm initially announced its intentions to enable this extended trading model in March 2025, stating that it had begun engaging with regulators to facilitate the offering.  At the time, Nasdaq said that it planned to launch a 24/5 model for US equities in the second half of 2026.  The news aligns with an uptick in 23/5 models being adapted by exchanges in recent months. In October, venue operator 24 National Exchange went live, enabling trading of US equities from 4am to 8pm ET on weekdays for both institutional and retails investors.  The post Nasdaq files SEC proposal for 23/5 US equities trading appeared first on The TRADE.

ETS Connect UK, Etrading Software’s subsidiary appointed to operate the UK bond consolidated tape (CT), has launched membership applications for its consultative committee.  The committee is expected to support the development of the UK bond CT, specifically to shape the design and evolution of the tape, as well as ensure that representation is balanced in enabling the tape’s delivery.  Members will be selected through an open application process, assessed on industry experience, seniority, and the ability for effective contribution to the CT, The TRADE understands. Speaking to The TRADE, Sassan Danesh, chief executive of Etrading Software, said: “The ‘consultative committee’ performs a critical role in assessing the operation of the tape and in advising the CTP board on matters including data quality and service quality. We look forward to working with our stakeholders to create a best-in-class transparency infrastructure that meets the needs of industry.” The committee will consist of up to 20 members, spanning users, data contributors, vendors and academics. Read more – Etrading Software wins UK bond CTP tender beating out three other bidders The application for participation in the committee will close on 16 January 2026, with members set to be announced on 16 February.  The establishment of the consultative committee marks an initial step in Etrading Software’s delivery roadmap for the UK bond CT, ahead of the scheduled go-live date of 22 June 2026.  The roadmap includes the release of draft and final contracts, the publication of technical specifications, and industry engagement activities, such as webinars to provide updates and a forum for questions. The committee’s launch and timeline follows recent news that Ediphy had consented to lifting the suspension of the UK Financial Conduct Authority’s (FCA) bond CT contract, more than two months after the firm challenged the awarding of the mandate to Etrading Software in September 2025.  Ediphy has confirmed that despite the suspension removal, it will maintain its claim for damages in the High Court.  The post Etrading Software opens membership applications for UK bond CT consultative committee appeared first on The TRADE.