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.

LSEG and Citi have entered a multi-year data and analytics strategic partnership, as part of an effort to strengthen the quality and speed of client delivery.  Ron LeffertsSpecifically, the offering will leverage LSEG’s data, analytics and workflow solutions at enterprise scale, to enhance Citi’s data foundations and support the firm’s front-to-back workflows across its business lines, including markets, investment banking, wealth, trading, risk, finance and compliance.  In addition, through data consolidation and standardised governance, the integration aims to enable Citi to produce clearer insights, and more informed client conversations, as well as gain access to LSEG’s end-to-end workflow solutions.  David Livingstone, chief client officer at Citi, said: “High-quality data underpins how we deliver for clients. This partnership with LSEG gives our teams a comprehensive, trusted base of intelligence that spans Citi’s franchise, strengthening how we design products, advise clients, and execute on their behalf. “By integrating LSEG’s data and analytics directly into our workflows, we can deliver sharper insights, faster responses, and a more consistent client experience.” Read more – Fireside Friday with… LSEG’s Emily Prince  LSEG’s data and analytics spans AI-ready content and multi-asset class data, across economic indicators, pricing and market information, company and reference data, benchmarks and indices, fund and Lipper data, deals data, commodities, news, risk-intelligence and regulatory data.  Ron Lefferts, co-head of data and analytics, LSEG, said: “By combining AI-ready content, cloud-native analytics and integrated workflow tools such as LSEG Workspace, we are supporting Citi’s modernisation agenda, helping them innovate at scale while strengthening governance, risk management and compliance.” In recent months, LSEG has made continual enhancements to its data offering through further developments and strategic partnerships. In October, the firm announced an enhancement in its collaboration with Microsoft, to provide agentic AI with data made accessible through an LSEG managed Model Context Protocol (MCP) server.  Similarly, in September, LSEG formed a strategic partnership with Databricks, to deliver its data natively via Databricks’ open-source data sharing approach, Delta Sharing.  The post LSEG and Citi unveil multi-year data and analytics partnership appeared first on The TRADE.

Outsourced trading solutions firm, Tourmaline Partners, has expanded its global team with the addition of two new hires from Jefferies and T. Rowe Price, The TRADE can reveal. Aaron HantmanThe hires span both Europe and Asia and sees Stephen St. Pierre join the firm as a managing director, trading, to support the firm’s growth.  St. Pierre brings more than two decades of buy- and sell-side trading experience to his new role, and joins from Jefferies, where he worked in the firm’s outsourced trading unit.  The hires also include Michael Ward, who joins Tourmaline as a managing director, Asia trading, based in Sydney.  Ward joins the firm from T. Rowe Price, where he worked across Japanese and Australian trading for more than 10 years, an area he is set to continue to focus on in his position at Tourmaline. Previously in his career, Ward has also held various senior positions across sales trading and hedge fund sales at Citi for 17 years, which he joined in 1996.  St. Pierre’s and Ward’s hires also align with the recent addition of Guillame de Chabaneix, who joined Tourmaline in October as a managing director, European trading, from BTIG.  London-based de Chabaneix supports Tourmaline’s clients trading in EMEA markets in his new role, and brings more than 15 years of industry experience to the firm.  Speaking to The TRADE on the appointments, Aaron Hantman, chief executive and founder of Tourmaline, said: “Expanding our global franchise with seasoned, regional talent will help us to meet the growing demand we have seen in all major regions. The recent contraction of players within the outsourced trading community has accelerated that growth.  “There are only a few leading players in the industry.  Clients are recognising that paradigm and onboarding at Tourmaline for enhanced trading access, influence in local markets, high-quality execution, and the very best operational expertise.” The appointments also follow further hires for Tourmaline over the course of 2025, with the firm confirming that more additions to the global team are “on the horizon.”  In April, Jeff Zuckerman rejoined Tourmaline to take up a managing director role, four years after departing the firm to serve as an executive director within Wells Fargo’s outsourced trading group in 2021.  Tourmaline also expanded its global footprint to Dubai in early 2025, with more personnel set to join the regional team in Q1 2026.  The post Tourmaline expands global team with two new trading hires appeared first on The TRADE.

Citi’s head of trading, Paul Clifford, has swapped the sell-side for the buy-side, joining BlackRock as a senior multi-asset trader.  London-based Clifford joins after 11 years at Citi, where he initially started as a multi-asset trader, covering program and single stock equities, and investment grade bonds.  He later took on the role of head of trading in August 2017 and held the role for more than eight years.  Prior to his time at BlackRock, Clifford spent two years at HSBC as head of equities execution trading, EMEA. He has also served as a senior execution trader at the firm.  Read more – BlackRock and AccessFintech partner to increase post-trade connectivity between buy- and sell-side Previously in his career, he also worked at Societe Generale, as a corporate bond trader, and a Japanese warrant trader, based in Tokyo.  BlackRock had not responded to a request for comment at the time of publication.  In July, BlackRock promoted former co-head of global trading, Daniel Veiner, to the role of head of markets.  In his new role, Veiner oversees trading, origination, corporate access and ETF markets for the firm.  The post Citi head of trading joins BlackRock in senior trader role appeared first on The TRADE.

MarketAxess’ new ‘Opening and Closing Auctions’ – a first for the fixed income market – is aimed at improving price discovery andKat Sweeneyproviding access to unique liquidity for trading US credit through a standardised market-wide auction protocol.With the launch having occurred in November, The TRADE decided to take a closer look at the new offering, delving into both the strategy itself and the potential for real market structure change as a result.Liquidity paramountThe protocol combines real-time pricing and auction matching expertise from Pragma, creating a liquid end of day event, focused on hedging efficiency and solving inefficiencies in bond pricing.Speaking to The TRADE, Kat Sweeney, global head of data and ETF solutions for MarketAxess, asserts that the new protocol addresses a “major market gap”, with the long-term vision being for the auction to become dominant in end of day credit trading.“This is a way for asset managers, hedge funds, dealers to have a central point – same time, same place, same bonds – knowing when and how they can find liquidity.”   This, of course, requires industry buy-in – something at the fore of the firm’s planning, with a collaborative design having been developed with the market in order to ensure efficacy and compliance. This has been key to the development of the auction protocol, with input from the buy-side and sell-side in particular over the past three years crucial. Discussions with all corners of the industry having shaped the design based on the principal market needs.  MarketAxess’ advisory group includes names such as: BlackRock, DWS, State Street investment Management, and AllianceBernstein.“As the US Credit market grows, it is vital that participants innovate and deliver new liquidity solutions to investors. The Auction protocol represents a step forward in advancing market structure and puts the public bond market on its front-foot in competing with other capital markets,” George Catrambone, head of fixed Income Americas at DWS Group, tells The TRADE.Read more: MarketAxess to launch first fixed income opening and closing auctionsSpeaking to how the offering is set to slot into the wider markets, Sweeney highlights how equities activity plays into plans for the fixed income sphere.  “We have seen this before in the equity markets – the growth of indexation and ETFs coupled with the growth of systematic market makers saw a move on trading towards the close. Now the closing auction in equities is about 10% of total trading volume [and] the suction plays an important role for both the buy- and sell-side of the market.  “In credit, we are facing the same backdrop just at an earlier stage in the cycle. ETFs and credit futures are becoming a larger part of the market, and we are seeing more systematic liquidity provision from the traditional dealers and market making community.”The protocol integrates diverse liquidity sources, aligning with client trading patterns and improving benchmark tracking, however when it comes to the markets’ biggest concern, Sweeney confirms that completion is front of mind.“We have to make sure the auction is a liquid event […] Benchmarks are changing and more trading is going toward the close. Traders are keeping flow open later because that’s where they benchmark.  “If traders have a high degree of confidence on completion and knowing where end of day values will be set, they are willing to make larger markets across ETFs, cash credit and futures. I call this the bands of arbitrage.”Looking aheadDelving further, Sweeney explains that there is a wealth of benefits which could come from addressing what the credit market lacks – a universal closing price for the cash bonds that would then be used for all macro products, like ETFs and futures.“The data from a closing auction can be used by end of day evaluators, like S&P Global, to set the end of day price or be a significant input into setting the price. That would be so powerful and would improve the overall market liquidity.”  She further adds: “This can be used as a price for internal crossing […] every single asset manager brought it up without me even prompting them.”  Speaking about the launch of this new auction protocol recently, Daniel Veiner, head of markets at BlackRock, affirmed that the offering “represents a meaningful advancement in the modernisation of the bond market.”  He added: “These Auctions will improve price discovery and offer investors increased transparency in-line with the continued growth of electronic trading. As fixed income markets continue to evolve, we’re committed to supporting solutions that better serve investors.”  Read more: BlackRock promotes from within for new head of markets  Addressing the industry on the MarketAxess earnings call in November 2025, Chris Concannon, chief executive, emphasised that the most important aspect of the strategy around the auction is to support the growing indexation of the fixed income market – and is subsequently the key talking point with the firm’s client partners. “In US investment grade volumes, the last hour of the last day of the month, 25% of that day’s volume is done in that last hour. So, we’re seeing aggregation of activity moving to closer to the close.“On a normal trading day, we’re now seeing almost 15% of total volume now within the last hour of the close as well. There’s been a clear trend line where much of the bond market is moving closer and closer to the closing time of the day.”Looking toward the future, Sweeney concludes that as more and more systematic credit comes to market, the players in this sphere are set to appreciate an auction – equal footing for all. “Within the next couple of years, this could be the dominant protocol in the market. We want to make this not just a protocol on our platform, but something that’s market-structure changing, and the wheels are already in motion. It can start slow, but we’re now in the beginning of the snowball phase.”Offered at the beginning and end of the trading day, the protocol specifically relates to US high-grade and high-yield bonds on MarketAxess’s X-Pro trading platform.The post History in the making: A closer look at MarketAxess’ newly launched Opening and Closing Auctions appeared first on The TRADE.

Euronext’s Italian settlement system – Euronext Securities Milan – has asked to handle the settlement of all European government debts currently cleared by LCH SA.  The offering would make use of Eurosystem’s pan-European settlement platform, (TARGET2-Securities (T2S)), providing a unified and capital-efficient European settlement model spanning all European government bond debts currently under LCH SA’s clearing umbrella. Specifically, the newly streamlined model aims to enhance European fixed income market consolidation in a harmonised T2S environment and provide clients with improved flexibility and control over post-trade workflows.  Pierre Davoust, head of Euronext Securities, said: “Firms in the fixed income market are looking for real solutions that support capital efficiency, reduce costs, simplify operations and align with evolving regulatory requirements. With this initiative, Euronext establishes a truly European settlement model for fixed-income markets, building on TARGET2-Securities, Europe’s common settlement platform.” Read more – Euronext’s AVD order type for equities goes live Currently, the T2S platform connects central securities depositories (CSDs) for delivery-versus-payment in central bank money, spanning a single set of functionalities, with the aim of enabling the movement of euro-denominated securities across borders.  The addition of all European government debts currently cleared by LCH SA will also complement Euronext Clearing’s current fixed income settlement offering, spanning Italian, French, Dutch, Belgian, German, Spanish and Austrian government bonds.  Davoust added: “This complements both our ambitious repo expansion initiative – positioning Euronext as a leading CCP for European repo markets – and our Euronext Securities European offering for equities and ETFs. Clients will be able to manage all their asset classes through a single point of entry, gaining the benefits of scale, choice and operational simplicity.” The move aligns with Euronext’s aim to create a pan-European exchange spanning the whole trading lifecycle. In November 2025, the firm announced that it would acquire Athens Stock Exchange (ATHEX) following a successful voluntary share exchange tender offer.  The acquisition will see ATHEX integrating into Euronext’s trading and post-trade technology as a combined group, with a cross-border clearing framework.   The post Euronext makes bid for all European government debts currently cleared by LCH SA appeared first on The TRADE.

Citadel Securities Rachel Underhill has joined Citadel Securities as a fixed income ETF sales trader.  Underhill is based out of New York and brings extensive industry experience working across ETFs and fixed income to her new role.   She joins the firm from BNP Paribas, where she spent eight months working in a position covering G10 macro rates sales in San Francisco.   Prior to her time at BNP Paribas, she served at BlackRock for more than three years in various different roles, most recently as head of US ETF markets coverage.   Underhill has also held positions as Citi covering fixed income portfolio, credit and high-grade municipals trading.   She began her industry career as an associate in fixed income at Capital Group in Los Angeles, which she joined in 2016.  Liquidnet  Luke McCabe has joined Liquidnet as a senior equity trader, following a four-year stint at Kepler Cheuvreux.   London-based McCabe’s experience spans equities and electronic trading. He most recently served as an electronic and portfolio trading sales trader at Kepler Cheuvreux.   Prior to this, he also spent more than 14 years at Canaccord Genuity, working across the firm’s global capital markets division.   While at the firm, he held a variety of roles, spanning electronic and equity sales trading, product control and trade support.    Speaking to The TRADE, Gareth Exton, head of execution and quantitative services EMEA at Liquidnet, said: “[McCabe’s] appointment underscores our commitment to strengthening our execution capabilities and delivering innovative solutions that meet the evolving needs of our members.” Trium Capital Benjamin Pouly has joined Trium Capital as a trader, focusing on merger arbitrage and equity events.   London-based Pouly has worked across financial markets for more than 15 years, spanning various hedge fund and execution-based roles.   He joins Trium Capital from Boussard & Gavaudan, which he joined initially in 2007 in the middle-office, later becoming an execution trader before departing in 2010, to then rejoin as a head execution trader, covering cash equity and equity derivatives.   Between his two stints at Boussard & Gavaudan, Pouly spent three years as a head execution trader and partner at Occitan Capital Partners.   He began his industry career as an institutional account manager at BNP Paribas in 2006, based out of Paris.   Deutsche Bank Mike Yau has joined Deutsche Bank as an equity sales trader, based in Hong Kong.   He joins the firm from China Renaissance, where he spent the last six years as the firm’s head of trading.   Prior to this, Yau worked as Nomura’s head of portfolio trading.  He has also worked extensively across the industry in various trader and portfolio trading positions, at firms including CLSA and Bank of America Merrill Lynch.   Banque Internationale à Luxembourg Banque Internationale à Luxembourg (BIL) has named Cartigny Thomas as a sales trader, based out of Luxembourg.   Thomas brings extensive sales trading experience to his new role, which will see him covering CIB financial markets. He joins the firm from European asset manager, Azimut Investments, where he spent more than five years.  Thomas confirmed his new role in an announcement on social media.  During his time at Azimut, Thomas served as a trader on the firm’s buy-side trading desk, covering multi-asset execution.   Prior to this, he also worked at CACEIS for over two years, where he worked in a role covering institutional sales spanning forex sales and trading, as well as money market instruments.   He has also held roles at KBL Richelieu in Paris, and began his industry career at Banque Populaire Alsace Lorraine Champagne (BPALC) in 2016.   The post People Moves Monday: Citadel Securities, Liquidnet, Trium Capital and more… appeared first on The TRADE.

Mohamed Braham has been promoted as head of global markets and head of fixed income and currencies (FIC) for Asia Pacific at Societe Generale. Braham will take on his role from 1 January 2026, and he will oversee the firm’s global markets division, as well as its FIC activities across APAC. In addition, he will also continue his former role as deputy global head of FIC, which he has held since January 2025. Braham will be based out of Hong Kong in his new role, and will report to Jerome Niddam, chief executive for Asia Pacific for Societe Generale, who said: “[Braham’s] market expertise and leadership will be instrumental in driving our strategic ambitions in Asia Pacific.  “His appointment reinforces our commitment to strengthening connectivity between Asia and other regions, while delivering greater relevance and impact for our clients across global markets.” Braham will also functionally report to Francisco Oliveira and Hatem Mustapha, co-heads of global markets.  Read more – HSBC trader joins Societe Generale Braham initially joined the firm in 1993, serving in several trading positions, before later taking on various senior roles in London and New York, such as becoming head of rates trading in 2012, and head of FIC for the Americas from 2017 to 2019. The post Societe Generale promotes internally for head of global markets and head of FIC APAC appeared first on The TRADE.

Standard Chartered deepened its partnership with Coinbase, with the move set to expand institutional digital asset collaboration.Margaret Harwood-JonesThe parties are set to jointly explore the development of trading, prime services, custody, staking and lending solutions for institutional clients. Standard Chartered is set to combine its expertise cross-border trading and custody capabilities as a cross-border bank with Coinbase’s digital asset institutional platform and global reach – developing a ‘comprehensive digital asset solution offering for institutional clients globally’. Margaret Harwood-Jones, global head, financing and securities services, Standard Chartered, said: “Our role as a trusted international bank is to support clients as digital asset markets mature in a safe, responsible and well-governed way. Our growing relationship with Coinbase further strengthens our ability to develop secure and compliant digital asset solutions for institutional investors. “[…] we aim to explore how the two organisations can support secure, transparent and interoperable solutions that meet the highest standards of security and compliance.”Read more: Coinbase wins approval to offer federally regulated crypto futures trading to eligible US customersCurrently, the two parties have an existing partnership in Singapore, with Standard Chartered providing banking connectivity which enables real-time SGD transfers for Coinbase’s customers.  Brett Tejpaul, co-chief executive of Coinbase Institutional, highlighted that the move is set to provide a seamless and secure experience for trading and managing digital assets, adding: ”This partnership represents a significant step forward in delivering institutional-grade digital asset solutions […] Together, we are driving the evolution of the financial ecosystem and enabling institutions to unlock new opportunities in this rapidly growing market.”The post Standard Chartered expands Coinbase partnership to further develop digital asset trading for institutional clients appeared first on The TRADE.

Interactive Brokers is set to offer trading of Brazilian equities through a B3 connection.  The new offering aims to expand investor access to emerging markets in Latin America, alongside the firm’s current global stocks, options, futures, currencies, bonds and funds product suite. Specifically, Interactive Brokers’ clients are set to benefit from enhanced market access – able to gain direct access to the assets through the firm’s single unified platform, from anywhere across the world.  “Global investors need seamless access to diverse markets to stay competitive,” said Milan Galik, chief executive of Interactive Brokers.  “By adding Brazil’s B3 Exchange, we’re giving our clients efficient, low-cost access to one of the world’s most dynamic emerging economies through our unified global platform.” Read more – Interactive Brokers expands European trading through Cboe Europe Derivatives The addition of equities trading access through B3 aligns with Interactive Brokers’ aim to enhance efficiency and low-cost access to markets across the world, and currently, the firm offers clients connections with more than 160 markets. Clients are also able to carry out funding and trading in up to 28 currencies.  Earlier this week, the firm announced that it had connected with two United Arab Emirates (UAE) exchanges, to provide Interactive Brokers’ clients with market access to the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM). The news aligns with the firm’s aim to expand its footprint in the Middle East, and follows a collaboration with HSBC in July, to deliver a new trading solution for trading assets in the UAE.  The post Interactive Brokers adds Brazilian equities to trading platform appeared first on The TRADE.

The Depository Trust & Clearing Corporation (DTCC) has been cleared by the US Securities and Exchange Commission (SEC) to move ahead with a new tokenisation service, following the issuance of a no-action letter.  Frank La SallaThe letter allows its subsidiary DTC to tokenise its real-world assets and make those digital representations available on pre-approved blockchains.  The SEC authorisation spans an initial three-year period and covers a defined range of highly liquid instruments, including securities within the Russell 1000 index, ETFs linked to major benchmarks, and US Treasury bills, notes and bonds.  The service is expected to go live in the second half of 2026 and will initially operate in a controlled production environment for DTC Participants and their clients. Digital versions of these assets will carry the same investor protections, rights and entitlements as their traditional forms, with the same operational safeguards applied across DTC’s existing infrastructure. Frank La Salla, president and chief executive of DTCC, said: “I want to thank the SEC for its trust in us. Tokenising the US securities market has the potential to yield transformational benefits such as collateral mobility, new trading modalities, 24/7 access and programmable assets, but this will only be achievable if market infrastructure provides a robust foundation to usher in this new digital era.”  La Salla added: “We welcome this opportunity to further enable and innovate for the industry, our participants and their clients. We look forward to partnering across the industry to tokenise real-world assets safely and securely while advancing the future of finance for generations to come.”  While the relief outlines certain conditions and limitations, it effectively accelerates DTC’s path to launching the service compared with a standard regulatory approval process. Also, the upcoming service will be backed by DTCC’s ComposerX platform suite, which is designed to allow digital and traditional markets to operate alongside one another and potentially tap into shared liquidity pools. Brian Steele, managing director, president of clearing and securities services at DTCC, said: “From the start, DTCC has been pioneering breakthrough technologies that redefine markets and safeguard their integrity. Our tokenisation initiative will build upon that legacy and enable us to work collaboratively with industry participants to usher in the era of digital markets.” Steele added: “In partnership with our clients and the broader market, we will tokenise securities with uncompromising security, sound legal footing and seamless interoperability, all backed by the resilience that has anchored traditional markets for decades.”   Under the terms of the no-action relief, DTC can offer the tokenisation service across approved Layer-1 and Layer-2 networks.  “Distributed Ledger Technology (DLT) has the power to reshape markets, and DTCC is championing this transformation through innovative actions and bold solutions,” said Nadine Chakar, managing director and head of digital assets at DTCC. “Our suite of DLT offerings will underpin DTCC’s tokenisation service and, together with the industry, will drive development of a new digital asset ecosystem for all.”   DTCC said further details on onboarding, wallet registration and network approval criteria will be released closer to its launch. The post DTCC receives SEC no-action relief to launch tokenisation service appeared first on The TRADE.

Benjamin Pouly has joined Trium Capital as a trader, focusing on merger arbitrage and equity events.  London-based Pouly has worked across financial markets for more than 15 years, spanning various hedge fund and execution-based roles.  He joins Trium Capital from Boussard & Gavaudan, which he joined initially in 2007 in the middle-office, later becoming an execution trader before departing in 2010, to then rejoin as a head execution trader, covering cash equity and equity derivatives.  Between his two stints at Boussard & Gavaudan, Pouly spent three years as a head execution trader and partner at Occitan Capital Partners.  He began his industry career as an institutional account manager at BNP Paribas in 2006, based out of Paris.  Pouly confirmed his new role in an announcement on social media.  Trium Capital had not responded to a request for comment at the time of publication.  Recently, former equity trader at Boussard & Gavaudan, Lucienne Lao also left the firm in October 2025, departing for a role as an execution trader at UBS Asset Management.  The post Trium Capital taps Boussard & Gavaudan for trader appeared first on The TRADE.

Cboe has unveiled plans to extend its Russell 2000 Index (RUT) options to trade at nearly 24 hours a day, five days a week.  Rob HockingThe new offering, expected to go live on 9 February 2026, will expand the cash-settled, European-style options’ current trading hours of 9.30am ET to 4.15pm ET Monday to Friday to also cover an overnight session, allowing for trade activity during Cboe’s Global Trading Hours (GTH), from 8.15pm ET to 9.25am ET the next morning.  Specifically, by expanding RUT options trading hours, Cboe aims to enhance global investor access to US equity market exposure, to increase the ability to quickly react to market events, adjust positioning and manage risk.  “Extending trading hours for Cboe’s Russell 2000 Index product suite will be another significant milestone in our efforts to expand access to US index options for investors worldwide,” said Rob Hocking, global head of derivatives at Cboe.  “With nearly round-the-clock availability, Cboe will help empower market participants to further diversify, manage and hedge their US equity and volatility exposures – covering both small caps and large caps – at their discretion.” Cboe has highlighted growing demand for overnight trading as a key driver for the RUT options expansion.  Read more – Cboe Global Markets to launch cash-settled futures and options on new index The addition of RUT options also expands Cboe’s current product suite which currently offers extended trading hours during its GTH session, including S&P 500 Index (SPX), Mini-SPX (XSP) and Cboe Volatility Index (VIX) options.  The firm also plans to add an additional trading session, called Curb Trading Hours, to its overnight offering, set to run from 4.15pm to 5pm ET, Monday to Friday.  Shawn Creighton, director of index derivatives solutions at FTSE Russell, said: “Cboe’s decision to offer nearly 24-hour trading for Russell 2000 options is an exciting development for global investors.”  “The Russell 2000 Index is a recognised benchmark for US small-cap equities, and expanded access will give market participants worldwide greater flexibility to manage risk and capture opportunities as markets move.” The post Cboe to add overnight trading for Russell 2000 Index options appeared first on The TRADE.

Luke McCabe has joined Liquidnet as a senior equity trader, following a four-year stint at Kepler Cheuvreux.  London-based McCabe’s experience spans equities and electronic trading. He most recently served as an electronic and portfolio trading sales trader at Kepler Cheuvreux.  Prior to this, he also spent more than 14 years at Canaccord Genuity, working across the firm’s global capital markets division.  While at the firm, he held a variety of roles, spanning electronic and equity sales trading, product control and trade support.  Speaking to The TRADE, Gareth Exton, head of execution and quantitative services EMEA at Liquidnet, said: “We are pleased to welcome Luke McCabe to our trading team. Luke brings valuable expertise as we evolve and expand our execution services business. His appointment underscores our commitment to strengthening our execution capabilities and delivering innovative solutions that meet the evolving needs of our members.”Read more – Fireside Friday with… Liquidnet’s Prashanth Manoharan McCabe confirmed his appointment in an announcement on social media.  McCabe’s hire follows recent expansion in the equities space for Liquidnet in recent months. In October, the firm launched its US equity options business, marking an expansion into the asset class.  The launch also aligned with the appointments of Andrew Arnold as a senior execution trader, high touch, as well as Jason Lichten as a senior execution trader, low touch.  The post Kepler Cheuvreux sales trader joins Liquidnet appeared first on The TRADE.