As investor demand for exchange traded funds (ETFs) across Europe continues to grow – thanks to products’ transparency and liquidity opportunities – assets in active ETFs across the region have doubled in the past two years. Matteo AndreettoOf course, this still lags behind volumes in the US, but fixed income in particular is leading the way for the continued growth of ETFs across Europe. Research from Morningstar found that by the end of August 2025, assets in active ETFs in Europe added up to €62.4 billion, marking 12% growth from the recorded €55.5 billion at the end of 2024. For fixed income specifically, European ETFs have also seen growth in this market, with Morningstar’s research revealing that bond active ETF assets represent 24% (€14.8 billion) of the total active assets. Speaking at a State Street roundtable on Tuesday, Frank Koudelka, global ETF product specialist at State Street, highlighted that Europe is around five years behind the US when looking at the current state of plays across the regions. “About six or seven years ago, the US looked exactly like Europe from the number of issuers and the number of products in the AUM for active management. Now we’re at over a trillion in assets in the US and accelerating to the point where it’s close to 40% of the flows going to actively managed ETF strategies. “I look at Europe as probably half a dozen years behind the US and now we’re starting to see that evolution where the same managers that put a shingle in the US and started to offer products are working with us to offer similar strategies in the European market, in the Australian market and some of the other global jurisdictions.” Additionally, other experts speaking at the roundtable highlighted the increased interest in active ETFs from firms across Europe, noting that currently four out of five wealth managers in the region are already using active ETFs and 85% of them will increase allocation to active products.  This growing interest has been noted across the industry, and as referenced in a CACEIS report from July this year, JP Morgan predicts that European ETF assets will reach $6 trillion by the end of 2030. Moreover, the growth of the ETF market in the region has also been reflected in developments, most recently with Euronext’s launch of the first fully integrated marketplace for exchange-traded funds (ETFs) and exchange-traded products (ETPs) across Europe. Read more – Partnering with the buy-side, the key to driving innovation across European equities and ETFs Despite the growth, these figures only account for 2.6% of the total assets invested in ETFs in Europe, in comparison to the US where this area is more prominent, making up 10.2% of total assets.  “The European active ETF market has doubled in size over the past two years, yet it still accounts for less than 3% of total ETF assets in Europe, with €62.4bn in assets as of August 2025,” said Mara Dobrescu, senior principal for fixed income strategy ratings at Morningstar.   “While the jury is still out on the performance of active ETFs versus their passive peers, initial data suggests they have better success rates than their open-end active counterparts. This indicates that ETFs, with their transparency and lower costs, are beginning to demonstrate their added value for investors. As such, their momentum in the European market is likely to continue.” When delving into the main areas driving this growth, the report also pointed towards equity strategies as a significant driver, with €43.9 billion – 70% – of the total assets dominated by this asset class.  Fixed income as a core focus As noted, fixed income has emerged as a key area of interest for many investors across Europe, as active ETFs begin to widen into new sectors of this market.  Specifically, active ETFs in Europe are breaking into collateralised loan obligations and mortgage-backed securities, and the sector is seeing a wider variety of options in corporate bonds, high yield, and emerging market debt, according to Morningstar. Speaking on Tuesday, Matteo Andreetto, head of SPDR EMEA at State Street Investment Managers, pointed towards fixed income ETF products as an underserved segment in Europe where investors can generate alpha more consistently than large-cap equity, which is already well-established. “An additional acceleration to the ETF market could potentially come or will come from active fixed income,” he affirmed. “Active fixed income products are not necessarily particularly popular at the moment. But fixed income is where wealth managers expect to lean more heavily for active compared to passive, making sure that there is an element of outperformance in the building block that they put as part of their portfolios.” The growth of the active ETF market in Europe has also seen new providers entering the scene, however Morningstar’s research revealed that JP Morgan leads the pack, commanding 56% of market share.  This is largely as a result of the firm’s suite of enhanced index research ETFs, and Fidelity follows as the second largest provider with 11.1% of market share. Pimco also holds 6.9% of the market share.  Despite this, the number of new entrants to the provider scene has increased every year since 2017, with a significant uptick in pace in 2024 and 2025.  These increases indicate that although the US’ active ETF market still prevails, Europe appears to be coming into its own, and active ETF assets are set to continue growing across the region over the next few months and years.  The post Active ETF market in Europe is growing thanks to fixed income surge appeared first on The TRADE.

Goldman Sachs’ SIGMA X MTF is set to remove execution fees and offer zero-fee trading on its periodic auction and non-displayed dark and conditional books, according to a memo seen by The TRADE.The move is expected to improve participants’ access to benign liquidity and remove market barriers, and will be in effect from 1 November 2025. Speaking to The TRADE, a spokesperson for Goldman Sachs, said: “We made this change in the best interest of our members, and their many pan-European institutional clients, who come to SIGMA X MTF for access to healthy markets that prioritise superior liquidity, larger average execution size than competing order books, and improved execution quality.” Specifically, the change to zero-fee trading will complement the current trading mechanisms available on the multilateral trading facility (MTF) which lower the implicit cost of trading, with the move set to reduce the explicit costs. Specifically, Goldman’s move to zero-fee has been made in a bid to to drive efficiency and reliability in markets, by supporting the growth of participants with similar liquidity profiles and increase member activity, particularly for fee sensitive flows. Read more – Goldman Sachs bolsters high touch trading desk with two additions Currently, more than 80% of the liquidity available on SIGMA X MTF comes from bank and broker-dealer participants, who use the facility to execute benign liquidity. Additionally, the price stabilisation on the periodic order book and conditional orders on the dark book currently underpinning the platform will be retained, to ensure for the safeguarding and performance maintenance of the order books.  The move is set to benefit the platform’s members and their pan-European institutional clients, and follows the launch of SIGMA X Europe MTF in December 2020, to allow participants to continue trading in EEA symbols via the Paris-based venue post-Brexit.The post Goldman Sachs’ SIGMA X MTF set to offer zero-fee trading of period auction and non-displayed books appeared first on The TRADE.

Goldman Sachs’ SIGMA X MTF is set to remove execution fees and offer zero-fee trading on its periodic auction and non-displayed dark and conditional books, according to a memo seen by The TRADE.The move is expected to improve participants’ access to benign liquidity and remove market barriers, and will be in effect from 1 November 2025. Speaking to The TRADE, a spokesperson for Goldman Sachs, said: “We made this change in the best interest of our members, and their many pan-European institutional clients, who come to SIGMA X MTF for access to healthy markets that prioritise superior liquidity, larger average execution size than competing order books, and improved execution quality.” Specifically, the change to zero-fee trading will complement the current trading mechanisms available on the multilateral trading facility (MTF) which lower the implicit cost of trading, with the move set to reduce the explicit costs. Specifically, Goldman’s move to zero-fee has been made in a bid to to drive efficiency and reliability in markets, by supporting the growth of participants with similar liquidity profiles and increase member activity, particularly for fee sensitive flows. Read more – Goldman Sachs bolsters high touch trading desk with two additions Currently, more than 80% of the liquidity available on SIGMA X MTF comes from bank and broker-dealer participants, who use the facility to execute benign liquidity. Additionally, the price stabilisation on the periodic order book and conditional orders on the dark book currently underpinning the platform will be retained, to ensure for the safeguarding and performance maintenance of the order books.  The move is set to benefit the platform’s members and their pan-European institutional clients, and follows the launch of SIGMA X Europe MTF in December 2020, to allow participants to continue trading in EEA symbols via the Paris-based venue post-Brexit.The post Goldman Sachs’ SIGMA X MTF set to offer zero-fee trading of periodic auction and non-displayed books appeared first on The TRADE.

Citi has named Sophie Landry as head of markets, Germany and Austria to lead the firm’s markets business across the two countries.  Landry will be based out of Frankfurt in her new role, where she will work with Citi’s markets product partners, as well as across wealth, services, and banking and international.  She will report to Fabio Lisanti, head of markets, Europe, who said in an internal memo seen by The TRADE: “Please join us in welcoming Sophie to Citi and wishing her the best in achieving our goals across our markets organisation.” She brings more than two decades of investment banking experience to her new role, and joins the firm from European Investment Bank, where she spent more than four years as head of portfolio and asset and liability management.  Previously in her career, she worked at NatWest as head of fixed income origination and solutions, Germany, Austria and Switzerland, as well as managing director for fixed income solutions, Germany and Austria at Credit Suisse.  She has also worked extensively across fixed income at other firms, spanning Nomura, Lehman Brothers, Societe Generale and Dexia Credit Local.  Landry’s appointment follows a succession of hires into Citi’s markets team in recent months. In June, the firm named Nathan Swami as Singapore head of markets, replacing Smith Smithangura retired after more than 15 years with Citi.  Additionally, in the same month Benny Aroeman became Citi’s head of markets for Indonesia, joining from ANZ Indonesia where he had been for six years.  The post Citi appoints Germany and Austria head of markets appeared first on The TRADE.

Robert Miller has been promoted to become global head of equity execution sales at Kepler Cheuvreux, after having joined the firm in October 2024.  Robert MillerThe appointment sees London-based Miller move on from his role as head of market structure and liquidity solutions, which he had held for a year.  In his new role, he is set to support the firm in further integrating product, market structure, and client coverage, and building out Kepler Cheuvreux’s equity execution sales offering.  Speaking on the appointment, Chris McConville, global head of execution services and trading, said: “In his new role, he [Miller] and his team will focus on origination running across every aspect of execution. By bringing equity execution sales and market structure under one leader, we will connect our market intelligence even more closely to client engagement and execution delivery.” Miller brings extensive industry experience to his new role, and joined Kepler Cheuvreux from Vanguard, where he worked across multiple roles for more than five years, most recently as head of international trading analytics and strategy. Prior to this, he also served as an equity algo trade specialist at Berenberg, as well as a multi-asset trader and quantitative analyst at Edmond de Rothschild.  He has also worked at ARIA Capital Management and Aviva Investors, and began his industry career as a stockbroker at Redmayne Bentley.  Read more – Kepler Cheuvreux and Halo Investing unveil strategic partnership to expand Middle East structured products access Miller’s new role also aligns with the appointment of Bobbie Port as global head of low touch and portfolio trading at Kepler Cheuvreux. The move marks an extension of Port’s time at the firm, during which he has spent over 14 years working across roles including head of electronic distribution, deputy head of execution sales and senior execution sales.  Previously in his career, he has also worked at firms including Instinet, Nasdaq and BNP Paribas.  “Low touch and portfolio trading have been two of our strongest performing businesses over the past two years, and they represent some of our greatest opportunities ahead,” added McConville.  “This appointment will ensure that we continue to invest in, innovate, and scale what is rapidly becoming one of the most important engines of our franchise.” Both Miller and Port’s promotions come alongside a string of hires for Kepler Cheuvreux in recent months. In August, the firm expanded its global team with the additions of Edward Bowler, Sam Dawson and Brian Foley, spanning London and New York.  Similarly, in the same month, Eva Gripsten joined the firm based out of Stockholm in a senior credit sales role, to help build out Kepler Cheuvreux’s fixed income franchise.  The post Kepler Cheuvreux promotes from within for new global head of equity execution sales appeared first on The TRADE.

The last few months have been nothing short of a rollercoaster across the markets. Budget season is fast approaching, Trump’s tariffs could be found to have been made illegally, the Federal Reserve moved to – under duress – cut interest rates as the White House continues to threaten its independence, France has a new Prime Minister in play with an uphill battle on his hands to gain control over the country’s national debt, and to say that the geopolitical climate globally remains turbulent is an understatement.  The markets have had to deal with more major events than can be counted on in the last few years from the pandemic, to the war in Ukraine, to Liz Truss’ mini budget that threatened to topple the UK gilts market. And yet, traders continue to soldier on.  This edition of The TRADE magazine explores all of this, with a traditional fixed income focus, including news reviews delving into the impact of the T+1 Thursday conundrum on traders, the development of the UK and EU’s bond consolidated tapes, and more. It also features the latest news and people moves, the results from our 2025 EMS Survey and plenty more content for you to explore.  Starring on our cover for this quarter is Degroof Petercam’s Phillip Bille, head of buy-side dealing and market structure, as well as Pierre Renna, head of buy-side fixed income dealing. In addition, you’ll also find our Meet the Desk with James Frew and Patrice Guesnet, co-heads of Pictet Asset Management.  This edition also bids farewell to our editor, Annabel Smith, who after five years at The TRADE is departing for pastures new, with Claudia Preece now taking the reins as news editor. If you flick to the back of the magazine, you’ll find a ‘goodbye for now’ from her as she prepares to embark on a new journey.  Take a look below for more detail on the Q3 content. Buy-side cover interview - Degroof Petercam’s Philip Bille and Pierre Renna   Degroof Petercam’s Philip Bille, head of buy-side dealing and market structure, and Pierre Renna, head of buy-side fixed income dealing, sit down with Claudia Preece to delve into the desk’s collaborative, multi-asset approach to execution across asset classes, focusing on its fixed income offering and highlighting the importance of championing ‘human touch’ and traditional market expertise in symbiosis with a forward-thinking, technology-driven attitude.  Meet the Desk – Pictet Asset Management ‘The trick is trust’  Claudia Preece sits down with James Frew and Patrice Guesnet, co-heads of Pictet Asset Management (PAM) fixed income trading, to delve into their formula for success, the importance of building a desk made up of individuals with diverse experiences, and how the team is continuing to innovate alongside the evolving asset class.  News Review – The T+1 Thursday conundrum pushing instantaneous settlement on traders  Following a similar issue with the US move to T+1, the second iteration of Thursday conundrum for ETFs trades has emerged as divergent settlement systems around the globe continue to cause headaches for traders.  Market Review – Getting the show on the road As consolidated tapes in the UK and EU increasingly begin to move from dream to reality, albeit with some hurdles in the road, Natasha Cocksedge delves into what’s to come next and explores opinions on the endeavour from those in the fixed income world.  Exclusive – Sustainable Trading shutters amidst unfavourable ‘political headwinds’  The not-for-profit network has experienced suffering membership levels thanks to an increasingly challenging landscape caused by unfavourable market conditions, namely in the US.  Survey – Buy-side satisfaction with EMS platforms declines amid rising market demand  The TRADE’s 2025 EMS Survey reveals a record drop in satisfaction across all functional categories. While volatility and multi-asset expansion continue to drive adoption, buy-side concerns over costs, product development and integration highlight growing pressure on EMS vendors to keep pace.  Closing Bell – A goodbye from Annabel Annabel Smith reflects on her time with The TRADE as she looks ahead to the next chapter. Read the full issue here.  The post The TRADE’s Q3 Magazine: Now available online! appeared first on The TRADE.

Euronext has launched Euronext ETF Europe, to serve as the first fully integrated marketplace for exchange-traded funds (ETFs) and exchange-traded products (ETPs) across Europe.  Anthony AttiaThe offering will provide a single integrated environment for listing, trading, clearing and settlement, allowing ETF issuers to list a product once on a single Euronext platform, which will then reach all Euronext markets, eliminating the need for multiple venue listings. Specifically, the marketplace will integrate a single order book and trading platform, Optiq, which offers a unified system across Amsterdam, Paris and Milan, as well as a united market data channel. The offering will also include a consolidated clearing and streamlined settlement through Euronext Clearing, to reduce post-trade operational burdens and capital requirements.  The launch is expected to address challenges of long-standing fragmentation and distribution inefficiencies in European ETF markets through delivering simplified administrative processes and reduced regulatory duplication to enable quicker time-to-market and increased product reach.  Anthony Attia, global head of derivatives and post-trade at Euronext, said: “The launch of Euronext ETF Europe marks a strategic leap forward in building a truly unified and competitive European capital market. By creating the first fully integrated ETF ecosystem across jurisdictions, we are not only removing long-standing structural inefficiencies, but also setting a new standard for transparency, accessibility and scale in European investing.” Read more – Euronext unveils mini futures for main European government bonds Euronext’s new ETF marketplace has also received support from major brokers and issuers representing more than 90% of European ETF assets, including BlackRock, BNP Paribas Asset Management, Invesco and Janus Henderson Investors.  “We have long been supportive of efforts to grow capital markets in Europe as a way to enhance prosperity for Europeans and the competitiveness of the European economy,” said Sarah Melvin, head of European client business at BlackRock. “We believe unifying ETF trading will improve access and transparency for investors, helping bring down barriers to investing and contributing to more vibrant and deeper capital markets in Europe.”  Additionally, the launch is set to address fundamental efficiency differences between the US and European ETF market structure, where the US benefits from a single post-trade utility from the Depository Trust and Clearing Corporation (DTCC), as well as high retail market participation, according to Euronext.  Retail participants are also expected to benefit from Euronext ETF Europe’s wider provision of ETFs across the region, with a growth in retail participation identified as a key driver for future ETF market expansion.  The post Euronext launches first fully integrated marketplace for European ETFs and ETPs appeared first on The TRADE.

Digital asset prime broker FalconX has launched a new 24/7 trading platform, Electronic Options, to expand institutional access to around-the-clock OTC crypto options trading.  Josh LimThe offering connects traditional OTC trading with modern electronic execution by allowing institutional investors to execute options strategies 24/7 via UPI or API, supported by FalconX’s infrastructure and liquidity solutions.  Additionally, the launch also aims to deliver differentiated FalconX principal liquidity to enhance prime improvement, enable easy structuring workflows and smooth integration, to align crypto with institutional standards.  Specifically, the new platform has been modelled after the RFQ systems which have recently brought innovation to FX, rates, and credit markets, and will launch initially with options available on BTC, ETH, SOL and HYPE, with additional altcoins set to follow in the future.  Josh Lim, global co-head of markets at FalconX, said: “The options market is the next major frontier in institutional crypto. We built this platform to address the longstanding challenges of fragmented liquidity and lack of round-the-clock access. With FalconX Electronic Options, clients get the same execution quality our OTC desk is known for – now in a format designed for scale, distribution, and true 24/7 access.” The launch also follows a marked growth of the crypto options market across the industry, largely driven by a rising appetite for hedging, volatility trading, basis arbitrage and ETF-related exposures from hedge funds, market makers and fintech platforms.  Moreover, digital asset trading platform Talos is the first partner to integrate the Electronic Options solution for its clients via API.  “FalconX’s electronic options platform sets a new bar for institutional access to crypto derivatives, combining deep liquidity with best-in-class execution infrastructure,” said Anton Katz, chief executive of Talos. “This launch is a major step forward in scaling professional crypto markets and expanding access to sophisticated tools across the ecosystem.” Digital asset expansion is a key area of focus for FalconX, and in July, the firm expanded its offering into Latin America, to provide FalconX’s full prime brokerage suite to two of the region’s largest financial institutions, investment bank BTG Pactual and Brazilian cryptocurrency exchange Mercado Bitcoin. The platform launch also aligns with a growing interest in extended trading hours as the topic begins to gain traction across the industry. In recent months, the New York Stock Exchange (NYSE), Cboe Global Markets and Nasdaq have all proposed plans to extend US equities trading hours, while firms including Clear Street, Trillium Surveyor and LiquidityBook have unveiled partnerships with Blue Ocean Technologies to offer extended trading capacities to their clients.   Building on this, the shifting landscape towards extended trading hours will also be explored at The TRADE’s upcoming webinar on 30 September at 3pm GMT, 24/7 equities trading: A red herring or an inevitable reality? The post FalconX launches new platform to enable 24/7 institutional OTC options trading appeared first on The TRADE.

Industrial and Commercial Bank of China (ICBC) has joined LCH, part of LSEG’s Markets Division, as a direct clearing member, with the broader ICBC Group set to have full access to LCH SwapClear’s multi-currency clearing capabilities.Xu Lei, deputy chief executive, ICBC (Asia), said: ”Becoming a direct clearing member of LCH SwapClear is an important strategic initiative for ICBC (Asia), and reflects the substantial growth we have achieved in both transaction volumes and outstanding positions with LCH.” Currently, ICBC is looking to bolster its presence in the international derivatives market, with plans also in place for the bank’s upcoming membership in ForexClear. Lei added: “Direct membership will deliver enhanced risk management capabilities, improved cost efficiency, and access to deeper liquidity pools, which will directly strengthen our support for clients’ expanding business needs. “We welcome LCH’s progress in accepting Chinese Government Bonds as eligible collateral and look forward to further developments in this initiative.”The membership also means that ICBC (Asia) is able to pledge USD- and EUR-denominated Chinese Government Bonds to LCH as eligible collateral.To date, LCH has added 18 new members in Asia Pacific across the rates, FX, and repo markets, and plans to continue supporting Asia Pacific banks.Susi de Verdelon, chief executive, LCH, said: “Their membership represents a significant milestone in our ongoing commitment to supporting the growth of cleared derivatives across Asia and marks an exciting expansion of our network in the region. “We look forward to collaborating with ICBC (Asia) on future product innovation that addresses the evolving needs of market participants across the region.”The post Industrial and Commercial Bank of China joins LSEG’s LCH SwapClear as direct clearing member appeared first on The TRADE.

Investec RBC Capital Markets has named Ian Hale as head of European inflation trading, while Callum Maitland has been appointed to a new dual-mandate as head of structured inflation and cross-currency basis trading. Both are set to report to Ed Russell, head of flow rates trading, Europe in their new roles. London-based Hale is set to focus primarily on GBP, including RBC’s gilt-edged market maker (GEMM) activities in index-linked gilts (Linkers), GBP inflation swaps, and other derivatives. His mandate also includes exploring growth opportunities in EUR. His appointment is set to enhance the firm’s European rates platform and spur its commitment to inflation as a “critical asset class”. Hale was most recently head of GBP rates trading at UBS and has also previously served in similar positions at RBC and Citi.In his new role, Maitland will also be based out of London. He has been with RBC since 2022 and in the new role will focus on bolstering the offerings and growing RBC’s bespoke solutions and management of complex or higher-order inflation risks. Previously in his career, Maitland was head of inflation trading at Lloyds Banking Group for seven years. Elsewhere, Investec Bank also made two senior appointments to its fixed income and ETFs teams, as it continues its expansion of the firm’s client execution solutions.   William Boddy joins the firm as head of fixed income and ETFs, while Ben Goodchild has been named as the deputy head of the same division, both are set to support the firm in building out its high-touch execution model.  The London-based pair join from UK market maker Winterflood Securities, where they both spent the last two decades working across fixed income, in roles covering trading and senior leadership positions.  Previously in his career, Boddy also worked at Deutsche Bank for a short stint, where he covered options reconciliations.  RBC Capital Markets RBC Capital Markets has named Ian Hale as head of European inflation trading, while Callum Maitland has been appointed to a new dual-mandate as head of structured inflation and cross-currency basis trading. Both are set to report to Ed Russell, head of flow rates trading, Europe in their new roles. London-based Hale is set to focus primarily on GBP, including RBC’s gilt-edged market maker (GEMM) activities in index-linked gilts (Linkers), GBP inflation swaps, and other derivatives. His mandate also includes exploring growth opportunities in EUR. His appointment is set to enhance the firm’s European rates platform and spur its commitment to inflation as a “critical asset class”. Hale was most recently head of GBP rates trading at UBS, and has also previously served in similar positions at RBC and Citi.In his new role, Maitland will also be based out of London. He has been with RBC since 2022 and in the new role will focus on bolstering the offerings and growing RBC’s bespoke solutions and management of complex or higher-order inflation risks. Previously in his career, Maitland was head of inflation trading at Lloyds Banking Group for seven years.“These appointments reflect the strength of our team and our commitment to investing in talent and expertise to support our clients and drive further growth in our Flow Rates business,” said Russell.“Ian’s extensive background in inflation and rates trading, combined with Callum’s deep experience and technical expertise, will ensure we continue to deliver exceptional outcomes for our clients and build on existing momentum in this important area.”Citi Austin Winter has joined Citi as a vice president, futures and derivatives clearing, based out of New York. Winter brings more than 12 years of industry experience to his new role, where he will support the firm in building client relationships and delivering efficient, risk-aware clearing solutions.  He joins Citi after spending over 11 years at BTIG across various roles, most recently as vice president, outsourced trading.  He has also worked across futures and commodities at the investment bank and execution broker in both senior and associate positions.   Previously in his career, he has also worked in junior roles at BGC Partners and Tullett Prebon. Winter confirmed his new role in an announcement on social media. JP MorganFormer Clear Street managing director Luke Holmes has joined JP Morgan as an executive director in equity sales trading.Holmes joins the firm following his departure from the US broker in July 2025, where he had served as a managing director for high-touch sales trading for nine months.His departure came alongside several other cuts, as the sell-side shop looked to trim its UK presence just eight months after it bolstered its unit to drive expansion in the region, following its UK launch and FCA approval in December last year as revealed by The TRADE at the time.Prior to joining Clear Street, Holmes worked extensively across equity sales trading, serving at firms including Kepler Cheuvreux, where he headed up the division for US clients, as well as Sanford C. Bernstein, and Goldman Sachs, where he began his industry career.  Holmes confirmed his new role in an announcement on social media.  Morgan StanleyMorgan Stanley has appointed Ben White to a position covering eFX sales.  London-based White has been working across the industry for more than a decade and brings extensive FX experience to his new role. He joins the bank from BNP Paribas, where he served in a similar position for over two years.  Prior to this, he also spent almost four years at Euronext, where he held the role of FX sales director, EMEA, and also worked as assistant vice president for Currenex sales EMEA at State Street for over a year.  Previously, White also spent time at Santander, working across eFX, initially as a client analyst, before becoming a client associate in 2017.   He began his industry career at HSBC in 2014, where he served as a GFX e-client associate. Morgan Stanley confirmed White’s appointment when approached by The TRADE.  BTIG Alastair Mankin and Charlie Hawkesworth have joined BTIG from Clear Street as the firm looks to build out its event-driven offering, as revealed by The TRADE. Both most recently served in even-driven strategies roles at the prime broker and have had similar career paths thus far.  Before joining Clear Street, the duo worked together at TD, Hawkesworth in an event-driven sales trading role as part of the alternative equity strategies team, and Mankin in a role focused on event driven M&A arbitrage.  Before that, both also served in similar event-driven roles at Olivetree Financial.The appointments of Mankin and Hawkesworth follow on from BTIG’s recent appointment of Will Kain back in May. He had most recently served eight years at Berenberg, most recently in an equity sales trading role. BGC GroupRaymond Cortes has joined BGC Group as an equity derivatives sales trader, based out of New York.  In his new role, Cortes is set to cover equity derivatives, liquidity solutions and credit.   He joins the financial technology and inter-dealer brokerage firm from Citi, where he spent the last five years, most recently covering institutional FX sales.  While at the firm, he also worked across equity derivatives sales and initially joined as a sales and trading analyst in 2020.    Cortes confirmed his new role in an announcement on social media.xytMark Freeman has joined xyt as a sales director following a three-year hiatus from the industry.  London-based Freeman’s appointment at the firm, which rebranded in September 2025 from big xyt, marks his return to the industry after he announced his retirement in 2022 after 42 years of trading.  His departure three years ago followed more than 14 years spent at Kepler Cheuvreux, where he served as head of electronic sales and sales trading.  Prior to this, he also worked across institutional and hedge fund sales at firms spanning NYFIX, Portware and ITG Europe, and also served as head of UK sales at Instinet Europe for 12 years, back when the broker only had 12 London employees.Additionally, he began his industry career at Sheppards & Chase in 1980, where he worked across sales.   Freeman confirmed his new role in an announcement on social media.The TRADE The TRADE announced that Claudia Preece has been named news editor, taking over from Annabel Smith who is set to depart for pastures new – with her new role will be announced in the coming weeks.   Preece, The TRADE’s senior reporter, will be taking up her new role after two and a half years with the publication. Prior to The TRADE, she worked as the designated European M&A reporter at Euromoney – IJGlobal.  Smith was promoted to the role of editor of The TRADE in 2023, after serving as senior reporter for a year and eight months, having joined the publication as a reporter back in June 2020.  Previously in her career, she served as a research associate at Third Bridge, newsreader at Radio Jackie, news editor of The Kingston Courier, and reporter at publications including The Telegraph and MyLondon.  Under her leadership, The TRADE has seen record-breaking years for pageviews and readership, expanded Leaders in Trading into North America and launched several new products including The TRADE’s Meet the Desk buy-side interview and dark trading documentary.  Preece will take over as news editor as of 1 October, you can reach her at claudia.preece@thetradenews.com.The post People Moves Monday: Investec, RBC Capital Markets, Citi and more… appeared first on The TRADE.

It’s the moment you’ve all been waiting for. The TRADE is delighted to announce the shortlists for the Leaders in Trading 2025 Buy-Side Awards, in partnership with SIX Swiss Exchange. Voting is now open across the six categories with industry participants invited to select their winner. Voting will close on 21 October. “We’re always proud to sponsor The TRADE’s Leaders in Trading Awards—an event that shines a light on the talent, innovation, and integrity shaping our industry. It’s a privilege to celebrate the individuals and teams driving meaningful progress in trading,” said Alexandra Roby, head of equity sales UK and Ireland at SIX Swiss Exchange. The winners of each category will be revealed at The TRADE’s annual Leaders in Trading glittering awards night at The Savoy in London on 6 November. Back for a second year running is Foreign Exchange Trading Desk of the Year alongside The TRADE’s existing Buy-Side Awards including the coveted Trader of the Year and Trading Desk of the Year Awards, as well as Multi-Asset Trading Desk of the Year, Fixed Income Trading Desk of the Year and Buy-Side Market Structure Expert of the Year. “It’s a highlight of the job putting these shortlists together each year. Our 2025 line-up includes some strong contenders which is sure to make the voting interesting,” said The TRADE’s editor Annabel Smith. “Huge congratulations to all and good luck!” Please contact Daljit Sokhi at daljit.sokhi@globalcustodian.com for sponsorship opportunities or to book a table for Leaders in Trading. If you are buy-side and would like to attend please contact karen.delahoy@thetradenews.com. The TRADE and SIX Swiss Exchange would like to congratulate all of the following nominees. Trader of the Year   Michael Johnson, Columbia Threadneedle   Phoebe Nockolds, Independent Franchise Partners   Simon Tring, Aviva Investors  Brian Corcoran, Anima Alternative  Trading Desk of the Year  Janus Henderson    Royal London Asset Management  Schroders    UBS Asset Management  Multi Asset Trading Desk of the Year   Banque Lombard Odier   Nordea Asset Management  Sarasin & Partners   Vontobel Asset Management   Fixed Income Trading Desk of the Year   AXA Investment Managers   Barings Asset Management   Ninety One   Quoniam  Foreign Exchange Trading Desk of the Year  Amundi   Brown Brothers Harriman (BBH) MEAG   Legal & General Investment Management Buy-Side Market Structure Expert of the Year   Evan Canwell, T. Rowe Price   Chris Collins, Lazard Asset Management   Alison Hollingshead, Jupiter Asset Management  Fabien Oreve, Candriam   Vote for your winners here.The post Leaders in Trading 2025: Buy-side shortlists unveiled, voting now open! appeared first on The TRADE.

The TRADE is pleased to announce that Claudia Preece has been named news editor, taking over from Annabel Smith who is set to depart for pastures new.Claudia PreeceHer new role will be announced in the coming weeks. Preece, The TRADE’s senior reporter, will be taking up her new role after two and a half years with the publication. Prior to The TRADE, she worked as the designated European M&A reporter at Euromoney – IJGlobal.“It’s been an honour to lead The TRADE through the last few record-breaking years, and I couldn’t be more delighted to be leaving the publication in Claudia’s extremely capable hands,” said Smith.“I look forward to continuing to support The TRADE and to seeing it continue to grow under Claudia’s stewardship from my new seat.”Smith was promoted to the role of editor of The TRADE in 2023, after serving as senior reporter for a year and eight months, having joined the publication as a reporter back in June 2020.Previously in her career, she served as a research associate at Third Bridge, newsreader at Radio Jackie, news editor of The Kingston Courier, and reporter at publications including The Telegraph and MyLondon.Under her leadership, The TRADE has seen record-breaking years for pageviews and readership, expanded Leaders in Trading into North America and launched several new products including The TRADE’s Meet the Desk buy-side interview and dark trading documentary.“We want to extend our deepest thanks to Annabel for her outstanding contribution to The TRADE over the past five years. As editor, she has led the newsroom to new heights, shaping our coverage through some of the most eventful times in the industry. We wish her all the best for the future as she applies her skills within the industry we cover so closely,” said Jon Watkins, publisher of The TRADE and chief executive of Tungsten Publishing.“At the same time, we are delighted to welcome Claudia into the role of news editor. Claudia has already demonstrated her talent and drive within the team, and we are confident she will bring fresh ideas and momentum to our news coverage having worked with Annabel for the past two and a half years. Her appointment underlines our ongoing commitment to delivering the highest quality journalism to our readers, and we look forward to seeing her take this next step in her career with The TRADE.”Preece will take over as news editor as of 1 October, you can reach her at claudia.preece@thetradenews.com.The post The TRADE appoints Claudia Preece as news editor appeared first on The TRADE.

Austin Winter has joined Citi as a vice president, futures and derivatives clearing, based out of New York. Winter brings more than 12 years of industry experience to his new role, where he will support the firm in building client relationships and delivering efficient, risk-aware clearing solutions.  He joins Citi after spending over 11 years at BTIG across various roles, most recently as vice president, outsourced trading.  He has also worked across futures and commodities at the investment bank and execution broker in both senior and associate positions.  Previously in his career, he has also worked in junior roles at BGC Partners and Tullett Prebon.  Read more – Citi joins enhanced Northbound Repo Connect scheme as primary liquidity provider Winter confirmed his new role in an announcement on social media.  The appointment follows a string of hires for Citi in recent months. In August, the firm named Jamie Miller and Abdul Satti as co-heads of EMEA electronic execution to oversee all sales, sales trading, EAS and algo trading functions and lead the firm’s client-centric and product-focused strategy in electronic execution. The hires also came alongside the appointment of Yashar Asl as head of cash execution risk and quantitative services.  Citi had not responded to a request for comment at the time of publication. The post Citi appoints futures and derivatives clearing vice president appeared first on The TRADE.

Fixed income broker-dealer Millennium Advisors has moved to adopt a self-clearing model, as part of an effort to reduce trading costs. Laurent PaulhacThe transition is expected to provide a more efficient settlement model as markets become increasingly competitive and automation gains traction across the bond industry. “Self-clearing provides us with the ability to scale our operations even more,” said Laurent Paulhac, group chief executive of Millennium Advisors.  “Owning the clearing and funding workflow – combined with a unique blend of human and machine-powered trading – places us in an elite category among liquidity providers. It’s truly a game-changer, and we’re already eyeing up the opportunities in other business lines such as repo and securities lending.” Specifically, the decision aligns with an uptick in non-traditional liquidity providers, like Millennium Advisors, turning to technology to drive growth in the fixed income market, with a focus on increasing trading desk efficiency and sharpening pricing.  Joe DeModna, head of global operations at Millennium Advisors, said: “While self-clearing is not a novel concept, Millennium Advisors stands alone in its approach to operational efficiency. This focus dates back to the roots of the firm, which – long before it became fashionable – has always realised that technology, analytical and operational superiority can drive significant pricing leverage. That’s good for us, and more importantly, great for our trading counterparties.”  The move follows the launch of Millennium Advisors’ new office in Singapore in August last year, as the firm looked to drive out its presence across the APAC region.  Similarly, in May 2024, the firm partnered with fixed income software solutions provider Investortools, in a move which allowed Millennium Advisors to be fully featured as an electronic trading package for straight-through-processing, enabling users to lift, bid, counter and receive allocation details electronically directly within Investortools’ software. The post Millennium Advisors adopts self-clearing model for fixed income market appeared first on The TRADE.

Clearstream and Euroclear, the two international central securities depositories (ICSDs), are advancing plans to digitise the €14 trillion Eurobond market, outlining measures that include dematerialised issuance and the introduction of an industry-wide data taxonomy.From the first quarter of 2026, Eurobonds will be issued in dematerialised form, replacing paper certificates and marking a major step towards automation across the Eurobond lifecycle. As part of the initiative, the ICSDs have co-developed the Issuance & Processing Taxonomy (IPT), a technology-agnostic standard designed to reduce market fragmentation and support interoperability. The standard is compatible with multiple communication channels, including APIs, and will be expanded in December 2025 to incorporate a token taxonomy for distributed-ledger technology (DLT). The IPT is also aligned with the International Capital Market Association’s Bond Data Taxonomy (BDT). Isabelle Delorme, head of product strategy & innovation at Euroclear, said: “This joint initiative represents a significant milestone for the Eurobond market and for the wider industry. Our new taxonomy is a game changer for clients wanting to use APIs to issue Eurobonds and preparing to issue tokenised bonds.” Delorme added: “By embracing digital transformation, we are unlocking real benefits for our clients and shaping a more efficient, secure, and sustainable market – keeping the Eurobond market at the forefront of innovation.” The shift to digital processes is expected to deliver a range of operational benefits, including greater efficiency, reduced costs from the elimination of physical vaulting, enhanced security against loss or forgery, and more transparent ownership records. Looking longer term, the measures aim to establish the foundation for fully digital Eurobond lifecycle management and potential DLT integration. Jens Hachmeister, head of issuer services & new digital markets at Clearstream, said: “The digitisation of the Eurobond market is a testament to the collaborative efforts between the ICSDs and across the industry. It opens exciting possibilities for further innovation where Eurobonds can serve as a blueprint for strong and efficient European capital markets. The modernisation of this global success story based in Europe enables greater accessibility for our clients and all participants.”The post Clearstream and Euroclear set timeline for Eurobond digitisation appeared first on The TRADE.

Digital prime broker GCEX Group has acquired crypto brokerage and asset management firm GlobalBlock Europe UAB, as part of the firm’s expansion into a broader digital asset offering.  Lars HolstThe move will integrate GCEX’s regulated multi-asset trading and tier one liquidity offerings with GlobalBlock’s wealth management and fintech innovation capabilities, to expand GCEX’s current OTC, conversion and technology business further into the asset and wealth management driven digital asset sphere.  Currently, GlobalBlock provides services tailored for high-net-worth individuals (HNWI), and holds more than $60 million in client assets.  The offering will also combine GCEX’s liquidity and regulatory framework with GlobalBlock’s proprietary AI-driven fund management technology, to speed up client onboarding, as well as develop out the firms’ global market and product reach.  Lars Holst, founder and chief executive of GCEX Group, said: “Acquiring GlobalBlock is a strategic leap forward for GCEX, expanding our footprint, our client base, our team, and our capabilities.  “By joining forces with GlobalBlock we are strengthening our position to compete in the top tier of digital and tradfi. Our combined clients will gain access to broader product suites, market leading pricing, and cutting-edge trading platforms, with the highest levels of data security.” Read more – GCEX launches new margin trading for institutional and professional traders The acquisition process also included investment from venture capital firm, True Global Ventures. Moreover, the acquisition makes use of GCEX’s multi-jurisdictional licenses, spanning regions and regulatory bodies including the Financial Conduct Authority (FCA) in the UK, the Financial Supervisory Authority (FSA) and EU in Denmark and the Virtual Assets Regulatory Authority (VARA) in Dubai.  David Thomas, co-founder of GlobalBlock, said: “We are excited to join forces with GCEX. Their strong regulatory licenses and global reach perfectly complement our business model. This partnership allows us to expand our wealth management and digital asset solutions while continuing to operate under the GlobalBlock brand that our clients trust.” The post GCEX Group acquires GlobalBlock to drive digital asset expansion appeared first on The TRADE.

Nasdaq and Amazon Web Services (AWS) have expanded their strategic technology partnership to provide the capability for financial institutions to deploy its Calypso platform onto AWS.  Magnus HaglindSpecifically, the new offering will allow clients to access Nasdaq Calypso as a fully managed service powered by AWS, supported by Nasdaq-managed underlying technology.   The expansion is set to enable quicker deployment and more seamless upgrades by removing the need for institutions to be responsible for the maintenance of the platform’s underlying infrastructure.  In addition, clients will be able to operate continuously on an updated, advanced version of the platform to quickly benefit from and connect to new capabilities delivered by the two firms.  “Market participants face an urgent need to embrace innovation, regulatory change and industry-wide connectivity at scale but are increasingly constrained by complex and fragmented legacy architecture,” said Magnus Haglind, head of capital markets technology at Nasdaq.  “This is a strategic inflection point for infrastructure across the capital markets ecosystem. As cloud and managed services increasingly become the preferred model for mission-critical platforms, our expanded collaboration with AWS positions Nasdaq to lead this industry-wide transformation.” The offering forms part of an effort the modernise capital markets and treasury infrastructure, and Nasdaq Calypso’s deployment, powered by AWS, is set to deliver accelerated technology modernisation, standardised implementation, regular updates coinciding with regulation, enhanced operational efficiency and access to Nasdaq’s intelligence and data capabilities.  Currently, Nasdaq Calypso operates as a platform enabling institutions to process front-to-back workflows, manage risk, and meet regulatory standards.  “Today, financial institutions are faced with a technological paradox – needing to innovate their technology stack rapidly while maintaining legacy infrastructure to support mission-critical operations,” said John Kain, director of financial services market development at AWS.  “Our expanded collaboration enhances Nasdaq Calypso’s solution with high-performing, scalable and secure infrastructure.” The offering marks a further development for Nasdaq in recent months. In September, the exchange submitted a filing to the US Securities and Exchange Commission (SEC), in a move which, if approved, will enable Nasdaq member firms to trade tokenised versions of equity securities and exchange traded products (ETPs) as regular securities.   Additionally, in June Nasdaq announced that it had connected blockchain-based technology, the Canton Network, to its Calypso platform, facilitating end-to-end margin and collateral workflows. The post Nasdaq expands partnership to allow institutions to deploy Calypso on AWS appeared first on The TRADE.

Mark Freeman has joined xyt as a sales director following a three-year hiatus from the industry.  Mark FreemanLondon-based Freeman’s appointment at the firm, which rebranded in September 2025 from big xyt, marks his return to the industry after he announced his retirement in 2022 after 42 years of trading.  Speaking to The TRADE, Robin Mess, chief executive and co-founder of xyt, said: “We’re thrilled to welcome Mark Freeman to xyt. After announcing his retirement three years ago, Mark is returning to the industry with a unique perspective. Having worked at one of our clients in his last role, he knows xyt inside out and understands the value we bring. “With an impressive career spanning Kepler Cheuvreux and Instinet, Mark brings deep market expertise and relationships. He shares our excitement about the momentum at xyt, and we look forward to the impact he will make.” His departure three years ago followed more than 14 years spent at Kepler Cheuvreux, where he served as head of electronic sales and sales trading.  Prior to this, he also worked across institutional and hedge fund sales at firms spanning NYFIX, Portware and ITG Europe, and also served as head of UK sales at Instinet Europe for 12 years, back when the broker only had 12 London employees. Additionally, he began his industry career at Sheppards & Chase in 1980, where he worked across sales.  Freeman confirmed his new role in an announcement on social media, where he said: “I’m delighted to announce I have started a new role as sales director at xyt. Energised after my sabbatical, looking forward to joining Robin Mess, Mark Montgomery, Mark Holden and the whole xyt team…” The post Mark Freeman makes industry return with xyt director role appeared first on The TRADE.

Former Clear Street managing director Luke Holmes has joined JP Morgan as an executive director in equity sales trading. Holmes joins the firm following his departure from the US broker in July 2025, where he had served as a managing director for high-touch sales trading for nine months.  His departure came alongside several other cuts, as the sell-side shop looked to trim its UK presence just eight months after it bolstered its unit to drive expansion in the region, following its UK launch and FCA approval in December last year as revealed by The TRADE at the time.  Prior to joining Clear Street, Holmes worked extensively across equity sales trading, serving at firms including Kepler Cheuvreux, where he headed up the division for US clients, as well as Sanford C. Bernstein, and Goldman Sachs, where he began his industry career.  Holmes confirmed his new role in an announcement on social media.  Holmes’ new role follows a swathe of departures from Clear Street over the last few months, with the most recent appointments of Alastair Mankin and Charlie Hawkesworth to BTIG in September, as the firm looks to build out its event-driven offering, as revealed by The TRADE.  The move also marks a further hire for JP Morgan, which in August unveiled a new global structuring management team consisting of multiple senior staff promotions and cross-asset role expansions.  The new offering is set to unify the previously separate structuring teams across sales, trading and banking, and addressing the evolving needs of JP Morgan’s institutional clients through providing solutions.  JP Morgan had not responded to a request for comment at the time of publication. The post Former Clear Street managing director emerges at JP Morgan in equity sales trading role appeared first on The TRADE.

RBC Capital Markets has named Ian Hale as head of European inflation trading, while Callum Maitland has been appointed to a new dual-mandate as head of structured inflation and cross-currency basis trading. Both are set to report to Ed Russell, head of flow rates trading, Europe in their new roles. London-based Hale is set to focus primarily on GBP, including RBC’s gilt-edged market maker (GEMM) activities in index-linked gilts (Linkers), GBP inflation swaps, and other derivatives. His mandate also includes exploring growth opportunities in EUR. His appointment is set to enhance the firm’s European rates platform and spur its commitment to inflation as a “critical asset class”. Hale was most recently head of GBP rates trading at UBS, and has also previously served in similar positions at RBC and Citi.In his new role, Maitland will also be based out of London. He has been with RBC since 2022 and in the new role will focus on bolstering the offerings and growing RBC’s bespoke solutions and management of complex or higher-order inflation risks. Previously in his career, Maitland was head of inflation trading at Lloyds Banking Group for seven years.“These appointments reflect the strength of our team and our commitment to investing in talent and expertise to support our clients and drive further growth in our Flow Rates business,” said Russell.“Ian’s extensive background in inflation and rates trading, combined with Callum’s deep experience and technical expertise, will ensure we continue to deliver exceptional outcomes for our clients and build on existing momentum in this important area.”The post RBC Capital Markets appoints head of European inflation trading appeared first on The TRADE.