Unsuccessful bidder for the UK’s fixed income tape, Ediphy (fairCT) has challenged the UK Financial Conduct Authority’s (FCA) decision to award Etrading Software the consolidated tape provider (CTP) mandate.The FCA named trading technology provider Etrading Software the provider for the UK bond tape in early September, whilst the European Securities and Markets Authority (ESMA) selected Ediphy (fairCT) as the first CTP for bonds in the EU.In response to Ediphy’s appeal, the FCA has reiterated that it “undertook a fair, competitive two-stage process to ensure the provider could deliver a high-quality tape and the best value for money”. Speaking to the next steps following fairCT’s appeal, the watchdog stated that the process would now be delayed. “This challenge means we can’t enter into a contract with the successful bidder as quickly as planned. We will do so as soon as possible and, in the meantime, continue discussions with market participants to prepare for the tape.” Read more: Etrading Software wins UK bond CTP tender beating out three other bidders Speaking in response to Ediphy’s appeal, Sassan Danesh, chief executive, Etrading Software, has stated that “Ediphy’s legal challenge does not need to derail UK progress on establishing its own bond transparency infrastructure. With a bit of goodwill, a legal challenge can progress in parallel to the CT build.” He added: “While we respect the right of bidders to pursue legal avenues, we also recognise that every day of delay hampers the UK’s ability to improve price discovery and increase liquidity in UK bond markets […] We strongly advocate that the suspension be lifted urgently to stop the UK falling behind global peers in wholesale market data infrastructure.” A further delay to the UK’s pursuit of a consolidated tape is likely to garner groans from an industry which has taken years of preparation for the tape as data challenges ramped up, including numerous consultations regarding both the UK and EU processes. Read more: Buy- and sell-side unveil recommendations for proposed equities and ETF consolidated tape structureThe EU process is now underway, with ESMA having invited Ediphy (fairCT) to apply for authorisation “without delay” in early July.Following the authorisation, fairCT is set to operate the CTP for bonds for the EU for a period of five years – under ESMA’s direct supervision.The post Ediphy appeals FCA bond CTP decision appeared first on The TRADE.

The TRADE is delighted to announce the first batch of shortlists for the upcoming Leaders in Trading New York Awards ceremony set to take place on 18 November at Chelsea Piers. Today we reveal our survey awards, based on results from the TRADE’s Algorithmic Trading, Execution Management and Outsourced Trading Surveys for 2025. Alongside these, The TRADE is excited to reveal the Editors’ Choice Awards for 2025, recognising excellence from across the entirety the capital markets industry, spanning exchanges, trading venues, technology and data vendor services and more. Congratulations to all of our shortlisted nominees. Please contact Daljit Sokhi at daljit.sokhi@globalcustodian.com for sponsorship opportunities or to book a table for Leaders in Trading New York. Algorithmic Trading Awards shortlists: Best Trading Performance  Berenberg  Jefferies  UBS  Virtu Financial  Best Price Improvement Capabilities  Berenberg  Bernstein  Instinet  Virtu Financial  Best Customer Support & Consulting  Berenberg  Instinet  UBS  Virtu Financial  Best Dark Pool Capabilities  Bernstein  Jefferies  RBC Capital Markets  UBS  Best Provider – Large Clients  BofA Securities  Citi  Goldman Sachs  UBS  Best Provider – Multi-User Clients  Citi  Goldman Sachs  RBC Capital Markets  UBS  Best Provider – Hedge Funds  BofA Securities  Goldman Sachs  JP Morgan  Morgan Stanley  Best Provider  Berenberg  Instinet  UBS  Virtu Financial  Execution Management Systems Awards shortlists: Best Market Access  FlexTrade  Neovest  SS&C Eze  Virtu Triton  Best Platform Reliability  Bloomberg  FlexTrade  Instinet Newport  Virtu Triton  Best Product Adaptability  LSEG TORA  Neovest  SS&C Eze  Virtu Triton  Best Multi-Asset Capabilities  Charles River  LSEG TORA  Neovest  Virtu Triton  Best Client Service – Large Clients  Bloomberg  FlexTrade  Instinet Newport  Virtu Triton  Best Provider – Hedge Funds  Bloomberg  LSEG TORA  Neovest  SS&C Eze  Best Provider – North America  FlexTrade  LSEG TORA  Neovest  Virtu Triton  Outsourced Trading Awards shortlists: Global Overall Cantor Fitzgerald JonesTrading Marex Outsourced Trading StoneX Coverage Cantor Fitzgerald JonesTrading LSEG TORA StoneX Execution JonesTrading  Marex Outsourced Trading Meraki Global Advisors LLC StoneX Operations and Post-Trade JonesTrading Meraki Global Advisors LLC Northern Trust StoneX Client Services and Relationship Management Cantor Fitzgerald Ediphy Marex Outsourced Trading StoneX Cost vs Value Cantor Fitzgerald Ediphy JonesTrading Marex Outsourced Trading Editors’ Choice Awards shortlists: Outstanding Exchange Group  Cboe Global Markets IEX   Intercontinental Exchange (ICE )  New York Stock Exchange (NYSE) Outstanding Fixed Income Trading Venue  Bloomberg   BrokerTec, CME Group   MarketAxess  Tradeweb  Outstanding Futures and Options Trading Venue  Cboe Global Markets  CME Group  Intercontinental Exchange (ICE)  Miami International Securities Exchange (MIAX)  Alternative Trading System of the Year  BIDS  Luminex  OneChronos  PureStream  Outstanding Post-Trade Services Provider  Broadridge  DTCC  FIS  OSTTRA  TCA Provider of the Year  Abel Noser Solutions   QUODD Financial   S&P Global Market Intelligence   Virtu Financial   Outstanding Market Data Services Provider – Equities  BMLL   DataBP  FactSet  Snowflake  Outstanding Market Data Services Provider – Fixed Income  Bloomberg  FactSet  ICE Data Services  S&P Global Market Intelligence  Outstanding Innovation in Fixed Income  AccessFintech  MarketAxess   Octaura  Trumid  Outstanding Trading Technology Provider  Blue Ocean Technologies  OTC Markets  Rapid Addition  SimCorp  FinTech of the Year  MarvelSoft  OmneNEST  Raptor  Saphyre  Sell-side Market Structure Excellence  Anna Ziotis Kurzrok, Jefferies  Gregg Berman, Citadel Securities  Jessica D’Alton, UBS Investment Bank   Rich Steiner, Piper Sandler   Proprietary Trading Firm of the Year  Hudson River Trading   Jump Trading Tower Research Capital   XTX Markets  The post The TRADE reveals Leaders in Trading New York 2025 awards shortlists appeared first on The TRADE.

Institutional market data provider Pyth Network has launched a new subscription service to provide market data spanning a variety of asset classes. Specifically, the service – Pyth Pro – will deliver data across cryptocurrencies, equities, fixed income, commodities and foreign exchange, and will support the firm’s drive to enhance the market data supply chain through providing a new subscription-based service.  The new offering was developed in collaboration with Douro Labs, alongside participation from several major institutions in the Pyth Pro early access program, including JP Morgan and Jump Trading Group.  “Pyth Pro sets a new standard for how institutions access market data, creating a single source of truth across asset classes, venues, and geographies,” said Mike Cahill, chief executive of Douro Labs.  “This launch represents a significant step forward in reshaping the market data economy, closing the gap to true price discovery with broad coverage, transparent economics, and a service designed to become the most comprehensive financial data layer in the world.” The service is expected to deliver an alternative for traditional providers, and address common obstacles of fragmented coverage, opaque pricing and company integration challenges through single service providing global accessible data and transparent pricing. Additionally, the launch marks the firm’s entry into the institutional market data industry, currently valued at $50 billion.  A spokesperson for Jump Trading Group said: “We’re proud to be long-term supporters of Pyth, which has developed one of the most comprehensive and valuable sources of market data ever created. Pyth Pro makes that data accessible to more consumers, including traditional financial firms, and brings competition to the market data economy by providing the purest form of data directly from the source.” The post Pyth Network launches new subscription service to deliver cross-asset market data appeared first on The TRADE.

Investec Bank has made two senior appointments to its fixed income and ETFs teams, as it continues its expansion of the firm’s client execution solutions.  William BoddyWilliam 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. Clive Murray, head of equities at Investec, said: “The appointment of William Boddy and Ben Goodchild is an important step in accelerating the growth of our fixed income and ETF business. “These are fast-growing areas of the market where clients are looking for more choice, greater efficiency and access to innovative solutions. By adding their deep expertise, we can broaden the services we provide and open up a wider range of investment opportunities for our clients.”  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.  Read more – Fireside Friday with… Investec’s Dominic Lowres Speaking on his appointment, Goodchild said: “Joining Investec is a chance to be part of a business that genuinely puts clients at the centre of its execution strategy. By extending into fixed income and ETFs, we can offer a broader set of solutions that combine market expertise with innovative technology.” The appointments align with the recent launch of the firm’s new electronic trading platform, ZebrA-X in February 2025, aimed at facilitating low-touch equity trading, and designed to facilitate the efficient execution of block trades and helps in reducing both pre- and post-trade signalling through the capability to internalise institutional and retail order flow. Additionally, the moves follow news in July that Winterflood Securities is set to be acquired by Marex in a cash deal valued at approximately £103.9 million, expected to close in early 2026, subject to regulatory approval.  The post Investec names ex-Winterflood Securities fixed income expert as new head of fixed income and ETFs appeared first on The TRADE.

Raymond 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.  Read more – CFTC approves BGC Group to trade US Treasury and SOFR futures on FMX The appointment also follows news in January 2024 that BGC Group had received approval from the Commodity Futures Trading Commission (CFTC) for its FMX Futures Exchange to operate as an exchange for US Treasury and SOFR futures.  Cortes confirmed his new role in an announcement on social media.  BGC Group had not responded to a request for comment at the time of publication.The post BGC Group hires from Citi for equity derivatives sales trader appeared first on The TRADE.

LSEG has formed a strategic partnership with data and AI company Databricks, which will see the firm deliver its data natively via Databricks’ open-source data sharing approach, Delta Sharing.  Emily PrinceThe offering is set to allow firms to combine raw tick history or reference data with their enterprise data, to then efficiently build and launch AI production agents to aid investment analytics, risk management and trading workflows. The launch is expected to allow financial teams to speed up decisions and innovation, and address challenges such as keeping up with market changes and using slower and more costly batch-based data delivery.  Specifically, the collaboration will initially launch with LSEG’s divisions of Lipper Fund data and analytics and cross-asset analytics, including historical analytics, with extensive additional trusted data spanning pricing, reference data, models, fundamentals, estimates, economics and tick history set to follow at a later date.  “This partnership with Databricks marks an important step in bringing LSEG’s trusted data to where customers need it most,” said Emily Prince, group head of analytics and AI at LSEG.  “By adding our industry-leading datasets to Databricks Marketplace, we are empowering financial institutions to unlock new levels of intelligence, efficiency, and compliance.” Read more – Fireside Friday with… LSEG’s Emily Prince Additionally, the datasets will be available on Databricks Marketplace through Delta Sharing to allow for the secure sharing of live data and AI assets across platforms.  “Customers tell us they have an insatiable appetite for high-quality, AI-ready data to accelerate their analytics and AI workloads,” said Stephen Orban, senior vice president, product ecosystem and partnerships at Databricks.  “Together, LSEG and Databricks can now empower financial institutions to quickly build AI agents that use LSEG’s data to automate tasks, analyse trends and provide real-time, actionable insights. By leveraging Delta Sharing, teams can access and integrate live financial data without complex pipelines or vendor lock-in.” The post LSEG enters strategic partnership to deliver data directly to Databricks appeared first on The TRADE.

Orbit Financial Technology is rolling out a new monthly membership system for its research and analysis platform, Orbit Insight, to provide smaller firms and investors with access to hedge-fund level investment research and AI.  The offering – Orbit Flex – is set to democratise access to financial research and data through providing a wider use of exclusive financial data with advanced AI infrastructure and workflows to allow investors to simultaneously screen thousands of companies and conduct reliable multi-document analysis. Specifically, the new model will help address challenges commonly faced by research teams and individual investors related to the volume of data they can process, by removing cost and access barriers and expanding the audience that can use AI-driven insights, previously available only to larger institutions.  Orbit’s AI platform currently powers research for both the buy-side and sell-side, including firms such as BlackRock. Da Wei, founder and chief executive of Orbit Financial Technology, said: “The true magic of large language models is in unlocking previously impossible workflows. With the right data and our infrastructure, specialist institutional and sophisticated retail investors can tackle any research challenge without custom training. “Democratising access has also been a core Orbit tenet. That’s why I’m thrilled that, after a decade of development, we can now make this advanced capability accessible to everyone.” In addition, Orbit Flex makes use of Retrieval-Augmented Generation (RAG) technology, and users can also import their own data into the Orbit ecosystem.  Similarly, the platform also integrates in-house large language models (LLMs), as well as a ‘bot marketplace’ to enable users to deploy AI agents, which are specifically tailored to their investment strategies.  The post Orbit Financial Technology launches AI membership model to democratise financial research access appeared first on The TRADE.

Morgan 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.  The move follows news in July that Mark Molloy had joined Morgan Stanley Investment Management as a macro trader within the broad markets fixed income team, after previously confirming his departure from his role as a senior trader at Nomura Asset Management.  The post Morgan Stanley taps BNP Paribas for eFX sales role appeared first on The TRADE.

Digital asset trading venue, EDXM International, has entered a strategic partnership with prime brokerage Sage Capital Management, in a bid to enhance institutional access to differentiated perpetual futures liquidity.  Kal ChanAs part of the onboarding, Sage Capital will serve as a prime broker to EDXM International, to allow clients spanning hedge funds, asset managers, family offices and brokers with access to the perpetual futures contracts available on the venue. Notably, institutional investors will be able to trade across 44 trading pairs, such as Bitcoin, Ethereum, Solana and XRP. Kal Chan, head of institutions at EDXM International, said: “Sage Capital is a rapidly growing digital asset prime broker, recognised for delivering secure, seamless, and compliant access to the digital asset market. We are pleased to welcome them as a member of EDXM International and look forward to working together to provide reliable liquidity solutions while further expanding our institutional client base.” The new offering is expected to provide benefits such as credit intermediation, collateral management and net settlement processes, to enhance overall capital efficiency.  Moreover, the addition of Sage Capital is also set to offer robust risk management through access to capabilities such as a non-custodial trading venue supported by a central clearinghouse and bankruptcy-remote client segregated accounts.  The move follows the launch of EDXM International as a perpetual futures exchange in July 2025, backed by global financial partners including Citadel Securities, Fidelity Digital Assets, Charles Schwab and Virtu Financial.  Nathan Sage, chief executive at Sage Capital, said: “EDXM International is backed by some of the world’s most established financial institutions, and we are delighted to be providing a gateway to such a credible venue. Our partnership with EDXM International reinforces our strategy of providing institutional clients with high quality access to digital asset markets.” The post EDXM International and Sage Capital Management partner to enhance perpetual futures institutional access appeared first on The TRADE.

Alastair Mankin and Charlie Hawkesworth have joined BTIG from Clear Street as the firm looks to build out its event-driven offering, The TRADE can reveal. 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. Elsewhere, BTIG recently announced a new outsourced trading-focused hire, naming UBS’ Ian Power head of EMEA outsource trading as the firm continues to expand its outsourced trading offering amid market shifts in the space. In his new role, Power is set to build out the offering – as he did previously at UBS – across EMEA. Currently, BTIG’s outsourced service comprises six outsource buy-side trading desks globally with more than 25 dedicated outsource traders.  BTIG had not responded to a request for comment at the time of publication.  The post BTIG hires Clear Street event-driven strategies experts appeared first on The TRADE.

Pirum Pirum has appointed Zoë Balkwell as head of pre-trade and trading solutions, to help drive the evolution of the firm’s pre-trade connectivity solution.   As part of her new role, she is set the support the adoption and development of Pirum TradeConnect and will also collaborate with clients and spearhead complementary trading solutions to build out the firm’s pre-trade business.   London-based Balkwell has worked across securities finance automation and trading for more than a decade, and joins the firm from JP Morgan, where she served as head of flow trading for EMEA for nearly five years, working at the forefront of the bank’s agency securities finance operations.   Prior to this, she worked at State Street for more than three years in a role covering securities finance trading.   Previously in her career, she has also held senior positions at firms including EquiLend, Merrill Lynch and Goldman Sachs, where she began her industry career as a securities finance software engineer.   First Abu Dhabi Bank (FAB) Stephane Marie Francoise has joined First Abu Dhabi Bank (FAB) as director, cross-asset trader within the firm’s trading and execution desk. He has more than two decades of experience in asset management and joins the firm from Unigestion, where he spent more than 12 years based out of Geneva. He initially joined as senior vice president, multi-asset trader, before later becoming a director in 2013.  Previously in his career, he has also worked at Amundi in Paris, where he served as an equities senior execution trader and before that spent more than nine years at CPR Asset Management, working across roles including senior multi-asset trading, equities execution trading and the middle office. He confirmed his new role in an announcement on social media. FAB had not yet responded to a request for comment at the time of publication. Mizuho Mizuho has appointed Singapore-based Michaela Lindgren director in fixed income sales.  Lindgren joins the Japanese bank from Natwest, where she spent the last seven years covering various positions in fixed income sales, across both London and Singapore.  Before that, Lindgren worked at Bloomberg for two years, initially as a fixed income product specialist, before becoming an account manager.  Lindgren confirmed her new role in an announcement on social media.  Mizuho had not yet responded to a request for comment at the time of publication.  The post People Moves Monday: Pirum, First Abu Dhabi Bank and Mizuho appeared first on The TRADE.

Euronext has launched the first ever mini-sized, cash-settled futures on the main European bonds, as part of the firm’s effort to further expand into the fixed income derivatives space.  Specifically, the mini-futures are focused on the main European government bonds, spanning the 10-year OAT, Bund, Bono, BTP and the first 30-year BTP, and are listed on the Euronext Derivatives Milan market.  Additionally, the contracts feature a notional size of €25,000 and cash settlement and are facilitated by Euronext Clearing.  Anthony Attia, global head of derivatives and post-trade at Euronext, said: “This initiative is central to our “Innovate for Growth 2027” strategic plan, which aims to leverage Euronext’s unique presence across the trading value chain to develop truly innovative products that meet evolving market demand. The launch of this offering comes at a crucial time for the European fixed income ecosystem, which is currently experiencing high volatility levels.” Read more – Fireside Friday with… Euronext’s Charlotte Alliot The offering also makes use of Euronext’s platform for institutional bond trading, MTS, as well as MOT bond market, which focuses on retail investors.  The contracts are set to support asset managers and institutional investors with hedging and taking exposure to government bonds.  The launch also follows news in July that Euronext is currently in discussions to acquire the Athens Stock Exchange (ATHEX) in a deal thought to value the trading venue at €399 million (on a fully diluted basis). The talks with the board of directors of Hellenic Exchanges – Athens Stock Exchange specifically concerns a possible offer to acquire up to 100% of the shares in ATHEX.  The post Euronext unveils mini futures for main European government bonds appeared first on The TRADE.

Around the clock trading in equities is no new phenomenon, but 2025 looks set to be the year that the reality of market hours changing becomes more meaningful – register for The TRADE’s latest webinar which will delve into all perspective on the topic. Join editor at The TRADE, Annabel Smith, alongside Mehmet Kinak, global head of equity trading, T. Rowe Price, Melissa Hinmon, director of equity trading, Glenmede Investment Management, Chris Collins, equity trader, Lazard Asset Management, Peter Eliades, head of electronic execution, Clear Street, Jesse Forster, head of equity market structure and technology, Coalition Greenwich, and Arnaud Derasse, chief technology officer, Exegy, on 30 September as they explore the 24/7 topic.Market conditions, advancements in technology, the growing role of retail and 24/7 examples set by other asset classes such as foreign exchange and digital assets have paved the way for an increasing interest in the topic for equities. The range of platforms and vendors that bring together buyers and sellers for trading continues to grow and as the markets’ capabilities expand, so too does the opportunity for 24-hour trading as equities becomes increasingly unshackled from exchanges. Several platforms have offered out of hours and 24-hour trading capabilities for some time now, but moves by NYSE, Cboe, and Nasdaq to expand the trading hours on some of their equities books suggest this trend is set to become more mainstream. The trend is US orientated, with counterparts in other regions less eager. However, with US moves to 24-hour equities trading becoming more meaningful, the rest of the world could find itself forced to follow suit to avoid missing out. Register here now. Speakers: Mehmet Kinak, global head of equity trading, T. Rowe Price Melissa Hinmon, director of equity trading, Glenmede Investment Management Chris Collins, equity trader, Lazard Asset Management Peter Eliades, head of electronic execution, Clear Street Jesse Forster, head of equity market structure and technology, Coalition Greenwich Arnaud Derasse, chief technology officer, Exegy Moderator: Annabel Smith – Editor, The TRADE Agenda: Drivers behind 24/7 equities trading e.g. the role of tech, retail trading, lit trading Technology needed to support the shift The competitive landscape of 24/7 platforms The future face of the trading desk and trading operations The approach to 24/7 trading globally Which regions will follow the US? The post Webinar: 24/7 equities trading: A red herring or an inevitable reality? appeared first on The TRADE.

As FX markets and their structure continue to evolve, experts at TradeTech FX turned their focus to the FX derivatives space as it starts gain some traction across the industry, particularly as automation begins to take shape in the options market. John RothsteinFollowing some growth in FX options in recent years, panellists assessed the key drivers behind this, most notably, the electronification of trading platforms as the market begins to move away from traditional voice-based trading towards electronic execution, marking a change from years before.  However, the experts were also quick to point out that the options market automation transformation, while growing, is slow, particularly in comparison to other instruments. “From our perspective things have changed,” said John Rothstein, UK chief executive at Optiver.  “We have sat on this panel for a number of years now and sometimes we’re really searching to say what’s been different from the year before. It is a quite slow moving, but we are starting to see some change.” In particular, Rothstein commented on specific areas of the market which are seeing a slow growth, such as all-to-all trading adoption in FX markets, in comparison to other asset classes, and challenges such as technology infrastructure were also highlighted as key obstacles to widespread electronic uptake.  Speaking on this, Toby Baker, head of FX trading at T. Rowe Price, also said: “A frustration of mine is that an FX option is a derivative of an FX product that we train and analyse to the third degree but as soon as you make it a derivative it sort of goes out the window. We try and do price discovery on a product like FX spot we can trade on an algo, FX swaps, NDFs, everything else but with derivatives it still feels very slow to progress.   “So, I’m excited by the FX options market but it’s been a very slow growth up to this point.” A further pain point in a shift towards electronification and technological advancement underlined during discussions also related to the implementation barriers preventing widespread adoption of TCA solutions, with an emphasis that TCA tools need to become standard workflow components, to drive this process improvement.  Additionally, panellists were also quick to point out the disconnected nature of options markets from recent market volatility and geopolitical shifts, with FX options at decade lows despite this.  Addressing this, Baker indicated that although volumes were low, options are still being traded, however other assets, such as bonds, continue to dominate during times of uncertainty.  He said: “I’ve said for many years that having FX options in your artillery or having it something in a portfolio just as a what if scenario makes a lot of sense. They’re very cheap now and they’re cheaper today than they were this time last year. But it certainly makes sense in a volatile or unexpected expected environment to own some sort of bond.” Despite remaining obstacles, it appears that the FX options, and wider derivatives market is beginning to change, albeit slowly.The post FX options markets evolving but automation adoption remains slow, experts concur appeared first on The TRADE.

Financial services platform Marex has cleared the first ever US Treasury (UST) delivery on FMX Futures Exchange.  Steve HoodThe offering is set to provide Marex’s clients with opportunities to save capital, made possible through the firm’s clearing partnership for interest rate swaps with LCH, as well as offer access to competitive offsetting between UST futures positions on FMX and LCH IRS portfolios.  The move follows the launch of FMX in September 2024 through a partnership with BGC and a consortium of investment banks and market-making firms, initially opening with the trading of SOFR futures contracts on the exchange.  Specifically, FMX aims to function as a combined US interest rate futures exchange, spot foreign exchange platform and US cash treasuries platform, and rivals others in the futures trading sphere, such as CME Group, ICE, and Cboe Global Markets. “Initiatives like this reinforce Marex’s position as a leading non-bank alternative to traditional investment banks,” said Steve Hood, Marex head of clearing, US. “As one of the few non-bank FCMs with an investment grade credit rating, we’re able to be a first mover in the market, responding to our client’s unique needs with innovative products and services.” Read more – Marex to acquire Winterflood Securities from Close Brothers in £100 million deal Additionally, the delivery follows FMX’s launch of two-year and five-year UST futures contracts in May 2025.  “The first US Treasury delivery on FMX is a significant moment for our exchange and for the market,” said Robert Allen, president of FMX Futures Exchange.  “Since launching in September 2024 with SOFR futures, our goal has been to build a diverse, resilient platform that delivers real value to market participants. Today’s milestone underscores the momentum behind FMX and our commitment to offering innovative, client-driven solutions.” The move follows further derivatives related developments for Marex in recent months. In June, the firm announced a partnership with NatWest to provide a new service, allowing clients who access FX futures through Marex, and FX prime brokerage services through NatWest’s markets business will receive margin relief. The post Marex clears first ever UST delivery on FMX Futures Exchange appeared first on The TRADE.

Now in its eleventh year, the Rising Stars initiative recognises key buy-side individuals who go above and beyond the call of duty, whether that be through day-to-day activities or through thought leadership on industry platforms. Previously recognised individuals have gone on to head up some of the largest and most successful desks across leading asset managers and hedge funds. Following on from the success of our inaugural standalone Rising Stars event last year – which celebrated 10 years of the initiative – The TRADE, in collaboration with Instinet, will be hosting another special event at One Moorgate Place on Wednesday 8 October to celebrate the 25 individuals. Rising Stars alumni are also invited to attend the event and meet the newest additions to the prestigious list. Please join The TRADE and Instinet in recognising this year’s Rising Stars of Trading and Execution for 2025. If you are buy-side and interested in attending the event, please contact Karen.delahoy@thetradenews.com. Rising Stars of Trading and Execution for 2025:  Halima Abdul, junior trader, Redwheel Francesca Alesi, junior equity trader, Janus Henderson Rhianna Andrew, equity trader, UBS Asset Management Robin Barbosa, equity trader, Millennium Capital Partners Molly Bevan, EMEA equity derivatives trader, BlackRock Maxence Boniol, head of trading, Greenwich Dealing Luke Clare, dealer, Walter Scott and Partners Gerard Connaughton, trader, Mediolanum Tommy Dawson, credit trader, BlackRock Davide Fiore, trader, Anima Alternative Danielle Fregeau, global equity trader, Impax Asset Management Stéphanie Gameiro, rates trader, AXA Investment Managers Harry Garcha, trader, Findlay Park Partners Alexander Hang, trader, Railpen Christopher Heil, quantitative trader, Bethmann Bank Sam Hughes, trader, Polar Capital Keelan Karki, trader, Brummer & Partners Luke Mahon, head of trading, Azimut Investments Gurminder Matharu, fixed income and FX trader, Jupiter Asset Management Idriss M’Bene, fixed income trader, Janus Henderson Tomaz Mota, equity trader, Robeco Marie Motti, equity trader, Point72 Nisha Pindoria Brown, credit trader, BlackRock Ispal Shergill, head of dealing services, M&G Investments Cyprian Zimecki, senior multi-asset trader, Vontobel Asset Management The post The TRADE announces the Rising Stars of Trading and Execution 2025 appeared first on The TRADE.

The importance of effective algo execution on both the buy- and sell-side was at the forefront of discussions for panellists speaking at TradeTech FX in Barcelona. Ralf DonnerDiscussing how in-house and third-party algos can boost trading strategies, experts at the algos panel were quick to highlight the vital role that these play for FX traders in enhancing efficiency and automating their tasks to achieve faster and more impactful trades.  “There was a comment made that mentioned surprise that central banks are using algos. I view it the opposite way; I’m surprised more people aren’t using algos,” said David Kalita, chief executive of Quantitative Brokers. “When we look at how an algo operates, it’s a crew of traders in a room looking at a TCA or something going on in the market and thinking about what we would do as a trader in this situation. It allows people to scale and do things much faster and across a lot more markets.” This sentiment was echoed by Ralf Donner, executive director at Goldman Sachs, who underlined the influence of algos on market structure, and the ability to unlock capabilities not possible for a human trader to execute. “A human trader can’t have 10 keyboards in front of him to trade in all the different secondaries, it’s not possible. Only a machine can do that,” he asserted. Similarly, when questioned on how firms evaluate their algo execution, discussions turned towards the importance of liquidity management mechanisms to achieve the greatest algo outcomes.   “Even the most powerful algos cannot reach their expected performance without proper liquidity,” said Sana Horrich, chief FX dealer, Banque de France.  “Liquidity is a backbone of algos and given the very highly fragmented market structure, they allow us to gain access to wider liquidity and connect to the available liquidity in the market.” She added that continuous interaction with providers is essential to stay on top of the evolution of tools and navigate distinctions between providers, which are often put “in competition” with each other to deliver the most efficient algo offerings.  Algos and AI – a match made in heaven? As increasingly seen in industry dialogue in recent times, conversations also turned to AI, specifically the inextricably linked role that it plays in FX algo development. For the panellists, integrating AI into algo construction provides both advantages and challenges, with a key benefit being its capacity to help find the mid-point, a particular pain point for FX traders. As markets begin to become more fragmented, mid-point finding is an increasingly difficult task across the FX industry, so integrating AI can be useful to find the best short-term predictive price power. However, those on the panel were also quick to emphasise that there must be a balance when introducing AI to algos, particularly when the technology takes precedent over human intelligence. Highlighting this, Donner commented: “I can’t be asked how it is possible that someone else was 15 basis points from me on a trade, and I just throw up my hands and say I have no idea, it was AI. That for me is a non-starter. “I think over time maybe AI can use for certain pieces of algo constructions, as long as it doesn’t detract from the overall development.” The post Effective algo execution in FX more important than ever, experts agree appeared first on The TRADE.

The TRADE is excited to launch the digital edition of The TradeTech FX Daily, the official magazine of TradeTechFX Europe, full to the brim with the latest industry news and exclusive interviews with buy-side speakers. Covering top stories from recent months, the important regulatory developments and key industry insights from buy-side speakers at the event, The TRADETechFX Daily can be accessed here. The TRADETechFX Daily is available in print format at the event and can be located across the event and at registration stands. The TRADE team is also on the ground at the event so make sure to come and say hello to Claudia, Natasha and Karen! View The TRADETechFX Daily 2025 here.  The post The TRADETechFX Daily 2025 launches in Barcelona as your official guide to the event! appeared first on The TRADE.

For Gordon Noonan, head of FX trading – London at Schroders, a multi-asset approach to foreign exchange execution is not just effective, but essential.Across capital markets, specialisation remains key to many strategies across the street, however, Noonan argues that there are real gains to be won from a holistic approach to a desk. When questioned as to whether dealer relationship management presents a challenge for the multi-asset approach given that the perception is that specialised desks are often more successful at maintaining counterparty connections, Noonan conceded that it was of course a valid point.Noonan explained that an integrated approach is the ideal path forward, wherein work is being calibrated by experts in the background.“You’re never going to get to a point where the team is super multi-asset and everyone’s a five out of 10. We would never come up with that. “[…] In my world, how I visualise the desk is that I’m the FX guy but I will be able to pick up rates, I’ll be able to pick up credit etc. but it will have been calibrated by someone else who are experts in the area.”He added that the strategy should be focused on allowing expert knowledge to scale across multiple asset classes, without diluting core competencies.When further probed as to whether he would outsource the FX business management at his form, Noonan was firm, asserting that there is more value in keeping this inhouse. “Connecting you with the street is very, very important to us. So, we wouldn’t outsource. At the end of the day the trading desk is generally the central touch point for the street so we take in a lot of that information,  and we disseminate that into our PMs as well.”Read more: Specialism ‘just as important’ as standardisation when considering multi-asset goals Elsewhere, the conversation led to whether FX traders have something to learn from traders from other asset classes.Noonan highlighted that those in the equities and fixed income spaces tend to take longer to make decisions and take more time to mull next steps – something that is perhaps not always applicable in the foreign exchange sphere but still remains a point of reflection.“I’ve learned an awful lot from my equity colleagues especially as regards the connectivity they have with the different EMSs and their OEMSs […] they look at things just slightly differently and they have different ways of executing. “FX moves so quickly, and you can move risk so quickly but in the equity space, how they interact with venues I think is very, very interesting. I’m not sure it feeds into FX, but you learn so much from comparing”.The post Multi-asset desks are the way forward argues Schroders’ Gordon Noonan appeared first on The TRADE.

As alternative liquidity sources begin to gain more traction across the FX industry, discussions are now turning towards whether alternative options are contributing to fragmentation and the impact that greater choice is having on market structure.  For experts speaking at the liquidity and alternative liquidity panels at TradeTech FX 2025, finding ways to navigate between two distinct liquidity ecosystems spanning different access mechanisms and pricing models is a key challenge currently facing the FX market. Specifically, the panellists highlighted a split in market structure, indicating that in the primary markets and futures space, spanning venues such as major electronic communications networks (ECNs), non-banks seem to dominate due to different operational models and risk management approaches, while alternatively, banks are taking the precedent over bilateral market liquidity, such as dark pools and single-dealer platforms.  Speaking to this, Jeremy Smart, global head of distribution at XTX Markets, said: “I think the biggest single change that I’ve seen across the FX market in the last few years is this bifurcation of liquidity between primary markets and secondary markets and financial liquidity. “What you’re seeing is the question of how you translate this future to market liquidity, which I think is really quite deep and varied.” Additionally, experts pointed towards how alternative liquidity sources are contributing to market fragmentation. Blaise Sheppard, head of FX at OneChronos, said: “You’ve got to ask the question, is the venue solving a problem? Because if it’s just more of the same, then all that does is create more fragmentation and more places that you need to meet the same people.” However, the premise that a wide selection of liquidity choices contributes to market fragmentation was not a fundamentally negative aspect for all panellists.  “There’s this interesting thing about fragmentation, and everyone says it like it’s a bad thing. Is it necessarily a bad thing?” Smart added. “There are all of these different platforms, all these different ways of trading which have been created specifically so that you can get two pieces of matching interest to match in the best way that they possibly can. So all of these things are innovations which are designed to create better trading outcomes and better execution outcomes for people by not averaging things.” Market volatility – an alternative driver? Additionally, discussions turned toward the period of market volatility experienced earlier this year in April following Trump’s liberation day tariffs and the ensuing market activity that came from this.  Specifically, the panellists highlighted that during this period, banks and clients appeared to increasingly turn towards a direct basis, such as alternative, relationship-driven liquidity channels, rather than traditional anonymous ECN liquidity.  In April, UBS reported a 50% growth in direct client relationships and MVP (minimum variance portfolio) connections, while contrastingly, only a 15% increase was seen in the ECN space, indicating a strategic shift towards disclosed or bilateral relationships.  Commenting on this, Tgetg Roethlin, head of EFX principal trading EMEA at UBS, said: “One observation is that non-banks had stepped in, whereas our observation is slightly different. We’ve stepped back on ECN because we’re focusing on a direct basis, but I think the mix on a whole depends on what you have in your platform.” As alternative liquidity becomes more and more prominent across the industry, the impact this will have on market structure and fragmentation appears to be one to watch as this continues to evolve.  The post Is alternative liquidity deepening fragmentation in FX markets or solving it? appeared first on The TRADE.