Eurex has launched EU-bond futures in a bid to address increased demand, with trading beginning on 10 September 2025.  The exchange initially announced the planned launch of the futures contracts in April, with hopes to strengthen liquidity in the EU bond market and bolster the EU’s position as a major issuer in the European and global capital markets.   The launch follows a continues uptick in demand over recent times, with the EU totalling more than EUR 650 billion in outstanding volume, making it the fifth largest issuer in Europe.  “The launch of Eurex EU-Bond Futures marks a significant milestone for the European capital markets,” said Matthias Graulich, chief commercial officer and global head of products and markets, Eurex Group.  “We’ve seen overwhelming interest from a broad spectrum of investors, including real money accounts, hedge funds, and the sell-side, all eager to utilise this new instrument. This strong demand underscores the market’s need for efficient tools to manage exposure to EU debt and further strengthens the EU’s position as a prominent issuer.” The launch also marks an expansion of existing bond futures offered by the exchange, including bund, OAT and BTP, and is set to make new spread-trading strategies, such as block trading and basis trading against the EU bind, available using the Eurex TES (trade entry services). Eurex has said that the launch will aid market participants in decisions surrounding risk management and trading opportunities, through aligning cash, repo and derivatives markets with international fixed income standards.  The news follows recent expansion for Eurex’s derivatives offerings in recent months. In September 2025, the exchange expanded its Partnership Progam model to also include credit index derivatives, with eight financial institutions already joining the model, including Goldman Sachs, JP Morgan, Jane Street and Morgan Stanley. The post Eurex launches EU-bond futures appeared first on The TRADE.

BMLL has launched a new multi-purpose equities dataset, Trades Plus, as part of its bid to achieve large scale execution analysis and deliver greater market transparency in a single feed.  Dr Elliot BanksThe offering provides a singular dataset which combines granular historical trade data with BMLL’s proprietary trade classifications, L1 quotes, custom flags and order book analytics across global exchanges, and convert trade records into actionable intelligence that produces detailed transaction cost analysis (TCA), backtest execution algorithms and identify liquidity provision opportunities.  Specifically, the development is expected to remove the requirement to write and maintain the underlying code, helping users save time when handling data.  Additionally, the offering follows marks the first product developed following consultations with members of the BMLL Client Product Advisory Board (CPAB).  “Traders and analysts need to combine trade data with quote data to generate TCA, best execution analysis or compare market quality, using a combination of data feeds. To date, this has been a highly repetitive, iterative, and time-consuming process,” said Elliot Banks, chief product officer at BMLL. “BMLL Trades Plus is solving a real-world problem. Our CPAB members told us they spend ‘all day long grappling with poor data’ and wanted to be able to get this new dataset off the shelf. “BMLL recognises that many other industry participants are facing the same challenge, and we are committed to ensuring they have access to high-quality, usable data that enables better decision-making and supports the wider market.” Read more – Ultumus selects BMLL to enhance data and analytics for the ETF market Trades Plus is already available across Europe, and a US dataset is set to be launched at the beginning of Q4 2025.  Paul Humphrey, chief executive officer, BMLL, said: “Our mission is to elevate the standard of market data for the industry. Our CPAB members include sovereign wealth funds, global asset managers and sophisticated proprietary trading firms, including global banks and liquidity providers. These firms were grappling with the same issue – collating poor quality and disparate data sets into an acceptable, consistent and usable standard – so we knew we had to act.” The launch follows BMLL’s recent strategic partnership with Broadridge Financial Solutions in August 2025, which integrates BMLL’s pre-trade analytics into the firm’s sell-side global order management system (OMS) and buy-side execution management system (EMS) – Xilix – in Japan to provide clients with new pre-trade capabilities.  The post BMLL launches Trades Plus dataset to enhance execution analysis and market transparency appeared first on The TRADE.

International asset manager, M&G Investments, has adopted Bloomberg’s Research Management Solutions, RMS Enterprise, as part of the firm’s effort to enhance global research processes and workflows. Fabiana FedeliAs part of the collaboration, M&G’s investment team will make use of RMS Enterprise and the Bloomberg Terminal and combine the firm’s proprietary research content with Bloomberg’s research library and document search and analysis tools to quickly surface and distil insights.  Specifically, the capabilities will enhance research across workflows spanning equity, fixed income and sustainable finance, and are also expected to support M&G in increasing the transparency and efficiency of their investment idea platform and provide clients optimisation.  Fabiana Fedeli, chief investment officer, equities, multi-asset and sustainability at M&G Investments, said: “We invest in a complex world, where understanding the impact of geopolitics, policymaking and technology innovation on capital markets is essential to deliver superior risk-adjusted returns to our clients. For active asset managers such as M&G, in-depth proprietary research represents a foundational tool to generate new investment opportunities globally and across all asset classes.” Bloomberg’s research solutions can be integrated with the firm’s buy-side offering, to allow clients to add actionable resources to their data and tech stacks and integrate these into investment research and the analysis process.  Read more – Bloomberg BFIX includes EBS Market data to expand spot FX capabilities “The universe of financial information around investment professionals is changing at warp speed as emerging technologies and portfolio management styles have led to data en masse and analytical tools for a wide array of assets,” said Andrew Skala, global head of research and companies product at Bloomberg. “The most knowledgeable buy-side firms like M&G Investments have adapted by scaling their tech stacks with RMS Enterprise and using research solutions on the Bloomberg Terminal for AI-augmented workflows that transform financial analysis for maximum productivity and idea generation.”  The post M&G Investments adopts Bloomberg’s RMS Enterprise to enhance global research workflows appeared first on The TRADE.

oneZero Financial Systems has launched a new FX swap pricing technology, Swap Curve Manager, designed specifically for regional banks.  The offering is expected to provide a solution that enhances trader control over FX swap pricing, by consolidating workflows into a centralised platform to deliver curve control, client-specific adjustments and embedded analytics.  Specifically, the solution will support banks and traders in addressing traditional challenges presented by external, third-party systems which limit trader control and their ability to adapt to market changes, as well as prevent banks from accessing advanced pricing tools.  Through the launch, traders are set to be able to respond quickly to market shifts and spot anomalies without having to rely on spreadsheets and vendor tools, while providing banks with actionable risk and performance insights.  “We have listened to the needs of regional banks, who have long been at a disadvantage in FX swap pricing,” said Andrew Ralich, oneZero chief executive and co-founder. “With our new Swap Curve Manager, we are increasing transparency, lowering costs and putting advanced swap pricing tools directly into the hands of traders.” Read more – oneZero Financial Systems taps LSEG for EMEA and Americas institutional sales head Additionally, the solution also presents three integration opportunities, either into a bank’s existing price engine, through oneZero’s API range, or ‘off the shelf’ with the firm’s existing Hub product.  The launch follows oneZero’s acquisition of market data-driven client engagement automation provider, Autochartist, in February 2025, which saw the integration of the firm’s cloud-based analytics and data engine into oneZero’s market-leading offering.  The post oneZero launches FX swap pricing solution for regional banks appeared first on The TRADE.

Cboe Global Markets has unveiled plans to launch Cboe continuous futures on Cboe Futures Exchange (CFE).  Specifically, the new product suite will encompass bitcoin and ether continuous futures and is set to provide traders with access to perpetual-style futures within a US-regulated, centrally cleared and intermediated environment. The contracts are set to be single and long-dated with a 10-year expiration, in an effort to simplify position management and reduce the need to roll positions over time.  Similarly, Cboe continuous futures will also be cash-settled and daily cash adjustments will allow the contracts to be aligned to real-time spot market prices, such as the spot prices of bitcoin and ether.  Speaking at the HOOD Summit in Las Vegas, Catherine Clay, global head of derivatives at Cboe, said: “Perpetual-style futures have gained strong adoption in offshore markets. Now, Cboe is bringing that same utility to our US-regulated futures exchange and enabling US traders to access these products with confidence in a trusted, transparent and intermediated environment.” The upcoming launch marks a step forward for Cboe’s growing product innovation roadmap, and expands the exchange’s CFE suite, which covers products based on equity volatility, digital assets and global fixed income, as well as its flagship Cboe Volatility Index (VIX) futures.  The launch is scheduled for 10 November 2025, pending regulatory review. Clay added: “We expect Continuous futures to appeal to not only institutional market participants and existing CFE customers, but also to a growing segment of retail traders seeking access to crypto derivatives. As we continue to expand CFE’s offerings to serve all types of market participants, these futures are a next step to advancing our product innovation roadmap.” The new futures contracts will also be cleared through Cboe Clear US, contributing to the expansion of the exchange’s clearing capabilities.  The launch also aligns with further developments for the exchange in recent months, and in July 2025, Cboe Europe announced that it would unveil a trading service on its lit order book aimed at retail investors on 8 September. The new service is set to allow retail investors to trade free of charge across 18 of Europe’s markets, either at or better than the European best bid and offer (EBBO). The post Cboe Global Markets to launch bitcoin and ether continuous futures appeared first on The TRADE.

FactSet has expanded its fixed income capabilities with the addition of MarketAxess’ AI-powered CP+ data onto its Workstation platform and real time data feeds.  John CostiganThe move makes FactSet the only provider to offer CP+ fixed income pricing data directly within a terminal desktop environment, and will allow the provider’s users to gain in-terminal access to AI-powered bond pricing, derived from MarketAxess’ trading activity. The offering is expected to provide a real-time reflection of the market, and by centralising onto FactSet’s platform, the combined solution is set to address challenges associated with execution and workflows, fragmented liquidity and opaque pricing structures. “Recent fluctuations in the commercial bond market are illustrative of the value of real-time, intra-day pricing data. This integration isn’t just about expanding exclusive data access within FactSet’s desktop terminal – it’s about delivering a new standard of fixed income insights that transform how institutional investors engage with markets,” said John Costigan, chief data officer at FactSet.  Through the integration, investment professionals – spanning asset managers, hedge funds, wealth advisors and institutional traders – will gain access to bond pricing data within their existing workflows.  Specifically, the move sees the addition of CP+’s real time insights, covering approximately 40,000 global credit and rates securities to FactSet’s data offering.  Read more – Fireside Friday with… MarketAxess’ Riad Chowdhury and Paulo Costa “This partnership brings CP+, our real-time pricing data that is used by our institutional trading clients globally, direct to wealth advisor desktops for the first time,” said Kat Sweeney, global head of data and ETF solutions for MarketAxess.  “Additionally, it allows our institutional clients access to CP+ through FactSet, giving them the flexibility of having our data where they need it.” The combined offering follows news in August 2025 that MarketAxess is set to launch Mid-X protocol in US credit, as part of the firm’s effort to make multiple enhancements to its dealer-initiated protocols.  The launch for US investment grade and high yield bonds on Mid-X is scheduled for September this year, with enhancements to Dealer RFQ protocol also expected. The post FactSet integrates MarketAxess CP+ data into Workstation platform appeared first on The TRADE.

BNP Paribas and JP Morgan are preparing to go live with the Depository Trust & Clearing Corporation’s (DTCC) CTM automated tri-party matching workflow for prime brokers by the end of 2025.  Val WottonThe move is aimed at simplifying communications between hedge funds, prime brokers, and executing brokers, while reducing delays and operational risk. It comes as markets across the UK, EU, Switzerland, and Liechtenstein prepare for the shift to a T+1 settlement cycle by October 2027. Currently, prime brokers often receive trade details from hedge funds in different formats and at varying times, which can extend into T+1 and slow post-trade processing.  CTM’s workflow standardises and automates the delivery of trade files, providing prime brokers with a “golden copy” of transaction details once a trade is matched between a hedge fund and an executing broker. This allows allocations to be processed in real time, improving efficiency and transparency across the post-trade chain. “We are excited to have BNP Paribas and JP Morgan adopt CTM’s tri-party workflow as Prime Brokers,” said Val Wotton, DTCC managing director and global head of equities solutions. “This is a pivotal step in further automating and accelerating settlement processes, and we anticipate it will greatly enhance automation for Prime Brokers in EMEA and globally as additional financial markets transition to a T+1 settlement cycle.” “Joining DTCC’s CTM tri-party matching workflow as a Prime Broker aligns with BNP Paribas continuing commitment to deliver the best-in-class experience for our clients,” said Wayne Howard, global head of prime brokerage operations client services. “This solution will enable us to further enhance post-trade processing as we work towards ensuring support for T+1 settlement across markets.” The adoption reflects CTM’s role in supporting post-trade processes. By standardising trade communications, automating notifications, and providing a centralised source of pre-matched trade information, the workflow is designed to help reduce settlement risk and improve operational efficiency.  The use of ALERT SSIs also provides greater transparency in settlement instructions, supporting more consistent post-trade operations for prime brokers.  “DTCC’s initiative to incorporate CTM into the Prime Broker environment will enable our teams to optimise post-trade processes, emphasising accuracy and speed, which will drive efficiencies for our clients,” said Anthony Fraser, global head of prime financial services operations at JP Morgan. “As a client-centric business, we are dedicated to supporting innovative solutions that enhance the client experience and maintain our service quality, at scale.” The post JP Morgan and BNP Paribas adopt DTCC’s tri-party matching workflow appeared first on The TRADE.

Transaction Network Services (TNS) and 24X National Exchange have unveiled a strategic partnership which will see TNS provide access to market data from 24 Exchange.Dmitri GalinovSpecifically, the collaboration will enable 24X National Exchange members and their retail trading clients to receive real-time pricing information and trading updates with optimal performance, explained the venue.SEC approval for 23/5 weekday trading of US equities was granted to 24X in November 2024, and in May 2025, the firm received investment from Rakuten Securities to support the development of the exchange.Dmitri Galinov, chief executive and founder of 24 Exchange, said: “Providing fast, dependable market data is fundamental to our mission of creating a modern, accessible and global equities marketplace for trading in US equities.“Partnering with TNS allows 24X to deliver the high-quality connectivity our participants expect, supporting trading strategies that rely on accurate and timely information across standard and 23/5 trading sessions […] TNS will help ensure 24X delivers access to real-time, always-on data to retail investors everywhere who are trading US equities on our new Exchange via broker-dealers.”Read more: Fireside Friday with… 24 Exchange’s Dmitri GalinovSpecifically, the exchange offers 23-hour US equities weekday trading from 4am to 8pm ET. The exchange also will include a one-hour daily operational pause for software maintenance and testing. The firm has said that the launch will allow both institutional and retail investors across the world to trade US equities via participating broker-dealers, with an initial focus on “tech-savvy” retain investors based in APAC, addressing the increasing demand for overnight US equity trading.“Connecting to 24X National Exchange enhances TNS’ 24×5 trading capabilities, particularly for firms in the Asia-Pacific region – including Hong Kong, Tokyo, and Singapore – that need to access US equities during their local trading hours,” explained Jeff Mezger, vice president of product management at TNS. “TNS is uniquely positioned as the only provider offering comprehensive access to every overnight US equities trading venue. With growing demand from Asia and other international markets, our global network delivers the reliable, ultra low-latency market data that firms need – around the clock, anywhere in the world.”The official launch date for 24X is yet to be confirmed.The post Transaction Network Services to provide access to market data from 24X as exchange continues plans to launch 23/5 weekday trading appeared first on The TRADE.

The TRADE is excited to unveil the shortlisted nominees for this year’s EMS Awards, based on the results of The TRADE’s recent Execution Management Systems Survey.  Winners will be revealed at our flagship awards night, Leaders in Trading at The Savoy Hotel in London, taking place on 6 November.  For this year’s survey, responses were received from more than 315 individuals, with around 500 evaluations submitted and over 20 EMS vendors evaluated, with top performers now recognised in the awards shortlist.  Winners of the EMS Awards will be announced across six categories: Best Market Access, Best Multi-Asset Capabilities, Best Client Service – Large Clients, Best Provider – Large Clients, Best Provider – Hedge Funds, Best Provider – UK and Europe.  The EMS Awards will also be revealed alongside The TRADE’s other prestigious awards, including Editors’ Choice, Algorithmic Trading Awards, and the Buy-Side categories, so make sure to reserve your spot for what is set to be a fantastic evening! For more information about Leaders in Trading, visit our event page.  Best of luck to all of our nominees!  Should you wish to attend the awards, please contact Daljit Sokhi daljit.sokhi@thetradenews.com to book a table for the dinner.   If you are a member of the buy-side community and would like information on attending Leaders in Trading as a guest of The TRADE, please contact Karen Delahoy karen.delahoy@thetradenews.com Leaders in Trading 2025 – EMS Awards shortlists:  Best Market Access FlexTrade LSEG TORA Neovest Virtu Triton Best Multi-Asset Capabilities FlexTrade LSEG TORA Neovest Virtu Triton Best Client Service – Large Clients FactSet’s Portware FlexTrade Instinet Newport TS Imagine Best Provider – Large Clients Bloomberg FlexTrade Instinet Newport TS Imagine Best Provider – Hedge Funds FlexTrade LSEG TORA Neovest SS&C Eze Best Provider – UK & Europe Bloomberg FlexTrade TS Imagine Virtu Triton The post Leaders in Trading 2025: EMS Awards shortlists revealed appeared first on The TRADE.

The impact of market volatility caused by the Tariff saga and geopolitical shifts in the US seen throughout the first half of this year will help drive long-term investment in the European equities markets, a report by Bloomberg Intelligence has revealed.  According to the 2025 European Institutional Equity Trading Study, all traders from the medium-sized funds surveyed predicted that these periods of market turbulence would help support the growth of European equities. Within the survey, 73% of small-fund and 71% of large fund traders agreed with this trend, although 14% and 7% of small and large funds indicated that this instead reveals a decline in the attractiveness of US equities, rather than of support for European stocks. Similarly, 91% of the heads of trading and senior traders surveyed stated that during periods of market stress this year, they did not experience challenges in accessing the liquidity required.  Specifically, only 9% of large funds, and 18% of medium funds struggled to obtain the liquidity they needed, while none of the small funds encountered liquidity accessibility issues.  The findings mark a sharp contrast to previous periods of turbulence, such as the Covid-19 pandemic, where liquidity experienced a notable decline. Read more – Market volatility driving derivatives growth Conversely, the report now pointed towards different issues faced by traders during volatile periods, including challenges accessing the right liquidity sources, and aligning trades with each desk’s investment philosophy. European liquidity still a key concern Despite the liquidity benefits brought by market turbulence this year, finding European equity liquidity remains a significant hurdle, with the study highlighting this as the second-largest challenge for buy-side traders, alongside market fragmentation. Of those surveyed, 43% of medium asset managers underlined these aspects as the most difficult part of their work, while liquidity was ranked joint first by 22% of small funds, partnered with a lack of a consolidated tape and T+1 settlement in Europe.  Similarly, 71% of buy-side institutions stated that accessible liquidity is a key challenge for European markets. A lack of innovation and excessive regulation were also prominent issues which surfaced during the study.  When assessing how to overcome liquidity problems, traders appeared to highlight a growth in retail participation as a means to enhancing European equity liquidity, with 69% of small funds stating they would like to trade with retail flow, followed by 64% of mid-sized funds, and 58% large funds. Currently, only under a quarter (22%) of the funds surveyed trade with retail flow, but there appears to be an appetite for increased exposure.  Importantly, however, the study revealed that the vast majority (76%) of European institutional investors are opposed to the introduction of 24/5 or 24/7 trading across the region, despite an uptake in interest around the topic in recent months, with many US exchanges applying for extended trading hours.  The study stated that opinions on this matter were strong, with one trader who commented: “We wanted shorter hours and now they’re talking about trading 24/7 which is ridiculous.” Bloomberg Intelligence interviewed 103 head and senior buy-side traders from traditional asset managers and hedge funds to collate this report, from firms managing more than £25 trillion in assets, and respondents in the EU, UK, North America and Switzerland.  The post Buy-side traders expect tariff-led volatility to drive European equities investment, report finds appeared first on The TRADE.

Liquidnet has unveiled a new trading solution set to allow buy-side traders in Europe to access bilateral liquidity more effectively.Specifically, bilateral liquidity is being integrated into Liquidnet’s front-end application and also its liquidity seeking algo suite. The offering therefore provides a consolidated and controlled route to interact with leading liquidity providers.Liquidnet’s latest launch includes mid-price and touch executions, anonymous access to aggregated liquidity streams – with configurability for tiered and member-specific feeds, execution consulting services, and monitoring and analytics – to track fill rates, information leakage and venue provider performance.Gareth Exton, head of execution and quantitative services, EMEA, Liquidnet, said: “The growth of bilateral trading is reshaping how liquidity is accessed in Europe. Our role is to support our members in responding to these structural changes.“[…] we’re giving our members the tools to access meaningful liquidity with confidence and control whilst helping the market making community to extend their reach and better control their risk.”As part of the move, Liquidnet has partnered with XTX Markets and three other market makers to expand access to bilateral liquidity in Europe. Additional partners are also expected to join in the “near future”.When it comes to accessibility, this is through Liquidnet’s infrastructure, however not its MTF – therefore allowing users to benefit from preserved execution quality, anonymity, and workflow efficiency.The move comes as bilateral trading continues to be placed under the spotlight as a growing and fast-evolving strategy.Read more: Participants keeping watchful eye on growing bilateral trading segment in 2025Liquidnet explained that this latest development comes as an answer to market concerns around fragmentation and opacity when it comes to bilateral trading – a growing component in European equity trading which is now accounting for nearly 50% of total market volumes according to a recent Liquidnet report.The post Liquidnet launches bilateral liquidity solution aimed at European buy-side traders appeared first on The TRADE.

LSEG Data & Analytics has embedded its execution management system, REDI, directly into LSEG Workspace.Holden SibleyThrough the move, the group has unified front-office workflows, integrated execution, content, and analytics in a bid to promote “smarter trading”.Specifically, clients can now benefit from streamlined execution management which encompasses real-time market intelligence and customisable workflows for equities, options and futures. Read more: LSEG names co-heads of global data and analyticsHolden Sibley, head of investment management and execution solutions, LSEG, explained: “Our strategy is to deliver to customers the unparalleled breadth of LSEG’s capabilities through the Workspace ecosystem […] we’re empowering clients to act on insights without switching systems. It’s a smarter, faster way to trade.” The REDI EMS also complements the LSEG TORA offering, which it acquired in 2022. It includes an order and execution management system (OEMS) and a portfolio management system (PMS) across equities, fixed income, foreign exchange, derivatives and digital assets trading.TORA’s OEMS works to provide more sophisticated automation for investors with more complex execution requirements.The post LSEG embeds REDI EMS directly into Workspace appeared first on The TRADE.

Nasdaq has submitted a filing to the US Securities and Exchange Commission (SEC), in a move which is set to allow for the trading of tokenised securities on its markets.  Specifically, the proposed rule change will enable Nasdaq member firms to trade tokenised versions of equity securities and exchange traded products (ETPs) as regular securities.  If introduced, the integration is expected to provide opportunities for faster settlements, improved audit trails and a more streamlined order to trade to settlement flow.  The move is another development in Nasdaq’s recent efforts to drive digital asset integration with traditional finance in its infrastructure and markets, and follows a recent uptake in tokenisation and blockchain technology across the industry.  Tal Cohen, Nasdaq president, said: “Today’s filing marks an early step in Nasdaq’s journey to bring digital assets technology into the US equities markets and to take a responsible approach to bridge the gap between the digital-asset and traditional-asset worlds.  “Our proposal aims to provide meaningful benefits to markets by integrating new capabilities into the fabric of our financial system and further advancing the world’s most efficient and trusted markets.” Read more: CFTC and Nasdaq partner to provide advanced surveillance capabilities Additionally, all shares are set to be traded on Nasdaq using the same order entry and execution rules as well as the same identification number, to ensure that the same rights and benefits offered through traditional shares are also enabled for the tokenised form.  The exchange has highlighted its aim to maintain fair trading, stating that the proposal, if successful, would run under the SEC’s existing federal regulations.  “Today, the US equities markets are the most liquid, efficient, and resilient in the world,” added Cohen. “Leveraging the strength of our markets can provide the most scalable way for blockchain technology to unlock the full benefit for all market participants.” The post Nasdaq proposes tokenised securities trading on its markets appeared first on The TRADE.

Rafael Madrid has left Morgan Stanley to join Jefferies as a managing director in emerging markets credit trading.  London-based Madrid has worked extensively across trading, emerging markets, credit analysis and derivatives over the course of his career, and most recently served as co-head of European CEEMEA trading at Morgan Stanley for a year.  He also previously worked as a CEEMEA credit trader at the firm for more than two years.  Prior to this, he also worked at Goldman Sachs for over four years as an emerging markets trader, and before this held a position as executive director, head of LatAm credit trading at UBS.  Previously in his career, he also worked as a vice president at Deutsche Bank from 2009 to 2013, working across emerging markets external debt.  Read more – Ex-Jupiter AM trader joins Jefferies Madrid confirmed his new position in an announcement on social media.  Jefferies had not responded to a request for comment at the time of publication.  Madrid’s appointment follows further hires for Jefferies’ credit business over the last few months. In May, Vivian Li joined the firm as head of Asia distressed trading and credit analytics as part of an effort to support Jefferies’ fixed income offering, as revealed by The TRADE at the time.  The post Jefferies taps Morgan Stanley for emerging markets credit trading director appeared first on The TRADE.

BTIG Ian Power has joined BTIG as managing director, head of EMEA outsourced trading as the firm continues to expand its outsourced trading offering amid market shifts in the space.  Power had most recently served as head of UBS’ Execution Hub, EMEA, appointed to the role just weeks prior to UBS’ decision to shutter its outsourcing service.  Power left the business following its decision to exit, as revealed by The TRADE at the time.  In his new role, Power is set to build out the offering – as he did previously at UBS – across EMEA, The TRADE understands. Stifel Stifel has made an addition to its execution services team, appointing Matthew McNestry as managing director in low-touch trading, The TRADE can reveal.   London-based McNestry brings more than 20 years of industry experience to his new role, and is set to help drive the growth of Stifel’s low-touch franchise with institutional clients.   In his new position, he will report to Seema Arora, managing director and head of execution services at Stifel. McNestry joins the US investment bank from Euronext, where he spent almost five years as head of sales, global buy-side and liquidity providers.   Prior to this, he also worked at Goldman Sachs from 2014 to 2019, joining the firm in a role covering equity principal liquidity solutions, EMEA, before later becoming head of execution platform sales for EMEA.  Previously in his career, he has also worked at JP Morgan, Nomura and Lehman Brothers.   Nomura Nomura has appointed Filippo Zorzoli as head of global markets sales for EMEA, as part of the firm’s effort to bolster its global markets division.   Zorzoli will be based out of London in his new role and will report to Nat Tyce, head of global markets, EMEA and global co-head of rates, as well as Samir Patel, global head of global markets sales.   Zorzoli joins from Barclays, where he most recently served as global head of rates and solutions sales.   Prior to this, he also worked at Bank of America Merrill Lynch, covering roles including head of structuring for EMEA, as well as head of EMEA rate sales, repo sales and structuring.  He began his career covering fixed income structuring at Goldman Sachs, later going on to co-head the firm’s equity exotics trading desk.   Zorzoli’s appointment also coincides with Gary Hyman’s move from head of public-side sales, EMEA at Nomura, to become the firm’s vice-chair of EMEA global markets, based in Dubai.   Hyman has been at Nomura for more than 15 years, and his tenure has covered various roles including co-head of G10 global rates sales, head of macro-sales, Japan and head of sales, Australia.   Peel Hunt Zoe Tipper has joined Peel Hunt as an equity sales trader.   Tipper brings almost ten years of industry experience to her new role, and joins from HSBC, where she worked as an associate director for more than two years.   Prior to this, she spent almost seven years at JP Morgan, where she joined the firm as an analyst in 2016, before later working in equity sales trading for more than four years.   Confluence Technologies Spiros Giannaros, who has spent the past six years at the helm of State Street-owned Charles River Development, has been named as the new chief executive of Confluence Technologies.  Giannaros had served as executive vice president at State Street, most recently as the lead for Charles River, alongside his role as head of the State Street Alpha Platform.  Prior to joining State Street, Giannaros was a partner at IHS Markit serving as global head of Enterprise Data Management (EDM) and thinkFolio.  Before IHS Markit he spent 15 years in leadership positions during his first spell at Charles River Development. Tradition Former Liquidnet Americas head of fixed income sales and trading, Fausto Serrano, has joined Tradition as head of electronic credit brokering for North America.   New York-based Serrano joins Tradition after spending three years at Liquidnet, and previously served as US head of e-trading at TP ICAP for nearly five years from 2017 to 2022.  He also worked as director of electronic trading at BGC Partners for five years and at ICAP Electronic Broking as vice president in credit derivatives. The post People Moves Monday: BTIG, Stifel, Nomura and more… appeared first on The TRADE.

The TRADE is thrilled to announce this year’s Algorithmic Trading Awards shortlist, based on performance in in The TRADE’s Algorithmic Trading Survey 2025. Winners – across ten categories – will be recognised at our glittering Leaders in Trading awards night, taking place once again at The Savoy Hotel in London on 6 November. The shortlist is based on survey results from The TRADE’s Algorithmic Trading Survey, carried out earlier this year. Winners of the Algorithmic Trading Awards will be announced across ten categories: Best Trading Performance, Best Access to Market, Best Price Improvement Capabilities, Best Client Service, Best Dark Pool Capabilities, Best User Experience – Large Clients, Best Provider – Hedge Funds, Best Provider – Multi-User Clients, Best Provider – Large Clients, and Best Provider – UK and Europe. For the 2025 iteration, a total of 2189 provider ratings were received from a record 614 traders, across 34 algo providers. Winners of the Algorithmic Trading Awards will be revealed alongside The TRADE’s other prestigious awards, including: Editors’ Choice, EMS, and the Buy-Side categories. Make sure to reserve your spot for what’s set to be another unforgettable evening of celebration! For more information about Leaders in Trading, visit our event page. Best of luck to all of our nominees! Should you wish to attend the awards, please contact Daljit Sokhi daljit.sokhi@thetradenews.com to book a table for the dinner. If you are a member of the buy-side community and would like information on attending Leaders in Trading as a guest of The TRADE, please contact Karen Delahoy at karen.delahoy@thetradenews.com. Leaders in Trading 2025 – Algorithmic Trading Awards shortlists: Best Trading Performance Berenberg BNP Paribas Redburn Atlantic Virtu Financial Best Access to Market Berenberg BNP Paribas Redburn Atlantic Virtu Financial Best Price Improvement Capabilities BNP Paribas Instinet Redburn Atlantic Virtu Financial Best Client Service Berenberg BNP Paribas Redburn Atlantic Stifel Best Dark Pool Capabilities Berenberg BNP Paribas Redburn Atlantic Virtu Financial Best User Experience – Large Clients Citi Goldman Sachs Morgan Stanley UBS Best Provider – Hedge Funds Berenberg BNP Paribas Kepler Cheuvreux Redburn Atlantic Best Provider – Multi-User Clients Barclays Citi Goldman Sachs UBS Best Provider – Large Clients Citi Barclays Goldman Sachs Morgan Stanley Best Provider – UK & Europe BNP Paribas Berenberg Kepler Cheuvreux Redburn Atlantic The post Leaders in Trading 2025: Algorithmic Trading Awards shortlists unveiled appeared first on The TRADE.

Former Liquidnet Americas head of fixed income sales and trading, Fausto Serrano, has joined interdealer broker, Tradition, as head of electronic credit brokering for North America.  New York-based Serrano has worked extensively across electronic trading for almost two decades, and joins Tradition after spending three years at Liquidnet.  Tradition serves as the interdealer broking arm of Swiss firm Compagnie Financière Tradition, operating across various assets and represented in more than 30 countries.   Previously in his career, he also served as US head of e-trading at TP ICAP for nearly five years from 2017 to 2022. He has also served as director of electronic trading at BGC Partners for five years, working across areas including corporate bonds, US treasuries and credit-default swaps, and at ICAP Electronic Broking as vice president in credit derivatives from 2006 to 2012.  Serrano confirmed his new position in an announcement on social media.  Liquidnet declined to comment when approached by The TRADE.  Tradition had not yet responded to a request for comment at the time of publication.  The post Former Liquidnet Americas fixed income sales and trading head joins Tradition appeared first on The TRADE.

Spiros Giannaros, who has spent the past six years at the helm of State Street-owned Charles River Development, has been named as the new chief executive of Confluence Technologies. Giannaros had served as executive vice president at State Street, most recently as the lead for Charles River, alongside his role as head of the State Street Alpha Platform. Prior to joining State Street, Giannaros was a partner at IHS Markit serving as global head of Enterprise Data Management (EDM) and thinkFolio. Before IHS Markit he spent 15 years in leadership positions during his first spell at Charles River Development spanning sales, account management, and product marketing. Confluence is a provider of data and software solutions for regulatory, analytics, and investor communications, born over 30 years ago to support the asset management industry through technology, innovation, and data management automation. The exit is a big loss to State Street which has Charles River Development at the forefront of its Alpha strategy, comprising a full range of front-to-back-office services. “This is an especially exciting time to join Confluence, as the rapid growth of AI, alternative asset management, and private funds is creating new demands for data, analytics, and regulatory solutions across the industry.” said Giannaros. “I look forward to working alongside the Confluence team and Clearlake to build on this strong foundation to deliver innovative technology solutions to our clients and execute our strategic growth plan to build a differentiated platform.” The post Charles River Development CEO departs for lead role at Confluence Technologies appeared first on The TRADE.

London-based Zoe Tipper has joined Peel Hunt as an equity sales trader.  Tipper brings almost ten years of industry experience to her new role, and joins the UK investment bank from HSBC, where she worked as an associate director for more than two years.  Prior to this, she spent almost seven years at JP Morgan, where she joined the firm as an analyst in 2016, before later working in equity sales trading for more than four years.  Speaking to The TRADE, Hayden Ballard, co-head of equities at Peel Hunt, said: “We’re delighted to welcome Zoe into our institutional sales trading team at Peel Hunt. Her wealth of experience from previous roles at HSBC and JP Morgan will be invaluable as we further grow and strengthen our client offering – including within our risk arb and hedge fund franchise.”Tipper confirmed her new role in an announcement on social media.  Peel Hunt had not responded to a request for comment at the time of publication. Earlier this year, Ian Cannacott joined Peel Hunt as head of electronic trading in June, after almost 10 years at Redburn Atlantic, as revealed by The TRADE at the time.  He replaced Nishad Vallonthaiel, who recently joined Berenberg as head of liquidity solutions as part of the firm’s push to bolster its product portfolio and drive institutional growth. The post Peel Hunt appoints HSBC director to equity sales trading role appeared first on The TRADE.

Eurex has expanded its Partnership Progam model to also include credit index derivatives, as part of an effort to boost growth and liquidity in this market.  Since the program’s launch on 1 August 2025, eight financial institutions have already joined, including Banco Santander, BNP Paribas, Flowtraders, Goldman Sachs, Jane Street, JP Morgan, Morgan Stanley and Susquehanna International Group.  The new offering marks an expansion of Eurex’s ongoing Partnership Program model, which already spans short term interest rate (STIR) and interest rate swap markets, and is set to create a collaborative working ecosystem which aligns participants’ incentives and responsibilities across economics and governance for the market.  Matthias Graulich, chief commercial officer and global head of products and markets at Eurex Group, said: “By fostering liquidity in Eurex’s credit index derivatives, we’re accelerating electronification and standardisation for a more efficient and accessible market, strengthening Eurex’s leadership in listed fixed income and delivering our enhanced value proposition globally.” Read more – Eurex to launch futures on EU bonds The expansion follows increasing demand for credit index futures across the industry in recent years, with volume and open interest more than doubling this year in comparison the first eight months of 2024, and the total traded notional in all credit index futures at Eurex at approximately €75 billion, with a total outstanding notional of €2.8 billion by 31 August 2025.  Joe Paccione, Americas head of futures and options sales and execution, and Sanaz Fazeli, co-head, global macro credit sales at JP Morgan, said: “Credit index futures are a valuable addition to further broadening the scope of macro credit products we trade. Reception from our clients to this product has been robust and we view the extension of the program as a very positive step to continue to build on the global liquidity pool for listed credit derivatives.” The post Eurex expands Partnership Program model to cover credit index derivatives appeared first on The TRADE.