Cboe named Wei Liao as its new director of derivatives market intelligence, as part of the network’s continued expansion of its global derivatives business.  Liao will work out of Hong Kong, where she will focus on driving forward Cboe’s derivatives market and content franchise to its client base in Asia Pacific (APAC). Liao brings 15 years of macroeconomic research, trading and portfolio management experience to the new role, and before joining Cboe, she worked as a portfolio manager at CQS Asset Management.  Prior to this, she was also the founder and manager of derivatives-focused hedge fund, Watercourse Macro Found. Mandy Xu, global head of derivatives market intelligence at Cboe said: “With her background as a portfolio manager and trader, Wei brings deep market expertise, a seasoned practitioner’s perspective, and a client-first mindset – all of which are critical as we work to close the education gap and support the region’s next phase of growth.”  The TRADE is thrilled to announce that Natasha Cocksedge has joined the team as a reporter, effective 7 April. In the role, Cocksedge is set to work across the publication’s offerings, including its digital content, print magazine, multimedia features, events and research. Cocksedge’s appointment follows the departure of Wesley Bray in February.  Most recently, Cocksedge served at MyLondon covering local news and event. Previous experience also includes stints reporting for: The Londoners, ENDS Report, and The Farnham Herald. Annabel Smith, editor of The TRADE, said: “I’m delighted to welcome Natasha to our editorial team. She joins The TRADE at a pivotal time in our growth as we look to build on record web traffic in 2024, increase in multimedia products and the successful expansion of our Leaders in Trading event to the US.” Wayne Barber is set to expand his role on the Janus Henderson fixed income desk to include trading, after three years working as a data analyst for the firm. In his tenure, Barber has worked with the trading team on data-related mandates including working to optimise execution for the desk. Previously in his career, he worked as a software engineer at Accenture and before that as a sales executive for WebsEdge. Speaking to The TRADE, a spokesperson for Janus Henderson said: “[Barber] was brought in to help the team with their trade data and TCA analysis. Over this time he has built a central database and a number of tools that the team rely upon daily. While working with the trading team he has developed an interest in the markets and recently his role has broadened to include money markets, rates and FX trading. He is also keenly interested in looking at automation and garnering efficiencies in our systems.”  Nikhil Rathi has been reappointed chief executive of the Financial Conduct Authority (FCA) for a second term. He was first named CEO back in June 2020, taking up the role in October later that year. Rathi’s new term will run until September 2030, focused on leading reform in the regulatory environment, building on previous efforts such as the introduction of the ‘consumer duty’. Speaking to his new appointment, Rathi said: “I am honoured to be reappointed by the Chancellor. The FCA does vital work to enable a fair and thriving financial services sector for the good of consumers and the economy. I am proud of the reforms we have delivered to support growth, bolster operational effectiveness, set higher standards and to keep our markets clean and open.” Paul Atkins has assumed his role as chair of the US Securities and Exchange Commission (SEC), having been confirmed as Gary Gensler’s successor in January 2025. Mark Uyeda had been serving as acting SEC chair in the interim. Atkins’ previous roles include a prior stint as a commissioner of the SEC -appointed in July 2002 by President George W. Bush, where he served until August 2008. Before  that, he founded and became chief executive of strategy, risk management and compliance consultancy, Patomak Global Partners.  The post People Moves Monday: Cboe, Janus Henderson, FCA, and more… appeared first on The TRADE.

Cboe has named Wei Liao as its new director of derivatives market intelligence, as part of the network’s continued expansion of its global derivatives business.  Liao will work out of Hong Kong, where she will focus on driving forward Cboe’s derivatives market and content franchise to its client base in Asia Pacific (APAC).  “I’m excited to join Cboe at a time when derivatives adoption is accelerating globally, especially in the APAC region,” Liao said.  “Cboe’s Derivatives Market Intelligence group has built a reputation for its unparalleled market insights and strong commitment to client engagement – earning a wide following among institutional and retail investors, media, and other industry participants alike. I look forward to expanding on the team’s work, deepening our impact in APAC and helping our clients here navigate today’s complex markets with actionable, data-driven insights.” Liao brings 15 years of macroeconomic research, trading and portfolio management experience to the new role, and before joining Cboe, she worked as a portfolio manager at CQS Asset Management.  Prior to this, she was also the founder and manager of derivatives-focused hedge fund, Watercourse Macro Found.  Mandy Xu, global head of derivatives market intelligence at Cboe said:  “APAC is a key region where options and futures are gaining rapid momentum among both institutional and retail investors, and with that, we see a significant opportunity to serve this market through expanded data access and client education.  “With her background as a portfolio manager and trader, Wei brings deep market expertise, a seasoned practitioner’s perspective, and a client-first mindset – all of which are critical as we work to close the education gap and support the region’s next phase of growth. I’m thrilled to welcome her to the team.” Liao confirmed her position in a social media announcement.  The post Cboe appoints new derivatives market intelligence director appeared first on The TRADE.

What’s front of mind when it comes to Europe’s shift to T+1 from your perspective? Europe has a complex market structure with multiple exchanges, clearing houses (CCPs) and central securities depositories (CSDs) – each with different operating models and regulations. Unlike the US where DTCC provides a centralised clearing and settlement system, Europe’s diverse infrastructure makes coordination more complex. Many European trades involve multiple currencies and jurisdictions, requiring FX transactions – the shorter settlement time reduces the time to arrange funding and collateral.The Central Securities Depositories (CSDR) in Europe includes a mandatory buy-in regime which is not present in US. Differences in regulatory frameworks across EU Member states could create inconsistencies in T+1 adoption. Coordination between ESMA, national regulators and industry bodies will be essential. How important is global cohesion?The misalignment of settlement cycles between countries that adopt T+1 and other jurisdictions could present some operational challenges. This is a key catalyst for other markets to optimise operational frameworks and ultimately accelerate settlement cycles to a T+1 global standard. Improving global securities markets remains challenging as broad industry coordination is required to address related operational topics. In Europe, the trading and settlement infrastructure is more complex than in the US, spanning several jurisdictions, with 41 trading exchanges and 31 central securities depositories.To make T+1 feasible on the continent, any adjustments to post-trade infrastructure, updates to technology systems, or further automation of trade processing would need to be synchronised across these constituents, as would the timing of cross-currency transactions.Is preparedness an issue in APAC/Australia – will there need to be major changes made to comply?Preparedness is key, and as with markets that have transitioned there will need to be changes. However, the progression towards T+1 is increasingly a well-trodden path. This transition is not a competition but a matter of readiness and evolution in operating models. The choice of settlement cycle depends upon market segment, asset class and transaction nature. Markets that leverage this change can reap immense benefits such as advanced operational efficiency, faster settlement and reduced risks associated with market exposure.The move for India towards T+0 settlement is driven by retail investors and the pre-funded, pre-delivered market structure, contrasting with the intermediated institutional market in the West.When APAC countries also move to T+1, what are the potential issues which could arise?Some of the challenges and concerns associated with T+1 include operational challenges, most notably a shorter processing time. This increases the need for automation to streamline post-trade processes. Global investors and cross-border transactions may struggle to meet the accelerated timeline.A specific point for AU/NZ Managers is that for any AU/NZ clients currently doing processes early on T+1 local time to cover US market close, it will be pretty much impossible to meet the UK/EU timelines which are two to three hrs earlier. This further promotes the need for either a global footprint, or to outsource to firms who have one and can meet regional cut-offs.It’s also important to note liquidity and funding issues – investors who need to convert currencies may struggle to do so within the day. The shorter cycle may also require firms to post margin or collateral more quickly.There is also the topic of impacts on international investors to APAC markets with a narrower window to process trades, as well as lending of securities potentially needing to be called earlier if selling a stock that has been lent out, and the risk of more frequent trade breaks with less time to correct errors. Firms settling trades will need to do so in a timely manner to avoid possible regulatory imposed penalties.What is the impact of fragmentation, both across APAC – including Australia, and Europe?Fragmentation poses a number of risks, most notably cross-border settlement risks with markets on different settlement cycles – foreign investors may struggle with liquidity and funding mismatches. Also, FX and liquidity management wherein shortened settlement cycles puts pressure on FX funding, as most markets still remain on T+2. Here there may be a need for pre-funding certain trades. In addition, market participants, custodians, brokers and managers need to adjust their processes to ensure reconciliations across the various settlement timelines.It’s also important to note that differences in countries’ regulatory frameworks may exacerbate fragmentation, most notably reporting and compliance frameworks. What’s the best way for managers to mitigate risks as the world increasingly shifts to T+1?   No single asset managers operating model is the same, every one is nuanced so the response to T+1 needs to be tailored.We have been encouraging our clients to scrutinise the entire life cycle of the trade, as well as anything manual, every process and every exception. Data hygiene is imperative – analyse and clean static data and maintain regular reviews to reduce the chance of trade breaks.Automation and STP is becoming an absolute pre-requisite, and if you can’t resource for it an option is to outsource it. At Northern Trust Securities we have seen a marked increase in component outsourcing, i.e. the outsourcing of a region where you don’t have presence, or you find it challenging. We have seen an increase in offshore managers outsourcing their US flow in response to the tightened settlement, trade matching and settlement, and trade related FX. The post Fireside Friday with… Northern Trust’s Rob Arnott appeared first on The TRADE.

OTC FX options marketplace SpectrAxe has secured a Series A investment led by Susquehanna International Group, to drive innovation in the FX options trading market.Jarrod BolandThe funding round, which included Susquehanna Private Equity Investments, LLLP (SPEILLLP), a member of Susquehanna, also saw IMC and CTC participating as co-investors.  The investment is expected to accelerate change by allowing market participants to trade OTC FX options directly with each other within a single venue, through SpectrAxe’s all-to-all central limit order book (CLOB) platform.  Jarrod Boland, associate director at Susquehanna International Group said: “We’ve watched SpectrAxe’s development with great interest since their launch. Their platform has demonstrated that a central limit order book can successfully operate in the OTC FX options market, driving meaningful improvements in price discovery and liquidity access.” Through using CLOB, the company aims to address traditional challenges facing the FX options market including manual chat or phone-based trading and reduce barriers to entry for market access while improving operational efficiencies.  “We have a shared belief that by solving the credit problem to enable true all-to-all trading in FX options in an anonymous, exchange-style environment, market fragmentation will become a thing of the past,” said chief executive of SpectrAxe, Scott Greene. Read more – SpectrAxe and OSTTRA partner to streamline FX options trading In July 2024, SpectrAxe and OSTTRA partnered on an end-to-end service aimed at streamlining FX options trading through automation of the entire process.  Ramon Puyane, head of FX trading at IMC said: “SpectrAxe is redefining FX trading with an electronic platform that brings the structure and efficiency of major listed exchanges to the OTC market. “By leveraging a non-disclosed central limit order book, it aims to unlock a new level of price discovery and transparency. Increased adoption of SpectrAxe by traders into their workflow is expected to drive significant volume growth, cementing its position as a key liquidity venue in the FX landscape.” The post Susquehanna leads Series A investment for SpectrAxe appeared first on The TRADE.

The European Securities and Markets Authority (ESMA) has unveiled its final plans for the region, aimed at boosting the resiliency of the markets, improving transparency, and simplifying reporting.The final report follows the Mifir and Mifid II revisions published in the EU’s official journal in March 2024.Systematic InternalisersTaking stock of the current set-ups for SI’s, ESMA is focused on implementing standardised procedures to introduce a more structured process for informing national regulators. The latest report highlights the fact that though the Mifid II review removed the quantitative test during calculations determining whether an investment firm qualifies as an SI, these changes will only apply once the changes to Mifid II are transposed into national law – forecasted to be by 29 September 2025. Included in the final rules are a reduction in the number of fields in reporting template, aimed at easing the process and “striking a balance between brevity and completeness, removing fields deemed less necessary while retaining essential information”.In addition, information as to whether the SI also acts as designated publishing entity (DPE) will be required, and the period for notification has been increased from two weeks to 20 calendar days. Furthermore, ESMA has confirmed that it will discuss where further guidance is needed with National Competent Authorities.Read more: Optiver to convert to a systematic internaliserRecent market activity has brought the topic of SI’s and their set-ups under the microscope of late, with Optiver confirming its decision to become a systematic internaliser earlier in April, as revealed by The TRADE. The move will change the way that the market maker reports its trades, where before it has printed its volumes in the off book on exchange segment. Double volume caps Elsewhere, ESMA proposed a shift in how trading volume is measured, from double volume cap (DVC) to single volume cap (SVC).Through the move, firms will no longer be required to report certain trading data every day.Notably, the decision is set to affect dark trading processes, where previously the entire dark pool market, and indeed no single pool, could exceed a certain limit, this shift to SVC signals a significant change. Now, the watchdog is seemingly open to increased participation in this sphere, focused on the whole volume instead.Read more: The dark trading debacle – does anyone even care?ESMA’s final report on equity transparency from December 2024 considered decommissioning Financial Instruments Transparency System (FITRS) and DVC systems, instead suggesting the use of transaction data reported under Article 26 of Mifir for transparency calculations.FITRS quantitative data is set to be decommissioned on 1 January 2026 and FITRS reference data on 1 January 2027, with the phasing out of daily reporting requirements for trading venues, Approved Publication Arrangements (APAs) and consolidated tape providers.“This simplified approach is a concrete and substantial contribution to ESMA’s objective to reduce the overall reporting burden,” said the regulator.“By design, this changed and simplified approach addresses comments expressed on the need for an appropriate implementation timeline, as the relevant calculations will be performed based on the current reporting framework for transaction data, with post-trade flags.”ESMA also took time to remind market participants that when it comes to MIC, it is mandated for the ‘venue’ field in the Mifir transaction reporting validation rules – reiterating that the operating MIC is only to be used where the segment MIC does not exist. Speaking to The TRADE, Iván Lorenzo, product manager for equity products at BME, highlighted the relevance of the transition from DVC to SVC following their launch of a new dark pool last year – a bid to provide an additional source of liquidity for Spanish securities. “This shift marks much-needed simplification in the regulatory framework governing dark pool trading across Europe,” he enthuses.“This change not only streamlines compliance processes but also enhances market efficiency by focusing on the aggregate trading volume across all dark pools, rather than monitoring each venue individually. We welcome this development as it aligns with our commitment to providing efficient trading solutions for Spanish market securities.” Circuit breakersESMA has also shared insights into its expectations for trading venues as pertains circuit breakers, including information on how to set up the mechanism. The move follows changes brought in by the DORA regulation, focused on digital operational resilience. In times of market instability, it is arguably more important than ever to be able to temporarily pause trading as the market swings dramatically.Read more: Market outages and resiliency a must watch area for market participants going forwardThe trading venues in question, including national stock exchanges, must adhere to a methodology related to the calibration of circuit breakers which “should be designed at the asset class or sub asset class level,” explained the watchdog.“Establishing that the methodology should consider some characteristics of the financial instrument does not preclude trading venues from establishing a methodology at the asset class or sub asset class level.”Specifically, among these characteristics are liquidity, quotation level and volatility of the instrument.When it comes to updating circuit breakers, ESMA’s final rules suggest basing changing on statistical evidence where possible.The final report was submitted to the European Commission on 10 April 2025, which now has three months to decide whether to endorse the proposed amendments.The post ESMA firms up rules of engagement amid market turbulence appeared first on The TRADE.

Desks have, understandably, been in a relative state of shock since the 2 April decision from the new administration, with a fugue-like state descending across the capital markets as players attempt to make sense of ongoing tariffs turmoil.Speaking at a Bloomberg European market structure conference on Wednesday, Alex Dalley, head of European cash equities at Cboe, confirmed that the venue had processed more than a trillion message events on its options market in the US earlier in the week, a clear sign of the intense market activity. Read more – The TRADE predictions series 2024: Market volatilityWhen it comes to the current state of play on desks themselves, the buy-side wants to buy, but the sell-side doesn’t want to sell, one trader tells The TRADE – a sentence not often heard across the industry.Reportedly, the sell-side are going flat, not shorting or blocking and instead sitting in a bid to protect their book. Simultaneously, on the buy-side traders are trying to find opportunities in a barren landscape. Notably, recent BMLL data examining the impact of the US tariffs on market structure and how people traded showed a dramatic fall in the time that orders are resting on the book before being filled.BMLL explained that “the same dramatic reduction is seen across Europe (~35 seconds to ~6) and the US (~25 seconds to ~7), reflecting the global impact of the tariffs,” as players look to rapidly execute volume.When it comes to strategy, it’s difficult to blame the sell-side for this approach of protecting their books, especially given the fact that the buy-side generally has a longer-term view on trades.One sell-side trader echoes this, confirming that instructions have been clear on the desk to keep risk very low, with instances of not showing prices to the ‘wrong’ types of clients due to the opacity of the current landscape.Despite this, several across the street have used to current state of turmoil following the US to reinforce the importance of relationships – in particular in times of high volatility.Though technological innovation is on an upwards trajectory with no sign of slowing down and traders’ roles continue to change, recent events have demonstrably made clear that this human touch factor is unlikely to go extinct.Read more – The desk of the future: ‘AI conductors’ vs the traditional trader?One trader concurs, explaining that there is a clear, unavoidable difference in rejecting an electronic order and saying no directly to an individual, explaining that in some recent instances, where the firm perhaps wouldn’t usually have said yes to a price, they have for a specific client – even if considered a loss.For the buy-side, it’s hard to criticise why the other side aren’t meeting them – conscious that it’s an opportunity and thus have no real motivation to sell. It comes down to the simple fact that if the sell-side don’t have a view on something they simply will not price it, says one trader.Demonstrably, when the market panics, nobody wants to take a side because of the fact it can so easily move in either direction. Of course, that does nothing to comfort clients who are more cognisant than ever of the importance of their managers’ roles in the current climate. The market volatility is also true of trading strategies themselves, with day to day and intraday activities swinging dramatically, The TRADE understands.One source confirms that certain days in the past week have been completely risk off, with things changing radically just a day later, with yesterday’s sellers becoming today’s buyers – and struggling on both counts in many instances. Clearly, the situation is akin to a waiting game, at least for now, with desks on tenterhooks as concerns US decision making.Another source confirms the reality of the buy-side is selling, explaining that though of course these firms are prepped to absorb some losses, some assets which have traditionally been used to hedge are no longer perhaps as viable as once before. The message of course being clear – that we may be entering a pivot era away from US exceptionalism and the consideration of the region as a safe haven.As Charles Younes, deputy CIO at FE fundinfo explained on Wednesday: “We recently moved from an overweight to an underweight position on US equities, and the latest market developments have reinforced that decision. The equity sell-off has now extended into the bond market, with US Treasuries selling off overnight and the US dollar also under pressure.”“US assets – long viewed as global safe havens – are now being repriced as sentiment deteriorates. This is not about fundamentals, which remain broadly intact, but about rising uncertainty and diminished visibility. Investors are increasingly demanding a premium to hold US-based assets.“[…] In this environment, we believe a more defensive posture is not only prudent but necessary.”Fake newsOn Monday, the markets were sent into a tailspin as an unverified report that the US president was planning a 90-day pause on proposed tariffs momentarily sent stocks shooting back up.One trader tells The TRADE that everything started rolling and continued to for around 20 minutes with those trading jumping in and starting to buy before realising the lack of validity of the claims. With the market at its most sensitive, some names have been hammered by this incident, with some hedge funds taking the opportunity to fish for assets.The original source was put down to a misunderstanding – though some reputable financial news services had already reported, fuelling the fire of the chaos. Following the reports, Karoline Leavitt, the White House’s press secretary confirmed that it was “fake news”.Demonstrably, as capital continues to rotate globally, there’s much more yet to come…Speaking to The TRADE, Nandini Sukumar, chief executive of the World Federation of Exchanges, highlighted that the industry can expect this instability to continue for the foreseeable.“It’s a time of great volatility, but that’s what public markets are here for: to allow investors to take a view on the global economy, political directives, and geopolitics, and to manage their risk effectively. In times like this, the operational resilience of market infrastructure really proves its worth. Things will continue to be volatile until we have clarity.”The post Buy- and sell-side in stand-off as US tariffs waiting game continues appeared first on The TRADE.

Amundi Technology has partnered with capital markets trading and risk solutions provider Murex to deliver OTC derivatives capabilities to investment managers.  Benjamin LucasThe partnership combines Amundi Technology’s platform for asset managers, insurers, pension funds and family offices, ALTO Investment with Murex’s OTC front-to-back solution. Through the use of ALTO’s portfolio management features and integrated market data, the combined offering is expected to meet evolving market demands by enabling asset managers to make informed decisions while reducing operational risks. Murex president, Maroun Eddé said: “Through this new agreement, Amundi Technology clients will have access to Murex’s extensive global OTC derivatives coverage, which is used daily by Amundi Group’s asset management companies around the world.  “The integration of Murex’s market-leading OTC derivatives capabilities will support ALTO client expansion into the most complex portfolio strategies.” The partnership also integrates Murex’s risk platform MX.3, which aims to enhance operational efficiency and achieve more accurate assessments by providing advanced tools for managing OTC derivatives, including payoff modelling, lifecycle event management and insightful risk analytics.  The two firms have worked together since 2007, and Amundi manages its OTC derivatives portfolios front-to-back through leveraging MX.3. Benjamin Lucas, chief executive of Amundi Technology said: “ALTO clients can now have the OTC processing power they need through our partnership with Murex, all in a single solution provided by Amundi Technology.  “This is another example of how an open architecture can help investment managers to simplify their operating models by connecting market-leading solutions in a single platform.”Read more – Migration to Murex’s MX.3 platformMurex’s platform MX.3 has gained traction in recent years. In May 2024 Commerzbank migrated its foreign exchange, commodities, derivatives, and equities onto it. Similarly, expansion in May 2023 meant that MX.3 could be directly connected to the London Stock Exchange’s real time market data service, Real-Time – Optimised (RTO), when hosted on Amazon Web Services.  The post Amundi Technology partners with Murex to expand OTC derivatives capabilities appeared first on The TRADE.

Multi-asset trading platform 24 Exchange has launched FX live swaps trading through a partnership with CobaltFX. The development will see the trading platform leverage CobaltFX’s Dynamic Credit process to achieve more flexible and scalable trade execution by optimising credit intermediation, reducing operational risk and enhancing liquidity efficiency.  24 Exchange has said that the partnership will allow counterparties to pre-set credit relationships and allocate available credit based on real-time trading conditions.   Jason Woerz, president of 24 Exchange, said: “We are thrilled to be live with FX swaps trading and to offer our clients a more efficient, cost-effective trading environment. The collaboration with CobaltFX, allows us to redefine how credit is managed in the FX market, giving participants unprecedented access to liquidity.” Cobalt relaunched as CobaltFX following its acquisition in December 2022 by United Fintech, with a complete focus on foreign exchange in what chief executive Marc Levin described at the time as “returning to the company’s roots”.This latest development is also expected to address challenges which often face the FX swaps market, including credit limitations, operational inefficiencies, pre-funding constraints and settlement risks to allow traders to access deeper liquidity pools and execute larger trades.Read more – BNP Paribas expands CobaltFX relationship to streamline bank credit allocation“24 Exchange’s adoption of our Dynamic Credit process is a testament to its ability to revolutionise credit management in FX markets,” said Darren Coote, chief executive of CobaltFX. “By optimising credit usage in real-time, we are helping the industry reduce risk while increasing efficiency and transparency.” In November 2024 the US Securities and Exchange Commission approved 24 Exchange in an effort to “significantly expand trading outside of regular trading hours” for NMS stocks.  The post 24 Exchange launches live swaps trading through CobaltFX partnership appeared first on The TRADE.

Janus Henderson and the Guardian Life Insurance Company of America have entered a strategic partnership, whereby Janus is set to become Guardian’s investment grade public fixed income asset manager. Ali DibadjThe partnership is set to close by Q3 2025.The move will see Janus Henderson manage the $45 billion investment grade public fixed income portfolio for Guardian’s general account, as well as more than $147 billion in fixed income assets globally.The portfolio will include investment grade corporates and securitised credit.As part of the partnership, Guardian is also set to commit up to $400 million in seed capital to accelerate the firm’s innovation in securitised credit and high quality active fixed income products.Ali Dibadj, chief executive of Janus Henderson, said: “This multifaceted, innovative partnership, founded on a shared set of client-focused values, leverages our complementary strengths, creates alignment for mutual growth, and intends to achieve mutually beneficial outcomes for policyholders, our clients, shareholders, and employees.“This strategic partnership also supports the execution of Janus Henderson’s client-led vision of amplifying our strengths in fixed income, multi-asset solutions, and model portfolios, while greatly expanding our presence in the institutional market and insurance space.” This move will allow Guardian to leverage Janus’ presence in active fixed income ETFs and increase Janus Henderson’s institutional reach and insurance presence.Similarly, continuity in the management of assets is a focus, with Guardian’s existing investment professionals focused on in-scope asset classes set to be offered the opportunity to join Janus Henderson.The joint venture is also expected to broaden investment opportunities for Park Avenue Securities’ (PAS) clients, Guardian’s dually registered broker-dealer and registered investment adviser, through the co-development of proprietary, multi-asset solution model portfolios. Andrew McMahon, Guardian chair and chief executive, said: “This strategic partnership with Janus Henderson enhances Guardian’s investment and solutions capabilities and aligns our organisations for long-term, mutual growth. “Our shared culture of collaboration and dedication to our clients make them a natural partner for Guardian. By combining Guardian’s exceptional experience with Janus Henderson’s market-leading investment strategies, resources, and capabilities, we will be able to offer innovative investment and wealth management strategies that will benefit customers and policyholders for years to come.” The move follows other similar deals, wherein asset managers are looking to expand their remits through key partnerships. In January, Assicurazioni Generali and BPCE signed a Memorandum of Understanding which will see them combine their respective asset management operations – Generali Investments Holdings and Natixis Investment Managers. Through this partnership, the entity would become the leading asset management player in Europe by revenue, with more than €1.9 trillion assets under management. More recently, in February, Kepler Cheuvreux and Unigestion unveiled a strategic partnership wherein the firms will launch a joint public equities asset management company. Once approved, the new entity – Kepler Cheuvreux Unigestion Equities – is set to focus on quantitative strategies and together will manage more than €3 billion in assets.The post Janus Henderson and US life insurer Guardian unveil new strategic partnership appeared first on The TRADE.

Citadel Securities has partnered with e-trading technology provider for fixed income markets, TransFICC, to lead a $25 million Series B investment round. Amit BhucharThe investment will provide infrastructure, expanding TransFICC’s electronic trading capabilities in a bid to enhance venue and workflow support.  Other investors in the funding round include BlackFin Tech, AlbionVC, Citi, HSBC, Illuminate Financial, ING, and Commerzbank Group’s early-stage investor and innovation unit, neosfer. To date, the combined investments raised totals $50 million. Amit Bhuchar, head of FICC liquidity solutions, Citadel Securities, said: “Citadel Securities has a long history of developing innovative solutions to help our clients and partners address their most complex liquidity and execution challenges.  “We are pleased to partner with TransFICC to shape the future of fixed income market making through increased automation, connectivity and efficiency.” According to TransFICC, the technology aims to address challenges presented by the increased adoption of algo tools, all-to-all markets and the rise of fixed income ETFs that are driving demand for automated solutions. TransFICC, which specialises in low-latency connectivity and workflow services for fixed income and derivative markets, launched its TransACT (Automated Customer Trading) service in 2024, which automates request for quote (RFQ) negotiation workflows for banks trading on dealer-to-client (D2C) venues. Read more – TransFICC to bid for fixed income consolidated tapesIn November 2024, the firm announced its intentions to bid to be a consolidated tape provider (CTP) for fixed income, ahead of expected confirmation and authorisation of the new CTPs in Q4 of this year. In the same month, Broadridge Financial Solutions’ LTX partnered with TransFICC at the end of last year to enable more efficient venue onboarding via its One API for eTrading platform TransFICC co-founder Tom McKee said: “Fixed income trading firms need to support and expand venues and workflows while maximising efficiency. However, the time and development costs of connectivity can be significant.  “At TransFICC, our intention is to enhance our venue and workflow support so that clients can connect more quickly and at a lower cost.” The post Citadel Securities leads $25 million Series B investment in TransFICC appeared first on The TRADE.

BNY has successfully piloted the first intraday repo trade settled through its triparty infrastructure, with UBS borrowing cash from Swiss Re while delivering collateral through BNY’s platform. The pilot demonstrated the ability for market participants to instruct a same-day repo with a specified start and end time through BNY’s triparty platform – whereby the allocation and return of eligible collateral is settled and matured intraday against payment.  “We are continuously evolving BNY’s platform infrastructure to unlock new trading patterns for the market,” said Gesa Johannsen, executive platform owner, global collateral, BNY. “Complementing our new early morning maturity option for triparty transactions in the US, our intraday triparty repo solution is an important step towards providing more flexible liquidity management possibilities to our clients, enabling them to more efficiently fund their day-to-day operations.” The intraday repo solution is designed to enable market participants to source liquidity for specified periods of time without the need to borrow for a full 24-hour period. For lenders, such as Swiss Re in this case, the solution can provide an opportunity to generate additional income on excess, idle cash. Richard Hochreutiner, head of global collateral at Swiss Re, said: “This is a great way to deploy any otherwise dormant intraday cash and to contribute to market liquidity. Using BNY’s platform seamlessly builds on existing infrastructure and documentation.” In April, Banco Santander and Rabobank also completed an intraday triparty repo transaction, executing trades in both directions — borrowing and lending — through BNY’s collateral platform.  In March, the custodian also announced a partnership with GLMX to enable buy-side clients to direct repo trades at the point of execution to BNY Mellon’s triparty platform.   The two firms said the integration comes off the back of growing demand from clients seeking to expand their BNY Mellon triparty usage beyond uncleared margin into repo financing, helping them to capture more benefits from being on the collateral platform.  The post BNY facilitates first intraday repo trade through triparty platform appeared first on The TRADE.

Market Structure Partners (MSP) has individually rebutted every complaint made by exchanges in response to their original research exploring the market data landscape suggesting several are “unsubstantiated noise”.Niki Beattie“There is little basis for most of the feedback and […] and many of the comments are surprising, given that they are based on, and sometimes contradict, the exchanges’ own publicly available information,” said MSP in its latest report.Among the most vocal in their responses to MSP’s February report entitled ‘There’s No Market in Market Data’ were Euronext, LSEG’s Turquoise and the Federation of European Exchanges (FESE). Wednesday’s comments focus on these three entities.MSP’s original conclusions suggested that exchanges were supplementing suffering equity market revenues with soaring market data prices, despite the accusation of there being ‘no specific costs for producing market data’.Exchanges immediately hit back, calling the findings “inaccurate” and “misleading”. However, in today’s latest report, MSP has individually responded to every complaint, reaffirming its original stance and calling for action by regulators.Read more – Exchanges hit back at ‘inaccurate’ and ‘misleading’ accusations around market data costs“Market data pricing should reflect exchanges’ actual fixed costs of production – not arbitrarily capitalise on consumers’ variable usage and dissemination patterns,” said Niki Beattie, chief executive of Market Structure Partners.“When these unjustified charges are removed, the facade of a standalone market data business crumbles, confirming our original conclusion that data is simply a by-product of trading.”There are some areas where MSP has re-clarified figures. In Wednesday’s report, the market structure specialists acknowledge specific feedback from exchanges regarding Turquoise and LSE disclosures, as well as Euronext’s reporting methodology, where they presented their 2020 market data revenue (MDR) percentage against total group revenue rather than total trading revenue, as required by regulation.However, it has reiterated that despite these areas of feedback, the conclusions of its original findings have not changed.The exchangesEuronext made several complaints against the original report. However, most central was the suggestion that the basis for its conclusion – namely that exchanges offsetting declining equities volumes with market data cost increases – was incorrect.“The report claims that the share of market data revenues over the total revenues of Euronext has increased from 11% to 19%, when in reality […] this ratio remained stable over the period at 11%,” said Euronext in its response to the original report.MSP in Wednesday’s findings acknowledged that the 2020 disclosure had a denominator footnote that it had not seen and that it would update the report to include this.Read more – Some exchanges pocketing nearly £5 billion from ‘inexplicable’ market data price rises, finds reportIt reiterated however, that: “it does not change the fact that the disclosures in the following years used a more correct denominator which shows that market data revenue is increasing as a % of total trading revenue and that this has risen from 17% in 2021 to 19% of total trading revenue by 2023.”Euronext also took issue with the fact that it was not contacted for the report, that it was inaccurate as it did not reflect Euronext’s acquisition of three new markets, and that it was an incorrect representation of Euronext’s customer base.In response to these claims, Beattie and Market Structure Partners have reiterated that the report is based off of publicly available data, that the exchange had no issue with similar figures and findings used by Oxera in their reports in 2024, and that a universal definition of a customer should be agreed upon across venues and that a customer count should be disclosed on an annual basis.The exchange also took issue with the examples used through either suggesting they were erroneous, unrealistic or unrepresentative. MSP’s report addresses the findings and reiterates its original methodologies.The need for industry-wide dialogue“The intensity of debate following the report’s publication only reinforces its significance and the need for a constructive industry-wide dialogue about creating markets that work efficiently for all participants,” said Mike Bellaro, chief executive of Plato Partnership.Plato Partnership co-commissioned the original independent study published by MSP.Also vocal in their rejection of the February findings was LSEG’s Turquoise. The trading venue took issue with several areas, including that the report misrepresented its volumes by suggesting they had decreased, misrepresented its pricing and was “flawed” with respect to documentation published by LSEG venues, grouping Turquoise with other primary exchanges instead of other pan-European MTFs.MSP said in its response that it had only used Turquoise market data revenue disclosure figures as it could not find LSEG ones. MSP has subsequently removed Turquoise’s disclosure information and replaced it with LSE’s 2019 – 2022 disclosures.“As stated, exchange disclosures are hard to find and, in the case of LSE, are published two years in arrears,” said MSP.“We have since been provided with LSE disclosures and, therefore, retract the statement that only Turquoise Europe makes reasonable commercial basis disclosures. We propose to replace the Turquoise disclosures with those of LSE, so that all exchanges are compared on a like for like basis.”It does, however, reinstate that despite the new figures it does not change the original findings released in February suggesting “MDR [market data revenue] growth has far outstripped the changes in turnover”.Similar to its response to Euronext, MSP has flagged that LSEG’s Turquoise did not take issue with similar figures published by Oxera in its 2024 report.LSEG’s Turquoise also took issue with MSP’s avatar used to simulate some of its findings in its original report, suggesting that it had created exaggerated figures. It also suggested that MSP had not taken into account that Turquoise had waived certain charges including private investor data charges throughout the acclaimed period. MSP’s report addresses these claims.FESE responseFESE’s complaints with the report included that it contained factual errors, its proprietary method had been “tweaked”, contained issues around the calculation of data fee increases and had unfounded assumptions on IT infrastructure expenditure.The association also took issue with MSP’s insufficient reasoning for price list expansion and misleading claims of unfair behaviours against direct competitors.MSP’s Wednesday response suggests many of these claims are “unsubstantiated noise”.Similar to its response to Euronext and LSEG, the firm has questioned why FESE took no issue with Oxera’s findings in 2024 – also noting that these had changed significantly from 2019 without any explanation.MSP said Oxera claimed in 2019 the MDRs were ‘stable’ at €245 million, but in 2024 it revised the MDRs up to €298 million. “This is not a small tweak. It is a 21.63% increase […] which does not suggest revenues are stable, but there was no explanation of recognition of this change,” said MSP on Wednesday.Regulatory recommendationsBeattie and MSP have suggested a list of recommendations that regulators should implement going forward to avoid any future lack of correlation in the numbers. Namely: ESMA and the FCA should keep an up-to-date repository of all trading venue and data service provider market data disclosures for their respective regions.Trading venues and data service providers should log their disclosures in the repository of their respective regulators and should publish disclosures as soon as their annual accounts are published for the previous year.The report also suggests that disclosures should be checked for consistency, that the definition of customer should be agreed and that cross-referencing disclosures to annual accounts should be possible and links should be explained.The post New report rebuts ‘unsubstantiated’ exchange responses as latest episode of market data cost saga unfolds appeared first on The TRADE.

Digital asset infrastructure provider Ripple has acquired prime broker Hidden Road in a deal valued at $1.25 billion.Brad GarlinghouseThe transaction is expected to close in the coming months and is subject to regulatory approvals.Through the move, Ripple has become the first crypto business to own and operate a global multi-asset prime broker.The acquisition marks one of the largest in the digital assets world, with Ripple is set to “inject billions of dollars of capital” as it looks to scale Hidden Road to “satisfy demand” for the firm’s brokerage, clearing and financing platform.Specifically, Hidden Road’s offering is focused on a one-stop-shop service across FX, digital assets, derivatives, swaps, and fixed income. “We are at an inflection point for the next phase of digital asset adoption – the US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance,” said Brad Garlinghouse, chief executive of Ripple.“With these tailwinds, we are continuing to pursue opportunities to massively transform the space, leveraging our position and the strengths of XRP to accelerate our business and enhance our current solutions and technology.”Addressing the motivation behind the move, the businesses flagged the importance of the digital assets space having the right core infrastructure in place in order to achieve the next phase of growth – that is to say, for institutional adoption.Ripple pointed to the fact that brokers “bring the necessary credibility and professional trading services expected in legacy finance to digital assets,” working to bridge traditional and decentralised finance.Read more: Digital assets and traditional finance: Can two parallel lanes converge?Following the acquisition, Hidden Road is set to migrate its post-trade activity across XRPL. In addition, Ripple will offer its cross-border payments solution, Ripple Payments, and provide custody services to Hidden Road’s customers.Marc Asch, founder and chief executive of Hidden Road, explained: “With new resources, licenses, and added risk capital, this deal will unlock significant growth in Hidden Road’s business, allowing us to increase capacity to our customer base, expand into new products, and service more markets and asset classes. “Together with Ripple, we’re bringing the same level of trust and reliability that institutional clients are accustomed to in traditional markets — designed and optimised for a digital world.” The post Ripple becomes first crypto business to own a global multi-asset prime broker as it picks up Hidden Road for $1.25 billion appeared first on The TRADE.

Though using multiple brokers for algorithms is of course the norm, The TRADE’s 2025 Algorithmic Trading Survey, Long-only, reported a decline in average numbers of algo provider numbers for the first time since 2021.The biggest decline was seen in firms with $10 billion – $50 billion AUM who were found to be using around one less provider – averaging four per firm.Notably, whilst a decline was seen across the majority of AUM bands, two exceptions saw a small increase – firms with $0.5 – $1 billion in assets under management, and those with less than $0.25 billion AUM.Demonstrably, as was the case with past surveys, there remains a strong correlation between number of providers used and a firm’s assets under management. Larger buy-side firms are continuing to diversify more and more, moving into asset classes beyond merely equities – namely fixed income and FX in particular – in light of increasingly unpredictable markets and regulatory uncertainty, a trend showing no signs of letting up.  This volatility has informed the increased investment in algorithmic trading providers, however the slight decline seen in the number of providers can fairly be attributed to the continually relevant topic of cost-cutting.When it comes to the factors for algorithmic usage, The TRADE’s respondents maintained that the top motivations were ‘ease of use’, ‘consistency of execution performance’, ‘reduce market impact’ and ‘increase trader productivity’.However, the heightened pressure on buy-side traders to lower both explicit and implicit trading costs saw ‘lower commission rates’ and ‘price improvement’ experience the highest increase in responses.Read more – Beyond the Data: Long-only managers more optimistic than ever when it comes to their algo providersElsewhere, the survey found that there is a clear bifurcation in the industry between long-only firms who use five or more algo providers, and those who use just one.Specifically, when lifting the veil of AUM, overall, 33% of firms use more than five providers, whilst 31% use just one. The clear assumption being that those with a smaller pool are the smaller firms with more specific trading remits, though the market norm remains that almost 70% of firms leverage more than one provider. Given the current state of play of the markets, despite a slight decline this time around, it is fair to infer that the average number of algos used should remain largely unchanged for the foreseeable.The post Beyond the Data: Number of algo providers used by buy-side sees decline despite continued diversification push appeared first on The TRADE.

Cboe Global Markets has unveiled plans for its new Cboe FTSE Bitcoin Index Futures (XBTF), with trading scheduled on the Cboe Futures Exchange for 28 April.  Catherine ClayCboe said the product aligned with its vision to drive expansion in the digital assets markets.  The launch marks a step forward in the exchange operator’s collaboration with FTSE Russell. “This launch comes at a pivotal time as demand for crypto exposure continues to grow and market participants are increasingly seeking more capital-efficient and versatile ways to gain and manage that exposure,” said global head of derivatives at Cboe, Catherine Clay. “Many of our customers are already utilising Cboe’s full suite of bitcoin products – whether the spot US bitcoin ETFs listed on Cboe’s equities exchange, our cash-settled Bitcoin ETF index options, or defined-outcome ETFs that hold those options. These new futures will be the latest addition to continue evolving our bitcoin product ecosystem and providing traders with even more tools to navigate the digital assets market.” The new XBTF futures follow Cboe’s recently launched options on its Bitcoin US ETF Index, aimed at delivering greater access to tools to execute trading and hedging strategies related to bitcoin.  Cboe said that the products can be used together to carry out more advanced trading strategies, or on their own to manage bitcoin volatility.  Cboe has continued to expand its digital asset offering in recent years, including listing US spot bitcoin and ether EFTs on its Cboe BZX equities exchange and launching the first cash-settled index options related to the price of spot Bitcoin in December 2024.  Shawn Creighton, director, index derivatives solutions at FTSE Russell, an LSEG business, said: “We’re delighted to be working with Cboe on the expansion of its bitcoin product ecosystem, with the introduction of futures based on the FTSE Bitcoin Index. We have established an industry standard for assessing underlying digital asset and exchange inclusion, and our rigorous vetting and monitoring process is designed to help ensure our indices are reflective of the investable digital assets market.” The post Cboe to launch FTSE Bitcoin Index Futures appeared first on The TRADE.

Tradeweb Markets has expanded its electronic portfolio trading solution to cover European government bonds, as it seeks to help investors improve execution workflows and adapt to market changes.Nicola DaneseThe development will cover UK Gilts, EUR and single currency notes, and establishes Tradeweb as the first institutional marketplace to offer electronic portfolio trading for both credit and government bonds.Citi has become the first dealer to support the newly expanded solution.Head of rates business development for UK & Europe at Citi, Todd Coletto said: “The expansion of the functionality from credit to rates bonds is an exciting development for the dealer community, as it allows us to provide our government bond clients with competitive and transparent pricing for instruments of varying liquidity profiles.”In 2019, Tradeweb became the first platform to launch portfolio trading for corporate bonds.  Nicola Danese, co-head of international developed markets at Tradeweb, said: “As institutional clients continue to embrace the benefits of portfolio trading, there is huge potential for its use cases to expand beyond cash credit and across the fixed income spectrum. Traders have already transcended market silos, and portfolio trading perfectly exemplifies how technology can help to further break down barriers and harmonise execution workflows.”Tradeweb said the expansion will facilitate portfolio trades to be made with varying liquidity profiles and allow traders to match specific strategies and reach best execution by replicating a benchmark or customising portfolios.According to the firm, Tradeweb’s European Government Bond marketplace noted a record average daily volume of  over $212 billion in 2024, marking an increase of 45.6% from the previous year.Tradeweb has expanded its electronic portfolio trading significantly in recent years, with the addition of on spread at market close to increase flexibility and efficiency in 2022, as well as incorporating a Trade at Close offering in 2021.The post Tradeweb adds European government bonds to portfolio trading offering appeared first on The TRADE.

Broadridge has launched a new solution which aims to aid financial institutions in scaling digital asset strategies while also complying with global regulations.The global fintech has said that its Digital Assets Solutions will address the growing demand for disclosure and governance solutions for cryptocurrency and tokenised assets.Broadridge claims the solutions will bolster investment democratisation, by ensuring regulatory compliance while enhancing investor education.“Broadridge’s new Digital Asset Solutions will enable investors to better access, understand, and monitor these digital assets across the full range of intermediaries and exchanges offering these products,” said co-president of Broadridge’s investor communication solutions business, Mike Tae.“We have drawn on our deep expertise in helping tens of millions of main street investors better understand their equity and fund investments to develop solutions that will bring similar transparency to digital assets.”A crypto asset disclosure survey carried out by Broadridge found that investors need better access to basic information in the crypto and digital assets space, which can often be difficult to reach due to being both on-and off-chain.In October 2024 the company launched Broadridge ClearFi as a component of Broadridge Digital Asset Solutions, designed to help investors and advisers access, understand and monitor their digital asset investments more quickly and efficiently.The company also claims that the solution can evaluate digital assets by consolidating data taken from hundreds of trusted sources to increase transparency and investor education.Aviad Stein, head of Digital Asset Solutions at Broadridge said: “Broadridge Digital Asset Solutions bridges the gap between traditional finance (TradFi) and decentralised finance (DeFi) offering services designed for cryptocurrency exchanges, traditional broker/dealers, wealth managers, digital asset custodians, and investors.”“We are empowering financial institutions to innovate and grow while providing investors with the necessary tools to make informed decisions in an increasingly complex market.”The post Broadridge unveils new Digital Assets Solutions appeared first on The TRADE.

Those within the derivatives execution space believe the area is suffering from a lack of knowledge of late due to cost cutting measures, reports a new whitepaper from Acuiti. While 28% of respondents believe the derivatives industry has experienced a ‘significant’ loss of expertise over the past decade, 33% cited a ‘moderate’ loss, and just 13% stated that expertise levels had increased.The ‘sell-side execution management insight report Q2 2025’ highlighted that “multiple network members” had reported that “staff with detailed knowledge of many legacy systems and processes are narrowing down, principally because of lay-offs”.Specifically, 29% of respondents believed ‘cost-cutting measures’ to be the main contributing factor towards the loss of expertise, with 21% asserting that it is ‘training and development,’ closely followed by consolidation of firms (17%) and retirement of experienced professionals (13%).The research body explained that, with the expertise leaving the building with these individuals, some vital knowledge on how to work and even fix legacy systems when they go down is also lost.“Members also pointed the finger at over regulation which they said is killing entrepreneurship and innovation,” added Acuiti.“[…] Outsourcing and the attraction of cryptocurrency markets, to which many sell-side veterans have moved, were also blamed.” When it comes to the empirical consequences of this loss of expertise, almost half (43%) highlighted ‘overdependence on legacy architecture’ whilst 30% pointed to ‘a lack of innovation’, and the rest putting it down to ‘greater operational vulnerability’. Read more: Euronext’s Charlotte Alliot on what’s next for the derivatives spaceElsewhere, Acuiti pointed to other topics of the moment, including back-to-back execution agreements with specialist liquidity providers, which the research body reported are becoming increasingly common across the industry, with the prevalence of such agreements highest among tier 1 banks. In terms of back-to-back execution use, the most common asset class was equity derivatives, with other notable use in fixed income, credit, energy derivatives and commodity derivatives.Speaking about the overall derivatives execution business performance from their respondents in 2024, Acuiti explained that “most of the network reported a positive 2024, with majorities saying it had been better than an average year, 2023 and budget […] North American firms reported a better year than other regions, but good performance was generally strong across geographies.”The post Cost-cutting measures leading to loss of expertise across derivatives industry, report finds appeared first on The TRADE.

The TRADE is thrilled to announce that Natasha Cocksedge has joined the team as a reporter, effective 7 April.In the role, Cocksedge will work across the publication’s offerings, including its digital content, print magazine, multimedia features, events and research.Cocksedge’s appointment follows the departure of Wesley Bray in February. Annabel Smith, editor of The TRADE, said: “I’m delighted to welcome Natasha to our editorial team. She joins The TRADE at a pivotal time in our growth as we look to build on record web traffic in 2024, increase in multimedia products and the successful expansion of our Leaders in Trading event to the US. “Natasha’s addition will help us to continue on this upward trajectory.” Most recently, Cocksedge served at MyLondon covering local news and event.Previous experience also includes stints reporting for: The Londoners, ENDS Report, and The Farnham Herald.Cocksedge also has experience working in broadcasting, having served in a reporter role at Riverside Radio, Battersea.She holds a degree in history and Spanish from the University of Exeter.New addition will work alongside The TRADE team consisting of editor Annabel Smith, senior reporter Claudia Preece, and freelance contributor Will Canny.You can reach Natasha at natasha.cocksedge@thetradenews.com.The post The TRADE welcomes new reporter appeared first on The TRADE.

Barclays Bank has become the newest trading participant to join SIX’s trading platform.The addition makes the bank the ninety second trading member on SIX’s platform.Co-head of cash markets at SIX, Gregor Braun, said: “We are delighted to welcome Barclays Bank PLC as our newest trading participant on our platform. “We look forward to supporting Barclays in leveraging the exceptional liquidity and quality of our order book for Swiss securities and wish them successful trading. Their presence on SIX underscores the attractiveness and robustness of our market infrastructure.”SIX claims to provide access to more than 60,000 securities, including names such as Nestlé, Roche, and Novartis.Barclays said the move aligned with its plans to become “a UK-centred leader in global finance”.The addition follows a busy few months for SIX across several of its business areas. The exchange moved to acquire Aquis in November last year, expanding its pan-European reach.Read more – SIX agrees to acquire Aquis ExchangeThe deal – which would grow SIX’s trading, data, listings and technology businesses – is currently awaiting regulatory approval.SIX posted positive full-year results for 2024, with total operating income up 4.6% to $1,798.76 million, bolstered by a strong performance in its exchanges segment.Its exchanges unit – comprised of SIX Swiss Exchange, SIX Digital Exchange and Borsa Madrid (BME) – generated operating income of $383.26 million, up 2.6% compared to the previous year, with the firm highlighting the business unit’s new organisational structure – adopted in June 2024 – wherein the exchange took on an asset-class-based approach.The post Barclays Bank latest trading participant to join SIX platform appeared first on The TRADE.