Senior equities trader for EMEA Georgina Flynn is departing from Fidelity International, as revealed by The TRADE. Flynn has been with Fidelity since 2016 when she joined as an equities trader for EMEA. Flynn has an extensive career to date in trading, having spent the last eight and a half years at Fidelity. Prior to joining Fidelity, she spent four and a half years at Merrill Lynch as a pan-European sales trader following an internship at the bank. Previously in her career, she also undertook a sales trading internship at Sanford C. Bernstein. “Georgina Flynn has informed us she will be leaving Fidelity International to spend more time with her family. We thank her for her contribution to the business over the last eight and a half years and wish her every success for the future,” said a Fidelity spokesperson.Stephen Hood has been promoted from chief risk officer, North America to head of clearing, Americas at Marex. He began working with Marex following its acquisition of ED&F Man Capital Markets in 2022, where he has served as global chief operating officer and global chief risk officer. Prior to joining ED&F Man Capital Markets, New York-based Hood spent 12 and a half years at MF Global, most recently as US head of market risk. Before that he worked as an options market maker at the American Stock Exchange, and a programmer at Prebon Yamane. In an announcement on social media, Hood explained: “I have had the opportunity to develop deep relationships with our clients and stakeholders, witnessing the incredible growth of our clearing business in the US. In my new role, I’m excited to continue driving this growth, working with our partners to deliver the industry-leading service and results the Marex team is known for.”Jeff Zuckerman has returned to Tourmaline Partners after four years to take up a managing director role. He previously left the firm to take up the position of executive director within the outsourced trading group at Wells Fargo in 2021. Prior to joining Tourmaline in 2014, New-York based Zuckerman worked across both the buy- and sell-side, experience which the outsourced trading firm is keen to leverage with his return. Previous experience includes roles at: Deutsche Bank, Blackstone and Ziff Brothers. Zuckerman’s experience across both the buy- and sell-side was a key factor in his rehiring. Speaking to The TRADE, Aaron Hantman, chief executive of Tourmaline Partners, said: “Tourmaline continues to see clients trend towards asking for more senior coverage, more customised solutions, and more operational expertise. Jeff offers the senior coverage our clients want and has seen first hand that Tourmaline can deliver complex tailored solutions and operational expertise better than anyone else in the space.” Christopher Hartfree has joined 360T as sales manager Nordics following six and a half years with the London Stock Exchange Group (LSEG). He most recently served as head of new business and sell-side relationship manager. Copenhagen-based Hartfree has more than two decades’ experience working in the foreign exchange sphere, dealing with both the buy- and sell-side. He has spent the majority of his career working across offerings within Thomson Reuters and Refinitiv (formerly Thomson Reuters Matching/FXall), and more recently LSEG. Speaking in an announcement on social media, Hartfree said: “360T is driving FX innovation with best-in-class solutions, new data feeds, and more. Looking forward to working with clients and partners across the Nordics – and being part of an amazing team!”The post People Moves Monday: Fidelity, Tourmaline, Marex and more… appeared first on The TRADE.

Optiver has moved to convert into a systematic internaliser (SI) as a “natural next step” in the businesses’ growth and progression plan, The TRADE can reveal.The roll out is imminent and will take place gradually over the next few months, Optiver confirmed.The move comes as part of the natural progression of the business, Optiver’s head of European equity market structure, Anish Puaar, told The TRADE.“Our direct counterparty business is growing and the SI is a more familiar framework for that liquidity provision,” he said.“The way that we trade with our buy-side counterparties now won’t change at all. Our core offering of showing two way prices through to buy-side EMSs doesn’t change in any way. We’re just now doing it in an SI capacity.”“It is just a more familiar workflow for the buy-side institutions that we trade with.”Puaar further added that the decision will allow Optiver to expand the number of stocks it can offer up liquidity for, ultimately expanding the strategies it can offer to clients.“That [offering more stocks] helps us to expand the strategies we can offer in terms of trading baskets for example. There’s a wider universe and we can cater to different types of baskets for example. It makes a lot of things around the edges a bit cleaner.”“There’s more flexibility there versus off book on exchange. When you’re reporting to an exchange you’re bound by that exchange universe. You can do more with an SI in terms of universe stock universe.”The move will change the way that Optiver reports its trades. Prior to the decision, the market maker has printed its volumes in the off book on exchange segment. Going forward as an SI, Optiver’s trades will be reported as part of the SI bucket.There are several changes to the SI regime pending in Europe following the Mifid II review. Puaar confirmed Optiver is currently focused on ensuring its new offering meets the new requirements.“There’s a lot coming up in terms of changes to SI rules so we went through a lot of work to ensure we’re fully compliant and ready for what’s coming in terms of changes to SI thresholds, for example,” he said.The post Optiver to convert to a systematic internaliser appeared first on The TRADE.

Stephen Hood has been promoted from chief risk officer, North America to head of clearing, Americas at Marex.He began working with Marex following its acquisition of ED&F Man Capital Markets in 2022, where he has served as global chief operating officer and global chief risk officer. In an announcement on social media, Hood explained: “I have had the opportunity to develop deep relationships with our clients and stakeholders, witnessing the incredible growth of our clearing business in the US. “In my new role, I’m excited to continue driving this growth, working with our partners to deliver the industry-leading service and results the Marex team is known for.”Prior to joining ED&F Man Capital Markets, New York-based Hood spent 12 and a half years at MF Global, most recently as US head of market risk. Before that he worked as an options market maker at the American Stock Exchange, and a programmer at Prebon Yamane.The post Marex names new head of clearing, Americas appeared first on The TRADE.

RBC Capital Markets has joined the multi-dealer programme SPIRE (Single Platform Investment Repackaging Entity).The SPIRE platform – established back in May 2017 by BNP Paribas, Citi, Credit Suisse and JP Morgan – now has 18 dealers on the platform.Others include Barclays, Goldman Sachs, Crédit Agricole CIB, Morgan Stanley, BofA Securities Europe, HSBC, Societe Generale SA, and NatWest Markets, Santander, UBS and Credit Suisse.Fabian DePrey, global head of structuring at RBC Capital Markets, said: “As SPIRE’s only Canadian dealer, we are pleased to bring a new footprint and credit profile to investors. Our global structuring and product teams bring expertise, liquidity and solutions capabilities to the platform.“SPIRE is an important complement to our issuance and repack offering, and we look forward to integrating it into our broader solutions offering.”Specifically, SPIRE allows repackaged notes arranged by the members to be issued in standardised formats.Through the programme, investors are able to gain exposure to returns from various underlying collateral assets and customisable payoffs.“We are pleased to join our peers in supporting the continued development of the repackaging markets for the benefit of global institutional investors,” Sian Hurrell, head of RBC Capital Markets Europe and global head of sales and relationship management. “We believe that RBCCM’s client-focused strategy and experienced trading and structuring capabilities will make a positive contribution to the SPIRE platform.” Natixis, Deutsche Bank Aktiengesellschaft, Nomura, UniCredit Bank are also involved on the platform.The post RBC Capital Markets becomes first Canadian bank to join SPIRE multi-dealer platform appeared first on The TRADE.

Bloomberg has enhanced its front-office solution with the inclusion of a unified pipeline for real-time events, news insights, market data, pricing, and analytics.The Real-Time Events Data offering focuses on the option to subscribe to real-time, push-based updates which “only cover events of interest”, as opposed to “a firehose of information” – aiming to automate the full spectrum of workflows.Specifically, the notification-driven market event feeds extracts and normalises data from unstructured sources and enhanced the Bloomberg Market Data Feed (B-PIPE).Colette Garcia, global head of enterprise data real-time content at Bloomberg, explains: “Events data has traditionally posed challenges for front-office professionals due to fragmented disclosures and required manual searches across sources, time-sensitivity of the data, and the need to monitor up to thousands of tickers at once. “As the front-office embraces automation to navigate evolving market conditions driven by regulation, multi-asset trading strategies and volatility, Bloomberg is committed to delivering real-time events data alongside B-PIPE market data to empower customers to make informed, data-centric decisions for immediate alpha capture and effective risk management.”The solution is also set to be further supplemented later this year with information around corporate earnings, corporate events calendar, and economic releases.The post Bloomberg unveils real-time events data solution for front-office appeared first on The TRADE.

Euronext’s fixed income trading platform MTS has gone live with a new buy- and sell-side dealer to client protocol.Named the BondVision Dealer-to-Client (DCT), the newly launched offering is a multi-dealer buy– and sell-side focused protocol that covers rates, credit and repo.The offering was developed as part of the BondVision partnership announced by Euronext’s MTS in September last year.Read more – Euronext’s MTS partners with BondVision on growth initiative launch “The BondVision Partnership was established to improve market efficiencies, increase liquidity and promote market competition,” said Patrick Whelan, global head of FICC digital markets at JP Morgan.“As early supporters of this growth initiative, leading the adoption of the new DCT protocol further underscores our commitment to fostering innovation. By automating the process trade workflows, dealers can now focus on delivering service to clients, ultimately improving our capacity to serve clients with greater precision and speed.”MTS and BondVision confirmed that the new protocol will “address key operational challenges and enhance efficiencies in processed trade workflow through automation”.Dealers can send processed trades to clients via an API. MTS said dealers will drive the process to book risk internally and dispatch processed trades to their clients. Dealers can also input trades via the MTS BondVision sales GUI. “As part of Euronext’s ‘Innovate for Growth 2027’ strategic plan, MTS is committed to innovation in fixed income trading by continually developing its technology offering to meet the evolving needs of the market,” said Angelo Proni, chief executive of MTS.“DCT has been specifically developed as part of the BondVision Partnership and provides an elegant, functional solution to support our strategy.”MTS said the service will remove the need for manual trade entry of ticket fields for clients, improving STP connectivity.The post MTS launches buy- and sell-side dealer to client protocol appeared first on The TRADE.

SIX Group’s Bolsas y Mercados Españoles (BME) has launched a settlement system for foreign exchange transactions in a payment versus payment (FXS) mode. The implementation has been approved by the Bank of Spain.Specifically, the new system improves efficiency and reduces risks in FX transactions – an advantage over bilateral settlement, according to the exchange, wherein one counterparty faces the loss of the total transaction amount if the other does not deliver the sold currency. The offering is also set to reduce the reliance on credit lines, thus increasing both the number and volume of potential counterparties. José Manuel Ortiz, head of securities services (interim), said: “We are convinced that our neutral position as an operator of financial markets and the robustness of our technical infrastructure will allow us to offer a high-quality and highly available service to participants. “The implementation of the FXS service represents an important step towards greater efficiency and security in foreign exchange transactions in Europe.” Read more: BME implements new reform to bolster Spanish settlement systemFXS also offers potential for integration of the service into the SWIFT network and netting of all transactions between two counterparties.Once live, the system will be available to financial institutions across the EU and Switzerland.Going forward, BME confirmed that it is also working on other initiatives aimed at increasing its presence across the FX landscape.The post BME unveils new FX settlement system appeared first on The TRADE.

MEAG has become the first asset manager to leverage SimCorp and TS Imagine’s joint fixed income offering in a bid to streamline its trading execution, fulfilling the multi-asset class trading mandate of its centralised desk.SimCorp and TS Imagine initially partnered in 2017 and recently combined their products to offer an integrated, multi-asset class solution for asset managers – with SimCorp One users now having access to TS Imagine’s fixed income trade execution capabilities. Specifically, MEAG is now live on TS Imagine’s fixed income execution management system (EMS). Elke Wenzler, head of trading at MEAG, explained: “The decision to implement TradeSmart EMS was initially driven by MEAG’s multi-asset class trading desk requirement for a unified execution platform that could effectively handle both fixed income and exchange-traded instruments.“This objective has now been achieved, and we are benefiting from the enhanced workflow efficiencies, expanding liquidity access and improved trader productivity that the strategic partnership between SimCorp and TS Imagine has facilitated and continues to refine.”Read more: MEAG’s Elke Wenzler on the next generation trading deskMEAG is now able to access TS Imagine’s fixed income execution tools, data, analytics and liquidity network, whilst maintaining continuing to operate on SimCorp One – the integrated, front-to-back investment platform.Marc Schröter, chief product officer at SimCorp, said: “We are pleased to have expanded our partnership with TS Imagine as one of SimCorp’s key partners in the EMS space to provide asset managers like MEAG with seamless access to their fixed income trade execution capabilities within SimCorp One. “Since our partnership started in 2017, we have consistently enhanced our integration to improve front-office user experience and workflow automation, enabling mutual clients to optimise their investment operations.”The post MEAG to leverage SimCorp, TS Imagine offering to streamline trading desk execution appeared first on The TRADE.

Goldman Sachs has gone live with a new connectivity that will offer clients algo order status updates delivered via API on their FlexTrade execution management system.Andy Mahoney, Alex HarmanThe new offering is the first of its kind and designed to enhance buy-side visibility of algo orders throughout the trading day, building on existing capabilities in this sphere delivered via FIX connectivity.The service will give clients access to proprietary data on Goldman algos directly via EMS.“When a client sends an order to a GS algo, we are providing proprietary real-time data points back to the client’s EMS, giving them greater transparency and control of their orders,” Alex Harman, managing director, head of EMEA electronic and program trading at Goldman Sachs, tells The TRADE.“[There are] Questions that clients ask brokers across the street throughout the day, including ‘how many shares is the algo holding for the close’, ‘am I expecting a residual’, and ‘what’s my participation rate in the middle’ – we’re now giving that data to clients directly into their EMS.”The service is now live on FlexTrade’s EMS and is set to be expanded to other EMS’ throughout the second quarter. It will initially offer clients data across 15 metrics with plans to expand this further in the future.“Clients either want the data to automate routing or simply to make better decisions more efficiently,” added Harman. “Having the information at their fingertips means they have more control, more information and a better experience.”The go live is designed to improve visibility for buy-side clients and build on existing order status update offerings that are provided via FIX connectivity. The TRADE understands that there are three banks that offer this via FIX but broadly it is not offered across all electronic providers.“Under the current workflow without any order status update, essentially once you send the order, you’re blind apart from when the executions come back,” Andy Mahoney, managing director at FlexTrade, tells The TRADE.“The issue that EMSs, providers and brokers have found is that the delivering OSUs over FIX has certain caveats. You can’t deliver data too frequently because FIX isn’t suitable for that.”“There are a lot of overheads in terms of protocol recovery. When you recover a FIX session, you’re recovering all the messages, including stuff that is no longer relevant. It’s essentially transient data in the form of OSUs. It also precludes you delivering any additional or interesting content. It’s very rigidly formatted.”Mahoney confirms that the new API offering will give clients greater flexibility which can then be fed into execution decisions.“From an EMS perspective, digesting that order status update information allows you to make automated decisions on the back of it,” he explains. “For example, if there is going to be an expected residual at the end of the order, you may want to increase your participation or change the strategy automatically.”Goldman Sachs and FlexTrade confirmed that there is scope to add further metrics in the future and customise where necessary depending on the client. As the service is offered via API, Mahoney explains customisability is simpler and avoids a time consuming build out process.“If you were doing this over FIX, then if Goldman wanted to send an additional tag, it would require certification, upgrades and a long process to make sure we don’t compromise the fundamental trading architecture,” he says.“Now, given that this is a completely separate pipe, we can add new fields, remove fields, move things around, are and add additional content very easily.”The post Goldman Sachs and FlexTrade enhance algo offering with API order status updates appeared first on The TRADE.

big xyt has confirmed its intention to bid for the equities and ETF EU consolidated tape (CT).Robin MessThe firm flagged concerns around the importance of a competitive process as part of the motivations behind its bid, as well as asserting it had received “overwhelming” support from the industry. Thus far, the only other confirmed bidder for the tape is EuroCTP, headed up by Eglantine Desautel. Robin Mess, co-founder and chief executive of big xyt, explained: “We believe that competition in this selection process is essential to delivering the best possible outcome for all market participants. Our independent approach ensures that the resulting consolidated tape will serve the entire market fairly while advancing the regulatory goals of improved transparency and efficiency. big xyt highlighted that their bid specifically addresses the key industry concerns of: data quality, cost, and independence – allegedly free from any bias or impartiality.Its solutions include granular level 3 analytics, real-time trading analytics with nanosecond operation, and comprehensive pre- and post-trade analytics. The firm also offers data normalisation, harmonisation and quality assurance, as well as a cloud-native proprietary technology stack. “After careful consideration and in response to strong encouragement from our partners throughout the financial ecosystem, we are stepping forward to offer the market an independent consolidated tape solution,” added Mess.“Since 2014, we have set the highest standard possible for transparency across markets. By building our own tape, we’ve created the foundation for best-in-class pre- and post-trade analytics. This capital-efficient solution not only enhances the quality of our insights but also reinforces our ongoing commitment to market integrity and accessible, high-quality information.”The post big xyt enters equities consolidated tape race appeared first on The TRADE.

Jeff Zuckerman has returned to Tourmaline Partners after four years to take up a managing director role.He previously left the firm to take up an outsourced trading-focused position at Wells Fargo in 2021.“I’m excited to return to Tourmaline Partners, where I can offer my clients a unique infrastructure that enables me to focus on their needs while leveraging the firm’s scale and sell-side relevance,” said Zuckerman.“Tourmaline has always stood out for its commitment to both its clients and its employees, and I’m eager to continue to grow alongside the team while providing my clients with a more tailored and efficient trading experience.”Prior to joining Tourmaline in 2014, New-York based Zuckerman worked across both the buy- and sell-side, experience which the outsourced trading firm is keen to leverage with his return.Previous experience includes roles at: Deutsche Bank, Blackstone and Ziff Brothers.Read more: Tourmaline Partners makes change to US head trader role as part of growth plansAaron Hantman, chief executive of Tourmaline Partners, said: “We are thrilled to welcome Jeff back to the Tourmaline Partners team. His experience across both the buy- and sell-side, as well as his client-first approach, make him a perfect fit for our platform.“With the firm’s unwavering commitment to offering an independent and agile platform, and Jeff’s previous experience, he will be in an ideal position to continue delivering exceptional results for our clients.”The post Wells Fargo outsourced trading expert returns to Tourmaline appeared first on The TRADE.

Financial market infrastructure provider SIX has launched a new regulatory data service for financial institutions exploring the provision of digital asset services.  The new package, called the Digital Assets Regulatory & Tax Service, will provide institutions with a single information source to help identify their exposure to digital assets and remain compliant with evolving regulations.  Firms will be able to assess whether certain digital instruments, such as tokens and blockchain-based assets, fall under the scope of regulatory and tax requirements. They will be able to monitor, flag and process changes in existing regulatory and tax requirements that relate to their digital assets.  The tool covers a wide variety of new and evolving regulations, including the European regulation on Markets in Crypto-Assets (Mica), the Markets in Financial Instruments Directive (Mifid), the Organisation for Economic Co-operation and Development’s (OECD) Crypto Asset Reporting Framework (CARF), and the Internal Revenue Service’s Form 1099–DA. In addition, the tool includes all traditional financial assets linked to an underlying crypto asset, aligning with Hong Kong’s virtual assets regulatory framework. Roy Kirby, head of core products at SIX, said: “This tool couldn’t arrive at a more opportune time for financial institutions in Europe and farther afield. It will provide firms with an extremely detailed and reliable snapshot of their digital assets obligations across an incredibly vast array of crypto-based instruments.  “Critically, it will do so at a time when the regulatory landscape for digital assets is shifting at an unprecedented rate. More and more institutions across the globe are rallying to adopt digital assets in a safe and secure fashion, and comprehensive data tools like this will be essential in enabling them to do so.” The roll-out comes at a time of burgeoning institutional demand for digital assets, with a number of asset servicers and market infrastructures looking to capitalise in the fast-growing space – further buoyed by a string of positive regulatory developments in the sector.  In Europe, the wide-reaching Mica regulation has been in effect since the turn of the year, while US regulators have this year announced a number of measures to encourage participation and growth in the space.The post SIX rolls out regulatory data service for digital assets appeared first on The TRADE.

Linedata has completed the acquisition of NROAD, as it seeks to enhance its suite of tools for asset managers, credit institutions, and compliance teams through integrated artificial intelligence (AI).Aashish MehtaSpecifically, NROAD works across the AI automation space, providing AI agents and solutions for processing financial data and its specialised AI agents, domain-specific solutions, and proprietary CONVUS platform will be integrated into Linedata’s portfolio.The move is set to help Linedata clients to streamline operations, reduce costs, and uncover deeper insights, according to the business.“Linedata’s global reach and established infrastructure will allow us to expand the reach of our AI solutions, accelerate our growth, and, more importantly, fast-track innovation and create additional value for our clients,” said Aashish Mehta, founder and chief executive of NROAD. The acquisition is set to expand Linedata’s reach across the US market, leveraging NROAD’s regional presence and existing clients – including global banks, rating agencies, and payment processors.Read more: Asset managers are prioritising operational efficiency via automation above all, Linedata survey revealsAnvaraly Jiva, founder and chief executive of Linedata, said: “NROAD’s AI-powered financial data processing expertise perfectly aligns with our strategic vision, allowing us to deliver exceptional value to our clients.“Aashish and his team of seasoned executives, including data scientists and AI experts bring extensive experience in building and marketing successful fintech solutions for enterprises, which will be key in integrating and promoting a combined offering.”The post Linedata acquires AI-enabled data business NROAD appeared first on The TRADE.

Spring is a time for new beginnings and that can certainly be said for both the markets and our internal day-to-day here at The TRADE.Seismic innovations in the way that stocks and shares are trading – namely the extension of equities trading hours to a 24/5 model – look set to come to fruition in the next year. While the US appears bullish with its plans to extend its trading day, the UK and Europe remain reluctant to follow suit.This Q1 edition explores this and more, with heaps of content to get stuck into. You’ll  also find included the long-only results from our Algorithmic Trading Survey, as well as the latest news and moves.Starring on our cover for this quarter is director of equity trading at Glenmede Investment Management and winner of The TRADE’s Buy-side Market Structure Expert of the Year Award 2024 at Leaders in Trading New York, Melissa Hinmon. Alongside her in this issue’s buy-side line up is a Meet the Desk interview with Fidelity International’s foreign exchange trading desk, and a Q&A interview with Pictet Asset Management’s Jade Beckmann.As the markets outside of The TRADE’s four walls shift, look within and you’ll find it’s a time for change inside our house also. It’s with a heavy heart that we say goodbye to our long-standing reporter Wesley Bray who leaves us at the end of March to explore a new career path.Wesley’s contribution to The TRADE over the last four years has been central to our beloved publication’s growth and success and we wish him all the very best for the future. As the saying goes, when one door closes another one opens, so watch this space for a new face joining The TRADE on its beat.Take a look below for more detail on the Q1 content:Buy-side cover interview – Building success in a fragmented USAnnabel Smith sits down with Melissa Hinmon, director of equity trading at Glenmede Investment Management and winner of The TRADE’s Buy-side Market Structure Expert of the Year Award at Leaders in Trading New York 2024, to explore her career path thus far, discuss advice for those starting out in the industry, and highlight the standout market structure themes for 2025.In depth – An un-unified approach to expanding equities trading hoursAs the US and Europe continue to take opposing approaches to extending trading hours, Wesley Bray explores what’s encouraging division of thought, arguable benefits and the potential long-term market impact.Webinar recap – The 2025 outlook: What’s on the innovation horizonThe trading world faces a year of significant transformation driven by extended trading hours, AI adoption, and T+1 settlement. During a recent TRADE webinar, industry leaders discussed key innovations, liquidity concerns, and evolving market structures shaping the future of trading.Meet the Desk – Fidelity International: Championing individuality in the real money worldClaudia Preece sits down with Fidelity International’s global FX desk – winner of the 2024 Foreign Exchange Trading Desk of the Year – to explore the key ingredients for a successful team, highlighting their focus on well- rounded traders, the importance of a hands-on approach to technology, and plans for further expansion.The Big Interview – Pictet Asset Management’s Jade BeckmannClaudia Preece sits down with one of The TRADE’s 2024 Rising Stars and equity trader at Pictet Asset Management, Jade Beckmann, to discuss the dynamic on the firm’s desk, delving into what’s front of mind for the team for the rest of 2025 and unpacking which factors are set to have the biggest impact on traders’ day-to-day life now, and into the future.In depth – Keeping the APAC door open as Europe moves to T+1With Europe traditionally trading with APAC markets more than the US – thanks to shared market hours – a symbiotic relationship has emerged, but what does this mean when it comes to the European shift to T+1? CLAUDIA PREECE delves into the real cost of being out of global alignment, the impacts of fragmentation, and the potential for ‘third mover advantage’.The TRADE’s Algorithmic Trading Survey Long-only 2025: A resurgence driven by innovation and market adaptationAfter recent years of stagnation, The TRADE’s Algorithmic Trading Survey records a resurgence of growth, fuelled by innovation in strategy development and implementation, as long-only firms navigate increasingly complex and volatile markets.Closing bell – A quick farewellWesley Bray reflects on his time with The TRADE as he looks to his next chapter.Read the full issue here.The post The TRADE’s Q1 Magazine: Now available online! appeared first on The TRADE.

Senior equities trader for EMEA, Georgina Flynn, is set to leave Fidelity International, The TRADE can reveal.Flynn has been with Fidelity since 2016 when she joined as an equities trader for EMEA.“Georgina Flynn has informed us she will be leaving Fidelity International to spend more time with her family,” said a Fidelity spokesperson.“We thank her for her contribution to the business over the last eight and a half years and wish her every success for the future.”Flynn has an extensive career to date in trading, having spent the last eight and a half years at Fidelity.Prior to joining Fidelity, she spent four and a half years at Merrill Lynch as a pan-European sales trader following an internship at the bank.Previously in her career, she also undertook a sales trading internship at Sanford C. Bernstein.Flynn’s departure comes amid a string of moves at Fidelity International in the last few weeks.Notable moves include the departure of equity trader Dominic Eccles who is set to return to Federated Hermes after two years, and head of debt capital markets for EMEA, Stephen Whyman, who is leaving Fidelity after seven years to pursue another “entrepreneurial path”.The post Senior Fidelity equities trader departs appeared first on The TRADE.

Christopher Hartfree has joined 360T as sales manager Nordics following six and a half years with the London Stock Exchange Group (LSEG).He most recently served as head of new business and sell-side relationship manager. Copenhagen-based Hartfree has more than two decades’ experience working in the foreign exchange sphere, dealing with both the buy- and sell-side.He has spent the majority of his career working across offerings within Thomson Reuters and Refinitiv (formerly Thomson Reuters Matching/FXall), and more recently LSEG. Read more: Fireside Friday with… LSEG’s Emily PrinceSpeaking in an announcement on social media, Hartfree said: “360T is driving FX innovation with best-in-class solutions, new data feeds, and more. Looking forward to working with clients and partners across the Nordics – and being part of an amazing team!”So far in 2025, LSEG has seen other high profile departures, including data and analytics head Satvinder Singh who departed in February, as well as Quentin Limouzi, the Group’s global head of investment management and execution solutions who left in January this year. The post LSEG sell-side relationship manager joins 360T appeared first on The TRADE.

HSBC has invested an undisclosed amount into futures industry technology provider, FIA Tech.Najib LamhaouarThe bank is the thirteenth global clearing firm to invest in FIA Tech and is set to also sit on its board of directors.The move is set to contribute to FIA Tech’s global expansion, accessing a wider range of clients across Europe, APAC, and the Middle East, diversifying the client base.Najib Lamhaouar, global head of derivatives clearing services, HSBC, said: “FIA Tech has a proven track record of delivering best-in-class services that connect buy- and sell-side participants to improve efficiency, reduce risk and create long-term scale for our growing industry. “We look forward to working closely with FIA Tech on their future initiatives.”Other investors in the consortium comprise of: ABN AMRO Clearing, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Societe Generale, UBS, and Wells Fargo.Overall funds raised are earmarked for FIA Tech’s Trade Data Network, as well as its overarching aim of improving the operational resilience of the industry. Read more: FIA Tech adds block trading capabilities to brokerage settlement platform“HSBC has long been a partner of ours in developing innovative solutions for our industry, so bringing them formally into our ownership consortium was a logical next step,” said Nick Solinger, president and chief executive of FIA Tech.“HSBC’s strong footprint in the Middle East and Asia will also help us expand our global reach and diversify our client base in other regions.”The post HSBC becomes thirteenth global clearing firm to invest in FIA Tech appeared first on The TRADE.

The TRADE is thrilled to announce that the Leaders in Trading New York awards gala will be back for a second year following its enormously successful 2024 launch. Consider this your save the date for an evening recognising the outstanding achievements of the trading and execution industry in North America. Set to be held at Current in New York City on 18 November, the awards will celebrate  the top desks and traders in the coveted Buy-Side Awards, honour leading market players from across the industry in the Editors’ Choice categories, and recognise the top performers in The TRADE’s industry-leading Algorithmic Trading, Execution Management System and Outsourced Trading Surveys. The event follows Leaders in Trading, held at The Savoy in London – The TRADE’s annual sell-out showstopper event. The evening not only offers the opportunity to network with some of the biggest names in the industry but also celebrate the industry’s achievements throughout the year.Following the success of last year, Leaders in Trading New York 2025 will be a glittering night, honouring the finest talent and commitment to the trading industry across asset managers, hedge funds, banks, brokers, exchanges and vendors. The TRADE will reveal shortlists of the best and brightest throughout 2025 – stay tuned for award nominations!Should you wish to attend the awards, please contact Patrick Wright at patrick.wright@thetradenews.com to book a place at our dinner.If you are a member of the buy-side community and would like information on attending Leaders in Trading New York as a guest of The TRADE please contact Karen Delahoy at  karen.delahoy@thetradenews.com.The post Your invite to Leaders in Trading New York! appeared first on The TRADE.

Cboe Global Markets has confirmed that Cboe Clear Europe now clears European SFTs in cash equities and ETFs.Vikesh PatelThe first-of-its-kind service transforms the bilateral process for SFTs for these asset classes into a centrally cleared model.Specifically, the service utilises BNY and JP Morgan as tri-party collateral agents, with Pirum serving as the transmitter of new trade instructions and post-trade lifecycle events for clients.Several entities are already on board, with other banks, asset managers, broker-dealers, and agent lenders having also completed final testing in preparation for clearing.Move comes as Cboe seeks to make the trading of SFTs more capital efficient, especially as regards risk-weighted assets.The offering also provides: savings from cross-margining between cash equities and SFTs, greater settlement efficiencies, elimination of agent lender disclosures, and improved practices around fees management and corporate actions, explained Cboe.“This launch responds to strong client demand for a clearing solution to help improve the capital efficiencies associated with stock borrowing and lending activities – delivering significant benefits to all participants in this ecosystem, including asset owners which lend out inventory as a way of generating additional income for their members,” said Vikesh Patel, president of Cboe Clear Europe. “[…] We look forward to building out this new ecosystem and exploring opportunities to expand the service into other asset classes and regions.”This development from Cboe has been informed in part by the increased regulatory, capital and operational burdens as regards SFTs being imposed by: Central Securities Depositories Regulation, Securities Financing Transactions Regulation, and planned Basel IV implementation. Among the first to utilise the new offering were JP Morgan and Natixis CIB, confirmed Cboe, acting as borrower and principal lender respectively.Speaking about the trade, Grégoire Froehlich, GSF trader at Natixis CIB, said: “Clearing SFTs at Cboe Clear Europe enhances our capital efficiencies and reduces operational complexities associated with these products. We’re delighted to be among the first participants to clear this product at Cboe Clear Europe.”The post Cboe Clear Europe begins clearing of European Securities Financing Transactions appeared first on The TRADE.

Liontrust’s chief commercial officer and former head of trading, Matt McLoughlin, left the UK-based asset manager after 10 years, The TRADE revealed. His departure followed news broken by The TRADE in January that Liontrust was exploring outsourcing its trading to BNY. McLoughlin originally joined Liontrust in 2015 as a senior trader before working his way up through the ranks to become head of trading in 2016. He assumed his most recent role as chief commercial officer in 2023, responsible for overseeing the development of commercial strategies of the Group as well as maintaining oversight of the trading desk. During his tenure, McLoughlin co-led a redesign of the firm’s operating model, integrating a cloud-native data architecture while automating a significant portion of multi-asset execution, and implementing an upgraded trading and investment platform.Industry stalwart McLoughlin has an extensive career history in trading, having previously served as a global equity and derivatives trader at Legal & General Investment Management (LGIM) for a year and as a senior trader at RAB Capital for five and a half years. He currently serves on the board of directors at Plato Partnership. McLoughlin was recognised as one of The TRADE’s Rising Stars of Trading and Execution in 2016. Under his stewardship, Liontrust was awarded The TRADE’s Multi-Asset Trading Desk of the Year and Mid-Cap Trading Desk of the Year in 2022 and 2017 respectively.During McLoughlin’s time with Liontrust, the asset manager grew from $4 billion in AUM to a peak of $50 billion across a global, multi asset platform – he also co-led a redesign of the firm’s operating model, integrating a cloud-native data architecture, automating its multi-asset execution, and implementing a new trading and investment platform.Fidelity International’s head of debt capital markets for EMEA, Stephen Whyman, is set to leave the buy-side firm, as revealed by The TRADE can reveal. According to an update on his social media, Whyman is leaving Fidelity after seven years to pursue another “entrepreneurial path”. Whyman has been with Fidelity International since 2018 where he joined as a senior fixed income trader.He assumed his most recent role as head of debt capital markets for EMEA in 2022. He originally joined Fidelity from BlackRock where he had been operating as an emerging markets fixed income trader. Previously in his career, he also spent three years at ABN AMRO N.V in emerging markets roles and two and a half years at Bear Stearns International Trading.“Leaving Fidelity has been one of the hardest decisions I’ve made, but I feel the time is right to pursue a more entrepreneurial path outside of the company. I am deeply grateful for the opportunities I’ve had whilst here and I hope I can find similarly rewarding challenges outside,” he said in his update. The new entrepreneurial path is unconfirmed.Mark Turner has joined Liquidnet as managing director, co-head of sales and trading, Americas.He joins from Instinet where he had worked for 32 years, most recently as MD and co-head of sales and trading, Americas. New-York based Turner joins the firm as it continues with its global expansion. Instinet declined to comment when approached by The TRADE.The post People Moves Monday: Liontrust, Fidelity International and Instinet appeared first on The TRADE.