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Is LSEG set to become first venue to move to 24-hour in Europe and the UK?

The London Stock Exchange Group (LSEG) may become the first trading venue to pave the way for 24-hour trading in Europe and the UK. First reported by the FT on Sunday, a source familiar with the matter has suggested to the publication that LSEG is exploring a shift to extended hours to address an increasing demand for longer trading windows from small investors trading on smartphones outside of the current 8am to 4:30pm market hours.  The group is believed to be considering the technological and regulatory implications of the move, as part of further discussions surrounding the creation of new products and services.  LSEG declined to comment when approached by The TRADE. A shift to either extended trading hours or 24-hour trading would make LSEG the first UK or European trading venue to move to this model and follows a marked uptake in interest in the US, following the rise of crypto and retail participation. Over the past few months, platforms such as OTC Markets and Blue Ocean Technologies have announced partnerships expanding their out of hours trading offering.  Read more – LiquidityBook leverages Blue Ocean ATS to extend overnight trading Similarly, in October 2024, the New York Stock Exchange (NYSE) proposed plans to extend weekday US equities trading to 22 hours a day, while 24X National Exchange received approval from the US Securities and Exchange Commission (SEC) for near-continuous sessions for equities trading.  Cboe Global Markets also revealed plans in February to expand its trading hours for US equities, moving to a 24/5 model, subject to regulatory approvals. This was followed by news revealed in March that Nasdaq had begun engaging with regulators to enable 24/5 trading on the Nasdaq Stock Market.   Read more – An un-unified approach to expanding equities trading hours The question of whether Europe should follow its overseas counterparts and move to extended trading hours has gained considerable traction in recent months, yet overall sentiment appears to be uncertain. The role of retail has been central to the debate, with many in the industry noting a marked difference in volumes in the UK and Europe than those seen in the US.  “Retail is probably around 5% of the market in Europe, compared to 20–25% in the US,” said Chris Collins, senior trader at Lazard Asset Management, speaking to The TRADE. “There’s just not the same scale or structure of retail activity here. So, building policy around the US model risks missing the mark.”  Read more – Rethinking market hours: Why Europe should follow behaviour, not headlines Additionally, Europe’s primary markets operate the longest continuous equity trading day in the world, with most of them running at eight and a half hours. However, many in the UK and Europe believe that aligning primary hours with natural liquidity formation instead of extending hours instead will bring the most benefits.  Collins said: “It’s easy to assume that 24-hour access equals round-the-clock activity,” he says. “But when you drill into the numbers, it’s a rounding error. The real liquidity is still concentrated during the main session. The rest is mostly noise.”  The post Is LSEG set to become first venue to move to 24-hour in Europe and the UK? appeared first on The TRADE.

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People Moves Monday: SIX, Marex, Liquidnet and more…

SIX Adam Matuszewski has rejoined SIX as managing director and part of the management committee for exchanges, following a year-long stint at Citadel Securities, The TRADE can reveal.   London-based Matuszewski returns to SIX after having previously left in February 2024 following a 10-year tenure with the firm.   During his time at the exchange, he served as head of equities and executive director, as well as covering various product management roles in equities.   After leaving SIX, he joined Citadel Securities as head of EMEA business development in March 2024.   Marex Serhan Eryuksel has joined Marex’s outsourced trading team, focused on sales in the UK, Europe and MENA. London-based Eryuksel most recently spent 15 years at UBS – predominantly in senior sales and equity trading roles before heading up the business development of UBS’ outsourced trading platform across EMEA.  At UBS he also served as trading back-up for the London multi-asset trading desk. Previously in his tenure, Eryuksel has also served as director of global emerging markets sales trading and head of equity trading and vice chair of UBS in Turkey. Massimo Labella, co-head of international prime brokerage and outsourced trading at Marex, said: “Serhan’s arrival strengthens our ability to connect with managers across regions and strategies, as demand for outsourced trading continues to grow.” Liquidnet Juan Ferrer Pons has joined Liquidnet as a listed derivatives sales trader, as part of the firm’s wider push to expand its listed derivatives business.   In his new role, Ferrer Pons will be based out of Madrid and is set to support the firm’s members in Continental Europe by providing tailored liquidity solutions and helping them navigate local markets to enhance regional execution.   Ferrer Pons joins from TP ICAP, where he worked as an equity derivatives broker for more than three years.   Previously in his career, he also spent almost 15 years at BBVA, where he covered trading roles including volatility, equity derivatives and funds of hedge funds (FoHF).   Clear Street Chris Tufano has joined Clear Street as the firm’s new head of clearing, following an almost nine-year tenure at Bank of America.   New York-based Tufano brings more than 20 years of industry experience to his new position, which will see him working towards delivering a robust clearing platform and client experience alongside the firm’s trading, risk, operations, technology and client service teams.   He is also set to oversee the business’ margin, collateral and settlement processes.   Speaking on his appointment, Tufano said: “I’m proud to join Clear Street to lead the broker-dealer clearing division at a time when the industry demands scalability, speed and simplicity.” During his time at Bank of America, he served as a managing director, member of the board of directors and global head of clearing and prime brokerage platform transformation.  He has also previously held senior roles at Morgan Stanley and Goldman Sachs, working across areas including electronic trading, broker dealer clearing business, product development and account management.   TD Securities Yi Chi Lin has joined TD Securities as director, US head of fixed income and FICC trade surveillance.   New York-based Lin joins after serving more than seven years at BNP Paribas CIB, most recently as AMER head of quality assurance.   During his time at the firm, he also held the positions of vice president, FICC trade surveillance manager and assistant vice president, compliance trade surveillance analyst.  Previously in his career, he spent almost eight years at Jefferies as a senior FX trader.  Before this, he also worked as an FX trader at MUFG and a currency spot dealer and trader at FXCM.  The post People Moves Monday: SIX, Marex, Liquidnet and more… appeared first on The TRADE.

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TD Securities appoints US head of fixed income and FICC trade surveillance

Yi Chi Lin has joined TD Securities as director, US head of fixed income and FICC trade surveillance.  New York-based Lin brings extensive FX trading and FICC compliance trade surveillance experience to his new position, which he joins after serving more than seven years at BNP Paribas CIB, most recently as AMER head of quality assurance.  During his time at the firm, he has also held the positions of vice president, FICC trade surveillance manager and assistant vice president, compliance trade surveillance analyst. Previously in his career, he spent almost eight years at Jefferies as a senior FX trader. Read more – Fireside Friday with… TD Securities’ Matthew Schrager Before this, he also worked as an FX trader at MUFG and a currency spot dealer and trader at FXCM. Lin confirmed his new position in an announcement on social media.  TD Securities had not responded to a request for comment at the time of publication.  The move follows the addition of Greg Levett, Neil McKay and David Abraham as TD Securities’ new managing directors of its event driven sales and trading team in April 2025. All three hires transferred from BTIG and are expected to build the firm’s presence across European equities and special situations.  The post TD Securities appoints US head of fixed income and FICC trade surveillance appeared first on The TRADE.

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Bratislava Stock Exchange becomes EuroCTP’s sixteenth shareholder

EuroCTP has welcomed the Bratislava Stock Exchange as its sixteenth shareholder ahead of the European Securities and Markets Authority’s (ESMA) selection of the consolidated tape provider (CTP) for equities expected later this year.  Eglantine DesautelThe addition of the exchange now expands EuroCTP’s shareholder base to include all 27 EU member states, and the firm has said that the move aligns with its vision to create a pan-European participant for the ESMA tender.  Speaking on the addition, Eglantine Desautel, chief executive of EuroCTP said: ““We are excited to welcome Bratislava Stock Exchange among our shareholders. EuroCTP now has secured shareholders from all 27 EU Member States, reflecting our ambition to build a pan-European market infrastructure. As a joint venture, EuroCTP remains open to new shareholders who share its vision of advancing the EU’s single market.”Among the other shareholders are European exchange groups including the Budapest Stock Exchange, SIX, Euronext, Cyprus Stock Exchange, Athens Exchange Group and Nasdaq.  In a statement published on social media, the Bratislava Stock Exchange commented: “This is an important milestone that strengthens our common European presence and gives weight to the shared vision of developing an integrated capital market in the EU.” Read more – EuroCTP’s Eglantine Desautel on the future of European market structure Currently, EuroCTP is the only confirmed bidder for the equity tape, after bigxyt dropped out of the bidding process in June 2025, citing a lack of necessary financial support as the main reason for the withdrawal.  The addition of the Bratislava Stock Exchange also follows recent news that ESMA had unveiled a list of more than 40 potential data contributors for the equity CTP, which included Aquis Exchange, Bloomberg, Cboe, Euronext, LSEG, Nasdaq and Tradeweb. The selection process for the equity CTP began on 12 June 2025, with applications open until 25 July, and ESMA has said that a decision is expected to be made by the end of the year.   The post Bratislava Stock Exchange becomes EuroCTP’s sixteenth shareholder appeared first on The TRADE.

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Former head of equities at SIX returns as managing director after Citadel stint

Adam Matuszewski has rejoined SIX as managing director and part of the management committee for exchanges, following a year-long stint at Citadel Securities, The TRADE can reveal.  London-based Matuszewski returns to SIX after having previously left in February 2024 following a 10-year tenure with the firm.  During his time at the exchange, he served as head of equities and executive director, as well as covering various product management roles in equities.  After leaving SIX, he joined Citadel Securities as head of EMEA business development in March 2024.  SIX confirmed Matuszewski’s appointment. Citadel Securities had not responded to a request for comment at the time of publication. Read more – SIX promotes its global exchange head to become CEO as Dijsselhof steps down Matuszewski’s return follows significant developments for SIX in recent months. At the beginning of July, the exchange completed its acquisition of Aquis, eight months after the deal was announced in November 2024.  The move provides both SIX and Aquis with an aggregated 15% market share and access to 16 capital markets across Europe.  The post Former head of equities at SIX returns as managing director after Citadel stint appeared first on The TRADE.

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Editors’ Choice Awards nominations now open for Leaders in Trading awards in London and New York

Nominations for the 2025 Editors’ Choice and Innovation Awards across The TRADE’s prestigious Leaders in Trading and Leaders in Trading New York are now open.Don’t miss your chance to have your say in the 2025 winners across categories spanning trading venues, technology, data, market structure, retail, liquidity provision and more.Participants have until 12 September to nominate their champions across the two awards ceremonies.Nominate hereThe Innovation Awards will recognise those product launches, initiatives, services or use of new technologies which we believe are innovative within the space of trading and execution, as well as companies that have made a difference through an innovative approach in the industry over the past year. Please note we select a handful of winners based on entries, with no shortlists published.Meanwhile the Editors’ Choice Awards will recognise those firms that have gone above and beyond in 2025 to develop the industry and service their clients. While we create shortlists for these categories within our editorial judging panel, we welcome nominations and supporting information to assist our decision-making process.Winners of both the Editors’ Choice and Innovation Awards will be determined by an editorial panel headed up by TRADE editor Annabel Smith and presented on stage at the two separate awards ceremonies alongside The TRADE’s other prestigious awards categories including Buy-Side, Algorithmic Trading, Execution Management Systems, and Outsourced Trading.The TRADE’s annual Leaders in Trading glittering gala awards night will be taking place in its usual style at The Savoy Hotel in London on Thursday 6 November.Also returning for its second year after our inaugural ceremony in 2024 is Leaders in Trading New York. The ceremony will take place on Tuesday 18 November at Chelsea Piers in New York.Should you wish to attend either of the awards, please contact Daljit Sokhi daljit.sokhi@thetradenews.com or Matthew Aldred matt.aldred@thetradenews.com to book a table for the dinner.If you are a member of the buy-side community and would like information on attending Leaders in Trading or Leaders in Trading New York as a guest of The TRADE then please contact Karen Delahoy at karen.delahoy@thetradenews.com.The post Editors’ Choice Awards nominations now open for Leaders in Trading awards in London and New York appeared first on The TRADE.

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Man Group to acquire US private credit manager Bardin Hill

Man Group has entered an agreement to acquire US private credit manager Bardin Hill, marking a further expansion for the investment manager’s increasing credit platform.  Jason DillowNew York-based Bardin Hill currently holds approximately $3 billion in assets under management (AUM), and the acquisition is expected to complement and strengthen Man Group’s credit platform, which consists of almost $40 billion AUM, more than ten specialist teams and over 100 credit professionals.  As part of the deal, Bardin Hill’s investment committee, team and processes will be maintained, and chief executive Jason Dillow will continue to lead the business. Speaking on the acquisition, Dillow said: “Man Group’s extensive distribution network, sophisticated institutional platform and cutting-edge technology will help us strengthen our opportunistic and performing credit strategies for existing Bardin Hill investors, while offering new investors access to Bardin Hill products.  “As volatility and dislocation within credit markets persist, we believe a tremendous opportunity exists to leverage our combined strengths to deploy capital and deliver compelling returns for clients.”  Man Group’s current private credit offering centres on direct lending, credit risk sharing and residential real estate lending strategies, while Bardin Hill’s offering consists of both an opportunistic and performing credit platform.  Read more – Man Group’s Antish Manna Man Group has also said that the acquisition aligns with the firm’s drive to expand its presence in North America, following its agreement to acquire the $11.8 billion AUM US private credit manager, Varagon Capital Partners in July 2023.  “Following our acquisition of Varagon in 2023, we are delighted to be able to offer clients another high quality, specialised team with excellent credentials, a rigorous and selective investment process, and experience through different market cycles,” said Steven Desmyter, Man Group president.  “We see real potential for growth in both opportunistic and performing credit and we look forward to working with Jason and the team to capitalise on that.” The post Man Group to acquire US private credit manager Bardin Hill appeared first on The TRADE.

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Global exchange revenues up 7.5% in four years, reaching $60 billion

Global exchange revenues reached $58.9 billion in 2024, demonstrating a 7.5% increase since 2020, according to findings in TP ICAP’s ‘exchange global share and segment sizing’ report. The report confirmed generally strong trading across most asset classes and stronger capital formation spurring this growth, with particularly strong gains in trading, clearing, and settlement (TC&S) and market technology and access (MT&A). Specifically, TC&S accounts for 60.3% of Asian revenues, 51.9% of EMEA revenues, and 50.2% of revenues in the Americas. The segment remains the largest business segment for the global exchange industry – revenue totalled $30.6 billion, up 9.8% year-on-year for 2024, and accounted for 52.8% of all industry revenues. The revenue increase has also in part been put down to the fact that global exchanges have become major holders of core capital markets technology and data assets over the last four years, bolstered by acquisitions of technology and data vendors supporting their innovation. “Exchanges are looking beyond traditional transaction-based revenue streams towards data offerings, leveraging current infrastructure, and deploying M&A activity to gain a strong foothold in the data space,” explained TP ICAP. Read more: Some exchanges pocketing nearly £5 billion from ‘inexplicable’ market data price rises, finds report Overall, 2024 was “a tale of strong equity, fixed income, commodities, energy, and metals trading and clearance,” confirmed TP ICAP, with the upwards trajectory projected to continue. The report profiled some of the largest global trading venues, including: SIX Group, CME Group, Cboe Global Markets, Deutsche Boerse, Euronext NV, HKEX, JPX, Intercontinental Exchange (ICE), London Stock Exchange Group, and Nasdaq among others. On the global stage, the major US exchanges (specifically ICE, CME, Nasdaq, and Cboe) had the best showing in 2024, each increasing more than 8% since 2023. Within Europe, TP ICAP findings showed that Euronext revenue increased the most – 10.3% – while Deutsche Boerse and LSEG went up 8.4% and 4.5% respectively. In APAC, HKEX was found to be the fastest-growing market in Asia, with revenue up 9.6% in 2024, and Singapore was also a stand out with a recorded growth of 6.1% year-on-year. The strong performances across the globe from exchanges is another facet of trading venues’ solid position across capital markets, all demonstrating a key focus on futureproofing. One major indicator are several developments in recent times regarding mergers and acquisitions between players in the space. The consolidation is seeing a previously fragmented stock exchange landscape becoming ever more interconnected. Just this month, SIX completed its acquisition of Aquis, eight months after the deal was first announced. Through the move, SIX and Aquis are have an aggregated 15% market share and access to 16 capital markets across Europe and the venues have already confirmed opportunities for “seamless trading” across multiple venues. Similarly, in June 2025, Miami International Holdings closed the £70 million acquisition of The International Stock Exchange, with MIH acquiring the entire issued and to be issued ordinary share capital of TISE not already owned by MIH East Holdings.  Most recently, Euronext confirmed that it was in talks to acquire Athens Stock Exchange in a deal valuing the venue at €399 million (on a fully diluted basis). The combined group would run on a unified trading and post-trade technology, with a cross-border clearing framework. The post Global exchange revenues up 7.5% in four years, reaching $60 billion appeared first on The TRADE.

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OptimX completes first live US equity trades on bilateral liquidity network

Institutional trading technology provider OptimX has executed its first live US equity trades on its bilateral liquidity network, in a bid to streamline trader workflows.  The network is expected to remove disruptions to existing strategies or infrastructure while simultaneously helping institutional traders to direct flow with control and transparency, as well as connect with liquidity providers directly at the source and prioritise relationships.  The provider has said that the trades reflect an increasing demand for integrated broker-aligned workflows across the industry and is designed to provide both brokers and clients with fast setup without routing risk. “This is a pivotal moment for OptimX,” said David Barnett, founder and chief executive of OptimX.  “Our first live trades prove that you can modernise equity trading without disrupting what works. We’re not here to replace existing channels. We’re here to reconnect the ones that matter, in a way that works for both sides of the trade.” The provider has also said that the launch of US trading is set to pave the way for further bilateral equity growth and coverage expansion spanning key institutional counterparties. “With US trading now live, we’re focused on scaling our network and deepening relationships with counterparties who share our vision for a more connected market,” Barnett told The TRADE.  The successful completion of the trades follows a marked push for growth in the liquidity market by OptimX in recent months. In January 2025, the firm announced a new integration with State Street’s order and execution platform, Charles River, to allow OptimX to provide greater bilateral liquidity directly to the institutional buy-side directly via their systems, offering an alternative to going out into the lit markets. Similarly, in February 2025, BTIG and OptimX Markets unveiled a new partnership which will see the firm deliver BTIG’s offering direct to institutional buy-side desks. The post OptimX completes first live US equity trades on bilateral liquidity network appeared first on The TRADE.

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Bloomberg BFIX includes EBS Market data to expand spot FX capabilities

Bloomberg FX Fixings (BFIX) is set to include EBS Market’s spot FX transactions in its offering, as part of an agreement between Bloomberg Index Services Limited (BISL) and CME Group.  Colin GallagherBy including and using FX transaction data, the offering is expected to assist clients and market participants in matching BFIX, to enhance efficiency and reduce risk.  The firm has also said that the addition of EBS Market transaction data also aligns with BFIX’s aim to provide reliability and transparency in FX fixings for global currency markets.  “The trade data from a leading primary market venue like EBS Market will complement our benchmark and strengthen the ability of banks to take on larger orders developing from the buy-side on BFIX,” said Colin Gallagher, BFIX benchmark and currency indices product manager at BISL.  Specifically, BFIX’s benchmark suite production spans over 1,300 spot currency pairs and 3,950 forward and non-deliverable forward (NDF) fixings.  Read more – Fireside Friday with… Bloomberg’s Colette Garcia “As a regulated, anonymous all-to-all matching platform and primary market venue, the EBS Market central limit order book plays a critical role in FX markets, providing firm liquidity and no last-look pricing,” said Paul Houston, global head of FX, CME Group.  “Incorporating EBS Market data into BFIX ensures clients have the most robust and transparent indication of aggregate market prices at any given point in time.” The new offering follows the integrated solution announced between CME Group and Integral in June 2025, which aims to provide the multi-asset technology provider’s clients with no-cost access to CME’s EBS and FX Spot+ markets directly through Integral’s trading platforms, with no additional technology required.  The post Bloomberg BFIX includes EBS Market data to expand spot FX capabilities appeared first on The TRADE.

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Clear Street taps Bank of America for new head of clearing

Chris Tufano has joined Clear Street as the firm’s new head of clearing, following an almost nine-year tenure at Bank of America.  New York-based Tufano brings more than 20 years of industry experience to his new position, which will see him working towards delivering a robust clearing platform and client experience alongside the firm’s trading, risk, operations, technology and client service teams.  He is also set to oversee the business’ margin, collateral and settlement processes.  Speaking on his appointment, Tufano said: “I’m proud to join Clear Street to lead the broker-dealer clearing division at a time when the industry demands scalability, speed and simplicity. I’ll be working hand in glove with a world-class team to deliver a seamless, global client experience—one platform with a single point of entry for all markets and asset classes.” During his time at Bank of America, he served as a managing director, member of the board of directors and global head of clearing and prime brokerage platform transformation. Read more – Clear Street names new head of prime brokerage Previously in his career, he has also held senior roles at Morgan Stanley and Goldman Sachs, working across areas including electronic trading, broker dealer clearing business, product development and account management.  Tufano’s appointment follows the launch of Clear Street’ clearing services for registered market makers in listed US equities and options in April 2024, marking the firm’s first successful entry into the professional clearing market in almost a decade.  “We launched clearing for market maker clients last year and have a robust pipeline of new opportunities in front of us,” said Ed Tilly, chief executive of Clear Street. “With Chris’ longstanding relationships in the space, as well as his unmatched institutional knowledge, our platform and value proposition continue to grow with purpose, centred around anticipating client needs.” The post Clear Street taps Bank of America for new head of clearing appeared first on The TRADE.

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Liquidnet appoints listed derivatives sales trader

Juan Ferrer Pons has joined Liquidnet as a listed derivatives sales trader, as part of the firm’s wider push to expand its listed derivatives business.  In his new role, Ferrer Pons will be based out of Madrid and is set to support the firm’s members in Continental Europe by providing tailored liquidity solutions and helping them navigate local markets to enhance regional execution.  Ferrer Pons joins from TP ICAP, where he worked as an equity derivatives broker for more than three years.  Previously in his career, he also spent almost 15 years at BBVA, where he covered trading roles including volatility, equity derivatives and funds of hedge funds (FoHF).  Liquidnet has said that the hire reflects a growing buy-side demand for multi-asset solutions through a single platform. Ferrer Pons is also expected to help expand the firm’s equities and fixed income offering, and his move follows the appointment of Oliver Deutschmann as Liquidnet’s head of equity derivatives EMEA and head of listed derivatives Continental Europe in February 2025, following 15 years with Credit Suisse.  Speaking to the appointments, Deutschmann said: “Establishing local teams in key European hubs enhances our ability to deliver a more tailored service offering to buy-side firms while deepening access to liquidity in the region.  “The move into equity derivatives is a natural next step in the evolution of our listed derivatives business, allowing us to bring our technology-led, buy-side focused model into new asset classes and unlock meaningful synergies across our network.” The post Liquidnet appoints listed derivatives sales trader appeared first on The TRADE.

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Wedbush Securities launches 24-hour trading

Wedbush Financial Services’ largest subsidiary, Wedbush Securities, has launched 24-hour trading capabilities to offer extended market access to clients, particularly in Asia-Pacific time zones. Burke DempseyThe offering has been developed through partnerships with Blue Ocean Technologies and OTC Markets Group, and makes use of alternative trading systems Blue Ocean ATS, MOON ATS and OTC Overnight to enable overnight sessions during Asia-Pacific hours, specifically covering 8pm to 4am ET.  Through the three alternative trading systems, clients will have extended access to US-listed securities and OTC equity trading.  “Our 24-hour trading capability marks a major step forward in providing clients with the market access they demand in today’s fast-paced global environment,” said Burke Dempsey, EVP, head of investment banking and capital markets at Wedbush.  “By partnering with Blue Ocean and OTC Markets, we are already bridging the gap across time zones to offer continuous liquidity and execution support.” The firm has also said that clients are already making use of the new service to access markets at expanded trading hours.  Read more – Wedbush Securities integrates Rapid Addition’s platform to upgrade trading infrastructure Cromwell Coulson, chief executive of OTC Markets Group said: “By integrating MOON ATS and OTC Overnight into its 24-hour trading offering, Wedbush is expanding global market access in a way that reflects its core mission: protecting client interests, driving innovation, and delivering with precision.”  Read more – LiquidityBook leverages Blue Ocean ATS to extend overnight trading The new offering follows a recent uptake in industry-wide demand for extended trading hours. In May 2025, Blue Ocean partnered with Trillium Surveyor to provide an offering which integrated Trillium’s trade surveillance platform with Blue Ocean ATS’s pre– and post-trade data to allow clients to monitor trading activity during Blue Ocean’s overnight trading sessions, from 8pm to 4am ET, Sunday to Thursday.   Clear Street also partnered with the firm in March to expand its market services to 24-hour, 6-day trading capabilities to further enhance liquidity access and risk management for its global client base.   The post Wedbush Securities launches 24-hour trading appeared first on The TRADE.

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Standard Chartered launches spot cryptoasset trading for institutional clients

Standard Chartered has launched a fully integrated digital assets trading service, in a bid to provide institutional clients with deliverable spot cryptoasset trading.  Bill WintersThe bank has said that the offering covers spot trading for Bitcoin (XBT/USD) and Ether (XET/USD) through its UK branch, with upcoming plans to launch non-deliverable forwards trading. Specifically, institutional clients will be able to access and trade cryptoassets through recognisable interfaces, as the offering is integrated with the bank’s existing platforms.  “Digital assets are a foundational element of the evolution in financial services,” said Bill Winters, group chief executive of Standard Chartered. “They’re integral to enabling new pathways for innovation, greater inclusion and growth across the industry. As client demand accelerates further, we want to offer clients a route to transact, trade and manage digital asset risk safely and efficiently within regulatory requirements.” The bank has said that the launch follows a growing industry interest in regulated digital asset solutions and is expected to address challenges faced by institutional clients seeking to explore the crypto space. Tony Hall, global head of trading and XVA, markets, at Standard Chartered, said: “We are applying our global expertise, infrastructure and risk management frameworks that our clients trust to the digital assets space.” The announcement marks a further development in the digital asset space for Standard Chartered in recent months. In December 2024, the bank was named a strategic partner ahead of the launch of GFO-X in Q1 2025, the UK’s first regulated and centrally cleared trading venue dedicated to digital asset derivatives. ABN AMRO Clearing, IMC and Virtu Financial were also announced as partners with the trading venue, in a bid to grow the institutional digital asset index futures and options market. The post Standard Chartered launches spot cryptoasset trading for institutional clients appeared first on The TRADE.

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Former UBS outsourced trading business development lead joins Marex

Serhan Eryuksel has joined Marex’s outsourced trading team, focused on sales in the UK, Europe and MENA.London-based Eryuksel most recently spent 15 years at UBS – predominantly in senior sales and equity trading roles before heading up the business development of UBS’ outsourced trading platform across EMEA. At UBS he also served as trading back-up for the London multi-asset trading desk.In March, UBS made a shock exit from outsourced trading game, serving its clients a three-month notice, just weeks after appointing a new head for the business, as revealed by The TRADE at the time.Ian Power took over from Chris Blackburn who had served as head of the outsourced trading offering until February 2025, but following the bank’s decision to exit, Power also left the business.According to sources familiar with the matter, the decision to shutter UBS’ outsourced offering in March was “unexpected” and “[came] out of the blue”.UBS was one of the largest outsourcing firms by number of clients, with the bank reportedly having had around 100 clients. Read more: UBS appoints new head of outsourced trading offeringPreviously in his tenure, Eryuksel has also served as director of global emerging markets sales trading and head of equity trading and vice chair of UBS in Turkey.Massimo Labella, co-head of international prime brokerage and outsourced trading at Marex, said: “Serhan brings over 30 years of capital markets experience, most recently at UBS, where he led business development for their outsourced trading platform in EMEA.“Having worked closely with hedge funds, asset managers and family offices, he has a clear understanding of what clients need from a trading partner. Serhan’s arrival strengthens our ability to connect with managers across regions and strategies, as demand for outsourced trading continues to grow.”The post Former UBS outsourced trading business development lead joins Marex appeared first on The TRADE.

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Trading Technologies makes minority investment in SIGMA AI

Trading Technologies (TT) has made a minority investment in fintech SIGMA AI, marking an expansion of the two firms’ pre-existing partnership.  Andy SimpsonThrough the investment, SIGMA AI will provide a proprietary AI and innovation hub for TT, in a bid to enhance AI integration into TT’s platform and support AI adoption across the provider’s products and services.  The enhanced partnership will also see Andy Simpson, SIGMA AI founder and chief executive adding to his current leadership role to also become head of AI and innovation at TT, where he is expected to advise on AI strategy. In his expanded role, he will report to Justin Llewellyn-Jones, chief executive of TT, who said: “This partnership with SIGMA AI will deliver ground-breaking AI-driven solutions to our clients through products that are faster, smarter, and easier to use, with robust governance frameworks that put security and safety at the forefront to guard against the nefarious use of this technology.  “It will also enhance internal productivity by giving our global teams access to innovative new tools and processes – again, in a safe and secure manner.” Read more – Trading Technologies unveils pre-trade portfolio risk functionality SIGMA AI and TT initially partnered in 2024, which was marked by a small investment with the aim of leveraging advanced technology within TT’s data and analytics offering.  “I’m thrilled to extend our partnership with Trading Technologies, which reflects our shared commitment to advancing AI in financial markets. I’m equally pleased to be expanding my role with TT,” said Simpson. “The AI and Innovation Hub will act as a centre of excellence, helping to embed AI more deeply across the TT platform and operations, and strengthening TT’s long-standing position as a technology leader in global trading.” The post Trading Technologies makes minority investment in SIGMA AI appeared first on The TRADE.

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Panmure Liberum and Nedbank CIB announce equities partnership

UK investment bank Panmure Liberum has partnered with South African bank, Nedbank’s corporate and investment banking division, to deliver a trading agreement across South African and Pan-European equity markets.  Jason QuinnThrough the offering, both banks will provide co-branded research across the countries, as well as taking on corporate advisory opportunities in the UK and for dual listed companies in the UK and South Africa.  The banks have said that the agreement is set deliver a more global equities offering and enhance execution and liquidity, as well as provide corporate clients with greater access to capital pools in South Africa.  Rich Ricci, chief executive of Panmure Liberum, said: “This partnership re-affirms our reputation for high-quality, high-conviction research and deep relationships with UK corporates and institutional investors. It also represents further delivery against our strategy to strengthen our global distribution, expand our opportunities and further enhance our diversification.” The partnership will also see Panmure Liberum serving as Nedbank CIB’s preferred execution partner for UK and European equities following, which aligns with South African legislation changes allowing asset managers to increase overseas securities allowances.  Similarly, for South African equities Nedbank will act as Panmure Liberum’s preferred execution partner.   “By combining our strengths, we are creating a more connected ecosystem for research, trading, and capital raising that meets the evolving needs of our corporate and institutional clients in South Africa and internationally,” said Jason Quinn, chief executive at Nedbank Group. The partnership marks a further development in Panmure Liberum’s global outreach and follows the merger of Panmure Gordon and Liberum in May 2024 to create the entity, making it the UK’s largest independent investment bank. The expanded trading platform of Panmure Liberum now holds trading relationships with more than 900 counterparties across the UK, US, Europe and Asia.   The post Panmure Liberum and Nedbank CIB announce equities partnership appeared first on The TRADE.

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Over the last two years 87% of companies have increased investment in the cloud, finds report

As capital markets have continued to evolve at a rapid pace – with increased regulatory scrutiny showing no sign of let up – 87% of companies have increased their investment in the cloud over the last two years, according to a recent report by the London Stock Exchange Group.The ‘cloud strategies in financial services’ survey includes insights from financial firms across the industry, including banks, private equity, investment management, asset management; broker dealers, hedge funds, pension funds, and more. As the increased adoption of the cloud across financial markets continues on its trajectory, the reality of regulatory focus on these activities does not look to be set to change any time soon. The recent LSEG survey found that 84% of respondents have already had to make ‘at least moderate changes’ to their cloud strategies directly due to regulations such as the EU’s Digital Operational Resilience Act (DORA) and the EU’s General Data Protection Regulation (GDPR). However, this has been met with understanding in many instances, as the industry as a whole recognises the importance of maintaining sensible cloud practices.“Firms may also understand that some of the regulations – such as those around security and operational resilience – are a rational response to significant risks, because the firms are wary of the same risks themselves,” explained LSEG.Read more: LSEG expands AWS existing relationship with cloud collaboration When it comes to the selection of CSPs, LSEG found that a huge majority of respondents believe operational resilience to be the primary motivator for selecting a cloud provider – specifically, 92% said it was ‘very important or critical to the selection’.Moreover, 51% of those surveyed confirmed that they assess cloud investment ROI through the ability to scale, while 47% do so via revenue growth.The importance of upkeeping high standards, and not solely focusing on costs, is demonstrably echoed across the industry time and time again, with quality data in particular widely regarded as the life blood of the financial markets.The recent LSEG report confirmed that 47% of its respondents were using the public cloud for market data and pricing.The same percentage also highlighted that the sophistication of cyberattacks remains their primary security concern with adopting cloud services – a clear indication of where the communal focus is, and is set to remain.The LSEG survey included responses from a wide range of industry entities, with 51% hailing from the banking industry, 37% in investment, and 12% in wealth & advisory.Read more: As cloud adoption across the market continues to rise, is the shift of liquidity itself next to follow?In response to increased adoption across the industry, just last week European watchdog ESMA also shared its final report on guidelines for firms which outsource to cloud service providers, recommending a risk-based monitoring approach to the arrangements. In the update, ESMA explained: “A firm should monitor the performance of activities, the security measures and the adherence to agreed service levels by its CSPs. This monitoring should be risk-based, with a primary focus on the critical or important functions that have been outsourced. “[…] A firm should reassess whether its cloud outsourcing arrangements concern a critical or important function periodically and whenever the risk, nature or scale of an outsourced function has materially changed.” Also included in ESMA’s recent update were guidelines around the importance of pre-outsourcing analysis and due diligence, including identifying the potential for conflict of interest.“Before entering into any cloud outsourcing arrangement, a firm should: a) assess if the cloud outsourcing arrangement concerns a critical or important function; b) identify and assess all relevant risks of the cloud outsourcing arrangement; c) undertake appropriate due diligence on the prospective CSP; d) identify and assess any conflict of interest that the outsourcing may cause,” affirmed the watchdog.The post Over the last two years 87% of companies have increased investment in the cloud, finds report appeared first on The TRADE.

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People Moves Monday: Morgan Stanley Investment Management, Legal & General Investment Management, Goldman Sachs and more…

BNY Buy-side Trading Solutions Legal & General Investment Management (LGIM) equity and foreign exchange trader Jamie Jones is set to leave the firm to join BNY’s expanding outsourced trading refit, as revealed by The TRADE.BNY declined to comment on his appointment.  Jones has been with LGIM for almost three years, based in London. Previously in his career, he spent nearly eight years at 7IM in a data and documentation administration role and later as a senior multi-asset trader. He is set to join BNY’s Buy-side Trading Solutions (BTS) unit in the coming months, The TRADE understands.  Bank of America Merrill Lynch Paul Kilfoy has joined Bank of America Merrill Lynch as director, senior sales trader. The move sees Toronto-based Kilfoy join the firm from Stifel, where he had worked for almost five years.During his time at Stifel, Kilfoy served as a managing director in trading, covering liability and sales trading. Prior to this, he worked as a principal, sales trader at Eight Capital from August 2016 to March 2020.Previously in his career, Kilfoy also spent a decade at Canaccord Genuity, where he worked as a managing director in trading. Additionally, he has also worked as a portfolio trader at UBS.Morgan Stanley Investment Management Mark Molloy has joined Morgan Stanley Investment Management as a macro trader within the broad markets fixed income team, based in London. He is set to report to Alexander Bouzalis, managing director, and Justin Sham, head of European credit trading. He confirmed his departure from Nomura Asset Management where he had most recently served as senior trader earlier this month. Molloy initially joined as head of corporate actions seven years prior. Previously in his career, Molloy has also worked as a senior analyst at Goldman Sachs and as a senior corporate actions specialist at BNY Mellon.Goldman Sachs Natalie Khoury has joined Goldman Sachs as an Asia equity sales trader, based out of New York. She joins from Berenberg Capital Markets, where she had been working as an equity sales trader for the last year. Prior to this, Khoury spent an eight-year stint at BlackRock.  While at the firm, she served in equity trading positions, working out of New York from June 2023 to July 2024, and before this, in Hong Kong for more than six years, where she traded equity and equity derivative products across 17 Asian markets, covering futures, single stock options and total return swaps.   She has also worked as a portfolio management trading assistant at the firm, based out of Philadelphia.Barclays Barclays has appointed Joseph Lee as head of high touch sales trading, Asia Pacific, as part of the firm’s efforts to bolster and diversify its APAC equities business. Lee will be based out of Hong Kong in the role, where he is expected to support the firm’s expansion into high-touch execution and lead high-touch cash trading efforts across the region.In his new position, he will functionally report to Peter Ramsey, global head of cash equities, and to Christian Truer, head of equities distribution, Asia Pacific regionally.  Lee brings 30 years of equities trading and sales experience to his new role, and most recently served as head of block liquidity for HSBC in Hong Kong. Before this, he has also held senior positions at Credit Suisse, working as head of Korea equities and APAC high touch execution.  Previously in his career, he has also worked at firms including Deutsche Bank, CLSA, Goldman Sachs and Nomura/Lehman Brothers. LiquidnetLiquidnet has appointed Michael Fidance as head of CEEMEA equity markets as part of the firm’s efforts to drive growth across the region.In his new role, Fidance will be based out of London, where he is set to expand access new markets and liquidity and enhance product and distribution as well as engagement with local and international asset managers.Fidance joins from State Street, where he worked as head of sales for the firm’s new execution solutions business for over a year. Prior to this, he also served as head of sales for CF Global Trading in Europe before the firm was acquired by State Street in 2024.The post People Moves Monday: Morgan Stanley Investment Management, Legal & General Investment Management, Goldman Sachs and more… appeared first on The TRADE.

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Aberdeen Investments, Lloyds Banking Group and Archax leverage digital assets in UK-first trade

Aberdeen Investments, Lloyds Banking Group and Archax have completed the first UK trade using digital assets.Specifically, the initiative is set to advance the use of blockchain technology using tokenised real-world assets (RWAs) as collateral.Tokenised units of Aberdeen Investment’s money market fund (tMMF) and tokenised UK gilts were used as collateral for FX trades between Aberdeen and Lloyds, while FCA-regulated digital asset exchange Archax issued, transferred, and securely held these digital tokens on the Hedera Hashgraph public permissioned blockchain.Emily Smart, chief product officer, Aberdeen Investments, says: “Tokenisation has long been seen as a key enabler in the new world of digital innovation. That’s why we are delighted to collaborate with Lloyds and Archax, to demonstrate real-world application of on chain collateral movements using tokenised assets. “This demonstrates the ability of digital assets to streamline processes and increase efficiency.”Currently, the UK trades $5.4 trillion in FX and interest rate derivatives daily – amounting to half of global activity.Benefits of the use of regulated digital assets as collateral includes the ability for these to be programmed to automatically follow the rules of trading agreements. This subsequently streamlines margining processes, reduces operational costs, enhances collateral efficiency, and minimises counterparty risk, said the firms. The uptake is also set to be particularly useful in times of market volatility, with an increased adoption of tokenised funds as collateral able to reduce systemic risk by enabling digital transfers instead of forced asset sales.Peter Left, head of digital finance at Lloyds Banking Group, explained: “This groundbreaking initiative proves that digital assets can be used in regulated financial markets under existing legal frameworks here in the UK. It’s a major step forward in demonstrating how tokenisation can enhance collateral efficiency, reduce friction, and unlock new trading opportunities.”The post Aberdeen Investments, Lloyds Banking Group and Archax leverage digital assets in UK-first trade appeared first on The TRADE.

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