High volume futures commission merchant (FCM), Advantage Futures, has become the latest to migrate its legacy back-office solution to ION’s cleared derivatives trade processing platform, XTP. Francesco MarginiThe move comes as the FCM sought a solution which could provide extensive automation across clearing and settlement workflows. Joe Guinan, chair and chief executive of Advantage Futures, said: “In the two decades since founding Advantage Futures, we’ve expanded from a small boutique to among the industry’s highest volume clearing firms serving some of the world’s high-volume traders.“[…] Having successfully completed the migration to ION’s XTP, we now deliver real-time data and automation capabilities, meeting client needs to process ever-growing trade volumes quickly and efficiently.”XTP offers real-time, post-trade capabilities, providing real-time visibility of positions, commissions, fees, margins, cash flows, and risk.ION has been investing in its XTP offering, onboarding a rapidly growing number of FCM’s and global banks in recent times. Read more: Fireside Friday with… ION’s Tommaso Di GraziaFrancesco Margini, chief product officer for cleared derivatives at ION Markets, said: “The transition from [Advantage Futures’] legacy back-office solution to XTP was completed in record time, leveraging ION’s established methodology and tools developed to manage large and complex migration projects.“The Advantage-XTP rollout demonstrates ION’s proven track record in bringing new products to the market and the strong discipline required for a timely and successful delivery to customers.”Advantage Futures’ client base includes: professional traders, institutional clients, exchange-traded funds, foreign and domestic non-clearing futures brokers, hedge funds, and individual traders.The post Advantage Futures migrates to ION’s XTP appeared first on The TRADE.

FINBOURNE Technology has completed a secondary funding round which follows a Series B funding round of £55 million in June this year.Thomas McHughThe secondary funding round brings the total to over £100 million, making it one of the largest series B raises in the UK.The development has enabled six investors to follow-on from their original investment and four additional investors to join the group of firms with a stake in FINBOURNE.CommerzVentures and HSBC will join the FINBOURNE Board as observers.FINBOURNE provides investment management solutions and a cloud-native data management platform.Across the investment lifecycle, investment and operations teams can increase revenue, reduce costs and better manage risk, the firm claims.“I am encouraged that FINBOURNE’s best-in-class SaaS solutions, top-tier clients from across the financial services industry and high-growth go-to-market strategies continue to prove attractive for investors,” said Thomas McHugh, chief executive and co-founder at FINBOURNE Technology.“We are looking forward to working with our new partners as we significantly expand our client base as firms transform their businesses to make trusted and consolidated data core to better and faster decision making across the front-, middle- and back-office.”Santander Corporate and Investment Banking (Santander CIB) acted as the exclusive financial advisor to FINBOURNE in this transaction.The post FINBOURNE Technology increases funding total to over £100 million appeared first on The TRADE.

FX options e-trading platform Digital Vega and CME Group have launched a new FX options block trading service.The new offering will allow buy-side participants to use existing OTC workflows on Digital Vega’s multi-bank platform Medusa to request quotes and trade blocks of FX options on futures. “Enabling customers to negotiate and trade risk-transfer blocks via Digital Vega’s Medusa platform is an exciting development in the electronification of the FX options market,” said Chris Povey, executive director and head of FX options at CME Group. “This partnership lowers the barriers to entry for buy-side clients looking to gain the margin and operational benefits of our centrally cleared FX options by allowing them to use existing OTC workflows and lean on OTC relationships. In addition, clients could gain access to new liquidity given there is no requirement for bilateral credit relationships.”Digital Vega’s connectivity, GUI and workflow technology will be leveraged by users to request prices in CME Group’s centrally cleared FX options from multiple liquidity providers in competition. These options can be more margin efficient versus traditional OTC options for those subject to uncleared margin rules, claimed the two firms in a statement.Read more: UMR Phase 6: The time to prepare is yesterday “Our new service provides liquidity access for more clients and market makers to trade with each other without having to establish new bilateral credit agreements, which we expect will result in increased liquidity for the market as a whole,” said Mark Suter, executive chairman and co-founder at Digital Vega.“We are encouraging clients to onboard to this service now so that they can fully test the system before they begin trading.”The post Digital Vega and CME Group launch new FX options block trading service appeared first on The TRADE.

MarketAxess has expanded its decade-long partnership with BlackRock to integrate its credit trading protocols, pricing and data into the latter’s Aladdin order execution management system (OEMS).Rich SchiffmanThe new connectivity will offer mutual clients an enhanced trading experience through the integration of select MarketAxess credit protocols natively within the Aladdin platform.“As the market evolves, we’re seeing increased adoption of our automation protocols, with many of our clients turning to our strategies for over 90% of their trading volumes,” said Rich Schiffman, global head of trading solutions at MarketAxess.“We look forward to bringing the latest of our automation protocols, Adaptive Auto-X, as well as our market leading RFQ solutions, Open Trading, and Live Markets central limit order book directly to Aladdin clients through this partnership.”Read more: ICE Bonds and MarketAxess connect liquidity networks to bolster bond market efficiencyBlackRock’s Aladdin technology platform offers a common data language within an organisation to enable scale, provide insights, and support business transformation.Risk analytics are combined with portfolio management, trading, operations, and accounting tools on a single, unified platform.“As the electronification of credit markets continues to accelerate, the demand for robust liquidity, sophisticated workflows, and analytics grows,” said Kamya Somasundaram, global head of Aladdin Partnerships. “We are excited to partner with MarketAxess to deliver an improved trading experience for our users.”The post MarketAxess extends BlackRock partnership to enhance credit markets connectivity appeared first on The TRADE.

Sentiment among long-only managers towards their algorithmic trading providers is more positive than ever and set to translate into ever-increasing adoption of this strategy, according to data from The TRADE.The turnabout to a more optimistic sentiment – demonstrated by upticks in ratings from buy-side traders – follows on from the downward trends of 2023 highlighted in The TRADE’s Algorithmic Trading Survey 2024.Ease of use took the top spot when it came to the principal motivation behind why buy-side traders use algorithms, with reducing market impact and consistency of execution following closely behind.Read more – Beyond the Data: Higher speed and lower latency fastest growing priorities for algo usersThose surveyed also highlighted customer support as a top priority when it came to algo providers. These positive perceptions represent a promising sign for future adoption.In 2023, only 15% of long-only managers confirmed that their value trades were carried out by algos, however the latest findings show an increase of almost 10% for 2024.Key contributing factors include the continued technological advancement of the industry facilitating increased access to algorithmic trading. Subsequently, with these more efficient processes, comes increased adoption across the space.Speaking to The TRADE earlier this year, Chris McConville, global head of execution services and trading at Kepler Cheuvreux Execution Services (KCx), highlighted that despite continued innovation, the intelligent design and execution of algorithms and SORs, are the priorities. Read more – Algorithmic trading: Smarter than ever?Notably, when it came to how traders are actually measuring the performance of their algorithms, the majority confirm that VWAP transaction cost analysis (TCA) is the preferred method (34%), closely followed by implementation shortfall TCA (32%) and liquidity capture (20%).The findings were based on 2,222 respondents across 35 algo providers with only the evaluations from clients who indicated that they were engaged in managing long-only strategies included. Only verified participants’ responses were included.The post Beyond the Data: Long-only managers more optimistic than ever when it comes to their algo providers appeared first on The TRADE.

State Street Global Advisors (SSGA) equity and derivatives trader Rikki Corbyn joined Barclays in a program trading role. He joins Barclays after almost 12 years with SSGA, originally joining the firm in 2013 in a trade support role before moving into an equity and derivatives trading role in 2016. The TRADE first reported Corbyn’s departure from SSGA in July. Previously in his career he also spent two years at Credit Suisse, nearly four years at Citi, and one year at Barclays in various settlements and trading focused roles.Vincent Hall joined Citi as an equity trader following two years at Citadel where he served in the same role. He returns to Citi after four years, having previously worked at the firm as associate vice president in emerging markets equity trading. Elsewhere in his career, Hall has also worked at BlackRock as an associate.Edward Tilly is set to take over as chief executive of Clear Street at the end of this year. The announcement comes two months after Tilly’s appointment as president at the firm. He replaces CEO and co-founder Chris Pento. Upon his departure, Pento is set to assume an executive and partner role at White Bay, the family office of co-founder Uriel Cohen. He will remain on the board of directors at Clear Street. Since joining Clear Street Tilly has worked closely with Pento, jointly leading the firm through the next phase of growth.Jack Boland joined Ilex Capital in a US equity trading and global equity capital markets role. He joins from Citadel where he had been serving for the last five years as an equity trader and senior associate. Prior to joining Citadel in 2019, Boland spent five years at BlackRock as an associate and later a trader and just under a year at HBK Capital Management as a trader before that. Previously in his career, he undertook several banking, capital markets, and portfolio management internships across PwC, KPMG UK, BlackRock, and Jefferies.Elijah Ibrahim Diallo joined Magellan Capital as a multi-strategy trader, based in the UAE. He most recently served as an investment manager at ADQ and before that spent two and a half years as a senior trader and portfolio manager at Azimut. In his career, Diallo has also worked as an equity trader at Avalon Capital Markets. Previous experience also includes stints at EFG Hermes and Mubasher Financial Services.The post People Moves Monday: SSGA, Citi, Clear Street and more… appeared first on The TRADE.

The Johannesburg Stock Exchange (JSE) has entered a strategic collaboration with DataBP to launch a cloud marketplace aiming to enhance the JSE’s data offerings.The new data marketplace will serve as the central hub for all of the exchange’s data products and services.JSE has been on a digital growth journey, including digitising client contracting for index agreements and introducing Trade Explorer for member analytics services.Having shifted its core data to the cloud, JSE is set to launch a virtual storefront allowing clients to purchase data online easily.“JSE has developed a comprehensive cloud distribution platform with the intent of integrating all of its commercial information services under this cloud marketplace,” said Mark Schaedel, chief executive of DataBP.“Together we have developed a dynamic product catalog and order configuration process which integrates with data licensing and automated data access.”The marketplace will leverage DataBP’s platform to simplify client onboarding, make product development more efficient and automate data access entitlements and billing processes.The data marketplace will also enable customers and redistributors to access a wide range of products, alongside hosting third-party content and analytics services.“Migrating data offerings to the cloud is a key part of JSE’s Information and Communications Technology (ICT) strategy. It not only reduces infrastructure costs but also increases flexibility,” said Mark Randall, director of information services at the JSE.“This offering marks the successful completion of the first phase of our market data modernisation strategy. Ultimately, the JSE aims to leverage cloud services to provide clients with analytics and insights, rather than just raw data.”The post JSE and DataBP collaborate on new cloud marketplace appeared first on The TRADE.

The switch to a shortened settlement cycle in North America has had a bigger effect than expected, with 44% of market participants reported to being significantly impacted by the transition – up from 28% a year ago.  This is according to a new report from Citi, which tracked the impact of a shortened settlement cycle across the world.  The survey found that the transition has been particularly strenuous for European participants – 60% of which reporting a significant impact to their operations as a result of T+1. This figure has more than doubled from 2023.   For specific affected sectors, securities lending remains one of the most strongly impacted activities — jumping from 33% to 50% this year. Funding has also seen notable impact — albeit with an imbalance across the sell-side and buy-sides. For brokers and custodians, the single biggest impact of T+1 has been the 30% reduction in clearing margin, with 80% of the sell-side seeing this development as strongly impactful to their businesses. Additionally, over half (52%) of banks and brokers reported that the transition has had a significant impact on their headcounts and staffing levels. The whitepaper added that sell-side organisations have found themselves exposed to large volumes of manual processing and exception handling, triggered by clients.  Okan Pekin, head of securities services at Citi, said: “The move to T+1 has taken centre stage in the post-trade industry over the last few years. Our latest whitepaper – the largest since its inception in 2021 – focuses on the next frontier for the industry which is the growing applicability of technologies. This includes distributed ledger technology and digital assets, and the significant potential for tokenisation to scale. These developments will continue to transform the securities landscape as we continue to move towards shorter settlement cycles across multiple markets worldwide.” The whitepaper polled close to 500 market participants across the buy- and sell-side, and incorporates insights from 14 financial market infrastructures (FMIs). The report also includes an regional view of the industry across Asia Pacific, Europe, North America, and Latin America. A full copy of the study can be found here.The post Transition to T+1 ‘harder than expected’ finds Citi report appeared first on The TRADE.

Edward Tilly is set to take over as chief executive of Clear Street, two months after having been appointed president at the firm. He replaces CEO and co-founder Chris Pento.Upon his departure, Pento is set to assume an executive and partner role at White Bay, the family office of co-founder Uriel Cohen. He will remain on the board of directors at Clear Street.Speaking to his departure, Pento said: “I’m incredibly proud of what we’ve achieved at Clear Street […] The blend of tech and finance talent at Clear Street has allowed us to build horizontally scalable technology, disencumbered from decades-old infrastructure, integrated with the best capital markets teams on the street. “Our product and service model is second to none, and our progress rolling out new technology solutions like Studio, our all-in-one portfolio management system, and service offerings like equity research and investment banking, has only accelerated.”Since joining Clear Street Tilly has worked closely with Pento, jointly leading the firm through the next phase of growth.Tilly resigned as chief executive of Cboe in September 2023, following the conclusion of an investigation – launched in August – that determined he had failed to disclose personal relationships with colleagues. Read more: Cboe names new chief executive as Edward Tilly resigns over undisclosed personal relationships “What Chris has achieved for Clear Street since the founding in 2018 is extraordinary, and I’m grateful for his vision and commitment to this innovative business,” said Tilly. “In a landscape dominated by legacy players, Chris had the vision to combine a cloud-native tech platform with non-bank prime-brokerage and a relentless customer-centric focus. That’s a winning combination that we are repeating and scaling across markets, client types and geographies. We look forward to Chris’ ongoing guidance as he and I work closely together for the rest of the year, and then as he continues his presence on our Board and assumes his new role at White Bay.”The post Tilly to take over as CEO of Clear Street appeared first on The TRADE.

How have ETFs evolved over the last few years? One of the biggest themes in ETF evolution over the last few years has been in the increase in scope of products offered to the market. With increased competition, new launches are now targeting gaps in investors’ universes with more specific products. This has been witnessed across asset class as well as developments in actively-managed funds being launched in an ‘exchange traded’ wrapper. Some more recent examples would include funds tracking crypto, ESG or other fundamental factors such as quality or income. This increase in product type has widened the pool of prospective investors – both institutional and retail – and the competitive nature of the industry has seen costs reducing, which in turn brings ETFs to more investor’s attention. This expansion in both client-base and products has led to a rapid growth is assets and trading volumes.Consequently, ETF trading techniques have evolved to source new pricing opportunities either via electronic Request For Quote (RFQ) platforms and/or ETF algos and to take advantage of ETF trading provision at the exchanges themselves. We have also seen traditional ETF liquidity provision firms moving into forming bilateral relationships with buys-ide dealing desks which has further strengthened ETF pricing.  Finally, there has been significant innovation in the ETF post-trade analytic capabilities for traders – either developed inhouse and/or utilising third party solutions creating a deeper understanding of implementation costs which can be used to improve future trading outcomes.What role are active ETFs playing in the progression of this asset class? When the investment backdrop becomes more challenged, investors have to take greater consideration of investment risk rather than simply buying market exposure (beta) in order to generate positive returns. Actively-managed ETFs complement a passive approach, by providing access to specific investment processes designed to achieve specific results such as index outperformance, income generation, or factor tilts such as quality, duration or yield, all while maintaining the attributes of the ETF structure. Active ETFs have been released across different asset classes and have appealed to new and old ETF investors alike as they provide middle ground between passive & active investing. Through active ETFs, managers are able to offer access to internal intellectual property and house expertise such as bottom-up stock research, allocation weightings etc that not only differentiate their product but can help investors generate alpha for a portfolio alongside core passive holdings.What are the impacts of fragmentation linked to ETFs? The most obvious impact of fragmentation has been on the perception of an absence of secondary-market liquidity. This has mostly likely, held back some adoption of ETFs from investors but has also led to increased innovation from all market participants to source, aggregate and efficiently price ETFs. RFQ platforms have taken the lead for traders when seeking risk prices as they reduce the opportunity cost of requesting prices from multiple liquidity providers but in an information-controlled manner. Traders have also adopted more dedicated ETF trading algorithmic strategies launched to empower dealers with the ability to access a wider range of liquidity pools at differing urgency settings which alter the child-order placement logic, often within fair-value frameworks.On the opposite side of the trade, market makers and liquidity providers constantly search to improve efficiencies within their processes to better utilise their balance sheets to offer tighter pricing and/or greater liquidity. Fragmentation, however, means that market makers have to disperse their liquidity among multiple exchanges and trading venues reducing the volume available in each. Additionally, the costs associated with post-trade fragmentation (Central Counterparty Clearing & Central Securities Depositories) further reduces the cash market makers can commit into the market, instead having it tied up to satisfy post-trade provisions.What can be learnt from the US? Aside from the simpler US ETF market ecosystem, the European ETF market would greatly benefit from increased retail ETF adoption and participation as seen in the US. Technology firms are looking to help platform providers streamline the ETF process, reducing complexity where platforms may currently struggle due to legacy systems, in order to increase/improve the ability of platforms to offer more ETF trading to their clients. Increasing adoption of ETFs from the retail community combined with improved connectivity from platforms to exchanges creates opportunities for buy-side dealers to interact with these improved volumes on exchange as professional and retail volumes create a better dynamic for orderbook trading.Improvements could also be made in financial education – from school age through to adult investors. With greater demands being placed on individuals’ long-term savings capital, a deep and sound knowledge of all financial products would encourage people to take more control of their investment solutions at an earlier age and low-cost ETFs are well placed to form part of their investment toolkit.The post Fireside Friday with… Fidelity International’s Tim Miller appeared first on The TRADE.

A Citadel equity trader and senior associate has left the firm to join Ilex Capital, The TRADE can reveal.According to an update on his social media, Jack Boland has joined Ilex Capital in a US equity trading and global equity capital markets role.He joins from Citadel where he had been serving for the last five years as an equity trader and senior associate.Prior to joining Citadel in 2019, Boland spent five years at BlackRock as an associate and later a trader and just under a year at HBK Capital Management as a trader before that.Previously in his career, he undertook several banking, capital markets, and portfolio management internships across PwC, KPMG UK, BlackRock, and Jefferies.The post Citadel trader joins Ilex Capital appeared first on The TRADE.

S&P Global Ratings (SPGR), a subsidiary of S&P Global, has reached a settlement with the SEC and agreed to pay a $20 million penalty.Specifically, the settlement resolves violations of recordkeeping rules.Speaking in an announcement, the firm said: “SPGR is pleased to have concluded this matter. [SPGR] takes compliance with regulatory obligations very seriously and is committed to the integrity of its ratings process and high-quality independent credit ratings.” The SEC has officially recognised SPGR’s remedial acts and cooperation with the regulator.In recent times, the watchdog has launched intense industry-wide investigations into off-channel communications. Just last month 26 broker-dealers were charged with millions in recordkeeping failures.Speaking in August, Gurbir Grewal, director of the SEC division of enforcement, asserted: “As today’s enforcement actions against more than two dozen firms reflect, we remain committed to ensuring compliance with the books and records requirements of the federal securities laws, which are essential to investor protection and well-functioning markets.”The post S&P Global division pays $20 million penalty to SEC appeared first on The TRADE.

Virtu Financial has moved to expand flexibility for its clients when looking to trade algorithmically by allowing them to switch algorithms mid-way through an order.James OsborneNamed Switcher, the new “algorithm of algorithms” as so-called by Virtu is designed to allow clients greater optionality for an order throughout its lifecycle depending on changing conditions.“Clients have been asking for a more dynamic approach to algo wheel implementations that solves the constraint of only using one algo strategy for each order,” James Osborne, global head of algorithmic development at Virtu Financial told The TRADE.“Switcher multiplies the power of an algo wheel by dynamically switching between multiple algo strategies as conditions change – the same way a human trader would trade orders if they had time to monitor and trade everything themselves.”The new capability acts as a co-pilot for traders, helping them to manage low or no touch flow. The algorithm helps traders to select the most appropriate algorithms based on trader constraints, market conditions and the order’s characteristics such as size of order, the level of urgency set by the trader, and available liquidity.However, the defining factor of the algorithm and the inspiration for its name is a capability that allows it to switch strategies mid-flight.Switcher continuously consumes real-time market inputs and if required can switch between Virtu’s algos – such as Opportunistic, Flex POV, Catch, Oasis – autonomously as market conditions change.Virtu confirmed the new offering would allow traders to focus more of their attentions on high touch flow and would address time consuming challenges around selecting a strategy in light of changing flow profiles.The new offering will allow traders to be more flexible instead of being chained to one single algo strategy that could lead to sub-optimal outcomes.Virtu confirmed that the new algorithm has been rolled out to a handful of clients in the US, EMEA and APAC over the past few months.“We continue to receive strong client interest in the Switcher not only for traditional algo wheel implementations but also for discretionary trading strategies,” added Osborne. “The beauty of the Switcher framework is that it makes it very easy to build new strategies targeting other benchmarks or types of flow, allowing us to expand our partnership with clients to other segments of their trading flow in the future.”“Future areas of research include using index/sector-relative trading signals to increase the model’s conviction when making algorithm strategy changes. Another interesting idea we are exploring is whether there are times when Switcher should stop trading – i.e. the decision of which algo to use is no algo at all. Historically execution algorithms were not designed with this in mind but stepping out of the market for a period of time is a perfectly valid trading decision that humans make all the time.”The post Virtu rolls out new Switcher algo appeared first on The TRADE.

Nikko Asset Management is set to rename itself as Amova Asset Management on 1 September 2025.Speaking about the change, the firm said: “This name change reflects the progress so far, and path forward, in the firm’s Global Growth strategy to strengthen growth in Japan and expand in global markets.” Specifically, ‘Amova’ is an amalgamation of the concepts driving the business. According to Nikko AM, the ‘Am’ stands for the core asset management business, the ‘mov’ represents the theme of movement – innovation – and finally ‘ova’ refers to newness (from the Latin nova).The firm is headquartered out of Tokyo and has presence in 11 countries and regions across four continents.Following the rebrand, the firm will remain a wholly owned subsidiary of Sumitomo Mitsui Trust Group.The post Nikko Asset Management to rename as Amova Asset Management appeared first on The TRADE.

Vincent Hall has joined Citi as an equity trader following two years at Citadel where he served in the same role.He returns to Citi after four years, having previously worked at the firm as associate vice president in emerging markets equity trading. Elsewhere in his career, Hall has also worked at BlackRock as an associate.Read more: Fireside Friday with… Citi’s Chris GoochEarlier this year, Citi appointed Jamie Miller as new head of electronic equity sales trading for the EMEA region, as revealed by The TRADE. Miller has been with the firm eight and a half years as an employee of the bank, specialising in equity sales trading.The post Citadel equity trader returns to Citi after four years appeared first on The TRADE.

New FX trading technology platform BlueX has announced its official go-live, having executed its first production trades.The development follows BlueX being granted its licence by the Jersey Financial Services Commission (JFSC).The platform offers trading tools and workflow automation, providing global institutional market participants versatile and efficient trading solutions.BlueX offers the integration of third-party applications directly into its trade flow. This interconnected ecosystem claims to simplify execution and make decision-making easier for traders, with data and analytics built into every trade.“By combining advanced core platform features with third-party trading tools directly into the end-user workflows, BlueX delivers a unique value proposition that sets it apart from other execution management systems,” said Graham MacGregor, chief executive of BlueX.“Optimising execution decisions, while supporting flexibility and customisation, is central to our mission.”To deliver its platform’s capabilities, BlueX has developed a number of strategic partnerships, including the integration of critical trade data from Tradefeedr; the sole regulated FX benchmark price feed for spot and forward trades from New Change FX; and the facilitation of rapid onboarding of liquidity providers through Lucera.Owned by BlueCrest Capital Management, BlueX uses technology and systems that have been developed and tested over the years by BlueCrest, with trillions of dollars executed.“Requests from demanding BlueCrest traders, combined with partnerships with best-in-class data and analytics providers, have led, over many years, to an optimised, robust trading tool supporting trillions in FX yearly,” said Manuel Aranzana, head of systematic trading at BlueCrest.The post BlueX trading technology platform goes live with aim to bolster FX trading efficiency appeared first on The TRADE.

Morgan Stanley has closed an investment in high-performance platform 3forge, with the capital set to accelerate the business’ global go-to-market strategy as well as expand its development community.The injection is the first time since its 2011 launch that 3forge has raised external capital.Robert Cooke, founder of 3forge, said: “Morgan Stanley [is] a longstanding partner who truly understands the value and performance of 3forge technology. This is an exciting milestone as we continually expand our capabilities to help enhance client workflows and productivity.”Tier-1 global banks, hedge funds, asset managers, exchanges, and sovereign wealth funds have been deploying 3forge’s platform since 2014. The business provides front-end solutions which enable rapid integration, processing, and visualisation of real-time data. Recently, new start-up hedge fund Jain Global – product of former Credit Suisse and Millennium Management veteran Bobby Jain – selected 3forge’s platform to support its trading activities.The post 3forge receives capital injection from Morgan Stanley appeared first on The TRADE.

Appital has expanded its European equity coverage to more than 21,000 equities across 24 European countries with the addition of Virtu Financial’s POSIT MTF as a European execution venue.The firm has also added Virtu Financial as an executing broker for client flows negotiated on Appital’s BookBuilder platform, offering buy-side participants improved options for executing large orders. Virtu Financial offers execution, liquidity sourcing, analytics, and workflow technology for institutional clients, including POSIT MTF, its dark multilateral trading facility in Europe and the UK. This latest development follows the integration of Virtu Financial’s Triton Valor EMS with Appital’s BookBuilder platform in April last year.“Our collaboration with Virtu Financial was driven by client demand and provides asset managers with price discovery and execution capabilities in outsized equity positions, within a seamless workflow,” said Brian Guckian, chief business development officer at Appital.The collaborations with Virtu Financial’s POSIT MTF and its execution services complement existing integrations with Turquoise MTF and executing brokers Instinet and Bernstein, the firm said in a statement.“We aim to help institutional clients discover quality liquidity while maintaining anonymity and minimising market impact,” said Rob Boardman, chief executive at Virtu Execution Service, EMEA.“We do this by leveraging cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to our clients.”The post Appital expands European equity coverage through addition of Virtu Financial’s POSIT MTF appeared first on The TRADE.

Elijah Ibrahim Diallo has joined Magellan Capital as a multi-strategy trader, based in the UAE.He most recently served as an investment manager at ADQ and before that spent two and a half years as a senior trader and portfolio manager at Azimut.In his career, Diallo has also worked as an equity trader at Avalon Capital Markets. Previous experience also includes stints at EFG Hermes and Mubasher Financial Services.Diallo announced his appointment in a social media post.The post Magellan Capital appoints new multi-strategy trader appeared first on The TRADE.

State Street Global Advisors (SSGA) equity and derivatives trader Rikki Corbyn has joined Barclays in a program trading role.He joins Barclays after almost 12 years with SSGA, originally joining the firm in 2013 in a trade support role before moving into an equity and derivatives trading role in 2016.The TRADE first reported Corbyn’s departure from SSGA in July.Previously in his career he also spent two years at Credit Suisse, nearly four years at Citi, and one year at Barclays in various settlements and trading focused roles.Corbyn was recognised as one of The TRADE’s Rising Stars of Trading and Execution at Leaders in Trading in 2019.The post SSGA’s Rikki Corbyn joins Barclays appeared first on The TRADE.