Tradeweb Markets has completed a fully electronic request-for-market (RFM) swaption package trade, a first in the industry.Specifically, institutional clients on Tradeweb’s Swap Execution Facility (SEF) can now request and receive a two-way market (as opposed to a price based on one direction) for a series of swaps and swaptions in one single electronic quote.Troy Dixon MD, co-head of global markets at Tradeweb, said: “This trade signals the expansion of Tradeweb’s electronic trading capabilities into a previously untapped area of the rates market […] this is a significant step forward in the evolution of bilateral derivatives trading and the broader electronification of the swaption and broader derivatives markets.” This latest development is able to protect client intent and exclusively share potentially sensitive and valuable trading information between counterparties. Swaption’s give participants the choice to enter into an interest rate swap in the future at a pre-determined rate – thus allowing traders to take nuanced views on future interest rate movements as well as market volatility, explained Tradeweb. In addition, RFM is particularly beneficial to traders’ processes in times of volatility, allowing for maintained control of trading intent as well as benefiting from transparency, customisation and flexibility.The counterparties on the first trade executed on SEF were Citadel and Barclays. Since, 20 dealers are now providing RFM swaption package pricing.John Niccolai, chief operating officer for global fixed income at Citadel, affirmed: “Electronically trading swaptions is an important first step in the evolution of electronically trading OTC rates options, which will increase transparency, improve execution workflow, reduce counterparty risk and strengthen liquidity, making this an easier product to access and trade.”The post Tradeweb completes first-ever fully electronic RFM swaption package trade appeared first on The TRADE.

Though pre-hedging has been lauded by some across the markets as a keyway to improve market efficiency, the buy-side continue to have reservations as to its empirical use.Will MittingThe mechanism allows dealers to offer tighter spreads thanks to the fact that they can better manage risk, however respondents to Acuiti’s latest report showed that asset managers as a whole believe that pre-hedging has the potential to disadvantage their trade, creating a conflict of interest between dealer and client. In this vein, when questioned around the empirical use of pre-hedging, only 4% of the buy-side confirmed that they were confident they knew for sure when a dealer is pre-hedging.Of course, dealers must manage risk, however 80% of asset managers believe that dealers should only hedge trades after they have been awarded the trade, found the study.As attention ramps up, the buy-side is demonstrably taking action, confirmed Acuiti, with 55% considering implementing mechanisms to detect pre-hedging (notably 20% already have these in place).Looking to the growing attention on the strategy, asset managers are cognisant of its real potential, however, calls for regulators to set clear rules governing pre-hedging is front of mind, found the study.Speaking to The TRADE, Will Mitting, founder of Acuiti, explained: “Our study found that there are strong calls across European asset managers’ for global standards and greater transparency around the process of pre-hedging.“While senior asset management executives were sympathetic to the need of dealers to hedge risk, there are very real concerns around the market impact of pre-hedging.” Specifically, 78% responded that they “want stricter regulations and a more comprehensive framework around its usage” in order “to avoid detrimental market impacts”. Read more: ESMA’s latest shot at ‘pre-hedging’ must now bring a clear set of rulesFor now, European asset managers continue to have reservations around the practice. For example, the majority agreed that pre-hedging creates a conflict of interest between the dealer and the client (88%), and that firms should have to give consent for a dealer to pre-hedge a trade they are submitting (65%) – clearly indicating ongoing uncertainty for the time being. Acuiti’s ‘pre-hedging in focus’ study is based on insight from senior executives (majority in senior trading roles) across 34 asset managers within Europe.The post More than half of the buy-side considering implementing pre-hedging detection mechanisms, finds report appeared first on The TRADE.

The Pictet Asset Management fixed income trading team is a well of insight, experience, and reputability. Spread across four desks in two continents: London, Geneva, Hong Kong and Singapore, its 15-member team boasts a combined 250 years of experience and counting.The desk is led by PAM’s co-heads of fixed income trading, James Frew and Patrice Guesnet – both industry stalwarts and based out of London and Geneva respectively. The duo took up the reigns in 2022, and since then the team has gone from strength to strength.Over the years, PAM has evolved from its roots as a boutique, strategy-specific trading setup into a semi-centralised platform. Currently, the Pictet Group’s AUM is at $893 billion, with the asset management arm managing $333 billion.On a notional basis, the team trades more than $500 billion a year in fixed income, some 90,000 trades. Speaking to how they balance the leadership of the team, Frew and Guesnet explain: “While co-heading can sometimes be seen as challenging, for us it has felt entirely natural. We bring different but complementary skill sets to the table, which allows us to advance the desk more effectively and adapt to new challenges as a team.“This structure also means that both of us remain actively involved in the business, while jointly managing and developing the team.”Guesnet’s trading career began in FX sales before expanding into FX and emerging market rates, an atmosphere which he describes as “fast paced, demanding, and at times quite unforgiving, but also full of energy and teamwork”. When he landed at PAM in 2012, Guesnet explains that much of the workflow was still manual and regulatory changes like Mifid II were close on the horizon. It was here that Guesnet’s interest in automation and using technology to enhance both individual and team performance were born.For Frew, his career began as an assistant swaps trader in 1993 before making his way through the sales environment in the subsequent years.He credits this experience with building a strong foundation in market engagement, client management, and relationship building.As Frew explains: “In 2015, I moved to the buy-side and joined PAM, a client I had covered since 2009. This move was rooted in trust and longstanding partnerships – values that have guided my career at every stage. Whether working on the trading floor of an investment bank or on the investment floor of an asset manager, I have always viewed finance as a people-driven business.“One’s professional journey is often intertwined with one’s personal journey; my journey has been challenging and rewarding, underscored by purpose, resilience, and pride in building trusted relationships across the industry.”Both co-heads make sure to imbue their desk with those very principles, and together have made sure to keep their fingers on the pulse whilst finding time to cultivate the continued progress of the desk.“Pictet benefits from a longstanding reputation for excellence, and within fixed income our strength lies in experience, professionalism, and structure,” adds Guesnet.One unified groupWhilst the PAM fixed income desk is spread across bases in both Europe and APAC, one of the overarching focuses for co-heads Frew and Guesnet is to foster a team which operates as a cohesive group.As Frew explains: “While in the past we worked through differing personalities and localised approaches, today the desk operates as a unified group across four locations. The combination of strong connectivity, mutual respect, and rigorous professionalism allows us to leverage collective expertise and deliver best-in-class execution for clients.”For the co-heads, the majority of their time remains trading on the desk – whilst Guesnet is focused on EM macro products with a bias toward Latin America and frontier markets, Frew trades Latin American hard currency and US/European distressed credit.For Frew, whose career has been centred on credit from the beginning, the sector he focuses on is at the less liquid end of the credit spectrum, with success dependent on anticipating liquidity, monitoring axes and flows, and maintaining continuous dialogue with counterparties.“Patience is key when it comes to trades in this area of fixed income, as positions can remain live for days before liquidity emerges,” explains Frew.The importance of both co-heads maintaining an active role in the trading and execution side of the desk is clear to see, with a hands-on approach lending itself to a keen eye for the details. Guesnet explains: “This daily involvement is critical as it helps to stay in touch with our traders’ day-to-day reality while at the same time being engaged with our portfolio managers, our brokers and market technology providers. It’s a dynamic that has strengthened our ability to innovate and respond to the evolving needs of our clients and the market.”Whilst both Frew and Guesnet spend around 80% of their time trading, the remaining 20% is dedicated to managing the team.Specifically, the team trades all asset classes within fixed income and each trader or pair of traders own their asset class, explain the co-heads, adding that the desk continually coordinates with portfolio managers, compliance, operations, client onboarding teams, technology partners, and senior leadership.Frew and Guesnet add that their approach differs from a light-touch management style – for senior colleagues, to a more hands-on approach when it comes to junior traders.Speaking to the trading team’s dynamic specifically, Guesnet enthuses: “We are supported by a great team of both highly experienced traders, that brings a lot know-how, and younger ones that come from a more tech-oriented mindset.“Although no two days are alike, the common threads of execution excellence, risk management, and strategic oversight ensure that we remain both reactive and proactive in shaping our team’s success.”Also important for the co-heads is a robust backup network which they stress is vital to the work being done. Specifically, this refers to having complete confidence in designated backup team members in order to ensure business continuity.“In my case, my trusted backup is Mark Parmar [senior credit trader at PAM] whom I have maintained a professional relationship for 20 years,” asserts Frew.“We have collaborated in various capacities, including as a client, colleagues in two firms, and as a referral when he was recruited by another firm. Our entire team operates with this structured backup approach, underscoring organisational resilience and reliability.”Indeed, when it comes to ensuring the desk’s longevity and continued success, a well-rounded, balanced approach is decidedly key for both Frew and Guesnet.Sharing their perspective on what makes for the best performance on an individual level, both are in agreement that the strongest traders combine technical ability with humility, adaptability, judgment, and relationship management.“At Pictet, we benefit from a diverse mix of backgrounds: some traders with deep sell-side experience, others homegrown within Pictet, and several with advanced technology and coding expertise. This blend allows us to approach markets holistically.”In this vein, sell-side experience is valued particularly highly at PAM, and is sought out for the way the knowledge gleaned from that world lends itself to a broad view of the markets.As Frew highlights, “it fosters an appreciation for how liquidity and relationships are managed, which remains invaluable on the buy-side.“The ability to balance portfolio manager objectives with productive counterpart relationships is often the differentiating factor between a good trade and a great one.”Innovation at the foreThe desk is clear that one of its key advantages is its blend of deep asset-class expertise – thanks to the insights of more seasoned traders – coupled with the younger generation’s technological fluency.“This enables portfolio managers to benefit from both market expertise and execution consistency, while external counterparties can better understand our flows. This structure improves collaboration, reduces silos and creates clearer engagement,” assert Frew and Guesnet.Of course, as the fixed income sphere continues its march towards increased electronification, the benefits of having technological fluency on the desk is only set to become even more vital.However, both co-heads make clear that a measured approach is necessary when it comes to growth and modernisation, explaining that “innovation must be purposeful: simplifying processes, streamlining workflows, and adding measurable value”.Expanding on this, Frew highlights that there are particular areas within the fixed income sphere which would benefit from closer attention – namely, that of the credit new issue market.“Here, legacy inefficiencies remain widespread. I have experience from both the sell- and buy-side perspectives and little has changed in what is a pretty painful part of the market.“For years, sales have fought each other for allocations, syndicate managers have been harangued by sales for more bonds and sales credits, portfolio managers or buy-side traders have had a good yell at sales or syndicate. Occasionally trading lines have been pulled.”He tells The TRADE that over the last year, Pictet has developed a workflow which integrates Bloomberg PREL, Interop, CRD and TSOX in order to capture, monitor, and process orders digitally from inception through compliance checks, order transmission and ultimately to allocation.Through this, manual intervention has been reduced, as well as enhancing transparency, and creating a scalable workflow aligned with compliance and operational teams.Importantly, Frew explains that the goal in the end is to help promote and extend this framework further, with the support from global industry partners, adding that of course the sell-side can also play a part, suggesting that they also join the negotiation table.Guesnet agrees that integrating data and technology into the workflows is essential for optimising trade execution, highlighting several priorities when it comes to growth and innovation.“By employing advanced execution algorithms and real-time analytics, we empower our traders to make informed decisions, regardless of the trade size. This approach enables thorough analysis to determine the most suitable brokers, timing, and strategy.“We incorporate a blend of macroeconomic data, significant events, behavioural biases, market flows, and trading axes to guide our traders, providing clarity on whether to execute a trade now, in five minutes, an hour, or even in two days. While this framework works for all trades, it offers enhanced insights for larger, less liquid transactions.”Notably, the co-heads explain that the aim for the desk is of course to add tangible value to the fund, but also to foster constructive discussions between traders, fund managers, and brokers.Elsewhere, the topics of data and related innovations – including artificial intelligence – are also front of mind for the desk at present.Discussing exactly why these are such dominant themes, Frew and Guesnet explain that this is “particularly in terms of maximising the value of [our] internal datasets in relation to third-party offerings and harnessing AI to extract meaningful insights and efficiency gains”.They add: “Because every asset manager’s needs are distinct, there is no universal solution, and budget realities require us to be thoughtful in how we leverage and share data. ‘Give-to-get’ data arrangements are a recurring discussion point, but that data has to be useful for decision-making and execution.”When the discussion moves to the desk’s empirical approach to trading, the co-heads explain how they are ensuring PAM remains ahead of the curve, positioning themselves for continued success in the evolving market.One key area for the duo is best execution, an area in which both Frew and Guesnet stress that the team is “extremely thorough”.“We have four levels of check: trader, desk head, co-head, compliance. This is done weekly. We follow this up with a quarterly best execution committee with random extracts demonstrating our oversight.”Demonstrably, the desk is leaving no stone unturned, and this is also true of their approach to broker reviews – the duo explain that these are conducted via Tableau “with a focus on quantitative and qualitative granularity – widely regarded as one of the strongest review processes in our peer group.“This approach fosters more meaningful conversations that ultimately strengthen our relationships with our top brokers.”Elsewhere, the co-heads also highlight automation and the implementation of SimCorp as key focal points, explaining that PAM uses both vendor solutions and its own proprietary systems, continually aiming to refine aspects such as: trade sizing, timing, and broker selection through the use of AI-driven insights. Specifically, the team leverages Interop.io to develop tools that support traders in their day-to-day operations and improve analytics, and SimCorp’s role as a strategic initiative “impacts the entire business from front to back, streamlining processes and future-proofing our technology stack,” add Frew and Guesnet.The critical differenceTaking a look at the other side of the coin – the co-heads are quick to point out that when it comes to the desk’s dynamic, it is an approach which places the traders themselves at the fore.As Guesnet asserts: “Strong communication and solid relationships are invaluable, they can make the critical difference when it matters most.”Though both co-heads concede that trading will continue to move towards greater digitisation and automation, they maintain that human side of things will remain extremely valuable in the future.“Today in credit, the 10 – 100 million tickets are still very much bilateral or voice traded, and this won’t disappear any time soon. Yes, efficiency and transparency will improve with faster data prints, but it risks eroding the interpersonal dimension of market engagement – the instinctive read of tone, conviction, or urgency that comes through voice interaction.”“While technology will empower traders with more data and streamlined workflows, the art of relationship-building and real-time negotiation may diminish. The challenge for the next generation will be balancing digital efficiency with the human connectivity that has historically underpinned effective markets.”In the same vein, Frew adds that the two most important lessons which stand out when reflecting on his career thus far relate to exactly those personal skills, specifically patience and relationships. “Patience is essential in managing illiquidity, volatility, and timing – knowing when not to act is as important as knowing when to act [and] equally vital is the cultivation of strong sell-side relationships. Liquidity can evaporate in times of stress, and it is during crises that trusted relationships prove their worth.”Evidently both Frew and Guesnet have their fingers firmly on the pulse of their sphere, both committed to continuing to foster Pictet AM’s highly collaborative culture, embracing oncoming innovation and continuing to prioritise the high level of industry insight at their disposal.The co-heads’ leadership philosophy, built on transparency and partnership, with “no rivalry, no silos, and open communication,” looks set to continue to be a successful one.As Frew attests: “The trick is trust – we are joined at the hip as HR inform us and this co-head structure is one that is promoted […] we complement each other’s strengths both professionally and personally, and that cohesion cascades across our global team.”The post Pictet Asset Management: ‘The trick is trust’ appeared first on The TRADE.

Clear Street Paul Christophorou has joined Clear Street as head of outsourced trading for Europe, following a three-year tenure at UBS.   Christophorou will be based in London in the new role. Previously he has worked as a multi-asset trader at UBS, joining as part of the firm’s expansion of its EMEA outsourced trading offering in 2022, as revealed by The TRADE at the time.   Speaking to The TRADE, Andy Volz, chief commercial officer at Clear Street, said: “We are thrilled to welcome Paul as we expand our global outsourced trading capabilities in Europe. This reflects the strength of our core infrastructure and our ability to move quickly and capture opportunities to enhance the client experience.  “Operating as one global team across all products and markets, we’re ensuring Clear Street is the one-stop shop for sophisticated investors who value speed, reliability and a full suite of solutions built for scale and transparency.” Prior to his time at UBS, Christophorou had a one-year stint at Axia Futures, where he worked as a proprietary futures trader.   He also spent 19 years on the buy-side at Odey Asset Management, where he served as a multi-asset senior trader, responsible for trading equities, ETFs, equity and bond futures and commodities.   Citi Matti Konsala has joined Citi as a vice president, equities algo trader, sitting on the firm’s EMEA equities algorithmic trading desk.   London-based Konsala brings several years of equities execution systems experience to his new role, and joins the firm after more than seven years at Goldman Sachs, where he most recently served as a vice president in equities algo strategy.   Prior to this, he also spent over two years at ITG, working as an algorithmic trade support analyst, where he provided technical and business support for ITG’s clients and electronic trading desk.   Previously in his career, he has also worked at Societe Generale and Amplion Asset Management.   Citi confirmed Konsala’s new position when contacted by The TRADE.   Tourmaline Europe Guillame de Chabaneix has joined outsourced trading solutions firm, Tourmaline Partners, as an equity trader at Tourmaline Europe. London based-de Chabaneix brings more than 15 years of industry experience to his new role, and joins following a nearly 14-year tenure at BTIG.  He initially joined the sell-side firm as part of its equity sales and trading business, working across senior leadership roles and specialising in international trading, dual-listed companies and event-driven trading.  Following this, he then later joined BTIG’s outsourced trading division in London in January 2020.  Previously in his career, de Chabaneix spent more than two years at MF Global, working across equities roles in London and Sydney.  The post People Moves Monday: Clear Street, Citi and Tourmaline Europe appeared first on The TRADE.

Trading data and analytics provider, BMLL, is set to be acquired by private equity investor, Nordic Capital.  Paul HumphreyThe firm is set to receive a “meaningful injection of primary capital” to support BMLL’s growth, specifically to expand the firm’s global venue coverage, enhance its historical depth, and build out its multi-asset class capabilities. Additionally, the firm will use the investment to bolster its go-to-market capabilities and strengthen its partnerships across the industry, specifically with exchanges, technology platforms and market infrastructure providers.  Speaking to The TRADE, Paul Humphrey, chief executive of BMLL, said: “With Nordic Capital’s backing and Optiver remaining a key shareholder, we now possess the strategic capacity and financial resources to truly compete with established data providers. “We are absolutely committed to continuing our mission to elevate data standards across capital markets, ensuring that poor-quality historical data is a thing of the past. This investment ensures we can rapidly expand our geographical reach and historical depth across assets like futures and options, democratising access to the most granular data and helping participants worldwide navigate complex and rapidly evolving market conditions.”The investment will be made in close partnership with the BMLL management team, as well as the firm’s minority shareholder, Optiver, which led an investment round in October 2024, delivering a $21 million injection into BMLL.  Read more – BMLL launches Trades Plus dataset to enhance execution analysis and market transparency It has been confirmed that Humphrey will continue to lead the business and that the current management team will remain shareholders.  “Nordic Capital sees a clear opportunity to invest in content, analytics and partnerships that extend BMLL’s reach globally, helping more firms harness the power of harmonised, high-quality data,” said David Samuelson, partner at Nordic Capital Advisors. “Leveraging Nordic Capital’s long-standing expertise in capital markets software and data, we will work closely with Paul and his team to seek to expand BMLL’s footprint, elevate the product and analytics offering, and scale distribution and partnerships.” The post BMLL acquired by Nordic Capital appeared first on The TRADE.

The TRADE is delighted to announce the shortlists for this year’s Leaders in Trading New York Buy-Side Awards. The winners will be announced at the Leaders in Trading New York glittering awards night, taking place at Chelsea Piers in New York City on 18 November, returning for a second year after the event’s inaugural launch in 2024. The shortlists for the Leaders in Trading New York Buy-Side Awards have been produced following input from The TRADE’s editorial and research teams, as well as nominations from key industry players across North America, recognising those amongst their peers that stand out as the most deserving of these nominations.  This year, the categories for the Buy-Side Awards include the coveted Trader of the Year, as well as Trading Desk of the Year, Fixed Income Trading Desk of the Year and Buy-Side Market Structure Expert of the Year.  Also set to be recognised on the night are this year’s Rising Stars of Trading and Execution, North America – to be announced in due course.  Many congratulations to all the shortlisted individuals and teams, it will be a night to remember!  If you are a member of the buy-side community and would like information on attending Leaders in Trading New York then please contact Karen Delahoy at karen.delahoy@thetradenews.com.  For sponsorship opportunities or to book a table for the dinner, please contact Daljit Sokhi at daljit.sokhi@thetradenews.com . Trader of the Year  Cole Barrett, M&G Jules Boletis, Robeco Brendan Gorman, Lazard Asset Management Michael Roberts, Columbia Threadneedle Investments Trading Desk of the Year Clearbridge Investments Jennison Associates Legal & General Ninety One Fixed Income Trading Desk of the Year  AllianceBernstein BlackRock NuveenT. Rowe PriceBuy-Side Market Structure Expert of the Year  John Bright, Fidelity Investments  Hubert De Jesus, BlackRock Susan Joyce, AllianceBernstein Carlos Oliveira, Brandes Investment Partners The post Leaders in Trading New York 2025: Buy-Side Shortlists revealed appeared first on The TRADE.

Is T+1 an opportunity for innovation in the industry or more of an operational obstacle? It can probably be looked at as potentially both. Most organisations would say that to some degree or other they’re ready to settle T+1 today. If you don’t invest, you’ll probably get there just with some operational tweaks and some small changes, but that would be a bit disappointing as a market if that’s as far as we go.  The way our markets function and are structured has been a buildup of process and evolution over 20 or 30 years. But if you were to start from scratch now, would you build the processes and the end-to-end connectivity in the way that we have it today? Possibly not, because technology now would allow you to do it differently.  We can use T +1 as an opportunity to really invest in new technologies, whether it’s artificial intelligence, APIs or data and analytical tools. If we don’t do it now, when will we do it? What would be the catalyst?  How is BNP Paribas preparing for a shift to T+1 settlement in Europe? We have a lot of experience in markets that are already on shorter settlement cycles than the European norm, so part of what we are doing is looking at how those markets are functioning on an ongoing basis and looking back at how we managed the North American migration and learning from that as much as we can. It’s safe to say that at the very base level, we can settle transactions that we receive today if we need to on a T+1 or even T+0 basis.  But there’s a need to go further than that and help our clients and our clients’ customers to really understand what the impact for them is and what areas they need to focus on. We’re hosting a lot of forums, working groups, papers etc to really make sure they’ve understood the areas that impact them as well as what they need to do.  There is a unique point around day one of T+1, which is that the first day of settlement under T+1 is the last day of settlement under T+2. It’s a dual settlement day and that impacts on liquidity and financing requirements. So again, it’s about making sure you’ve got the right eyes around that first day of settlement.  Read more – ‘The clock is ticking’ remind experts as the 24 month countdown to T+1 in Europe looms Alongside the move to T +1, there’s also a lot of focus on evolving markets to incorporate digital issuances and tokenisation. Do you think these two priorities are complementary or competing? If you take it at the highest level, you’ve got traditional markets and new markets, and therefore there’s a competitive element there, particularly with digital issuances. If you take that a bit further, a lot of tokenisation is focusing on creating new solutions around assets from traditional markets.  A lot of the focus has been on tokenising traditional assets so that they can be used as collateral in a more 24/7 cycle and allow coverage of financing needs in a more global framework. The other part is again; digital markets and new markets have an ability to perhaps integrate new technology quicker and rework how the market framework simpler than what traditional markets might be able to do.  It’s not going to be a rapid shift from traditional markets to digital markets. So therefore, with T+1 we can learn from some of the values that are being created in these new markets.  Is T+1 the end game? If we are going to T+0, that’s going to be a fundamental shift in the way that markets work. There’s a potential to use the step towards T+1 as the reason to change your operating model and then scale it back a little bit so that it works for T+0. There’s been enough commentary around the market that suggests that T+1 isn’t the end game, but let’s be careful before deciding what the end game is, to ensure that we’re doing it with the interests of investors and issuers in mind.  At the end of the day, for an investor, the time frame of settlement is the timeframe that makes it easier for them. For some parties, that might be T+0. For others, it might not be. Once we get through T +1, we need to have a market conversation about what should be the end game. And maybe the end game should be a choice, not a mandate.  The post Fireside Friday with… BNP Paribas’ Gary O’Brien appeared first on The TRADE.

Marex has entered an agreement to acquire European fixed income market maker, Valcourt.  Paolo TonucciSpecifically, the deal will integrate 700 clients into Marex’s business, from firms spanning banks, independent wealth managers and asset managers, and is expected to support Marex in bolstering its fixed income business. Additionally, the acquisition of the Geneva-based firm is set to allow Marex to bring the Swiss institutional community under the umbrella of its distribution offering, to help diversify the firm’s platform and its earnings.  “We are excited to welcome the team from Valcourt to Marex,” said Paolo Tonucci, chief strategist and chief executive of capital markets at Marex. “They bring a high level of expertise in the fixed income markets and will enhance our Capital Markets offering. The acquisition also brings us deep local knowledge and strong client relationships, particularly with Swiss institutions, where we see great potential to deepen these relationships by offering access to our broader range of products from across our platform.” The acquisition is currently scheduled to close in H1 2026, subject to regulatory approval.  Valcourt’s current offering specialises in fixed income instruments, including high-yield, subordinated, emerging markets, private, illiquid, and sustainable debt.  Mike Conway, chief executive of Valcourt, said: “We are delighted to join forces with Marex, a global leader in financial services. This partnership represents a fantastic opportunity for Valcourt clients to access Marex’s extensive network and expertise.” The deal follows other recent acquisition news for Marex in recent months. In July, the firm announced that it was set to acquire UK equity market maker Winterflood Securities from Close Brothers in a cash deal valued at approximately £103.9 million.  The acquisition is expected to support the growth of Marex’s UK cash equities business, and support the expansion of its services to UK institutional clients through a broader suite of products, particularly in asset and wealth management sectors.  The post Marex to acquire market maker Valcourt to bolster fixed income offering appeared first on The TRADE.

LSEG has partnered with 11 leading global banks, in a move which will see the Group receiving investment in its Post Trade Solutions business.  Daniel MaguireAs part of the deal, the investing banks will become shareholders in the business, taking a 20% stake in exchange for an aggregate cash consideration of £170 million, totalling the whole value of Post Trade Solutions to £850 million.  Specifically, the 11 banks included in the investment are: Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, HSBC, JP Morgan, Morgan Stanley, Nomura, Societe Generale and UBS. Read more – LSEG and Microsoft extend multi-year partnership The move will also see LSEG gaining an increased proportion of revenue surplus from the SwapClear business, with revenue surplus share for the banks which are members of SwapClear reducing to 15% in 2025, and a subsequent 10% from 2026.  Daniel Maguire, head of markets at LSEG and chief executive of LCH Group, said: “Our SwapClear business was at the forefront of innovation when it was founded in collaboration with our clearing members 25 years ago – and that spirit of innovation and partnership continues today. Our clearing services have been highly successful in generating substantial growth and ensuring robust risk management for the OTC derivatives market. This has only been possible thanks to our long-term strategic partnership with our customers.  “With this proven track record of success, I’m pleased that our partners are committed to continuing the approach with our Post Trade Solutions business, where we collectively see an opportunity to bring material efficiencies across capital, risk and operations to the bilateral OTC derivatives market. The partnership is expected to allow the investing banks to benefit from their input into Post Trade Solutions, which spans Acadia, Quantile, SwapAgent and TradeAgent businesses. Read more – LSEG embeds REDI EMS directly into Workspace In addition, three directors nominated by the 11 investing banks will also become members of the board of Post Trade Solutions.  “Our partnership with SwapClear has been highly successful in growing and scaling the first interest rate swaps clearing service into an established and profitable business,” said Troy Rohrbaugh, co-chief executive, commercial and investment bank at JP Morgan. “We see great opportunity for the many benefits associated with clearing such as risk management, standardisation and efficiencies, to be replicated by those trading uncleared derivatives.” The post LSEG’s Post Trade Solutions to receive investment from 11 global banks appeared first on The TRADE.

Paul Christophorou has joined Clear Street as head of outsourced trading for Europe, following a three-year tenure at UBS.  Christophorou will be based in London in his new role, and previously worked as a multi-asset trader at UBS, joining as part of the firm’s expansion of its EMEA outsourced trading offering in 2022, as revealed by The TRADE at the time. His appointment aligns with the recent hire of Morgan Ralph as Clear Street’s head of outsourced trading to lead the firm’s new platform, launched in May 2025. Ralph also joined the firm from UBS, following news in March that the firm had made a shock departure from the outsourced trading game.  Prior to his time at UBS, Christophorou had a one-year stint at Axia Futures, where he worked as a proprietary futures trader.  He also spent 19 years on the buy-side at Odey Asset Management, where he served as a multi-asset senior trader, responsible for trading equities, ETFs, equity and bond futures and commodities.  Christophorou confirmed his new role in an announcement on social media.  Clear Street had not responded to a request for comment at the time of publication.  The appointment also follows further hires for Clear Street in the last few months. In October, the firm named Mark Daniels as its new head of platform sales, based out of New York. He joined the US broker from Marex, where he most recently served as head of prime clearing.  Similarly, in July, Clear Street brought in Chris Tufano to lead the firm’s clearing business, who previously spent almost nine years at Bank of America.  The post Clear Street brings in ex-UBS trader to lead European outsourced trading business appeared first on The TRADE.

Digital asset prime brokerage FalconX has entered an agreement to acquire ETF provider 21shares, as part of the firm’s effort to enhance its suite of digital asset investment products.   Raghu YarlagaddaSpecifically, the acquisition is set to combine 21shares’ asset management product development and distribution expertise with FalconX’s digital asset infrastructure and risk management platform, to deliver tailored investment products for both institutional and retail investors.  The move is also expected to support FalconX in building out its listed markets and digital assets offering, and bolster its footprint in the US, Europe and Asia-Pacific regions.  Raghu Yarlagadda, chief executive of FalconX, said: “We’re witnessing a powerful convergence between digital assets and traditional financial markets, as crypto ETPs open new channels for investor participation through regulated, familiar structures. FalconX has built the institutional backbone for trading, derivatives, and credit, and extending that infrastructure into listed markets through 21Shares is a natural next step toward strengthening market efficiency.” Read more – FalconX launches new platform to enable 24/7 institutional OTC options trading Zurich-headquartered 21shares currently offers the world’s largest suite of cryptocurrency exchange-traded funds and products (ETFs/ETPs) and manages more than $11 billion is assets across 55 listed products.  As part of the acquisition, 21shares will come under the FalconX umbrella, but will remain independently managed, and chief executive Russell Barlow will continue to lead the business.  “Our goal has been to make crypto investing available to everyone through industry-leading exchange-traded products,” said Barlow.  “Now FalconX will enable us to move faster and expand our reach. Together, we’ll pioneer solutions that will meet the evolving needs of digital asset investors worldwide.” The acquisition follows recent efforts by FalconX to enhance its global footprint, and in July, the firm expanded into Latin America, supporting two of the region’s largest financial institutions, investment bank BTG Pactual and Brazilian cryptocurrency exchange Mercado Bitcoin.  The post FalconX to acquire crypto ETF provider 21shares appeared first on The TRADE.

What are some of the advances you’re seeing in options FX strategies?Even though OTC FX options volumes have been steadily increasing for the last couple of years, trading activity in G10 FX options in 2025 is rather subdued due to a noticeable shift toward increased use of Delta-1 products. This is against a backdrop of heightened political uncertainty and diverging central bank policies, as market participants reassess their USD hedging strategies.From a technical perspective, our liquidity providers are now able to offer auto-pricing for plain vanilla FX options in significant size, even though larger volumes still tend to be traded with manual intervention. Moreover, we’re observing that platform providers and banks are collaborating to offer new solutions such as API-based pricing for zero-cost structures. In our view, this significantly enhances flexibility in the e-trading of FX options and allows for a reduction in manual workload. In terms of OMS/EMS we’re seeing a continued effort to set up the necessary processes for trading FX options and have set a high priority for our own internal projects we are running with our IT department to leverage these new capabilities as soon as possible.When it comes to the surge in cleared FX options for many market participants, the primary advantage lies in the reduction of counterparty risk and potential for multi-lateral netting, which helps to optimise capital usage and reduce overall exposure. Additionally, clearing can optimise access to liquidity for some and significantly cut down the time and complexity involved in negotiating bilateral master agreements. This is particularly valuable for institutions looking to scale their FX options activity efficiently and with greater operational certainty.Others are more reluctant, due to the non-standardised nature of FX options and the existing setup of well-functioning bilateral relationships e.g. posting of collateral and receiving competitive pricing. There’s also the challenge of liquidity drain due to initial margin requirements, which can be significant and impact trading flexibility. On top of that, transitioning to cleared products often requires substantial investment in IT infrastructure, which can be a barrier for smaller firms or those with legacy systems.What is driving this development?Burdensome and error-prone manual workloads in the process of trading, booking and throughout the lifecycle of FX options are the main drivers in the development towards more electronification.In practice, this means increased operational risk when trading options via voice and chat and settlement issues e.g. due to a mismatch in strikes or premia, in particular when trading multi-leg options across several portfolios. A more automated and STP setup would drastically help to address these issues and to optimise low-touch options business in general.How could these be developed further and what is the next step in terms of advancement in options?Most important is that cooperation between OMS/EMS and trading platforms needs to intensify to allow for a streamlined process from trade initiation to order placement to final allocation including best execution data and TCA. In addition, work is being done to allow market makers to provide axes in a secure and customised manner, building solutions to address pin risk around option exercises and further development of CLOBs to provide more liquidity. On top of the existing limitations from our LPs on the notional size we are able to trade via auto-pricing, our main concerns to move junkier volumes to e-trading are the lesser flexibility in trading style e.g. fixing volatility before trading live and the potential market impact when trading without delta exchange. That said, we expect all of these hurdles to be lowered over time alongside the aforementioned advances we see right now in the markets.  How electronified are options in comparison with other FX instruments? What are the biggest hurdles?The combination of limited capabilities of some OMS/EMS e.g. not allowing for STP order processes and the non-standard nature of FX options with regards to the vast variety of delta levels, broken dates and different trading styles are amongst the main reasons for still lower automatisation levels in our view.The post The next stage for options automation appeared first on The TRADE.

Tradeweb has launched its alternative trading system (ATS), to facilitate the execution of Sukuk and Saudi Riyal (SAR)-denominated debt instruments within the Kingdom of Saudi Arabia. Billy HultThe ATS is licensed by the Capital Market Authority (CMA) and marks the first regulated electronic bond marketplace to be operated in the Kingdom, following a competitive tender process which took place in Q1 2024.  As part of the launch, BlackRock and BNP Paribas have executed the inaugural transaction on the platform, followed by a subsequent trade which took place between BlackRock and Goldman Sachs.  Billy Hult, chief executive of Tradeweb, said: “The introduction of SAR bonds to Tradeweb’s multi-asset electronic platform marks not just a technological milestone, but also a foundational moment for fixed income market structure in the Kingdom, preparing the ground for greater international participation.” Specifically, the platform is set to support the Kingdom’s aim to build out the region’s capital markets, as well as attract further global investment and bolster Saudia Arabia’s economic development in general.  In addition, Tradeweb’s new ATS will allow users to access offerings such as protocol diversification, alignment with local trading conventions and flexibility for potential future product extension, alongside the existing emerging markets currencies currently available for Tradeweb clients.  Read more – Citi and Pension Insurance Corporation execute first fully electronic bilateral multi-asset package list trade via Tradeweb “As Saudi Arabia continues to make great strides in developing its capital markets, fixed income opportunities hold great strategic interest for international investors,” said Yudhveer Chaudhry, global head of emerging markets, foreign exchange, commodities, and digital assets trading at BlackRock. “This inaugural transaction on Tradeweb’s new alternative trading system, in collaboration with our global emerging markets debt team, not only marks a technological milestone for the Kingdom’s fixed income markets but also reflects our commitment to supporting innovative platforms that enhance global investor access and strengthen capital market infrastructure.” The ATS launch follows further efforts from Tradeweb to build out its offering across global markets in recent months. In November 2024, the firm unveiled a collaboration with the Tokyo Stock Exchange (TSE) to expand liquidity in Japanese exchange traded funds (ETFs) through the launch of a new direct link. Specifically, the link will be between Tradeweb and TSE’s RFQ platform CONNEQTOR.  The post Tradeweb launches first electronic bond ATS in Saudi Arabia appeared first on The TRADE.

Euroclear has announced it will extend the daily cut-off time for settlement instruction submissions – known as the Input Disable deadline – effective Monday 20 October from 20:00 to 21:00 (UK time). The change gives firms additional time to submit and match settlement instructions on trade date (T), improving readiness for the UK’s transition to T+1 settlement.  According to Euroclear, the enhancement aims to reduce the risk of settlement fails, offer greater flexibility for cross-time zone participants, and support early transaction matching. The update completes recommendation SETT 02 from the UK Accelerated Settlement Taskforce’s implementation plan.  It also marks another step in enhancing operational resilience ahead of the upcoming move to a shorter settlement cycle in 2027. In October, European Securities and Markets Authority (ESMA) published its final report on proposed amendments to settlement discipline rules in Europe, with a view to enhancing post-trade efficiency ahead of Europe’s switch to T+1 in 2027.    The post Euroclear extends instruction deadline ahead of UK’s T+1 shift appeared first on The TRADE.

The European Fund and Asset Management Association (EFAMA), the European Principals Traders Association (EPTA) and consulting firm Protiviti have co-signed a letter directed to the European Securities and Markets Authority (ESMA) and the European Commission, identifying gaps in the current EU shares and ETFs consolidated tape framework.  Within the letter, the associations have submitted new recommendations to enhance the current policy and implementation framework of the tape, following dialogue with the associations’ members. The proposals also align with current ongoing Savings and Investments Union (SIU) consultations, and aim to “accomplish the twin goals of having a fit-for-purpose tape and advancing EU capital markets integration,” said the firms.  Read more – Consolidated tape: Avoiding a ‘garbage in and garbage out exercise’ Specifically, the five new recommendations proposed include: expanding the depth of pre-trade quotes, including venue identifiers on pre-trade data, incorporating exchange-traded commodities (ETCs) and exchange-traded notes (ETNs) instrument data on the tape, encouraging smaller venues to contribute data and implementing appropriate governance framework.  Speaking to The TRADE, Susan Yavari, deputy director for capital markets and digital at EFAMA, said: “As future users of a consolidated tape, we would like the upcoming SIU package to introduce  critical changes to the design of the tape in order to maximise the take-up and usability of the new tool.  Our proposed changes are not only relevant for European market participants, but also for global investors channelling flows into Europe.  We strongly urge the European Commission to take timely action on this.” The recommendations are also additive to previous suggestions made by EFAMA and Adamantia. In addition, the letter follows proposals suggested by a group of ten signatories in February, made up of the buy-side, sell-side, and industry associations, including BlackRock, Barclays and Societe Generale, which endorsed low pricing, speed efficiency and voluntary consumption of the tape, among other points.  Currently, EuroCTP is the sole confirmed bidder for the EU’s shares and ETFs, led by chief executive Eglantine Desautel, after big xyt dropped out in June 2025, citing a lack of necessary financial backing.   ESMA is expected to make a decision on the consolidated tape provider by the end of 2025.  The post Trade associations call on ESMA and the European Commission to strengthen consolidated tape framework appeared first on The TRADE.

What changes are you seeing in how fixed income traders are accessing liquidity? At Ninety One, we’re active across both developed and emerging markets, trading across rates, credit, and derivatives. Over the past few years, we’ve seen a steady rise in the number of liquidity providers across a number of these markets. That’s brought healthy competition and tighter pricing, but also more fragmentation. While competition is good for the buy-side, fragmentation can make it harder to source consistent liquidity efficiently. That’s why we’ve leant on the platforms’ ability to access alternative liquidity. As an example, on MarketAxess, roughly a quarter of European credit trades now execute via all-to-all protocols, where you can connect directly with non-traditional liquidity providers. Every major platform now offers some version of all-to-all protocols, and it’s become a vital part of how we find liquidity that might otherwise be hidden. How is technology improving price transparency in markets? In general, the more electronic a market becomes, the more transparent it gets. In highly liquid markets like US Treasuries, pricing is now effectively live and executable, you trade at or very close to the posted level for meaningful size. As you move down the liquidity spectrum into HY credit or EM debt, transparency naturally falls away, but technology is closing that gap. Execution platforms are getting much better at pre-trade price prediction and data-led analysis. The composite pricing models and TCA tools we now have are more sophisticated, driven by much deeper data pools. AI will only accelerate this in the future. The result is that even in less liquid bonds, traders are gaining clearer visibility on likely execution levels, and that’s a meaningful improvement over just a few years ago. Are buy-side traders gaining more control in protocol selection? Absolutely. From my seat, protocol selection is fully within my control, and that autonomy has expanded as electronic trading has matured. Often, the choice comes down to familiarity and comfort. Traders naturally stick to what they know, but that can mean missing out on protocols that might better suit a particular trade type. A good example is automation. It’s been around for years, but adoption is now accelerating and we’re integrating it directly into our workflow now. Platforms like Bloomberg RBLD, MarketAxess Auto-X, and Tradeweb AiEX are helping us systematise low-touch flow, while freeing up human traders to focus on more complex, illiquid risk. Automation adds efficiency and precision, but importantly, it also gives time back to the desk. That’s what makes protocol selection strategic rather than just operational. What advice would you give to traders preparing for the 2026 fixed income trading landscape? Over the past 12 to 24 months, we’ve gone through a lot of change at Ninety One, including onboarding a new OMS and migrating away from a legacy system. Change is rarely comfortable, but it’s often where the biggest gains come from. My advice to traders is simple: embrace change and stay curious. Try new workflows, new protocols, even if they feel unfamiliar. Every test or pilot you run teaches you something, and that feedback helps shape how the platforms evolve. The pace of innovation in fixed income trading is accelerating. Firms that engage with that change rather than resist it, will be the ones best positioned for 2026 and beyond. The post TRADE Talks: Ninety One’s Ed Wood appeared first on The TRADE.

While European markets are occupied with the imminent move to T+1 settlement at present, an eventual shift to T+0 is not completely out of the conversation, confirmed expert panellists at FILS on 16 October. Nina Suhaib-WolfPlans for the move to T+1 settlement are well underway across Europe following alignment on a proposed date for the shortened settlement cycle – set for 11 October 2027 in the UK, EU and Switzerland.Compared to the US shift, Europe’s own transition is a decidedly different game, full of diverse jurisdictions, exchanges, and complex market structure – but attention is also being paid to what will come next – a potential for immediate settlement.Read more: Inside the UK’s blueprint for the move to T+1 settlementSpeaking to this, Nina Suhaib-Wolf, director, market practice and regulatory policy, ICMA, affirmed that though her own fintech teams are “really engaged” in the notion, long-term plans for the move will be highly tech-driven and likely to emerge steadily, rather than through a sudden shift. “T+0 is somewhere on the horizon, it’s a question of whether it would come with a big bang or more gradual move and maybe to complement existing processes […] whereas T+1 is really to improve existing settlement processes and make them more efficient, T+0 would really mean introducing new product digital ideas.”Other panellists echoed this notion, highlighting both the potential of new innovations when it comes to digital products, and the possibility of leveraging other technologies in order to facilitate processes, such as blockchain. Sven Rudolf, head of trading at Oddo BHF Asset Management, further added that current limitations in other markets are proof that the industry is not ready for T+0 adoption in full, with technological developments set to determine asset readiness on a class-by-class basis.“I think it’s a question of tech, of blockchain, of really just getting it going. In general we have T+0 already in the future market because normally a future trades T+0, but does it always work? Everybody knows that it doesn’t always, it’s much more T+1. This demonstrates that it’s not there yet.“So, if you want to replicate it for the whole market, there will still be some which will not trade T+0, and you have to consider them. Let’s see how the tech develops first is my point of view, then you can see which assets you can put on this T+0 journey and which ecosystems can do it.” Read more: EU finalises high-level road map for T+1Overall, panellists recommended a cautious approach, balancing innovation, proactivity, and careful consideration of the empirical market state of play.Speaking to this pragmatic view, Christopher Bonnet, deputy director of data and supervision, AMF, said: “When I think about T+0, I think about someone running really fast […] This is something that, even if we can do, we have to be cautious about and question whether it’s really adding value, or if it’s just ‘adding’.” The post A shift to T+0 is likely to initially complement T+1, rather than replace it, say experts appeared first on The TRADE.

Across the industry, appreciation of the benefits the fixed income consolidated tapes for the UK and EU may reap is widespread, however for experts speaking at FILS on 16 October, some uncertainty still remains. A particular point of apprehension lies with the aggregation of data, reiterated speakers, with fears regarding poor-quality data being pushed through the tape and risking delivering little to no benefits for the industry still present. Speaking on this, one expert said: “For the buy-side, it’s the quality of data that is fundamentally important. If we end up aggregating bad data, this entire process would have been for nothing. [The industry] relies on clean, accurate data to feed through in all processes and deliver best outcomes for end clients. That needs to be firmly looked at.” Discussions also called on regulators holding data contributors accountable for the quality of data coming in “from day one,” and ensuring regular data quality reports are provided, emphasising the vital nature of governance in the delivery of the tapes. “Governance is incredibly important. We want to make sure that this tape is governed by a variety of actors and not just one particular entity of interest being voted for,” said one speaker.” “We want sell-side, buy-side and the end investor to be part of their construction and for there to be some kind of feedback loop on what we’re getting.” Realising the potential The premise of tapes in both the EU and UK of course offers a multitude of opportunities, with a key benefit related to democratising access to the fixed income world and opening up investor interest.  “What I like about the tape is that it will be available to everybody,” enthused one panellist. “Some investors that are not as naturally interested in fixed income, like retail for instance, find more interest as a result of having a tape and having access to the data that they cannot see today. This democratisation of data will also allow to give scale.” Read more: The consolidated tape – getting the show on the road Moreover, as global fixed income markets become increasingly competitive, the role that a tape can play in elevating Europe and the UK on the international playing field was a further benefit emphasised at the conference.  “In the EU and the UK, competition is taking place at global level. When investors look at Europe, they also look at the US and APAC, and those markets have been incredibly innovative,” affirmed one speaker.  “For Europe as a hub, it’s very important that these windows we’re going to present to the world are clean, appealing and attractive, so that investment and issuance can come our way.” Demonstrably, though concerns around certain aspects of the two tapes remain prevalent within industry discussions, the benefits are also widely recognised. For the panellists at FILS, early engagement between market participants and providers, imbued with a sense of collective responsibility is the key to achieving the success the industry hopes for.  The post As consolidated tape plans continue, governance and data quality remain the most prominent talking points across the market appeared first on The TRADE.

Matti Konsala has joined Citi as a vice president, equities algo trader, sitting on the firm’s EMEA equities algorithmic trading desk.  London-based Konsala brings several years of equities execution systems experience to his new role, and joins the firm after more than seven years at Goldman Sachs, where he most recently served as a vice president in equities algo strategy.  Prior to this, he also spent over two years at ITG, working as an algorithmic trade support analyst, where he provided technical and business support for ITG’s clients and electronic trading desk.  Previously in his career, he has also worked at Societe Generale and Amplion Asset Management.  Citi confirmed Konsala’s new position when contacted by The TRADE.  Most recently, Citi appointed a new Germany and Austria head of markets, with Sophie Landry joining the firm in October from European Investment Bank, where she spent over four years as head of portfolio and asset and liability management.  Similarly, in September, Austin Winter joined Citi as a vice president, futures and derivatives clearing after spending more than 11 years at BTIG across various roles, most recently as vice president, outsourced trading.  The post Citi hires from Goldman Sachs for equities algo trader appeared first on The TRADE.

JP Morgan JP Morgan has named Will Jeffries as global head of sell-side trading services sales, as part of a push to enhance the firm’s international coverage and client engagement.   In his new role, Jeffries will assume the responsibility for integrating JP Morgan’s regional teams, and the Americas team will now also align with the EMEA and APAC teams and report to Jeffries.   The position marks an expansion of Jeffries’ previous capabilities at the firm, where he has been since 2019, working across both director and vice president roles leading the firm’s APAC sell-side trading services sales.   Previously in his career, he also spent over seven years at BNY, working across relationship management and sales leadership roles in Sydney and Hong Kong.   Jeffries’ role also coincides with the addition of Guy Dipper to the firm’s trading services sales team, where he will step into the position of APAC head of sell-side trading services sales.  Dipper will report to Jeffries in his new position, which will see him relocating from his current role as a vice president, tri-party relationship manager at JP Morgan in Sydney, to move to Hong Kong in early 2026.   State Street  State Street has made a number of senior appointments across Frankfurt and London, as part of an effort to bolster its partnered trading footprint in Europe.   The hires all join the firm in vice president, partnered trading, portfolio solutions positions. Among the appointments based out of Frankfurt is Dirk Heim, who brings more than 20 years of buy- and sell-side experience to his new role. He joins the firm from UBS, where he headed up the EU Execution Hub.  Prior to this, he also worked in trading positions at firms including Quoniam Asset Management, Kepler Cheuvreux, BTG Pactual, Merrill Lynch and Goldman Sachs.   Also joining from UBS’ Execution Hub is Nicole Lindermayer, who spent more than three years at the service, most recently as a multi-asset trader.   Previously in her career, she has also worked at fintech and private equity firms, and spent over 12 years at Goldman Sachs, in roles spanning program and equity sales trading.   The additions of Heim and Lindermayer follow news in March 2025 that UBS has made a shock exit from the outsourced trading game, with its Execution Hub focussing on the bank’s global wealth management and bank for clients.  The expansion of State Street’s Frankfurt team also includes Daniel Eichhorn, who is shifting from his Lisbon-based position, where he served as the firm’s head of EU trading. He has also worked extensively across the industry, at firms including BNP Paribas, Berenberg, Aquila Capital and Baader Bank.  The appointments also include the addition of Matthew Hodges to State Street’s London office, joining the firm from Western Asset Management where he worked for over two decades, most recently as a senior trader and senior portfolio analyst.   Kepler Cheuvreux Andrew Alder has joined Kepler Cheuvreux’s execution platform, KCx, as a portfolio trading (PT) sales trader, to help build out the firm’s execution footprint.   Alder will be based out of London in his new role, and will work alongside a team which spans key financial centres across Europe, the US and the Middle East, including Amsterdam, Dubai, Madrid and New York.   Speaking to The TRADE on the appointment, Bobbie Port, global head of low touch and portfolio trading said: “As we continue to advance our strategic priorities, portfolio trading remains a key area of focus for us. Bringing Andrew on board will play an important role in driving this strategy forward at KCx.”   Alder joins the firm from Barclays Investment Bank, where he spent the last eight years, most recently as a director, EMEA equities electronic sales trading.   Previously in his career, he also spent more than 10 years at Instinet, in senior roles spanning global portfolio trading, product sales.  Prior to this he also worked at UBS, joining the bank in an operations-based role in 1997, before moving on to global portfolio trading and restructuring positions in locations spanning London and Stamford in the US.   The post People Moves Monday: JP Morgan, State Street and Kepler Cheuvreux appeared first on The TRADE.