Bernard Sabrier

The new entity, named Kepler Cheuvreux Unigestion Equities, is set to focus on quantitative strategies and together will manage more than €3 billion in assets, subject to regulatory approvals. 

The first stage of integration will see Unigestion transfer the €3 billion in assets under management – specifically in the form of mandates and investment funds – and simultaneously integrate the entirety of its equities team into Kepler Cheuvreux’s operational infrastructure.

Following this, Kepler and Unigestion will create the jointly owned entity, alongside the management team, focused on accelerating the business’ development through external growth initiatives.

“Unigestion brings its quantitative and qualitative public equities expertise, enhancing Kepler Cheuvreux’s well-established research capabilities. This partnership merges fundamental and quantitative research approaches, optimising portfolio management while diversifying and expanding the range of investment strategies,” said the firms in a joint statement. 

In addition, Kepler Cheuvreux is contributing a sales force of over 130 professionals and more than 1,300 institutional clients across Europe, North America, and MENA.

The firms are also set to integrate ESG criteria into the management processes for Kepler Cheuvreux Unigestion Equities, including maintaining an “active dialogue” with portfolio companies.

Speaking about the partnership, Laurent Quirin, chair of the supervisory board at Kepler Cheuvreux and Bernard Sabrier, executive chair of Unigestion’s board, highlighted that this partnership is being driven by shared ambition to “provide institutional investors with sophisticated, innovative solutions tailored to the evolving market landscape”.

They added: “The combination of Unigestion’s quantitative expertise with Kepler Cheuvreux’s research, execution and distribution capabilities, enables us to unlock unique synergies and offer a distinctive, high-value proposition.”

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Gavin White

The development will see trading hours go from the existing six and a half hours per trading day, to 16 hours.  

Specifically, the extended session will include access the US pre- and post-market periods. 

The launch aims to provide increased access to the US markets for traders, namely for those based in Asia. 

Extended hours trading will be powered by Cboe’s consolidated data feed, the Cboe One Feed. 

The Cboe One Feed provides quote and trade data for a unified view of the market from all four Cboe US equities exchanges: BZX Exchange, BYX Exchange, EDGX Exchange and EDGA Exchange. 

“The introduction of extended hours trading for over 1,000 US equity and ETF CFDs reinforces our commitment to innovation and client-centric solutions,” said Gavin White, group chief executive at 26 Degrees Global Markets.  

“We were one of the first prime of primes to launch equity CFDs via API to brokers back in 2019, and now, by significantly expanding trading hours in US markets, we’re providing brokers with greater flexibility, enhanced liquidity, and more opportunities to serve both new and existing clients.”  

Clients of 26 Degrees will also benefit from no additional commissions during the US pre- and post-market and the acceptance of all order types, including market orders, during all trading sessions, the firm added.  

“As more global investors look to invest in the US markets, Cboe aims to provide the needed data and access through collaborations with industry partners like 26 Degrees Global Markets,” said Adam Inzirillo, global head of Cboe Data Vantage.  

“We are pleased to provide their clients with access to the Cboe One Feed, which provides high-quality and real-time US equity market data and supports 26 Degrees and Cboe’s shared commitment to innovation and client-centric solutions.” 

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Alex Dalley

Dalley has been promoted to the role, having previously served as head of Cboe NL as well as co-head of Cboe Europe’s equities sales division. 

He was one of the first employees to join Cboe Europe (then Bats Europe) in 2008, where he held responsibility for building the MTF’s trading participant community as head of sales.  

Before joining Cboe Europe, Dalley served at the London Stock Exchange (LSE) as head of membership and exchange trading, directing exchange trading sales, client management and member firm acquisition.  

As part of the new role, Dalley will report to Natan Tiefenbrun, president, North American and European equities.  

“I look forward to working with the best-in-class team we have in Europe to support our continued growth and introduce more innovation and efficiencies for our customers and the markets we serve,” said Dalley. 

Further equities-related appointments include Jerry Avenell, who was named head of sales for European cash equities, having previously served as co-head of sales. He will report directly to Dalley.   

In addition, Julie Zhou will take on responsibility for leading continental EU sales, having previously served as director of sales. Zhou will report to Avenell.  

“These are well-deserved promotions and new roles for all involved, and I’m particularly excited for Alex to assume the role of head of European equities,” said Tiefenbrun.   

“He has a long and highly successful track record in European equities venue landscape, and I look forward to continuing to work with him and the rest of our talented team in support of our strategic growth plans and to advance our position as Europe’s largest and most innovative stock exchange.” 

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Dominic Lowres

Named ZebrA-X, the platform will help mid-market clients “execute at scale with limited signalling”.

“Over the past 18 months, we have observed significant changes in the medium-scale electronic agency landscape, particularly due to recent mergers and acquisitions within the industry,” Dominic Lowres, head of electronic trading and execution strategy, tells The TRADE.

“This dynamic environment has presented us with the opportunity to introduce an innovative offering that aligns with our clients’ evolving needs.”

Specifically, ZebrA-X includes a comprehensive suite of benchmark, liquidity-seeking algorithms, and is supported by a consultative Investec execution team.

“The ZebrA-X dark algorithm, along with Zebra dark lit strategies, Zebra block and the wheel solution, as well as benchmark strategies, allow them to execute trades efficiently, with a large amount of configuration choices,” adds Lowres.

“We anticipate a diverse stream of unique flows into ZebrA-X which will benefit all types of clients who will benefit from deep mid-price resident liquidity. We believe this approach delivers long-term value to clients and will help enhance overall levels of execution quality.”

The platform is designed to facilitate the efficient execution of block trades and helps in reducing both pre- and post-trade signalling through the capability to internalise institutional and retail order flow.

Speaking to The TRADE about what the offering entails more specifically, Lowres explains: “By pegging orders at mid-price for the duration of the trade, we effectively mitigate the risks associated with market signalling. Our strategic exchange memberships, along with our relationships with systematic internalisers and electronic liquidity providers, enable us to place orders directly across a diverse range of trading venues.

“[…] At the core of ZebrA-X is our commitment to bespoke execution consultancy, enhancing our relationships with clients through tailored execution analysis and insights. This integration of an expert ‘human touch’ approach with an innovative technology-led strategy allows us to deliver a high level of service to our clients.”

Investec’s market expertise spans the UK and South Africa, and trades in 64 markets from these two regions. Through ZebrA-X it is set to continue its recent expansion efforts into e-trading – which included the establishment of a dedicated electronic equity trading desk, headed up by Lowres, to meet the growing automated trading demand.

Read more: Liberum head of execution strategy and sales trader depart for Investec to set up new low touch desk  

Clive Murray, head of equities, says: “Bespoke execution consultancy is at the heart of our model, and ZebrA-X not only complements our existing high-touch trading solutions but also provides in-depth execution analysis that enhances our relationships with clients, helping to deliver an out of the ordinary level of service to them.”

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Named AlphaX US, the ATS is TMX Group’s first venue expansion outside of Canada for its markets division.

The ATS will trade US-listed securities only (Reg NMS), with TMX Group adding that participants will be FINRA-registered broker dealers.

“After continuous consultation with our clients, we are proud to introduce AlphaX US, a venue that is focused on execution performance, and provides innovation and ease to the broker dealer community,” said Heidi Fischer, president, TSX Alpha US.

“There are several unique offerings within AlphaX US, and we have combined that functionality with a model that provides easy implementation, customisation, and strong analytics for our partners. It’s through feedback and collaboration with our stakeholders that we are able to deliver solutions that make markets better.” 

AlphaX US provides trading in all Regulation NMS common stock, exchange-traded funds and American depository receipts.

The venue follows the US equity market holiday calendar and matches trades during regular US market hours.

TMX Group added that AlphaX US allows order entry starting 60 minutes prior to the open and continuing throughout the trading day. 

“One of our top priorities is solving for the business needs of our clients,” said Luc Fortin, global head of trading at TMX Group.

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As we look ahead to 2025, we see it as a transformative year in how and what we trade. A convergence of trends is set to disrupt traditional norms and create opportunities for those that are thinking ahead. 

Our members tell us their industry is adapting to the pressures from indexation, prompting strategic mergers to achieve scale, and diversification into asset classes such as fixed income, derivatives, interest rate products, energy and commodities. This evolution demands agility from dealers who are being asked to adapt, creating opportunities to diversify skills and foster the exchange of specialist knowledge. 

The liquidity and market structure landscape across asset classes is also shifting. New entrants are reshaping traditional markets like equities and creating new ones like crypto. The dominant delivery mechanism for this liquidity will be electronic and automated. For our members, the challenge will be navigating these new sources of liquidity while applying common best execution principles to the process. For asset managers, maintaining quality execution expertise in this changing landscape will be critical for sustained fund performance. 

Andy Mahoney, managing director, EMEA, FlexTrade  

Market structure across asset classes has started to cross-pollinate increasingly, with workflows widespread in one asset class now cropping up as “innovations” in others. The overriding theme that will develop significantly in 2025 is the desire to connect liquidity providers with consumers in as direct a manner as possible.  

We’ve already seen the first signs emerging in 2024 with the rise of direct-to-buy-side connectivity, where liquidity providers of various types create private, curated price streams for the buy-side, who can then engage at their discretion. For some providers, notably those born in the deeply interconnected world of FX, this is nothing new, and they come with the native ability to widen spreads in response to various factors. For others, disclosing closely held liquidity is a more uncomfortable proposition, which is where technology providers will need to step up in 2025.  Reducing the information asymmetry between liquidity provider and consumer will be critical to enabling both sides to engage willingly.  

As this trend evolves, having a single entry point to the market – regardless of asset class – will become crucial. Lessons learned from one asset class can be ported to others without reinventing the (algo!) wheel. A flexible automation framework capable of operating across asset classes while observing the nuances of each will enable firms to transition to the long-anticipated model of a “true” multi-asset trader.  

Chris Bruner, chief product officer, Tradeweb  

The end of 2024 finds markets more interconnected than ever, as technology continues to shape multi-asset class execution in response to increasing demand for a unified, one-stop approach to trading across different products, geographies and client channels. This development has helped prime financial markets for the advent of a distributed ecosystem that democratises global financial markets and facilitates seamless, efficient and scalable interoperability for market participants.    

As investors continue to seek greater exposure to digital assets, emerging technologies such as blockchain could further drive electronification across newer adjacent markets. We will, therefore, be focused on exploring how these technology solutions could be harnessed in different regulatory environments to meet growing market demand.   

Bianca Gould, head of fixed income and equities EMEA at BNY  

Consolidation within the industry has increased the focus on operational efficiencies and we see this trend continuing into 2025. Clients are looking to reduce the overall number of partnerships they need to maintain. BNY’s multi-asset execution offering, with an execution-to-custody proposition and middle office support, is well-positioned to solve for many of our clients’ challenges across the trade lifecycle by utilising our trade execution solutions.  

BNY is working across the enterprise globally to enhance our ecosystem to be more for our clients. As the industry continues to focus on this topic, BNY is innovating to ensure that in addition to providing our core trade execution function, we can offer various operational efficiency solutions. 

Kevin O’Connor, global head of sales, portfolio solutions, State Street Global Markets   

State Street’s industry research in 2024 revealed that outsourced trading is an emerging trend that is providing users with a distinct advantage over the rest of the market. Those research findings provide proof of the many benefits of outsourced trading including efficiency gains, cost reductions, and improved investment performance. It’s no wonder then that we found from our survey of 300 global institutional investors that the vast majority of current users are “satisfied” or “very satisfied” with their experience and plan to expand usage.     

As we move into 2025, State Street expects to see greater adoption and global expansion of outsourced trading especially by larger firms in search of higher investment returns and cost efficiencies.  While we expect adoption across regions, expansion plans are particularly prevalent in EMEA, and according to our research, funds of all sizes are planning to expand their use of outsourced trading in that region.  We also expect to see more firms expand their usage across asset classes, outsourcing more complex asset classes such as derivatives, foreign exchange, and swaps.

The post The TRADE predictions series 2025: The cross-asset perspective appeared first on The TRADE.

From across the pond, we’re bullish 2025 could be a good year for UK equities. Firstly, with a new government and long-term fiscal policy, investors have greater clarity on the path ahead for the country. If they can successfully deliver the economic growth touted, we’re confident of a warmer reception by investors for UK equities.

Secondly, the relative value of UK equities provides additional upside should sentiment improve given their trend of undervaluation. US investors are always looking for value pockets, to which UK equites should be greater considered, particularly against their frothy US peers.

To achieve the rewards of such optimism, UK capital markets must continue evolving, and we expect London to still face challenges around perceived attractiveness. European and US exchanges will only continue to provide stiff competition, although we remain passionate believers in the potential of strong domestic markets.

The solution? Doubling down on efforts to make the UK an attractive investing hub, whether that be through listening to industry calls to scrap stamp duty reserve tax or better supporting the exchanges of Aquis and AIM to support small venture stage companies of tomorrow. These ideas alone would meaningfully improve attractiveness of UK equities further. Next year will bring no guarantees, and we’re expecting a few surprises along the way…  

Adam Conn, head of trading, Baillie Gifford  

I suspect this will be a year of index consolidation that will mask a further switch into high quality growth. I believe there will be a significant pick up in capital market activity, provided deals are priced realistically, leading to an increase in companies coming to the public markets through IPOs.

Brian Hyndman, chief executive officer, Blue Ocean Technologies 

The growth of 24-hour trading in equities has been a long time coming and a market structure development that first made headlines over twenty years ago. At that time, progress was limited to extending traditional trading hours slightly to the pre- and post-market. Also, given a lack of market demand and market infrastructure, the hours were never extended past 8pm eastern time.

Three years ago, Blue Ocean Technologies set out to solve this trading access problem that grew more apparent following the pandemic, a time that also helped fuel trading after hours in the US due to the increase in retail brokers, mobile technology, and geopolitical events. The launch of Blue Ocean ATS provided a complete modernisation of antiquated market hours during a time when investors around the world wanted the convenience of trading during unconventional market hours and in the case of Asia-Pacific, during their day-time business hours. This fuelled the geographical expansion among global investors with connectivity to retail and institutional brokers benefitting US equities trading.

As trading volumes continue to grow and new records are set, a new competitive landscape is emerging with the recent launch of another alternative trading system, OTC Markets, that will roll out their 24-hour equities trading capability and the NYSE’s announcement of their plans to roll-out this new trading offering. The entrance of new competitors is a positive trend for the global trading demand of US stocks that will only benefit investors. As the first platform to enter this space, we are encouraged by the new momentum and welcome the healthy competition.

Sylvain Thieullent, chief executive officer, Horizon Trading Solutions 

With a Trump presidency, it is fair to say that a lot of financial regulatory changes are completely up in the air. Right now though, the SEC has ratified changes to equity market structure including a move to reduce the tick sizes of trades. Smaller tick sizes would cause tighter spreads, which could have a knock-on impact on high frequency traders’ willingness to market-make US stocks while channeling large volumes of trading to technology firms like Robinhood.

This presents an opportunity for traditional retail brokers to win back the business that they have lost over the last decade if they are in a position to take advantage. They need to differentiate themselves and adapt to modern trading conditions. This means embracing technology, updating their internal operational processes, and ultimately creating the quality of experience that customers expect in 2025.

The post The TRADE predictions series 2025: Equities Equities Equities… appeared first on The TRADE.

By leveraging Broadridge’s Securities Finance and Collateral Management (SFCM) solution, FAB will be able to bolster its coverage of global fixed income and equities markets.

The development comes as part of the bank’s drive to expand securities lending in the UAE and wider Middle East.

“This collaboration caters for the growing demand for securities lending and borrowing within the Middle East and is aligned both with local regulatory needs and with international best practices,” said Darren Crowther, head of securities finance and collateral management at Broadridge. 

Broadridge’s provision of its SFCM platform — the first AWS SaaS deployment in the region — demonstrates a renewed focus in the Middle East and indicates readiness to support FAB’s strategic goals, the firm said in a statement.

As FAB navigates the evolving landscape of securities borrowing and lending regulations in the region’s markets.

The collaboration is also expected to yield new opportunities and efficiencies for FAB that will benefit clients across the globe – particularly as it navigates the evolving landscape of securities borrowing and lending regulations in the region’s markets.

The post Broadridge tapped by First Abu Dhabi Bank to build global agency securities finance business appeared first on The TRADE.

As part of the development, Northern Trust will provide outsourced trading primarily for Avanza Fonder’s global, emerging market, European and US equity market index funds.

Founded in 2006, Avanza Fonder is a wholly owned subsidiary of Avanza Bank Holding which provides services for private clients.

The fund company manages funds in-house and in collaboration with other managers.

Read more: Fireside Friday with… Northern Trust’s Amy Thorne

 “After opting to bring the management of our index funds in-house, we aimed to find a solution that would streamline our trading processes so we could concentrate on what matters most, which is to achieve outstanding results for our clients,” said Jesper Bonnivier, chief executive at Avanza Fonder.

“By collaborating with Northern Trust and utilising their ITS platform, we’ve gained access to greater liquidity and scale, enabling us to drive growth and consistently surpass client expectations.”

The past year has seen multiple investment managers outsource their trading to Northern Trust.

Most recently, UK-based asset manager Artemis selected Northern Trust to provide outsourced trading services for its equities and derivatives activity, effective January 2025.

In August, Northern Trust was also selected to provide outsourced trading to global asset manager Nedgroup Investments via its Integrated Trading Solutions (ITS). Specifically, Northern Trust will support Nedgroup with its new in-house multi-boutique fixed income platform.

Read more: Northern Trust tapped by True Potential for outsourced trading solutions

“We are delighted to be working with Avanza Fonder, a leading fund manager in the Nordic region, to support them across the trading spectrum through an integrated middle-and back-office solution,” said Gerard Walsh, global head of client solutions banking and markets at Northern Trust.

“Our customised services will help Avanza Fonder navigate ongoing global market challenges, allowing them to focus on managing the assets entrusted to them, whilst we work with them to effectively manage the trade and post-trade lifecycle.”

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The capital is set to “optimise growth and expand trading opportunities” as the company looks to bolster its core business segments and grow in new markets “where current trading mechanisms leave significant value untapped”. 

Specifically, OneChronos is planning to launch new Smart Markets for other asset classes and geographies in addition to equities. 

“This funding validates our team’s progress in traditional capital markets and will help us achieve our vision of leveraging advances in market design and AI to find trade efficiencies that grow the global economy,” said Kelly Littlepage, chief executive and co-founder of OneChronos. 

“We’ve demonstrated how Smart Markets can transform trading in equities. Now we’re ready to bring these same innovations to other markets where traditional trading mechanisms leave significant value on the table.” 

To date, OneChronos has facilitated more than $500 billion in institutional securities transactions.

The business also continues to see strong month-over-month volume growth according to recent statistics.

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