Haynes has nearly 50 years of experience across the industry, working in several high profile roles across the equity space, including as chief executive of Chi-X Europe and ITG International, and of course Aquis. The TRADE awarded Haynes with the prestigious Lifetime Achievement Award in 2018, recognising his significant and enduring impact on the industry. 

Anthony Santostefano joined Stern Brothers as senior vice president, institutional equity trading and sales, following seven and a half years with Cabrera Capital Markets. In his new role, Santostefano will be based in New York and focused on live markets during the European equity sessions. 

Whilst at Cabrera Capital Markets, Santostefano most recently served as director of EMEA equities sales trading. Elsewhere during his career, he has worked extensively in APAC-related sales, including as an equity sales trader at Topeka Capital Markets and head of institutional sales, US emerging growth at Sidoti & Company. Santostefano’s other roles include stints as APAC equity sales trading at Maybank Kim Eng Securities USA, desk manager, equity sales trading at Auerback Grayson, and as a trader at both Natixis and Scudder Investments. 

Liquidnet made two new appointments within its multi-asset services team, adding Patric Okumi and Samuel Lowres to lead multi-asset sales. Okumi joined Liquidnet’s multi-asset services team from TP ICAP Group, where he spent the last 11 years in broking and trading-related roles. He was also part of TP ICAP’s equity trading desk before building out the single stock equity and ETF RFQ offering on Fusion, the firm’s electronic platform. 

Meanwhile, Lowres was promoted to the role, having joined Liquidnet three years ago as part of the Liquidity Partnerships team. Lowres has a background in low-touch electronic trading and execution consulting, including the provision of data and transaction cost analysis. Liquidnet added that he brings considerable technical expertise to this role. 

The London Stock Exchange Group (LSEG) appointed Hiroki Tomiyasu as head of post-trade, Japan, and head of post-trade solutions, APAC. Tomiyasu joined LSEG from Morgan Stanley MUFG Securities, where he most recently served as managing director, head of final investment decision (FID) risk for Asia. Elsewhere during his tenure at Morgan Stanley, Tomiyasu served as COO/front risk, Japan FID, and counterparty risk management, APAC FID. Before joining Morgan Stanley, he held positions spanning risk, technology and sales at the Development Bank of Japan.  

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Allen Zimmerman, SimCorp

The move will enable SimCorp to complement its Axioma risk models and portfolio construction capabilities with Yield Book’s fixed income analytics to deliver analytics for securitised debt.  

Yield Book products provide analytical insight into financial products in the fixed income sphere, including government and corporate bonds, US municipal bonds, mortgages and asset-backed securities and derivatives. 

This integration will provide SimCorp clients with improved access to fixed income analytics including risk forecasting, sensitivity analysis, stress testing and factor-based decomposition of risk.  

These capabilities aim to help institutional investors to address risk factors that are specific to this asset class and help them make better investment and risk decisions. 

Read more: Fireside Friday with… Yield Book’s Emily Prince 

“This partnership extends the depth of our fixed income capabilities by leveraging Yield Book’s market-renowned prepayment models and analytics directly within our products to support the most sophisticated fixed income and multi-asset managers,” said Allen Zimmerman, managing director, head of Americas at SimCorp. 

“This is another step toward enabling faster and more informed investment decisions.”  

This latest development builds on SimCorp’s existing collaboration with LSEG Data and Analytics for market and reference data, established in 2024, allowing for improved access to LSEG data across the investment platform SimCorp One. 

“The integration of Yield Book’s best-in-class fixed income analytics with Axioma Risk enables more clients with market-leading data, analytics and risk management tools at their fingertips,” said Emily Prince, group head of analytics at LSEG. 

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The solution is specifically set to help with Fundamental Review of the Trading Book (FRTB) demanding data requirements – wherein the body requires those institutions which implement rules via their own market risk models, to access reliable data. 

Namely, accurate and comprehensive data – specifically regarding cross-asset class financial instruments traded in regulated and over-the-counter (OTC) markets.

Fausto Marseglia, head of product management, FRTB and regulatory propositions at LSEG, further explained: “The independent audit of our solution reaffirms its accuracy and regulatory compliance. With our broad data coverage and trusted partnerships with major global market infrastructure providers, we are confident that we can help Deutsche Bank meet the complex requirements of FRTB.”

Currently, the largest FRTB data gap comes from OTC products – where LSEG’s coverage comes into play across both OTC and exchange traded derivatives instruments, through Tradeweb, LCH, Fenics Market Data, and Parameta Solutions.

Specifically, LSEG’s Trade Discovery offering aggregates data across: rates, credit, FX and equities.  

Piers Robson, FRTB initiative director at Deutsche Bank, said: “LSEG’s Trade Discovery solution provides us with comprehensive and trusted data to ensure our market risk models comply with regulation while supporting our fixed income business to retain its competitive edge in a dynamic market environment.”

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Tomiyasu joins LSEG from Morgan Stanley MUFG Securities, where he most recently served as managing director, head of final investment decision (FID) risk for Asia.   

Elsewhere during his tenure at Morgan Stanley, Tomiyasu served as COO/front risk, Japan FID, and counterparty risk management, APAC FID.  

Before joining Morgan Stanley, he held positions spanning risk, technology and sales at the Development Bank of Japan.  

“We are delighted to welcome Hiroki Tomiyasu to LSEG. The experience and knowledge he brings to the role will help us drive further growth across our multi-asset class offering and, in partnership with our customers, deliver new products and services,” said Daniel Maguire, group head, LSEG Markets, and chief executive of LCH Group. 

Read more: LSEG appoints new chief executive of LCH Limited  

As part of the role, Tomiyasu will report to both Rohit Verma, head of post-trade, APAC, and Andrew Williams, global head of post-trade solutions. 

According to the exchange, this newly created position will help reinforce its commitment to servicing Japan and APAC’s markets, allowing customers to benefit from risk management solutions and capital, margin and operational efficiencies.   

“It is a great opportunity to join LSEG at this exciting time, and to work together with teams in Japan and across APAC as we expand our capabilities across the region,” said Tomiyasu. 

“I look forward to partnering with our clients and members, and the markets that we serve, as we look to drive new levels of capital, margin and operational efficiency.” 

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The coverage expansion relates to LSEG’s Tick History Packet Capture (PCAP) product, and has also enhanced its low latency direct feeds, Real-Time-Direct (RTD) offering, with 105 feeds added to PCAP and 37 new markets added to RTD.

In addition, all PCAP data is now available in the cloud through AWS.

Stuart Brown, global head of data and feeds at LSEG, explained: “This expansion continues our low-latency strategy to meet the needs of our front-office customers and to provide market data across the entire latency spectrum.” 

Specifically, PCAP coverage expansion includes new feeds from 76 markets in EMEA, 14 in the Americas, and eight markets in APAC. These include: Johannesburg Stock Exchange, Shenzhen Stock Exchange and European Energy Exchange.

In addition, RTD’s services have been bolstered through the addition of 20 US equities and Canadian markets, and 17 global futures exchanges. The direct feeds expansion also includes a simplified architecture and lower latency, according to LSEG.

Read more: LSEG’s data and analytics head departs after 18 months

Market data has been a key discussion point so far this month, with a new report published on 4 February suggesting that exchanges are supplementing declining equity market revenues with higher market data prices, highlighting the fact that there are ‘no specific costs for producing market data’.

However, named trading venues in the report responded in turn, highlighting the findings full of “inaccuracies”, maintaining that the price of data is not only “fair” but also “transparent”.

Read more: Exchanges hit back at ‘inaccurate’ and ‘misleading’ accusations around market data costs

With market data access and costs among the top three market structure concerns for 2025, as reported in a recent JP Morgan survey, continued debate around this topic is set to continue, with significant changes to the status quo arguably unavoidable.

The post LSEG adds 105 feeds and 35 new markets to historical market data offering appeared first on The TRADE.

While at LSEG he was also a member of the executive committee.

Singh boasts three decades of experience leading global businesses in data and analytics, capital markets, post-trade services, payments, and technology.  

His previous roles include stints as global head of securities services and head of global transaction bank, EMEA, at Deutsche Bank, head of custody and clearing, EMEA at Citi, and global head of sales at HSBC Securities Services. 

London-based Singh has also previously served in senior position at Mastercard and Euroclear.

Read more: Fireside Friday with… LSEG’s group head of analytics, Emily Prince

In his role at LSEG, Singh led LSEG’s global data and analytics businesses which included the Group’s flagship Workspace product – financial and real-time data and news for the financial community, as well as spearheading the development of new offerings through LSEG’s Microsoft partnership.

An LSEG spokesperson confirmed the move and told The TRADE: “LSEG’s data and analytics business continues to deliver strong momentum and, with the progress we have made, is very well positioned to innovate, drive change and grow. 

“Our leading capabilities in data, analytics, insights and news, together with our flagship Workspace product provide a platform for continued expansion.”

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Released today, the new report by Market Structure Partners (MSP) entitled ‘There is no Market in Market Data’ revealed findings that suggest incumbent venues are supplementing dwindling equity market revenues and volumes with hikes in market data pricing, ultimately leading to what the paper calls “stifling of growth and innovation”.

Among the exchanges listed in the report are Euronext, Deutsche Börse, the London Stock Exchange Group’s Turquoise and Nasdaq Nordics.

Read more – Some exchanges pocketing nearly £5 billion from ‘inexplicable’ market data price rises, finds report

“The data presented in the report contains multiple errors and does not accurately present Turquoise’s trading volumes and market data costs,” said a spokesperson for LSEG.

“The conclusions drawn in the report are therefore inaccurate and we will be contacting MSP to request the necessary extensive corrections throughout.”

One example of an inaccuracy in the findings noted by LSEG are figures relating to its private investors data fees. The report claims that LSEG has increased its data fees for private investors by over 150% between 2017-2024.

“Market data for retail investors on Turquoise has always been free and there was no change in the LSE data charge for this community over this period,” continued the LSEG spokesperson. “Since January 2025, LSE fees for market data for retail have also been waived. Furthermore, all of LSEG’s equity trading entities are required to make Reasonable Commercial Basis disclosures.”

At the heart of MSP’s findings released on Tuesday is the claim that market data – which MSP argues should be a by-product of trading volumes – has grown to become a far larger revenue stream than it should be that is supplementing other business areas such as trading that are suffering from a lack of innovation and attention from exchanges.

In its findings, MSP claims that trading turnover on LSEG’s Turquoise reduced by 61% between 2020 and 2022. However, in the same period, market data revenues increased by 16.5%, according to the report.

Naming other specific venues, the report also found that between 2020 and 2023 – despite total equity markets transacting value reducing by 17% – Euronext only saw total equity market revenue decline by 0.5% thanks to an 8% uptick in market data revenue.

“An independent analysis commissioned by FESE and published by Oxera in September 2024, shows exchanges market data pricing remains reasonable, reflecting shifts in data consumption, evolving fee structures, and broader industry costs,” a Euronext spokesperson told The TRADE in response to the report.

The MSP report also names Deutsche Börse and Nasdaq Nordics.

In its findings it suggests that between 2020 and 2023, Deutsche Börse saw transacted value in equity markets reduced by 29%. Total equity market revenue, however, only declined by 12% due to a 10% increase in market data revenue.

The research on Nasdaq Nordics tells a similar story, seeing a 27% reduction in transacted value in equity markets between 2021 and 2023 but only seeing a 9% decline in total equity market revenue stemming from a 4% rise in market data revenue.

“The claim that exchange data fees are increasing is misleading; any price increases have been below inflation over the same period, and we are fully committed to fair and transparent pricing,” a spokesperson for Nasdaq Nordics told The TRADE.

“We are relentlessly focused on innovation and enhancing the resilience of our world class markets and data services, to ensure they keep up with the accelerating pace and sophistication of trading.”

Deutsche Börse did not respond to a request for comment at the time of publication.

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De Verdelon joined LCH Limited in 2017 and currently serves as group head of LCH SwapClear and Listed Rates, where she holds responsibility for driving performance, growth and resilience of the SwapClear and Listed Rates clearing services.

Before joining LCH Limited, she held various sales and strategy roles in the securities division as a managing director at Goldman Sachs.

“As group head of LCH SwapClear and Listed Rates, [de Verdelon] has driven growth and expansion into new markets, extended LCH’s position in the rates market during benchmark reform, and most recently re-launched the Listed Rates service,” said Daniel Maguire, group head, LSEG Markets, and CEO of LCH Group.

“I look forward to continuing to work with Susi as we expand our multi-asset class offering and deliver new products and services.”

De Verdelon will report to Maguire and will replace Isabelle Girolami, who has served as LCH Limited’s chief executive since November 2019.

Read more: Morgan Stanley joins LCH’s CDSClear as part of US credit derivatives clearing expansion

“This role has tremendous responsibility, and I am committed to driving forward our strategic vision, fostering a culture of excellence, and strengthening our position as a market leader in risk management,” said De Verdelon.

I look forward to working with the team to deliver more innovation and efficiencies to our customers, regulators, and the markets we serve.”

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The new offering combines LSEG’s pricing services with Yield Book analytics to create pricing information for around 2.9 million bonds with a 20 year look back period.

Regulatory reporting and risk management, security valuation and portfolio analysis, research, index strategy and historical simulations – among other analytics offerings – will be available via Snowflake as a delivery channel.

“The combination of Yield Book’s trusted, in-depth analytics and LSEG’s expertise in evaluated pricing delivers a robust and comprehensive suite of tools to empower clients,” said Emily Prince, group head of analytics at LSEG.

“These tools allow customers to back test portfolios, optimise strategies, and manage risk effectively. By offering this through Snowflake, we ensure seamless access to advanced analytics, enabling more efficient, scalable, and integrated solutions for our clients.”

The move builds on an existing partnership between LSEG and Snowflake. In September, LSEG launched a new cloud-based, ready-to-use enterprise data solution.

Named DataScope Warehouse, the new solution offers cloud-based access to LSEG’s fixed income and equity data records. The DataScope Warehouse will initially be delivered via Snowflake cloud infrastructure, with more cloud providers scheduled to be rolled out next year.

The post LSEG launches historical analytics for bonds via Snowflake appeared first on The TRADE.

Named DataScope Warehouse, the new solution offers cloud-based access to LSEG’s fixed income and equity data records.

The solution supports Structured Query Language (SQL), allowing users to explore and query the pricing and reference database.

Cloud collaboration is also facilitated by the solution, offering access to LSEG data via any cloud partner.

LSEG customers will benefit from immediate and total access via a direct share to the full database of record for fixed income, bank loans and legal entity data, as well as coverage of global equities, derivatives, and funds from more than 180 exchanges worldwide, said the exchange.

At launch, DataScope Warehouse will initially be delivered via Snowflake cloud infrastructure, with more cloud providers scheduled to be rolled out next year.

Read more: LSEG acquires Axoni post-trade technology

“Our customers are looking for flexible solutions that allow them to consume as much data as they need exactly when they need it. The launch of DataScope Warehouse will be key in enabling our customers to spend less time on data remediation and more on discovering insights and boosting productivity in their businesses,” said Kristin Hochstein, global head of pricing and reference services.

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