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.”

The post LSEG’s data and analytics head departs after 18 months appeared first on The TRADE.

Matt Barrett

Speaking to The TRADE, Matt Barrett, chief executive and co-founder of Adaptive, explains: “From simplifying client onboarding to seamlessly integrating order flow when building custom front-office trading systems, the value this will provide to clients can’t be overstated. 

“[…] At Adaptive, we have a long-standing reputation for providing customers with best-in-class trading systems. With this new partnership, we will be able to go beyond the capabilities of standard FIX engines, creating even more comprehensive, agile and robust solutions for capital markets firms.” 

The integration is being made possible through Adaptive’s open-source messaging and clustering technology, Aeron. 

Paul Weiss, chief technology officer, Adaptive, adds: ”Aeron technology is specifically designed to help even the most complex of capital markets firms build fault-tolerant, high-performance trading technology successfully. As Rapid Addition’s platform is built on Aeron technology, we share the same technological building blocks – there are therefore huge synergies between our businesses. 

“Our Aeron expertise and Rapid Addition’s FIX expertise gives clients a greater depth of knowledge and new capabilities that will make a meaningful difference to their businesses.”  

Rapid Addition’s scalable FIX platform can handle thousands of connections and provides support for all versions of the the Financial Information Exchange (FIX) protocol – as well as “custom rules of engagement”.

Owned by the FIX Trading Community, the protocol was designed in an attempt to simplify workflows and reduce error by creating an industry standard adopted by all. Through their new partnership, Adaptive will “build bespoke front-office trading systems with complex, global, high-volume connectivity requirements beyond the capabilities of standard FIX engines, creating more comprehensive, agile and robust solutions for capital markets clients”.

Read more: Fireside Friday with… FIX Trading Community’s Jim Kaye

This collaboration claims to enable firms to simplify counterparty FIX onboarding and order routing workflow and comes as the market continues to see increasing necessity for clients to stay on top of regulatory change and margin pressures, emphasising the need to leverage solutions to up their own responsiveness.

Mike Powell, chief executive of Rapid Addition tells The TRADE: “We view this partnership as a genuinely strategic initiative. One of the key market trends we are seeing is a widespread review of legacy trading platforms with a desire by firms to shift to a more agile, orchestrated approach, combining the best of third-party tech with in-house applications.

“Our collaboration with Adaptive aims to seamlessly bring together our respective strengths in supporting trading workflow, while enabling easy integration to our customers’ broader trading system and technology choices.”

The post Rapid Addition and Adaptive unveil partnership to enhance FIX capabilities appeared first on The TRADE.

Brian Rubin, Dwayne Middleton, Paul Cable

T. Rowe’s fixed income operations spread across three continents, with dedicated teams based in the US, the UK, and Hong Kong. Dwayne Middleton, global head of fixed income trading, is the one responsible for overseeing these teams, developing talent, defining strategic direction, building strong relationships, and integrating increasingly advanced technology.

Speaking to The TRADE about his career in asset management thus far and how his experiences shape the way he leads the team, Middleton shares that his path so far has not been conventional – and that that, of course, is a good thing.

“My journey to the trading desk has been anything but traditional, and I’m incredibly proud of that. As a person of colour coming into asset management, I didn’t take the most conventional path. Still, my parents – both educators – instilled the value of integrity, curiosity, and hard work from an early age. These lessons have shaped my career and how I approach every decision on the desk.”

“[…] Relationships have been central to my journey. Connecting with colleagues, peers, mentors, and partners across the market has taught me as much as any classroom and reinforced that success in trading isn’t just about numbers – it’s about engaging with people. Non-traditional paths often lead to the most rewarding destinations, and I appreciate the chance to contribute to an evolving and more inclusive industry.”

In terms of what his guiding principle is while performing his role, Middleton highlights integrity above all, further adding: “my approach is a willingness to listen, learn, and deliver results”.

When it comes to who heads up the various desks, Paul Cable, head of international fixed income trading is responsible for the London and Hong Kong trading teams, while Brian Rubin, VP, heads up the US fixed income trading offering.

Cable’s team trades the length and breadth of the international fixed income and FX markets, comprised of a team of nine traders (six in London and three in Hong Kong), while Rubin oversees a desk of 14 fixed income traders from the T. Rowe Price Baltimore base – set to unveil their new HQ at the location in late Q1 2025, The TRADE understands.

Sharing expertise, local success on a global scale

Speaking to The TRADE, the team emphasises that individual responsibility is the key to team success, a core perspective within the T. Rowe Price school of thought, which extends across both internal teams and regions.

“Our international reach allows us to identify opportunities, manage risk, and serve clients across time zones while maintaining deep local market expertise,” affirms Middleton, adding that the firm’s approach is as “an integrated global fixed income trading platform where market insights flow seamlessly across markets”.

“The team is our biggest strength,” agrees Cable, “It’s a strong group of exceptional traders with deep individual subject matter expertise enhanced with a breadth of knowledge across markets that provides insight to the investment process and contributes to great client outcomes.

“I’m now into my twenty-sixth year at T. Rowe Price, the last 16 of which have been as part of our global trading team, and it’s been a real privilege to watch and be part of the growth of our international presence.”

What is notable when it comes to how the team appears to operate day to day is how the role of traders is not solely limited to execution. It also extends further afield to understanding investment theses through working closely with investment team members, allowing them to provide market colour and effectively identify relative value opportunities, explains Middleton.

“Portfolio management and research partnerships drive our competitive advantage […] This integration between trading and the investment platform creates a powerful feedback loop that enhances transaction quality and client investment outcomes.

“This integrated approach proves especially valuable during market stress when our ability to source liquidity and insight across markets enhances the investment process.”

Rubin concurs, adding that the success behind T. Rowe Price can be put down to this approach, with the group of talented traders encouraged to be more than just order executers.

“Our traders effectively partner with analysts and portfolio managers to identify opportunities while analysing both upside and downside to benefit our clients. Traders are involved in every step of the decision-making process which gives them the opportunity to add value.”

Speaking to The TRADE from Baltimore about the dynamic of the fixed income desk, Michael Daley, VP, fixed income credit trader agrees that the lifeblood of T. Rowe Price truly is its collaborative culture.

“The trading desk is fully ingrained in the investment process and is expected to generate ideas and bring liquidity to our entire platform.  Traders work closely and collaborate on a daily basis with portfolio managers, fundamental analysts, and quantitative analysts.

“This collaboration is inclusive and one in which all parties in the investment process respectfully and constructively challenge one another.  This collaborative nature helps ensure best ideas from investments and trading are incorporated in our strategies. All involved parties are key contributors which helps foster continuous idea generation.”

This idea of a level playing field from all those involved is a key contributing factor to T. Rowe Price’s success, the team enthuses, wherein communication flows not just vertically, but also horizontally.

Communication isn’t just top down

When it comes to the desks’ dynamic, it is clear that openness rules, and the willingness to learn and embrace the new is encouraged and fostered.

Communication across the desk, Middleton explains, flows freely across all team levels, with this approach enabling efficient opportunity capture.

“A strong trading team thrives on diversity of thought, seamless communication, and a shared commitment to the firm’s goals. Trust and mutual respect within the team – and with external partners – are critical for success.”

He adds: “A focus on innovation and a proactive approach to embracing new tools and strategies set the best teams apart in an increasingly competitive market.”

When it comes to the most important lessons, adaptability is flagged as key when looking to drive success in trading. Given that markets are dynamic by nature, the continued increase of black swan events, and the rate of technological evolution showing no signs of slowing down, responding quickly and effectively to these changing conditions as a unit is more critical than ever, the team tells The TRADE.

“The desk is a dynamic team who is working towards the best outcome for our clients. We promote a team environment where everyone has a voice and can make an impact,” enthuses Rubin.

“Listening is key to success. Sometimes taking that step back and receiving the message helps in not making quick or wrong decisions. Listening is the key to communication and collaboration as if others feel that you are not just hearing but digesting their message it makes things go smoother.”

In an industry where work/life balance and work satisfaction are increasingly being brought to the fore, this collaborative, cross-team approach is not only effective, but also, the team notes, enjoyable.

As Cable explains: “the culture and dynamic on the team is collaborative and supportive which creates an enjoyable environment to operate in”.

Future life on the desk: Traders as architects?

This approach of well-rounded traders who thrive on co-operation across teams  is set to be increasingly important  for T. Rowe Price. As the industry continues to be shaped by ever more innovative technology, so too are the role of traders.

As Rubin points out, the most effective approach is one in which the desk is able to partner with other segments of the T. Rowe team (such as portfolio managers), but he also sees this evolving even further in the future.

“The trader’s role will look very different with fewer manual processes and balance the use of advanced technology to help make decisions. Traders will have more data at their fingertips and will collaborate with not only analysts and portfolio managers but other teams including quantitative analysts and technology to access liquidity efficiently while markets continue to get more complex.”

Middleton concurs, going on to explain that collaboration will remain key, and also that traders will become more interconnected across not just teams but also regions.

He adds: “The trader’s role will resemble that of an architect as the next gen traders design and deploy strategies that blend human insight with advanced technology. Traders will increasingly act as data, liquidity, and market intelligence integrators, leveraging technology to construct execution frameworks tailored to dynamic client needs and market conditions. 

This shift of course comes hand in hand with technology, which Middleton highlights will enable a more immersive and real-time interaction, as well as allowing traders to focus on high-impact, strategic decisions and relationship-building.

When it comes to what this could look like empirically, he explains: “The trading workspace will transform into an interoperable information centre, where advanced visualisation tools and integrated platforms provide a 360-degree view of markets, liquidity, and risk. Desktops will become interconnected workspaces that seamlessly merge data feeds, analytics, and trading protocols.

“[…] An environment where technology amplifies the trader’s expertise, enabling individuals to operate with precision, creativity, and efficiency in an increasingly complex and globalised market.”

Speaking to the future of traders’ roles, Daley also emphasises the importance of relationships, which “will continue to serve as the key driver to market liquidity”, as well as highlighting that “as market structure continues to evolve, strong partnerships and thought transparency with dealers, vendors, and third party trading platforms will be paramount”.

“Relationships are the lifeblood of our business [it’s important to] not to be scared of market evolution, rather, embrace it. Look for ways to serve as a thought leader, value the insight of peers across the industry, and collaborate with both the buy- and sell-side to help push market innovation forward.”

Pressure makes diamonds

No two trading set-ups are the same, and when it comes to what makes T. Rowe Price’s fixed income traders tick, it is clear that co-operation and collaboration built on a strong bedrock of solid relationships, alongside the freedom to speak up and be creative are the main pillars behind the desk’s success.

“The team dynamic on our desk is highly collaborative, fast-paced, and built on mutual respect and trust. Each member brings unique skills and perspectives, cultivating innovative problem-solving and knowledge-based decision-making,” asserts Middleton.

“[…] The best traders combine deep market knowledge with strong analytical and interpersonal skills. They stay calm under pressure, remain humble, think critically, and execute with precision. Curiosity and a willingness to learn are essential as the landscape constantly evolves.”

It is with this strong foundation of co-operation between the T. Rowe Price team that the desk is able to use pressure to create top grade diamonds.

As Middleton affirms: “We thrive under pressure by staying focused and supporting one another while maintaining an environment of constructive feedback. We value individual accountability and team success, creating an environment where everyone can perform at their best while contributing to a greater whole.”

The post The T. Rowe Price fixed income desk on making an impact appeared first on The TRADE.

I was at Bear Stearns through the JP Morgan integration, and I would have been a Bear Stearns lifer had it not been for the intriguing opportunity to join Credit Suisse as a multi-asset and special situations spokesperson across all products. I made the jump to Credit Suisse and we developed this product nucleus within the equities division to facilitate content distribution and market making across all asset classes, including volatility strategies tailored for hedge fund clients.

Mike Simanovsky, the founder and CIO at Conversant, served as a partner at Senator Investment Group, there for nine years before launching Conversant in early 2020. During Conversant’s formative stages, Mike and I had befriended one another while I was on the sell-side. He envisioned Conversant as a platform to capitalise on real estate opportunities across the liquidity spectrum in both public and private and up and down the capital structure including equity and credit. When Mike called me about the opportunity to join Conversant, he emphasised the firm’s long-term, buy-and-hold strategy, akin to private equity. He didn’t need a day-to-day trader, he sought someone who spoke his language, had a long-term mindset, and could be conversant across markets. Mike was building an investment team and process focused on idea generation and creative structuring. I was drawn to the flexibility of this mandate.

What does your role involve?

I oversee the capital markets function and I assist in origination. Our public positions and investments have originated through a rigorous capital markets process. We spend a lot of time thinking about capital markets activity and how that could create potential opportunities on both the public and private investment side. 

There’s been a reopening in capital markets. It seems like a lot of issuers are trying to finance or fund next year’s capital needs and are getting ahead of it opportunistically. It’s been busy. On the equity capital markets (ECM) side, volumes are up significantly, close to double from last year, and even more so since 2022. I maintain constant dialogue with ECM and leveraged finance desks to identify the next potential investment opportunities. 

Taking a step back, our investment team consists of seven professionals, including the chief investment officer, three principals, two analysts and myself. We structure the team by real estate sub-sector. We of course cover the traditional real estate sub-sectors, but also emphasise non-traditional real estate and real estate-adjacent sub-sectors, including digital infrastructure, asset managers, car washes, and student housing, as an example subset. Each investment professional is responsible for covering their respective sub-sectors across public and private markets. We have a lot of go-getters on the investment team which I love. We all sit together in our headquarters, and we emphasise collaboration. There’s a very healthy dialogue at all times at both the portfolio-level and the position-level.

Despite being a smaller organisation, we have a strong institutionalised process. My day may range from trading liquid US stocks to more illiquid European names. We do a lot of bespoke or more idiosyncratic trading when it comes to distressed bonds or structured credit. 

We take a capital structure agnostic approach to our investment mandate and spend a lot of time thinking about relative value within the capital structure. We look for the opportunity that best achieves opportunistic returns on the best risk-adjusted basis, be it in equities, corporate bonds, distressed bonds, bank debt, or convertibles. We do some listed options more on the index side as hedging instruments. We are nimble and agile. 

What is the core skillset for someone in your role?

It’s important to have awareness on cross-market currents and on what’s happening globally across every trading jurisdiction. But even more so locally, whether it is US and Europe and just having a good handle on whether it might be rates or a factor or certain style that is percolating in the market. It’s about being balanced and having a good pulse and awareness of what’s going on across markets. I’m wired to be idea-generative and an idea-oriented person. 

Why did you choose Conversant?

The beauty of what we’re doing at Conversant lies in our ability to be flexible and opportunistic. We pride ourselves on being a flexible capital provider to real estate and real estate-related companies and platforms, investing throughout the capital cycle. We’re opportunistic in nature, looking for situations that meet or exceed our return thresholds on a risk-adjusted basis. We have a synergistic approach to both public and private investments, leveraging insights from the private markets to inform our strategies in the public markets, and vice-versa.  

What are you seeing in terms of market impact following the election?

There’s a lot of copycat behaviour. People have a playbook from the 2016 election, a script for US exceptionalism, deregulation and reflation. I think we’ve come a little too far, too fast. The markets have cheered the new administration coming in and what that means for deregulation, consolidation, tax and tariff policy, but there are still several unknowns. With regards to deregulation, for us, it’s about what it might mean for further loosening in commercial real estate or real estate credit and how that might convert into further capital markets activity and lending. The setup for 2025 is harder. The S&P is at around 22 times earnings. The last election, it was 16 times earnings. The bar to beat is a lot higher. If you’re a company in the US, it’s time to grow or go home and there will be very little margin for error.

We’re not macro timers. We’re not handicapping election outcomes, but a lot of what we do is rate sensitive. We own a lot of rate proxies with duration, so one thing we think about is mitigating those sensitivities. You’re entering a fed cutting cycle, yet rates are 65bps wider since the first cut in September. What does that tell you? Growth is good and clearly there are renewed inflationary/fiscal worries given the new administration. There might be a tipping point soon in the 10-year, let’s say around 4.5%, and we are mindful how quickly sentiment could shift in real estate and more so homebuilders. If we had 5% rates again that might quickly become a market problem.

This might speak to overall more deregulation or banks willingness to lend or make markets, but it does seem like there’s more desire to take risk from the bigger banks who have the balance sheets. In terms of market making or liquidity facilitation, a lot of the bigger firms have the appetite to do it. From my vantage point, you are already seeing more risk bids at tighter discounts in block form. 

What workflows are ripe for more automation?

There’s a lot of analytics already being offered. You’re seeing it from vendors in Bloomberg around portfolio construction and analytics to augment or improve processes specifically to correlation and factor tilts. One of the things that you might see is for deals specifically in the US and Europe, you’ll ultimately see better deal indication streamlining, meaning direct order entry of orders for ECM deals. That’s one thing that I’m focused on. 

Everyone’s obsessed with AI replacing human capital. It’s certainly a unique resource, but in our view, you are always going to need someone on the other end of the phone. Our business is relationship-based and complex whether it is market making or investment banking and origination deal making. Human capital will not be replaced. Will it be improved through AI productivity and enhancement efficiency? I believe so.

What advice would you give to yourself or someone starting out in your sphere now?

Be long-term minded and patient. Markets are efficient and if you’re good at what you do and you prove it, there’s natural progression in your seat whether that’s ultimately running a desk or an entire division at a large investment bank. A lot of people look for instant gratification, but my advice is to play the long game. Act instinctively yet take calculated risks. Competency and ability always prevail. 

I was an analyst at the time of the global financial crisis. I was 28 years old and only seven years out of college. It was a frightening time given the unknowns. However, everyone at Bear Stearns went on to do bigger things. I take a lot of comfort in knowing that the best athletes ended up in great seats at some great firms.

The post Trader of the Year Hedge Fund: Conversant Capital’s David Alfred appeared first on The TRADE.

Daniel Shepherd

BTON joins the dots between TCA and order routing and its AI-powered broker recommendation system transforms the traditional broker selection process by leveraging advanced neural network algorithms to predict slippage and dynamically match orders to the optimal broker.

BTON’s users gain immediate access to cutting-edge technology and a continuously improving system powered by aggregated, anonymised insights from across their client base.

Speaking to The TRADE about the firm’s imminent North American launch, Daniel Shepherd, chief executive of BTON, said: “The industry has collectively come to the conclusion that AI is going to revolutionise workflows and optimise outcomes.

“When it comes to talking about the big AI changes set to take place, no one wants to be in a position down the line where they have to say ‘I stood on the side lines and waited to see what would happen,’ they want to be part of it. In the US there’s a real level of optimism in this space, so we’re very excited to be part of this and the opportunities arising there.” 

Read more: OptimX and BTON partner on AI analytics for block liquidity 

As well as its US launch, next month BTON – in collaboration with AI-focused firms MindfulMarkets.AI, Imandra, SIGMA Financial AI, and Gamma Zulu – is launching AI-focused capital markets forum ‘Innovation, Collaboration & Future of AI in Trading’ on 6 February. 

Important market developments, including the UK’s recently published AI action plan, has expedited the need to assess how future adoption of the technology could look and the roundtable is set to examine just this. 

“It will be a dynamic, interactive discussion on the future of AI in trading, exploring the immediate opportunities and the strategic pathways needed to integrate into trading workflows. Most importantly, focusing on the essential need for collaboration among traders, fintech innovators, vendors and liquidity providers globally to reap the benefits of using AI,” explains Paul Brennan, chief strategy officer at Imandra.

This event has come off the back of conversations with the UK government department for business and trade, The TRADE understands. 

It is set to gather twenty industry experts from across the buy- and sell-side, exchanges, and fintech firms for the discussion – held at the British Consulate Residence in New York.

AI is not a niche sport. It’s about mass participation, bringing together collaborative ideas,” Andrew Simpson, chief executive of SIGMA Financial AI, tells The TRADE.

“It’s about organising ourselves so we can compete with firms who already have economies of scale. Partnerships and collaboration, especially in light of more of us opening up into new markets, is more important than ever. We wholeheartedly support this approach.”

The post BTON to launch in the US appeared first on The TRADE.

He is set to begin his new role on 20 January and will be charged with ensuring user needs are fully represented in the CT.

Specifically, he will lead discussions within the ISG on functionalities, fee and licensing models and other tender process requirements. 

Sassan Danesh, chief executive of Etrading Software, said: “We are delighted to have Stephane on-board and leading our stakeholder engagement activities. His leadership will be instrumental in the design of a high-quality tape.” 

Malrait was most recently managing director and global head of market structure and innovation for financial markets at ING Bank, overseeing the financial market innovation strategies within the firm. 

Before joining ING in 2015, he spent eight years at Société Générale, most recently working as global head of FIC eCommerce.

He also previously worked at JP Morgan Chase for ten years, serving in different roles in global FX eCommerce business management and cross-asset eCommerce technology, based in London and New York.

In December 2023, Etrading Software confirmed plans to bid to become the consolidated tape provider (CTP) for both the UK and EU. A move which followed the announcement that the Bloomberg, MarketAxess and Tradeweb JV was off the table. 

Speaking to his appointment, Malrait, said: “The consolidated tape is going to be a major market structure change in the UK and Europe and will impact all market participants. It is important that the voice of the user community is represented to advice and give feedback to CT providers.”

The FCA is set to appoint a bond CTP early this year, with the EU planning for the end of the year.

Read more: ESMA launches first stage of bond CTP selection process

Malrait was nominated by The TRADE for the coveted Industry Person of the Year award at the 2024 Leaders in Trading event in London. 

The recognition is designed to celebrate those individuals who have made a significant impact on their own organisation and, equally, the industry externally, with a commitment to bettering and future proofing the markets for years to come.

The post ING Bank’s Malrait joins Etrading Software appeared first on The TRADE.

Named Aquis VWAP Match, the new service will initially launch in Q1. It will use conditional indication of interests (IOIs) and use a VWAP period of five minutes.

Members will be able to submit IOIs at a volume weighted price using all the major reference markets for that calculation.

“Once both parties agree to firm up, that will trigger the VWAP period,” Aquis Exchange’s head of sales, Sakeena Lalljee, tells The TRADE. “At the end of that period, that’s when the volume weighted average price will be known based on lit trades that have taken place in that window.”

The new service will have the market identifier code (MIC) AVXE in the UK and AVEU in Europe and volumes will be printed under the off-book on-exchange bucket.

Read more – Aquis Markets unveils conditional order functionality on UK and EU platforms

“It’s a very important thing for us to have distinct codes because feedback from the market is that people want to be able to distinguish between where these trades are happening in that off-book on-exchange space,” adds Lalljee.

In terms of regulatory approvals, the service has received a non-objection from the UK’s Financial Conduct Authority (FCA) and Aquis Exchange is in the process of working with regulators in Europe.

It is set to initially cover a stock universe of about 400-500 liquid names, in order to provide a more mindful and less “broad-brush” approach to roll-out, Lalljee says.

“We’ve looked at the stocks where there is the greatest demand from our clients to use this functionality,” she explains. “That’s what made most sense for us and what we think makes sense for the design of this product.”

The service will rival that of competitor Cboe which launched its Cboe BIDS VWAP X offering in the UK in October, as revealed by The TRADE. Cboe’s European iteration is still awaiting regulatory approval by EU regulators, The TRADE understands.

When asked why Aquis had opted to launch this service now, Lalljee confirmed that several factors had fed into the exchange’s decision, namely the continued growth of passive investment, increasing client focus on latency and the layered development of other linked products that the exchange had launched in the last year.

Read more – Aquis Exchange relaxes eight-year ban on proprietary trading firms

“It’s [VWAP Match] a mechanism that allows people to smooth out volatility in prices or to trade at a forward-looking price,” she says. “It makes sense right now on the back of other things that we’ve been doing in the past few years. We’ve already had our benchmark cross trade capture report service live for a few years now. That allows members to bring pre-agreed trades that they’ve matched themselves onto a lit exchange.

“We launched conditional orders at the start of this year and Aquis VWAP Match allows us to bring elements of both those things together. It’s quite a natural evolution of what we do. In terms of USPs, we made the rule change on our lit book towards the end of last year and there’s an element of that that we’re bringing into VWAP Match as well.”

Aquis relaxed its eight-year ban on proprietary trading firms at the end of last year. As part of the rule change, liquidity providers were given a choice as to whether they would like to have their orders open for anyone to trade with – including prop firms – or whether to keep them limited to client facilitating flow only.

The VWAP Match venue set to go live in Q1 will flip this rule, Lalljee says.

“It will give broker members and client facing members the option of whether they only want to trade with other types of flow like this or whether they are open for anyone to trade with their orders,” she explains.

The post Aquis VWAP Match service set to go live in Q1 appeared first on The TRADE.

Wail Azizi

“Joining Equiduct emphasises Danske Bank’s vision of creating an investment platform for all clients,” said Marjo Grandell, head of Eequities at Danske Bank. 

“With the addition of Equiduct, we can provide even more liquidity for our retail clients in our already large investment universe of tradeable instruments via our digital channels such as Internet bank and mobile app.”

Danske Bank’s retail clients now have access to Equiduct’s real-time market date, as well as additional liquidity for stocks and ETFs from 12 European markets.

More than seven million retail end-investors are already using the execution and market-data services offered by Equiduct. In 2024, the exchange has welcomed three major Nordic brokers so far, with a total of five including Danske Bank. 

Apex is a pan-European best execution service on the lit Börse Berlin, offering brokers access to all the major European lit trading venues through a single connection, including: Amsterdam, Brussels, Frankfurt, Lisbon, London, Madrid, Milan, and Paris.

The offering’s main features are limit order protection, Apex Retry (best execution for resting orders) and opening and closing cross.

In recent times, the Nordic market has had limited retail-focused trading solutions as well as high market data costs.

Speaking to this, Wail Azizi, Chief Strategy Officer at Equiduct said: “We’re happy to extend a warm welcome to Danske Bank to our exchange. Partnering with Danske Bank, a leading Nordic bank in the forefront of retail innovation aligns perfectly with our mission to foster positive change in pan-European retail trading and market data.” 

The post Nordic trade broker joins Equiduct appeared first on The TRADE.

EQS advises Liquidnet’s buy-side members on topics including trade analytics, algorithmic strategies, and quantitative products and services. 

Among the new hires is Prashanth Manoharan who has been named head of execution consulting, EMEA, set to focus on enhancing the firm’s core algorithmic trading offering, as well as assessing market microstructure and enhancing execution quality alongside Liquidnet’s members. 

In addition, Manoharan will contribute to Liquidnet’s multi-asset analytic and execution consulting capabilities expansion.

He was most recently director of cash equities analytics at BNP Paribas and his appointment at Liquidnet forms part of a longer-term strategy for the firm to strengthen its algo trading offering, The TRADE understands.

Speaking to his new role, Manoharan said: “The opportunity to further enhance our algorithmic trading capabilities and collaborate with our members to optimise executive outcomes is a key focus.” 

“As markets become more complex, it’s crucial that we continue pushing the boundaries to deliver innovative solutions that meet our clients’ needs. Liquidnet holds a unique position in championing the buy-side.” 

Read more: Liquidnet to launch multi-asset trading desk

Oliver Ekers has also joined the team, as an execution trader, having most recently served in the same role – focused on Europe – at Instinet. At Liquidnet he will cover sales trading across both high-touch and algo trading.

The third new hire is Henry Baugniet. He joins as an execution analyst, leveraging his wealth of experience as a data scientist. Previously, Baugniet built a real-time trading strategy for the Betfair exchange. 

Gareth Exton, head of execution and quantitative services, EMEA at Liquidnet, said: “As our members navigate a fragmented and complex liquidity landscape, they need a comprehensive service model from their agency partner to guide them […] Prashanth, Oliver, and Henry bring valuable expertise that will help us further enhance our service model, and I’m thrilled to welcome the to our growing team.”

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We need to take a step back and look at today’s trading desk. By dissecting a trading desk into its functions, processes, and tasks, it becomes clear that 80% or more can be successfully automated with today’s technology – and that figure is just for the front-office, potentially even higher in the middle- and back-office. We first need to envision how the job will evolve in the coming years. I envision the trader’s role converging into a multifaceted position where responsibilities traditionally spanning from the front- to the back-office will be seamlessly integrated and executed with the aid of technology.

These technological advancements will profoundly impact our industry and give rise to a new kind of role: the “domain jack of all trades.” In other words, traders will likely become more akin to product owners. Being a market expert and knowing all the ins and outs of trading will no longer be sufficient. Instead, we will need to be familiar with all aspects of the business, from legal and settlement processes to transaction cost analysis and trading. This implies that fewer people will be needed to run a trading desk end-to-end, with more operations running as a one-man show, relying on the interaction of a human and a multitude of specialist systems or AIs. 

So, what are the skills of a domain jack of all trades? 

By definition, many, but the key ones I believe will be relevant are: 

Project Management Skills: The ability to manage multiple tasks, prioritise efficiently, and oversee the implementation and maintenance of automated trading workflows.

Adaptability and Curiosity: Flexibility to adapt to new market and regulatory conditions. A continuous drive to learn about every single corner of the business and market. This adaptability will be essential in an environment where change is constant and rapid.

Technical Skills: While traders may not need to program large-scale applications, the ability to retrieve and analyse data will remain vital. Skills in basic programming or systems knowledge will be necessary for tasks such as manual overrides, improvements, and customisations. Understanding technology will be crucial for validating automated workflows.

Soft Skills: Strong communication skills to convey complex information to diverse stakeholders. Problem-solving and creativity to navigate and innovate within complex systems. A holistic business understanding to see the broader picture and integrate various aspects of the business effectively. This is, and will likely continue to be, a people business, requiring strong interpersonal skills to manage relationships and collaborate effectively.

The interesting aspect of this vision is that no single degree can prepare you for this. It is unrealistic to expect a trader to be formally trained in finance, software engineering, and law to do the job. Therefore, either education will need to become significantly more industry-focused, or firms will have to identify and develop new talents to become the domain jack of all trades.

The trader of the future will be a multifaceted professional, adept at integrating technology, traditional market expertise, and a broad understanding of the operational aspects of the business. This evolution will streamline trading operations, creating more efficient and dynamic trading desks powered by human-AI collaboration.

How can firms ensure that their traders receive the necessary support to do so?

We have two aspects to consider, how our firms will develop domain jack of all trades within the existing workforce and how will we recruit them. In terms of development, I work for an organisation that has successfully cultivated domain jack of all trades for years. What I have seen is that ownership is what transforms a great employee or trader into a do-it-all, all-terrain expert; giving more responsibility and freedom only brings the very best of people as far as the firm’s mission is clear to everyone in the organisation, which is the case of NBIM – with the added advantage of having a common goal.

As a trader, this ownership can mean taking full responsibility for an asset class and/or a region. This includes managing counterparty relationships, overseeing internal processes, making key decisions, and communicating across various stakeholders. Effectively, you own a start-up within a larger organisation. This setup naturally drives innovation, improves how things are run, and maximises returns. Because of this, I believe that firms with a flatter structure are better positioned to foster ownership and hence develop successful domain jack of all trades.

Additionally, rotations or secondments across all seniority levels have been widely popular and highly effective tools. They not only support the development and future-proof our workforce but also cross-pollinate best practices. This exposure to different parts of the business helps traders develop a broad skill set and a deep understanding of the entire trading operation.

The other aspect is how do we recruit domain jack of all trades. It is obvious that the old-school interview rounds, and brain teasers and esoteric questions are no longer relevant. Hiring will likely become a lot more expensive. New grads will probably be hired from summer internships or similar programs where we can evaluate individuals over a longer time horizon. Finding well-rounded candidates for trading roles will be very difficult with short hiring processes.

How do you expect traders to adapt to software engineering requirements in the future?

The claim that traders will speak the language of software engineering is becoming increasingly true. However, it’s essential to understand that software engineering encompasses much more than just programming. While AI might handle the bulk of coding tasks, there will always be a need for scripting and integration. If we consider the trader as the conductor of an orchestra of AIs, the need for software engineering becomes much more apparent. The trader, as the domain expert, will need to resort to engineering principles to design and aid in the development of trading workflows and systems.

Traders of the future will need to develop a robust understanding of engineering principles to collaborate effectively with technical teams and machines. This shift will enable them to design, develop, and manage complex trading workflows, leveraging the full potential of AI and automation. As the conductor of an orchestra of AIs, the trader’s role will evolve to integrate technical expertise with market knowledge, driving innovation and efficiency in trading operations.

In your Oxford style debate, your opponent is arguing AI will fill the role of coding and traders will go back to the phones – what do you think will happen?

I think Armon-Jones uses the phone as an analogy for the business getting even more relationship based. With increasing process and decision-making automation in trading, I cannot see this evolving in that direction – unless the trader makes a script to instruct the systems to route volume based on what broker took him/her out for lunch that week, in which case the trader would need to know how to program!

If voice trading is supposed to save the role of the traditional trader, we should see this role growing significantly over the next couple of years. Unfortunately, the opposite is true. Looking at current trends and how the future is shaping up, there will be a reduction of workforce at the trading desks. When that reduction of personnel required to run a trading desk becomes its minimum, it will converge to the trader as the conductor of an orchestra of AIs or the “domain jack of all trades”. It sounds scary, but also it opens lots of exciting possibilities and new roles in the industry.

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