As we bid farewell to 2024, we are left with many questions about the dawn of 2025, a year that promises to be a game-changer. We already have key milestones within the ever-fluid EMEA regulatory landscape, including DORA and implementing the Mifid II and Mifir review. We will likely witness further regulatory divergence between the UK and the EU. Still, all parties must act swiftly to address the macro-level challenges affecting primary market listings and the lack of investment in the EMEA region. It is imperative that action is taken on all fronts. 

We should finally see, on a grander scale, AI usage moving from an over-used buzzword bingo to a reality. The pursuit of innovation will persist, with new entrants needing to demonstrate credible and distinctive credentials in a highly competitive and demanding environment, where only those that offer something unique will ultimately endure.

As the industry moves towards a consolidated tape and the looming T+1 deadline, established players will likely continue positioning themselves to expand their market share or protect their existing trading, data, and technology businesses. This is set against a backdrop of rising industry costs, which will inevitably face heightened scrutiny.  Liquidity sweet spots like retail, blocks, bilateral and VWAP crossing will again dominate many liquidity discussions. The bilateral debate will likely persist, and we can expect engaging discussions from industry participants and regulators. 

Furthermore, the ‘Trump effect’ looms on the horizon; this could exacerbate market volatility in the year ahead, a reality that will soon become apparent. In 2025, we must challenge existing workflows and the status quo to innovate and compete globally. We all have a role to play in establishing the EMEA ecosystem as a model of excellence for the global trading community next year and beyond.

Steve Walsh, director of product and solutions, Duco 

This has been one of the most consequential years for financial market regulation in a decade. New compliance requirements have reshaped frameworks in Europe and across the globe. The two most important regulations were the Emir refit at the end of April and the US transition to a T+1 settlement cycle. Both regulations aim to enhance transparency and resilience. 

The Emir refit’s primary motivation was to improve data quality and transparency in the European derivative markets with mandatory data reconciliation requirements and obligations to report material issues to national competent authorities (NCAs). While the transition was largely successful, regulators next year will need to address lingering issues around data accuracy and integrity on data reported to trade repositories. 

Meanwhile in America, T+1 has created operational difficulties, highlighting data quality and transformation issues as well as poor processes and a lack of automation throughout. Resolving these issues will be relevant in Europe as well, as T+1 is expected to reach both the EU and the UK by the end of 2027. European firms need to start preparing while learning from their US peers.

Vikesh Patel, global head of clearing, and president, Cboe Clear Europe 

In 2025, we anticipate renewed regulatory efforts to promote more resilient, efficient and integrated pan-European financial infrastructures. Striking the right balance between fostering growth and innovation on one hand and maintaining regulatory oversight and financial stability on the other will be essential for advancing the region’s capital markets and we look forward to Emir 3.0 helping bring this to life. Whilst we anticipate that talk of top-down consolidation for Europe’s post-trade infrastructure is likely to persist, we will continue to advocate for strengthening the existing competitive framework, particularly in cash equities through mandating true clearing interoperability for all major exchanges.

We remain dedicated to fostering a stronger and more resilient European market by continually driving innovation and equipping participants with the tools they need to drive a more efficient use of their capital, ultimately contributing to long-term growth and stability across the region.

Matt Smith, chief executive officer, SteelEye  

Following several years marked by significant fines for record-keeping breaches related to encrypted messaging apps, we expect to see a broadening focus in 2025. E-comms will remain a regulatory focus, but so too will areas such as voice surveillance. 

Voice surveillance currently represents a big gap in many firms’ communications surveillance programmes due to ambiguous regulatory rules. However, it is likely regulators will clarify expectations around voice surveillance in 2025, and financial firms should prepare for this. 

Currently, regulatory rules do not specify how voice data should be monitored which has resulted in many financial institutions simply carrying out manual reviews of a sample of voice calls, leaving a considerable gap for missed risks.  With advancements in transcription and analytics technology, voice surveillance will move from being an overlooked channel to a critical component of risk management frameworks in 2025. 

Simon Gallagher, chief executive officer, Euronext London 

In 2025, the realities of increased competition from the US for capital and liquidity will be a wake-up call for Europe. On both sides of the channel, policy makers will accelerate measures to bridge the gap between the region’s vast, untapped household savings and its equity markets.

As part of this wider effort, Europe will need stronger and simpler market structures. Euronext will play its full role, making material contributions to simplifying Europe’s post-trade complexity, harmonising its fragmented ETF markets and leveraging our new clearing capability to unlock value for clients. In addition, following our recent push for a single, unified European prospectus, we will continue to proactively propose ‘bottom-up’ solutions to simplify European markets.

Under strong political leadership, I am optimistic that the region will be able to catch up with the US in funding innovation and infrastructure and in creating greater wealth for its citizens. 

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Stifel did not respond to a request for comment. 

Seema Arora has been appointed as execution services head for EMEA at the firm after most recently serving at Instinet for five and half years, leaving earlier this year.

During her tenure at Instinet, Arora was a keen supporter of The TRADE’s Rising Stars of Trading and Execution initiative supporting up and coming talent on the buy-side and was nominated for the Industry Person of the Year Award at Leaders in Trading 2023.

Prior to joining Instinet, Arora spent almost 11 years at Kepler Cheuvreux in senior execution services sales roles.

She also previously spent six years at JP Morgan as its head of execution sales and five years at Desdner Kleinwort as head of program trading sales.

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Chris Pento

The transaction is expected to close in Q3 2024.

Fox River encompasses a comprehensive algorithmic execution solution for US and Canadian equities. 

Chris Pento, chief executive and co-founder of Clear Street, said: “Fox River’s leading algorithmic trading capabilities add another key component to the value chain we offer. Known for their high-performance algos, white-glove service and flexible platform, Fox River has a longstanding and loyal client base, built on proven and respected products and services.

“This transaction further bolsters our suite of products tailored toward quantitatively focused clients.”

Following completion, Fox River is set to be integrated into Clear Street’s existing business. 

Read more: Instinet completes acquisition of FIS algo trading business 

“This transaction provides clear benefits to both firms. It allows Instinet to streamline our existing execution services offering and continue to concentrate our investment efforts on our core Algorithmic platform,” said Gerry Milligan, president and head of the Americas at Instinet.

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The new capability is based off Instinet’s proprietary technology and went live in mid-October. It is initially covering vanilla flow such as direct market access (DMA) and algo trading, with potential plans to move into blocks and more complex flow in the future.

Salvador Rodriguez

Under the set-up, clients will send Instinet an order which the firm will then smart order route to either JSE and A2X. 

Speaking to The TRADE about the launch, Instinet’s EMEA head of global execution services, Salvador Rodriguez, said the move is designed to support both local and international investors looking to source better liquidity through greater diversity of venues, as well as build out infrastructure in the market.

“From our perspective as a technology provider, making the local market more efficient for the local participants was a key part of the decision. The feedback we’ve had is that a lot of local participants are crying out for more diversity of venue,” he said.

“But also from our own client base perspective, it gives them the tools that they require to access the different liquidity and price opportunities that may exist through the competition that’s being introduced.”

Read more – JSE SA Trade Connect 2023: Will South Africa follow Europe when it comes to best execution?

Historically, the South African market has been dominated by the JSE as the incumbent venue. Alternative trading platform for listed securities, A2X, launched into the market six years ago as the first real competitor to the JSE and has seen its trade value grow from R657 (almost $35 million) in its first year, to R75 billion (roughly $4 billion) six years later.

The venue’s rapid journey of growth is evidence of demand for greater competition in the venue space within the region. Others have tried and failed in recent years to make waves in this market, namely stock exchange ZAR X, which had its exchange licence suspended in 2021 by the FSCA over liquidity and capital adequacy concerns.

The lack of market fragmentation was a key theme noted by panellists at the JSE SA Trade Connect conference that took place in Cape Town in February, exploring whether or not the region should follow suit with Europe – where there is arguably too much fragmentation – and how institutions could prove best execution without a wider choice of venue.

Rodriguez confirmed more diversity of venue and liquidity would likely boost more international interest in the region.

“A lot of the international global asset managers based in EMEA are more accustomed to smart order routing. They’re accustomed to multiple exchanges and many different order types,” he said.

“Why wouldn’t you have liquidity on another venue and engage with it. It opens up further opportunities with regards to exploring more relationships with other participants – having something that allows you in a quick efficient and automated manner to access those opportunities efficiently is essentially the core of the smart order routing.”

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Jennifer Pyrka Turner moved to Instinet to take up the reins as head of Americas execution sales, according to an announcement on social media.  The move followed a 19-year stint at Credit Suisse, most recently as managing director, head of AES sales Americas at Credit Suisse. In this new role, Pyrka Turner is based in New York and continues to operate across the Americas region. 

Dan Childs departed from his role as managing director, head of European prime services sales, EMEA to join Balyasny Asset Management, taking on the role of head, cash and liquidity management at the hedge fund. Childs previously spent almost three years with Jefferies after co-founding treasury technology start-up Kayenta in 2018. Prior to this, Childs spent the bulk of his career at Citadel, his final role as international COO after previously heading up treasury and operations. He began his career as a software developer before joining RBC and then Societe Generale.

Cboe Global Markets appointed leading industry figure Natan Tiefenbrun president of North American and European equities as part of the leadership changes announced last month, The TRADE revealed. The new role expands on his previous position as president of Cboe Europe, now also overseeing North American cash equities. This took effect as part of broader leadership changes announced by Cboe in October, which included Adam Inzirillo, previous head of North American equities being appointed the new global head of data and access solutions. Additionally, New York-based Oliver Sung was named head of North American equities in his stead, reporting into Tiefenbrun.

Janus Henderson promoted from within for its new head of equity trading for EMEA with Glen Pattison to take up the role in December after five years at Janus Henderson, having joined in 2018 as a senior trader. Prior to that he spent 11 years at Instinet. Pattison replaces departing Richard Worrell who is set to join the London Stock Exchange Group as its new head of secondary markets sales and business development, as revealed by The TRADE in October. 

FlexTrade Systems appointed Michael Kovach Americas head of fixed income sales in a move set to further drive the growth and adoption of FlexTrade’s fixed income EMS, FlexFI. In his new role, Kovach is set to be based out of New York and leverage his experience in electronic trading solutions. Prior to this appointment Kovach was lead relationship manager at BlackRock Aladdin, and before that spent four and a half years with Liquidnet, most recently as head of fixed income sales US.

Credit Suisse’s global head of FX, John Estrada, is set to leave the bank after 12 years, according to an announcement on social media. Estrada was promoted to co-head of FX last July, before becoming the sole head. Prior to that, he held various senior positions including global head of e-macro and global head of eFX trading. Estrada has previously worked at BNP Paribas and Sun Trading as eFX trader and financial engineer, respectively, and before that worked as a trader for Lehman Brothers. So far Estrada’s next step is unconfirmed.

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The move follows a 19-year stint at Credit Suisse, most recently as managing director, head of AES sales Americas at Credit Suisse. 

In this new role, Pyrka Turner will based in New York and continue to operate across the Americas region.

The Swiss bank has seen a sweep of personnel changes in recent times, following its acquisition by UBS earlier this year. Over the last quarter, ex-Credit Suisse experts have joined firms including Wells Fargo, TD Cowen, and RBC.

Read more: UBS makes cuts to cash equity division in London following the takeover of Credit Suisse

UBS agreed to buy Credit Suisse in March, in a marriage orchestrated by the Swiss government and at the time was viewed with trepidation by some as there were concerns it would trigger widespread jobs losses in the UK. 

Credit Suisse employed about five thousand people in the City before the takeover.

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Drew Vincent is set to join TD Cowen in an execution services role following almost 15 years at Credit Suisse. During his tenure, Vincent held various positions across Credit Suisse, most recently as head of AES sales trading, based in London. He also worked on the client coverage team of Credit Suisse’s agency electronic trading platform, Europe, focused on bespoke execution consulting and strategies. In his most recent position, Vincent led a team of sales traders, overseeing the restructured coverage in the aftermath of Brexit, as well as managing the review and deployment of algorithms and implementing T-1 related changes for business operations.

Aquis exchange chief operating officer Jonathan Clelland is set to depart next April, with chief revenue officer and head of Aquis Markets David Stevens appointed to replace him. Prior to joining Aquis, Clelland was chief operating officer at HSBC Investment Bank corporate finance division and of Shearman & Sterling in London. Clelland will remain as a special advisor in order to “ensure a smooth transition”. Stevens joined Aquis in 2021 and had previously held various senior roles across financial services and technology. His past positions included chief executive of foreign exchange broker Global Reach Group, as well as senior roles at Investment Technology Group, JP Morgan and Goldman Sachs.

Twelve individuals were appointed to lead UBS’ business across various areas as it restructures its operations. In the vertical global product pillars, Adrian Bracher was appointed to lead macro structured solutions (rates and FX), having joined UBS this month. Ramzi Issa was named structured credit and sustainable credit products lead, joining the business in November, as is Julien Bieren, soon to lead equity structured solutions. Also in the vertical restructure is Guilio Alfinito, appointed to lead QIS structuring, and Richard Walters, new lead of fund derivatives and structured finance solutions. Under the horizontal set-up, Romain Barba will join the business in November toco-lead APAC structuring alongside Ahmad Chaudry, while Chris Cook will head up Americas structuring. In addition, Erica Yeu will lead wealth management solutions, while Ahmad Chaudry leads wrapping solutions and Hannah Vinci oversees strategic products. Spyros Mesomeris, in addition to his global role, will head up EMEA structuring.

Investec named Paul Moss as its newest equity sales trader following three and a half years at Goldman Sachs. Moss has an established focus on global emerging markets, having worked across various jurisdictions within his roles. He has held various positions across the industry, most recently as CEEMEA (Central Europe, Middle East, and Africa) equity sales trader at Goldman Sachs. Before that we worked in a range of roles at Citi, most recently as pan Asia equity sales trader.

Instinet appointed Christopher Brown as executive director, latency sensitive electronic trading (LSET). Brown joined from JP Morgan where he spent nearly four years as executive director of quantitative investment strategies (QIS). Prior to that, Brown spent almost 3 years at Citi as director of systemic and quant trading solutions. Before joining Citi, Brown served as director, autobahn equity sales and trading, low latency DMA at Deutsche Bank. Elsewhere in his career, Brown held senior position at FIX Protocol, Chi-East and Instinet – the latter being his first tenure at the firm in 2009.

MUFG appointed Daniel Sbroocca in a credit trading position, joining from BNP Paribas where he spent almost nine years. While at BNP Paribas, Sbrocca most recently served as an emerging markets credit trader – a position he held for two years. Previously, Sbrocca held an emerging markets credit sales position at the firm. Elsewhere in his tenure at BNP Parabis, Sbrocca served in a corporate rates sales role for Northern Europe.

Wells Fargo appointed Jon Thorne as senior securities sales trading specialist, joining from Credit Suisse, where he spent 13 and a half years. Most recently, Thorne served as a listed sales trader – a position he held for almost 11 years. Elsewhere during his tenure at Credit Suisse, Thorne worked in a FX and futures execution position as well as a FX prime brokerage role. Before joining Credit Suisse, Thorne held an eFX and prime brokerage FX position at Commerzbank AG. Prior to that, he held the same role at Dresdner Kleinwort.

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According to a social media post, Brown joins from JP Morgan where he spent nearly four years as executive director of quantitative investment strategies (QIS).

Prior to that, Brown spent almost 3 years at Citi as director of systemic and quant trading solutions.

Before joining Citi, Brown served as director, autobahn equity sales and trading, low latency DMA at Deutsche Bank.

Elsewhere in his career, Brown held senior position at FIX Protocol, Chi-East and Instinet – the latter being his first tenure at the firm in 2009.

“I’m delighted to announce that I’m joining the Nomura/Instinet team, tasked with taking the low latency LSET business to greater heights,” Brown said in a social media post.

“I’m particularly excited given Instinet’s technology heritage and innovative approach to providing compelling client solutions in partnership with Nomura (Global Execution Solutions). Here’s to joining a dynamic team focused on delivering world-class execution solutions.”

Brown’s appointment follows that of Sonal Rashmi, who joined Instinet in an execution sales role, following seven and a half years at Goldman Sachs.

In this new role, Rashmi will focus on EMEA clients trading globally – specifically quant clients, The TRADE understands.

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Following the move, Instinet – the independent equity trading arm of Nomura Group – will be able to directly access the post-trade services of both businesses for their primary execution services in Spain.

Tanith Johnson, European head of operations at Instinet, highlighted the key benefits of the move: “As an international equities trading business, the ability to operate locally in the Spanish post-trade infrastructure with domestic and international counterparties allows us to gain operational and cost efficiencies.

“The Spanish market will present many opportunities for us, and we believe that having direct access will allow Instinet to take advantage of any future changes in the Spanish financial market infrastructure.” 

Read more: Instinet on navigating fragmented European markets and sourcing unique liquidity

José Manuel Ortiz, head of clearing and repo operations at SIX, and chief executive of BME Clearing, said: “We are delighted to announce that Instinet Europe Limited has become a new Clearing Member in our Cash Equities Segment, strengthening our position with such a reference in the global financial markets […] Their expertise and commitment have been key in ensuring a smooth integration into the CCP.”

Last year, Instinet completed its purchase of the FIS’ execution services business, just a few months after announcing the deal. FIS’ execution services unit offering includes trading algorithms and execution services, including direct market access and sales trading.

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LCH Group appointed Corentine Poilvet-Clédière as chief executive of the firm’s Paris-based European central counterparty LCH SA. Poilvet-Clédière will assume the role on 1 October, subject to regulatory approvals. She will replace Christophe Hémon, who confirmed he would be stepping down as chief executive of LCH SA on 1 October – when Poilvet-Clédière assumes the role – after nearly two decades in office. Poilvet-Clédière brings over 15 years’ experience in financial markets to the role. She currently serves as head of RepoClear and collateral management at LCH SA. Before that, Poilvet-Clédière was global head of regulatory strategy at LSEG.

Sonal Rashmi has joined equity trading business Instinet in an execution sales role, following seven and a half years at Goldman Sachs. In this new role, she will focus on EMEA clients trading globally – specifically quant clients, The TRADE understands. She was most recently vice president at the investment bank, responsible for the algorithmic trading performances of key clients, as well as undertaking strategic analysis. During her tenure at Goldman Sachs, London-based Rashmi also previously worked as an associate and an analyst. Prior to this, she was a group strategy analyst at HSBC, working across technology strategy, innovation, and blockchain.

Allianz Global Investors appointed Kayvan Vahid as head of equity Europe core and value. Vahid joined AllianzGI from UBS Asset Management where he served in a variety of roles over the last 20 years. Most recently, Vahid served as deputy head of global value equity and head of European mid cap equities, where he held responsibility for managing a range of institutional and retail funds across global, European and UK equity mandates. Prior to that, he served as a portfolio manager for European small and mid-caps as well as a European equities research analyst. As part of the role, Vahid will help strengthen and expand the firm’s capabilities in the fundamentally-managed European core and value space.

Both Barclays and JP Morgan made new appointments within their equities trading and sales teams. Doug Polera was appointed as an equity sales trader at Barclays, joining from Credit Suisse where he spent the last 18 years. While at Credit Suisse, Polera most recently served as director of equity sales trading. Prior to that, he was vice president of international equity trading at the firm.

Elsewhere, Louis Barré was appointed equity derivatives trader at JP Morgan, joining from Barclays where he held the same role. Previously in his career, Barré also served as an equity derivatives trader at Societe Generale Corporate and Investment Banking (SGCIB) as well as Mosaic Finance. Before joining Mosaic Finance, he served as a front office trading assistant for derivative listed products at SGCIB.

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