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Surrounded by colleagues and friends from across the industry, Royal took to the stage at Chelsea Piers to accept his award.

After almost 40 years in the industry, Royal is set to retire at the end of December, handing the reins to his successor Hugh Spencer.

Royal needs little introduction. Beginning his career in 1984 as an FX trading manager at Cargill, based in Chicago, his career spans four decades. 

After 10 years in his first role, Royal moved to SJO Asset Management where he spent two years as a senior global trader based in Geneva. He then headed to John W. Henry & Company where he spent four years in the same role based out of Florida. 

It was in 2001 that Royal first joined Janus Henderson. After a five year stint at the firm in a senior equity and foreign exchange trading role he left for a brief interlude at Artisan Partners where he spent just under two years as director of global equity trading and operations. He re-joined Janus Henderson in 2008 and, as they say, the rest is history. 

Royal has been global head of equity trading for Janus Henderson Investors since 2017 and despite his now-lofty title as global head he continues to trade both US securities and foreign exchange for the firm.

This ethos is something that he has instilled in his traders, including his now successor, Spencer.

Alongside his extensive history serving on the buy-side, Royal has remained committed to contributing to various industry associations throughout his career. He is currently a member of the National Organisation of Investment Professions and of the IEX Buy-Side Trading Advisory Committee. He has also previously spent periods of his career serving on the NYSE/ICE and NASDAQ Institutional Trader Advisory Committees, the FINRA Market Regulation Committee and the National and Denver Security Traders Association.

The TRADE would like to extend a hearty congratulations to Royal and wish him a happy retirement.

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More than 150 industry participants joined The TRADE to recognise the year’s leading individuals and firms within the industry, with awards handed out honouring the buy-side, sell-side, service providers, technology firms and venues.

The highly anticipated award for Trader of the Year – Long Only went to Chris Fiorito of River Road Asset Management. Meanwhile, the award for Trader of the Year – Hedge Fund was given to David Alfred of Conversant Capital.

Elsewhere within the buy-side category, Balyasny Asset Management took home the award for Trading Desk of the Year, while T. Rowe Price was awarded Fixed Income Trading Desk of the Year.

Rounding up the buy-side awards, Glenmede Investment Management’s Melissa Hinmon, was honoured with the Buy-Side Market Structure Expert of the Year award.

This year’s prestigious Lifetime Achievement award was handed to Janus Henderson’s global head of equity trading, Dan Royal, in recognition of his contributions to the industry, with a career spanning four decades.

The Editors’ Choice categories are always highly competitive, and the first year in the US proved no exception. Across the 11 awards, this year’s winners – as judged by The TRADE’s editorial panel – were all worthy given their achievements over the last year.

In the trading venues arena, MarketAxess and Miami International Securities Exchange (MIAX) each took home Outstanding Trading Venue awards, while Nasdaq was crowned overall Outstanding Exchange Group.

BMLL claimed the award for Outstanding Market Data Services Provider – Equities, while Bloomberg took home the same award but for Fixed Income. Elsewhere, Charles River collected the Outstanding Trading Technology Provider award.

Within the Algorithmic Trading and EMS categories – which are based on the results of The TRADE’s annual surveys – RBC Capital Markets and Liquidnet took home multiple awards.

RBC Capital Markets took home the Algorithmic Trading awards for both Best Price Improvement Capabilities and Best Provider, while Liquidnet bagged the awards for Best Dark Pool Capabilities and Best Provider – Large Clients.

Meanwhile in the EMS category, Virtu Triton was another double award winner, taking home the awards for Best Market Access and Best Product Adaptability. Also in the category, Instinet Newport took home the award for Best Provider – Large Clients.

This year, The TRADE celebrated 10 years of the Rising Stars of Trading and Execution initiative in Europe – a celebration of up-and-coming talent on the buy-side – and we were delighted to be extending the initiative to North America for the very first time!

Last night, our inaugural New York Rising Stars of Trading and Execution list consisted of:

Eric Brown, FX trader, T. Rowe Price

Alan Clymer, trader, Balyasny Asset Management

Zachary Goodwin, equity trader, BlackRock

Sarah Lambert, senior trader, Fidelity Investments

Nowara Munir, FX trader and strategist, MFS Investments

Congratulations to all of this year’s winners. We look forward to future years!

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Team TRADE is delighted to be welcoming our shortlisted nominees and guests for the much anticipated Leaders in Trading New York ceremony.

Almost 40 awards will be handed out this evening across our Algorithmic Trading, Execution Management Systems, Outsourced Trading, Editors’ Choice, Innovation, Rising Stars of Trading and Execution and flagship Buy-Side Awards categories.

This year’s Leaders in Trading event is set to be particularly special as The TRADE is celebrating its twentieth anniversary!

“The Leaders in Trading awards ceremony is the highlight of our year and to be able to bring the tradition to the spectacular city of New York is both a privilege and a pleasure,” said The TRADE’s editor Annabel Smith.

“Each year we host this glittering awards ceremony at The Savoy Hotel in London to celebrate individuals and teams from across our industry who have gone above and beyond the call of duty to develop both themselves and their sphere. Our North American iteration will be no different.”

For anyone that can’t attend, keep an eye out for the photos and a summary of the winners in tomorrow’s newsletter and we hope to see you next year!

With special thanks to our sponsors: MarketAxess and XTX Markets, as well as our charity partner Help For Children. We look forward to welcoming you. 

See you soon!

Tonight’s agenda:

5:45pm: Registration opens for Leaders in Trading New York

6:00pm: Leaders in Trading New York welcome drinks reception

7:00pm: Leaders in Trading New York gala awards dinner

9:00pm – Late: After-dinner cocktail reception

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The Industry Person of the Year Award was decided by an industry vote by more than 300 attendees and later announced on stage. 

Now in its third year, the recognition is designed to celebrate individuals across the industry who have made a significant impact on their own organisation as well as the industry externally, with a commitment to making the markets better for years to come.

After a competitive vote, Baugh received his crystal and gave an entertaining speech, recognising the key individuals and organisations who had contributed to his career thus far and reminding the room that the industry is all in this together as it moves forward.

Baugh is an industry stalwart, having worked in the financial markets for over 25 years. Over the course of his career, Baugh has become renowned as a trusted partner to clients and for leading positive change in the European equities marketplace. He is an active participant in discussions on key topics impacting the industry. His team provides opinions and insights into shifting regulation and market structure, illustrating how these changes directly affect day-to-day business. 

Baugh currently serves as managing director, head of European market structure at TD Cowen; a position he has held since August 2021. Since joining the firm, Baugh has been a key driving force behind the growth of the firm’s European agency equities execution business. He has also helped shape the firm’s liquidity strategy by guiding clients through the complexities of European equity markets. 

Before joining TD Cowen, Baugh spent five years at Citi as European head of market structure. This followed 11 years at London Stock Exchange as head of equity sales, where he led initiatives like Turquoise Plato Block Discovery.

A graduate of Newcastle University, Baugh began his career as a commodity analyst before taking on various roles at Dow Jones, including managing their European power index business.

During the span of his career, Baugh has also represented several top financial organisations both across various industry forums including AFME, Q15 and Sustainable Trading, and on the board of Turquoise as a non-executive director.

Other nominees for the award included:

Kate Finlayson, managing director, FICC market structure and liquidity strategy, JP Morgan, Bianca Gould, head of equities and fixed income EMEA, markets, BNY, Stéphane Malrait, managing director and global head of market structure and innovation for financial markets, ING Bank, and Simon McQuoid-Mason, head of equity product and quant research, SIX Swiss Exchange.

The TRADE would like to extend its congratulations once again to Baugh for his award!

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More than 300 industry leaders joined The TRADE in a sold-out room to recognise the year’s leading individuals and firms within the industry, with 39 awards handed out honouring the buy-side, sell-side, service providers, technology firms and venues.

Input for the coveted Buy-Side awards, awarded in partnership with SIX Swiss Exchange, was opened to the industry after a lengthy period of industry consultation prior. This year, the highly anticipated award for Trader of the Year went to Laura Mould of M&G Investments. Keeping it within the family, M&G Investments also took home the award for Trading Desk of the Year.

Among the other buy-side winners, Schroders and BlackRock took home the award for Multi-Asset Trading Desk of the Year and Fixed Income Trading Desk of the Year, respectively. Meanwhile, in two new categories for 2024 Fidelity International received the award Foreign Exchange Trading Desk of the Year, while Man Group took home the award for Execution Analytics Team of the Year.

In another individual award recognition, Ed Wicks of Legal & General Investment Management, was honoured with the Buy-Side Market Structure Expert of the Year award.

This year’s prestigious Lifetime Achievement award for the buy-side was handed to Lombard Odier’s Stephen Grady, in recognition of his contributions to the industry, both on the buy- and sell-side, having spent four decades working in financial markets across the globe.

The Editors’ Choice categories are always highly competitive, and this year proved no exception. Across the 13 awards, this year’s winners – as judged by The TRADE’s editorial panel – were all worthy given their achievements over the last year.

In the trading venues arena, Liquidnet, ICE BondPoint and Bloomberg FXGO each took home Outstanding Trading Venue awards, while London Stock Exchange Group was crowned overall Outstanding Exchange Group.

big xyt claimed the award for Outstanding Market Data Services Provider – Equities, while Trading Technologies took home the same award but for Fixed Income. Elsewhere, FlexTrade collected the Outstanding Trading Technology Provider award.

Within the Algorithmic Trading and EMS categories – which are based on the results of The TRADE’s annual surveys – Virtu Financial took home multiple awards – namely, Best Access to Market and Best Dark Pool Capabilities. Elsewhere, Citi took home the Algorithmic Trading Award for Best Provider – Large Clients.

Meanwhile in the EMS category, Virtu Triton received three awards: Best User Experience, Best Provider – Large Clients and Best Provider – UK & Europe. Also in the category, LSEG TORA rook home the award for Best Market Access.

Last month, prior to the Leaders in Trading awards gala, The TRADE also recognised this year’s Rising Stars of Trading and Execution in a standalone event. This list consisted of 25 of the buy-side’s up and coming talents of the future. The ceremony for the Rising Stars marked the tenth annual event, with many of the previous year’s winners now earning nods within the Leaders in Trading categories.

Congratulations to all of this year’s winners:

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Collecting his award, established buy- and sell-side participant Grady highlighted the importance of relationships.

Nominated by several buy-side peers for the Lifetime Achievement Award, Grady has a strong history of contributing to industry discussion and development.

Beginning his career in 1990 as an FX dealer at Bank of America in Sydney, Grady has spent almost four decades working in financial markets across the globe.

After two years in his first role, Grady moved to Bankers Trust Asset Management where he spent four and a half years as an international equity dealer also based in Sydney. He then moved to London in 1997 for a senior dealer role at Legal & General Investment Management.

He spent three years there before moving to Abu Dhabi to serve as chief dealer at ADIA for a year before returning to London to serve as head trader at Powe Capital Management. Grady spent a year and a half in this role before moving to Paris to spend four and a half years as global head of dealing at Fortis Investments.

Grady has an extensive track record in dealing and in 2007, he moved to Barclays Wealth to spent nearly five years as global head of dealing and sales trading and managing director. He subsequently spent another five years as global head of trading at Legal & General Investment Management before moving to IHS Markit in 2018 to serve for four years in various sales and strategy roles.

He took up his most recent role as head of global markets and executive vice president at Lombard Odier in 2021 and also currently serves as a director on the Swiss Regional Committee of the International Capital Market Association. Throughout his career he has contributed to several industry organisations including the Fixed Income Trading Committee, the Buy-Side Trading Committee and the Foreign Exchange Working Group (FXWG).

The TRADE would like to extend its congratulations to Grady for his long-standing commitment and continued service to the industry.

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