Outside of the increased trading volumes, which were expected in certain asset classes, from an electronic trading perspective, there was a notable uptick in the use of FX algos—especially market-tracking algos. This is perhaps not a surprise, but it does show the progression from limit orders to more dynamic algorithmic execution during risk events. What particularly stood out for me was the significant increase in basket trading. The basket execution tool, that we call StratX, likely suited these market conditions given the ability to react quickly during market events and simultaneously execute a basket of market-tracking or limit-based liquidity-seeking strategies containing multiple sizes and currency pairs. 

To put that in context, if a Trump victory and a Republican sweep were perhaps foreseen, by creating a basket in advance that reflects the desired positioning, you would have it all ready to go as and when needed. During the campaign, with the policy proposals that were put forward, the associated potential tariffs and fiscal outlook, the FX strategy could look to express broad USD strength versus CNH, high-beta Eurobloc, and commodity FX. In addition to that is the single-line ‘basket order’, which may have provided the ability to execute a single limit order at mid. 

To what extent do you think these trends may become more common place beyond the elections? 

The basket trading observed demonstrates how workflow efficiencies that enable market participants to trade at scale can be just as important as execution and pricing competitiveness, especially in volatile markets. I believe that these execution tools, as well as other tools, will become more widely used, not only in stress events but also during normal times when their use perhaps fulfils a desired execution outcome. In the current rate environment, we’ve seen this during monetary policy decision points and any associated volatility. 

The increased use of FX algos reflects the growing level of comfort with algorithmic execution, but it also signifies a step change in the development, customisation, and sophistication of the algos, as well as the associated tools. As trading insights, analytics, and TCA develop in tandem, the performance of the algos and those associated e-trading tools can then be assessed, whether it’s pre-, at- or post-trade, which then validates or helps to shape algo choice and further enhancement. Additionally, when looking at broader asset classes, algos are being employed and developed elsewhere, so it will be interesting to see how that shapes up. 

How could a potential regime shift impact the trading landscape over time?   

We know that policy initiatives have a meaningful impact on how market participants interact and trade. One doesn’t have to look back all the way to Dodd-Frank to see how regulatory requirements have shaped trading behaviour and technological developments. We’ve certainly seen a significant number of regulatory proposals and final rules in the past few years. Thinking about this election and what lies ahead, personnel at the regulatory agencies will have a significant impact on the policy agenda. Over time, we will be monitoring any changes in senior staff at agencies like the SEC and the CFTC and assessing the impact these changes may have on rulemaking dynamics. 

Under a Trump administration, there are a few ways that previously finalised rules can be unwound, delayed, or amended. Set against this backdrop, we expect a less active regulatory environment. Policy priorities for the new administration may focus on initiatives that support innovation and the use of emerging technologies like digital assets and artificial intelligence. That said, it is too early to make any predictions, and we’re tracking what this change in administration could mean across a number of market structural rules. 

Are there any particular final rules you’re keeping a look out for that could affect trading? 

Absolutely. I’ll mention just a few that we’ll be examining these through the lens of what the new administration could mean for likelihood of finalisation, timing, and impact. 

First up, it will be of particular interest to see the outcome of litigation on the SEC ‘definition of a dealer’ final rule. Given the effective date of this rule in Q2 2025, should the rule stand, this does not leave a huge amount of time for any impacted market participants to prepare, compounded by the US Treasury cash clearing requirement at end of 2025.   

There is considerable industry preparation underway for the US Treasury central clearing requirements. The repo clearing component, for example, impacts a vast number of market participants. This final rule is significant given the potential impact on pricing, liquidity, and trading activity in both the cash and repo markets.  

With the advancement of trading technology in mind, an SEC proposal, which looks to change the definition of an ‘exchange’ and apply Regulation ATS to Treasury platforms previously exempt from this regulation, had been in the frame for finalisation. Market participants have been keenly tracking this due to considerations for execution management systems and emergent technology, which seek to introduce efficiencies in operational workflows. 

And last but not least, we are of course keeping an eye on any revision to the Basel III Endgame and GSIB Surcharge proposals from the US agencies because of the broad reaching and significant impact the original proposals would have on market liquidity and capital markets. 

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Kepler Cheuvreux appointed Oliver Mudie as head of sales trading, US client zone, KCx, based in London. Mudie joined Kepler from Bank of America (formerly Bank of America Merrill Lynch), where he spent the last 18 years. During his tenure at Bank of America, Mudie most recently served as manging director, sales trading. Prior to this, Mudie worked as a senior vice president at JP Morgan Cazenove.

Kyle Hackett joined JP Morgan as a US rates trader, based in New York. Prior to his new role, Hackett spent three and a half years at HSBC, working as a global markets analyst, and most recently as a US rates trader. Elsewhere in his career Hackett did a stint at Fidelity Investments.

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Prior to his new role, Hackett spent three and a half years at HSBC, working as a global markets analyst, and most recently as a US rates trader. 

Elsewhere in his career Hackett did a stint at Fidelity Investments.

Read more: JP Morgan on building new offerings for clients

Earlier this year, Mitul Patel left his role at HSBC, where he most recently held responsibility for primary coverage on G10 rates for reserve managers and UK real money clients.

Patel was appointed director, central bank sales at RBC Capital Markets, based in London, responsibility for distributing global rates product.

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Mark Cleary joined GBM Securities as managing director, head of equities following two and a half years at BCS Global Markets in the same role. Before moving to BCS Global Markets, Cleary was managing director, head of sales trading at BCS Financial Group. 

London-based Cleary has extensive experience working in trading positions. He previously served as head international sales trader at Otkritie Securities, and before that held sales trading roles at VTB Capital and Renaissance Capital. Cleary has also worked as a hedge fund trader at Walter Capital Management and head of operational risk and control at Bear Stearns International.

JP Morgan appointed John Roberts as a new FX options trader, based in New York. He joined the firm from Deutsche Bank where he served as a currency options trader. Prior to this, Roberts spent five and a half years at NatWest Markets, most recently serving as a FX derivatives trader. Elsewhere in his tenure at NatWest Markets, he worked as a US rates strategist.

Kepler Cheuvreux appointed Faruk Akar as PT sales trader, based in London. He most recently worked as a trader and portfolio manager at Unigestion for one and a half years and before that worked in equity trading related roles at Citi. Akar has also previously served as an associate, equities strategy, at quantitative investment management firm Winton.

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He joins the firm from Deutsche Bank where he served as a currency options trader.

Prior to this, Roberts spent five and a half years at NatWest Markets, most recently serving as a FX derivatives trader.

Elsewhere in his tenure at NatWest Markets, he worked as a US rates strategist.

Roberts announced his appointment in a social media post.

This latest appointment follows that of Olivia Gassner, who was appointed VP, equity electronic sales trader at JP Morgan earlier this month.

Gassner joined the firm from RBC Capital Markets, where she served in the same role for three years prior to the move. 

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As one of the most anticipated awards of the year, 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. 

Shortlisted individuals are repeated contributors to discussion whether that be through panels, associations or schemes to support the next generation joining the financial services industry. 

Last year, Goldman Sachs’ chief operating officer for EMEA equity execution services Eleanor Beasley took home the Industry Person of the Year Award in a landslide victory. 

The winner will be decided by a live industry vote at The TRADE’s Leaders in Trading gala awards night on 7 November at The Savoy. Congratulations to this year’s shortlisted nominees! 

Industry Person of the Year 2024 shortlist: 

James Baugh, managing director, head of European market structure, TD Cowen

James 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.

Kate Finlayson, managing director, FICC market structure and liquidity strategy, JP Morgan

Kate Finlayson has considerable experience in financial markets, boasting a 25-year career that spans equities, fixed income, currencies and commodities.  

She currently serves as global head of FICC market structure and liquidity strategy at JP Morgan, having joined the firm in 2017. As part of her role, Finlayson has helped establish the FICC market structure function at JP Morgan, which she has developed into a global business with an extensive scope and reach.  

Before joining JP Morgan, Finlayson spent 14 years at UBS, holding a variety of senior positions including her most recent stint as head of market structure and liquidity strategy. Prior to UBS, Finlayson worked at Goldman Sachs in equity capital markets and prime brokerage.  

At JP Morgan, Finlayson engages with clients on the impact of market structural developments and drivers of change. Finlayson and her team also provide critical insights on emerging execution trends, microstructural dynamics and policy initiatives shaping liquidity across global markets. Widely considered to be a thought leader in the industry and a market structure expert, her insights are increasingly in demand. 

Alongside her role at JP Morgan, Finlayson is a trustee on the board of directors for JP Morgan Chase Pension Plan Trustee Limited. She also has external roles on industry advisory committees, including the UK FCA’s Secondary Markets Advisory Committee as well as the EMEA and US Quorum 15 Fixed Income advisory boards.

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

Bianca Gould has extensive experience spanning 20 years in the industry, holding several senior roles throughout her tenure. She is particularly dedicated to supporting junior talent across the market.  

Currently, she is head of fixed income and equities EMEA within the BNY Global Markets Trading division and also sits on the executive committee for Pershing Limited. 

As part of her role, Gould is also responsible for expanding BNY’s execution footprint across EMEA.  A critical part of this strategy includes the recent launch of the firm’s new EU desk, based in Dublin Ireland. The aim is to deliver integrated execution serviced to its clients and facilitate more efficient trading for EU-based clients across both fixed income and equity markets globally.

Prior to joining BNY, she was the co-head of equities electronic sales and trading EMEA for RBC Capital Markets. Before that, she worked at Redburn for 15 years, having made partner in 2009 and remained the youngest partner appointed to date until the removal of the programme after her departure.   

In recent times, Gould has taken part in the Moonwalk initiative – walking a marathon during the night – to raise money for Breast Cancer, a charity close to her heart.

Stéphane Malrait, managing director and global head of market structure and innovation for financial markets, ING Bank

Stéphane Malrait is a market structure oracle. As a familiar face at some of the most important industry events, he works closely with advocacy groups, policy makers and regulators to make real change across financial markets.

Malrait works tirelessly to drive positive change in trading and market structure in the capital market space, understanding the important role of continued technological developments. At present he is working on the implementation of financial regulations that will impact the clients trading activity and transform how trading floors operate.  

Currently he serves as managing director and global head of market structure and innovation for financial markets at ING Bank, leading the financial market innovation strategies within the firm and contributing to industry working groups as a representative of the bank.

Before joining ING in 2015, Malrait 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.

Since 2005, he has been an active member of the ACI Financial Market Association and is also a key part of the ECB FX contact group and a board member of ICMA.

Simon McQuoid-Mason, head of equity product and quant research, SIX Swiss Exchange

Simon McQuoid-Mason is a consistent thought leader across the trading landscape, continually unpacking the latest industry trends and sharing key insight on industry panels, important forums, and via insightful interviews.

McQuoid-Mason is currently head of equity product and quant research at SIX Swiss Exchange, having joined in 2020 as head of equity product for UK and Ireland. In his role, he is responsible for driving the evolution of SIX’s equity markets offering, including SwissAtMid and is also the lead author of SIX’s Trading InfoSnack series, a thought-provoking analytics series on market micro-structure and trading dynamics.   

He also serves as the current non-executive chair of the assets for the Te Aupōuri iwi, a Māori tribe from the far north of New Zealand, from who he descends. 

In addition, his past roles include stints at Bank of Queensland, the London Stock Exchange, Morgan Stanley and Emerge Capital Partners.   

A proponent of a pragmatic approach to the various trading areas, McQuoid-Mason consistently advocates for a rethink in terms of how key industry challenges are addressed, with a particular focus on ensuring policy makers and the wider public understand the benefits of thriving equity markets and overall reducing market complexity.

The post Leaders in Trading 2024: Industry Person of the Year shortlist revealed appeared first on The TRADE.

Jason Green was named director at BNP Paribas, focused on systematic macro sales following 10 and a half years at Morgan Stanley.  Whilst at Morgan Stanley he most recently served as executive director in electronic FX institutional sales. Before that, Green worked in fixed income derivatives solutions at Barclays Investment Bank. 

Olivia Gassner joined JP Morgan as VP, equity electronic sales trader following a stint at RBC Capital Markets. New York-based Gassner served in the same role at RBC Capital Markets for three years prior to the move. In the past, she worked at Barclays for almost five years, most recently as an associate, equity electronic sales trader. 

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New York-based Gassner served in the same role at RBC Capital Markets for three years prior to the move. 

Read more: JP Morgan taps Liquidnet for VP, equities e-trading coverage 

In the past, she worked at Barclays for almost five years, most recently as an associate, equity electronic sales trader. 

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Ninety One trader Tom Nickalls is set to leave the asset manager after 11 years to join Morgan Stanley. According to an update on social media, Nickalls will join the sell-side next month in an emerging markets credit role. He joined Ninety One in 2013 as a client operations analyst, moving into a portfolio implementation role in 2015 and taking up his current role as fixed income trader in 2018. He was recognised as a Rising Star of Trading and Execution at Leaders in Trading in 2021.

Robert Whelan joined Citadel as equity trader following almost eight years at Pictet Asset Management. Whelan joined Pictet AM as an equity trader back in 2016. Prior to that, he worked at Morgan Stanley, initially joining as an electronic trading associate before going on to a role as equity sales trader. Whelan will act as an execution trader on behalf of the desk and his role is non-risk taking, The TRADE understands.

Lara Jacobs was appointed vice president – equities electronic trading coverage at JP Morgan following six years with Liquidnet. She most recently served as head of international client trading, EMEA. Prior to this, she worked as a market structure and strategy analyst before moving onto a role as equity trader. Before her stint with Liquidnet, London-based Jacobs worked on the debt restructuring team for fixed income at M&G Investments.

Outset Global appointed William Bradley managing director within its London office. Bradley brings considerable experience in the equity sales and trading space to the role, joining from Goldman Sachs where he served as vice president on the cross-asset sales desk in New York. Before joining Goldman Sachs, Bradley served as assistant vice president at Barclays on the equities liquid markets sales trading desk.

Bill Spencer was appointed head of client solutions at MarketAxess following five years at UBS Asset Management, most recently as executive director, multi asset centralised trading. The role is newly created, with Spencer set to hold responsibility for buy-side experience within MarketAxess’ trading system. Whilst at UBS, he worked as a senior trader on the US fixed income desk, as well as working on the daily trading of cash rates, credit, ETFs, and municipal bonds. He also lent his expertise to the trading of credit derivatives and listed futures and options. New-York based Spencer also previously held ETF-related positions at: REX Shares, Gelber Group LLC, and Chicago Trading Company.

Chris Robinson was appointed multi-asset trader at Liquidnet, joining from Louis Capital Markets where he worked for almost 13 years. He most recently served as a EMEA and US equity sales and execution trader. Prior to this he worked in equity derivatives for six and a half years, focused on Eurostoxx and sectoral indices. London-based Robinson has also previously served in a pension execution role at BDO UK LLP.

The post People Moves Monday: Millennium, Morgan Stanley, Citadel and more… appeared first on The TRADE.

She most recently served as head of international client trading, EMEA. Prior to this she worked as a market structure and strategy analyst before moving onto a role as equity trader.

Prior to her stint with Liquidnet, London-based Jacobs worked on the debt restructuring team for fixed income at M&G Investments.

Read more: Fireside Friday with… Liquidnet’s Jeff O’Connor

Jacobs announced her new role in a social media post.

Earlier this year, JP Morgan appointed Rachid Alaoui as new head of global equities amid wider changes to senior leadership in its markets division.

He was most recently head of global equity derivatives trading at JP Morgan, covering flow derivatives, exotics, corporate derivatives and convertible bond trading franchises.

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