We’ve said it before and we’ll say it again – we’re good at people moves. So, with two big names like Citi and Citadel in the title, it was going to be hard for this one not to get your attention.

Coming in at number seven in The TRADE’s most read stories for 2024 was news that Vincent Hall had joined Citi as an equity trader following two years at Citadel where he served in the same role.

He returned to Citi after four years in September, having previously worked at the firm as associate vice president in emerging markets equity trading. Elsewhere in his career, Hall has also worked at BlackRock as an associate.

Read more: Fireside Friday with… Citi’s Chris Gooch

Earlier this year, Citi appointed Jamie Miller as new head of electronic equity sales trading for the EMEA region, as revealed by The TRADE. Miller has been with the firm eight and a half years as an employee of the bank, specialising in equity sales trading.

Now you may have noticed that this year is The TRADE’s twentieth birthday – if not then there is a strong chance you have been living under a rock because we’ve made a really big fuss over it.

As part of our year-long celebrations, The TRADE’s editorial team took it upon themselves to deep dive into our beloved industry, producing top 20 lists that explore all corners of the markets.

Among these in depth pieces and coming in at number seven this year in our most read stories is a roundup of the top 20 merger and acquisition stories from across market structure and the trading world. We pride ourselves in being a reference point for our industry with 20 years of content behind us, and these lists summarise everything you need to know in one place.

In this exquisitely detailed piece, TRADE senior reporter Claudia Preece delves into the minutiae of these landmark deals and unpacks their significant and lasting impact on the market.

There are simply too many deals to include in this roundup but if you haven’t read it yet then use the link included above. We’d recommend you make yourself a cup of something first as she’s a biggie.

5. Millennium taps UBS for new senior trader appointment

Coming in at number five and adding to the spattering of people moves included in these most read roundups was news that Millennium had appointed You Khai Tan as senior trader, based in Singapore.

As revealed by The TRADE in March, Tan joined Millennium from UBS, where he had spent the last 13 years, based in Hong Kong and Singapore.

Most recently, Tan held a global portfolio trading position, which included trading global equities with strategy implementation via algorithms, crossing networks and global portfolio trading desks.

Prior to that, Tan held a global markets, APAC cash equities position based in Singapore.

Elsewhere in his career, Tan served at Maybank Investment Banking Group in an equity sales trading role.

He announced his appointment in a social media post, adding: “I’m grateful for this opportunity to broaden my horizons and am thankful to the wonderful individuals and mentors in my professional life.”

While writing up the biggest moves from across the industry brings with it a certain degree of joy, nothing matches recognition received for a longer form piece of work that explores a corner of the markets in more depth.

A great deal of effort goes into The TRADE’s longer form content and coming in at number four in our most read stories this year was a feature exploring the world of open outcry and the potential for a renaissance of it.

Despite the indisputable decline in physical trading practices, it is enduring within an increasingly technological capital markets world which has already put innumerable out-dated practices out of fashion. Market opinion – and moves – suggest that mourning the death of open outcry may be premature.

Like the return of old Nokia’s and ‘dumbphones’ in the era of the smartphone, a hungering for print in the age of digital, and the comeback of the polaroid camera and vinyl, perhaps there’s just reason why these concepts were once deemed great.

Following the announcement from MIAX in October 2023 about plans to launch a new US options electronic exchange and physical trading floor, The TRADE wanted to delve into why open outcry has persisted and the potential for a quiet resurgence of the dying practice. If you haven’t already then absolutely give it a read.

That concludes the second roundup of The TRADE’s most read stories. Tune back in on Friday 27 December to find out what our top three most read pieces of the year have been… exciting! In the meantime, happy holidays.

The post The TRADE’s most read stories of 2024, part two: People moves, TRADE 20 roundups, and open outcry appeared first on The TRADE.

Coming in at number 10 in our 2024 most read countdown was a major merger and acquisition scoop announced at the start of the year. As revealed by The TRADE and sister publication Global Custodian in February, fintech giant acquired SaaS post-trade platform Torstone Technology.

The deal will further bolster FIS’ capital markets technology offering, having acquired SunGard in a major deal back in 2015. The firm has also made waves through a number of other bolt-on acquisitions and landmark mandates.

Torstone is a global SaaS platform for post-trade securities and derivatives processing technology, originally built by and for a global investment bank. 

The fintech was founded in 2011 with originator and CEO Brian Collings still chief executive and chair today. Torstone is headquartered in London, with offices in New York, Toronto, Hong Kong, Singapore, and Tokyo.  

Speaking at the time of the deal, a spokesperson for Torstone confirmed that the firm was not able to disclose more detail at that stage. A spokesperson for FIS added that the firm as a rule does not comment on market rumour or speculation.

A source speaking to The TRADE, under the condition of anonymity, said: “The acquisition makes perfect sense from the FIS perspective as the vendor can add modern securities processing capabilities to its existing suite of capital markets focused offerings. On the Torstone side, it gives the smaller vendor deeper pockets to build out its capabilities and reach into new geographies.

The TRADE is renowned for its coverage of major people moves from across our industry and so it’s fitting that number nine this year in our most read stories is quant-focused role at Citadel.

As revealed by The TRADE following a post on his social media, Citadel appointed Mukunth Raghavan as head of American Treasury quants, based in New York, in October earlier this year.

As part of the role, Raghavan will serve a broad mandate across both Citadel Asset Management and Citadel Securities. He joins Citadel from Goldman Sachs, where he most recently served as vice president within the bank’s global equities team.

In an earlier stint at Goldman, Raghavan worked as vice president, quantitative strategies within the bank’s equities prime services. In this role he built analytical tools, trading strategies and optimisation models.

Elsewhere in his career, Raghavan spent three years at McKinsey & Company, most recently serving as a management consultant.

8. Goldman Sachs AM set to leverage BNY’s buy-side trading solution

And finally, coming in at number eight and concluding this first roundup of The TRADE’s most read series, is news relating to an outsourced trading deal involving some rather large household names.

News broke in March that BNY was set to begin offering its buy-side trading solution to Goldman Sachs Asset Management as the firm continues to expand the reach of its outsourced trading offering across the market.

The new buy-side trading relationship specifically concerns a division of Goldman Sachs Asset Management’s EMEA business, The TRADE understands.

As part of the agreement, BNY is delivering global trade execution services in EMEA, the US and APAC markets across fixed income, FX, derivatives and ETFs. 

BNY’s buy-side trading solutions business was launched in 2023, providing a flexible solution. As the firm explained, “outsourced trading does not have to be a onesize fits all approach, it can be customised to meet your needs”.

Currently, the offering includes a ‘partial outsourcing’ offering wherein a supplemental service is offered, as well as ‘full outsourcing’ where the firm assumes the responsibilities of the trading desk. It supports institutional clients with global multi-asset trade execution services across over 100 countries. 

Read more: The Outsourced Trading Handbook 2023

“BNY is proud to support Goldman Sachs Asset Management’s sophisticated trading needs as they grow their world class investment platform,” said the firm in an official statement.

Outsourced trading is a trend which continues to be on the rise, whether full outsourcing or a supplement to the trading desk, more factors are pushing firms towards the service.

The attention has been increasingly turning to larger managers and while for the C-suite it might be an obvious economic decision, for many on the trading desk the topic continues to be a somewhat contentious one.

That concludes this first roundup of The TRADE’s most read content in 2024. Tune back in tomorrow for stories seven to four.

The post The TRADE’s most read stories of 2024, part one: M&A, quant moves, and outsourced trading remits appeared first on The TRADE.

He was most recently head of UK equity trading at UBS Asset Management, having previously served as a high touch equity sales trader at Kepler Cheuvreux.

London-based Lawrence has extensive experience working across both the sell- and buy-side, working across asset classes.

Prior to Kepler, he had worked at Principal Global Investors as a senior equities trader, Instinet as an equity sales trader, Ennismore Fund Management as head trader, and also served as a European market maker at ABN AMRO.

Read more: In conversation with… Stuart Lawrence

Lawrence announced his new role in a social media announcement. UBS Asset Management had not responded to a request for comment at the time of publishing.

The post Lawrence named head of European equities trading at UBS AM appeared first on The TRADE.

Both are set to begin their roles in January 2025 and report to Billy Hult, Tradeweb’s chief executive. 

Bruni was previously managing director, head of Europe and Asia business at Tradeweb, while Dixon joins from Hollis Park Partners having founded the firm and most recently worked as chief investment officer. 

Bruni’s new role, and the addition of Dixon, reflect the company’s global expansion, said Hult. 

“In recent years, Tradeweb has experienced substantial growth driven by accelerated adoption of electronic trading, entry into new markets and channels, and selected acquisitions. To ensure we are best managing the business today and taking advantage of ongoing strategic opportunities, we are delighted that Enrico will further expand his role, and that Troy will join our management team to co-lead our global markets business. 

Read more: Fireside Friday with… Tradeweb’s Enrico Bruni

Specifically, Bruni and Dixon will be jointly responsible for overseeing Tradeweb’s global markets strategy – seeking growth opportunities across products, geographies and the four client channels.

Dixon is currently a member of the Tradeweb board and will step down from this position on 31 December, prior to beginning his role as co-head of markets.

“Enrico and Troy’s highly complementary experience, respective track records, and deep expertise ideally position them to enhance Tradeweb’s broad offerings globally. I look forward to our ongoing work together to maximise Tradeweb’s potential now and into the future,” said Hult.

The post Tradeweb appoints global markets co-heads amid ‘substantial’ recent growth appeared first on The TRADE.

Giovanni Sabatini

Sabatini has a wealth of experience working in securities markets, both in the private and public sector. He has served as a member of the European Economic and Social Committee and held roles within the International Organization of Securities Commissions – IOSCO, the European Banking Federation and the European Central Securities Depositories Association (ECSDA).  

In his role, Sabatini will coordinate the work of the industry, acting as the link between market participants.  

ESMA announced last month that it would prepare for a move to T+1 in the EU by Q4 2027 – in line with the UK. Published in the watchdog’s final T+1 recommendations, ESMA recommends that the migration to T+1 occurs simultaneously across all relevant instruments – with a coordinated approach across the continent “desirable”.   

The watchdog recommends 11 October as the optimal date for the switch   – considering the difficulties of going live of such a substantial project in November and December. The regulator also wishes to avoid the first Monday of October as the transition date, as it is the first Monday after quarter-end.   

The UK taskforce has, too, selected 11 October as the recommended date for the switch – due to be confirmed when the final report is published in January 2025.  

In a report, ESMA highlighted the increased efficiency and resilience of post-trade processes that a move to T+1 would facilitate, “achieving the objective of further promoting settlement efficiency in the EU, contributing to market integration and to the Savings and Investment Union objectives”.   

Shortening the settlement cycle in the EU “will undoubtedly change the way in which markets function today”, the report stated, affecting entities throughout the transaction and settlement chains with varying levels of impact.   

A separate report, published by the T+1 technical group of the UK accelerated settlement taskforce, outlines 43 ‘principal recommendations’, covers critical post-trade activities that firms must be able to complete efficiently in a T+1 environment. They cover the areas of success criteria, settlement, FMIs, static data, corporate actions, securities financing and FX.   

There is also 14 ‘additional recommendations’, which assess environmental issues that need to be addressed if the UK is to maximise the efficiency gains that T+1 could deliver – but are not essential to successful implementation.   

The post ESMA names T+1 lead as 11 October 2027 earmarked for co-ordinated switch with UK appeared first on The TRADE.

Jesper Bremholm joined Katamaran Capital as an execution trader following a year and a half as equity trader at Kuvari Partners. Bremholm began his new role on 2 December, with the move following Kuvari’s decision to give back external capital in September and become a family office, The TRADE understands. Bremholm has previously served at firms including: BLS Capital Fondsmæglerselskab, Nykredit, and Nordea.

Paul Atkins was appointed chair of the US Securities and Exchange Commission (SEC), following Gary Gensler’s departure – set for 20 January 2025. Atkins was initially appointed by President George W. Bush as a commissioner of the SEC in July 29 2002, where he served until August 2008. set for 20 January 2025.

Liquidnet made three new hires into its European Execution & Quantitative Services (EQS) team as it seeks to grow its execution offering across the region. Among the new hires is Prashanth Manoharan who has been named head of execution consulting, EMEA. He was most recently director of cash equities analytics at BNP Paribas.

Oliver Ekers 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, who 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.

Societe Generale made three new appointments to its Global Markets Activities team in a bid to enhance its fixed income and equities offerings. Francisco Oliveira was appointed co-head of global markets activities and head of fixed income and currencies. He joined from BNP Paribas and his move is effective as of 6 January 2025.

Meanwhile, New York-based Sylvain Cartier was appointed head of global markets for the Americas, effective from 1 January 2025. Elsewhere, Mohamed Braham was appointed deputy head of fixed income and currencies. He will begin his role on 6 January 2025 and be based in Paris.

The post People Moves Monday: Alana Capital, Katamaran Capital, SEC and more… appeared first on The TRADE.

Speaking in an announcement on social media platform Truth Social, incoming President Donald Trump said: “Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors and that provide capital to make our economy the best in the world. 

Paul Atkins, Gary Gensler

“He also recognises that digital assets and other innovations are crucial to making America greater than ever before […] A former SEC Commissioner from 2002-2008, Paul strongly advocated for transparency and protecting investors.”

Atkins was initially appointed by President George W. Bush as a commissioner of the SEC in July 29 2002, where he served until August 2008. 

His appointment follows the announcement of Gensler’s official departure – set for 20 January 2025.

Gensler joined the SEC in April 2021 following the GameStop crisis, appointed by President Joe Biden.

Prior to this, on 14 November, Gensler appeared to suggest a departure from the commission through a thinly veiled farewell message during his ‘Car Keys, Football, and Effective Administration’ speech for the Practicing Law Institute’s 56th Annual Institute on Securities Regulation.

Read more: Gensler alludes to departure from SEC

Speaking in the official announcement, Gensler said that it had been “the honour of a lifetime to serve with [SEC staff] on behalf of everyday Americans and ensure that our capital markets remain the best in the world”. 

He added: “I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favour. I’ve greatly enjoyed working with my fellow Commissioners, Allison Herren Lee, Elad Roisman, Hester Peirce, Caroline Crenshaw, Mark Uyeda, and Jaime Lizárraga. I also thank Congress, my colleagues across the US government, and fellow regulators around the world.”

The post ‘Transparency advocate’ Paul Atkins to succeed Gensler as SEC chair appeared first on The TRADE.

Francisco Oliveira

Francisco Oliveira has been appointed co-head of global markets activities and head of fixed income and currencies, succeeding Sylvain Cartier. He joins from BNP Paribas and his move is effective as of 6 January 2025, reporting to Anne-Christine Champion and Alexandre Fleury, co-heads of global banking and investor solutions (GBIS). 

He was most recently co-head of global macro and global credit. In his new role London-based Oliveira will work alongside Hatem Mustapha, co-head of global markets activities and head of equities and equity derivatives. 

Elsewhere, New York-based Sylvain Cartier was appointed head of global markets for the Americas, effective from 1 January 2025. Cartier will report locally to Stephane About, chief executive for Societe Generale Americas, and globally to Francisco Oliveira and Hatem Mustapha. 

Mohamed Braham has been appointed deputy head of fixed income and currencies. He will begin his role on 6 January 2025 and be based in Paris. He will report to Francisco Oliveira and Hatem Mustapha.

Anne-Christine Champion and Alexandre Fleury, said: “These appointments illustrate our ambition to pursue the development of our fixed income activities and reaffirm our leadership in equities. 

“We are pleased to have Francisco Oliveira join our team. His 30 years of experience in global markets and his track record in fixed income are a strong fit for Societe Generale. Together with Hatem Mustapha, they will pursue the implementation of our ambitious roadmap for Global Markets and deliver best-in-class solutions for our clients.”

The post Societe Generale makes three new appointments to global markets team appeared first on The TRADE.

Germain Carton has been appointed head of trading at Alana Capital following almost six years at Greenwich Dealing.

He was most recently head of trading at the firm, having joined as a cross-asset trader in 2018.

Read more: Greenwich Dealing promotes equity trader to head of trading

Previously in his career, Geneva-based Carton worked as an equity and exchange traded funds (ETFs) sales trader at OTCex and before that as an index derivatives broker at GFI Group. 

Carton has also previously worked stints at BNP Paribas and Societe Generale.

Alana Capital had not responded to a request for comment at the time of publishing.

The post Alana Capital names new head of trading appeared first on The TRADE.

Jesper Bremholm has joined Katamaran Capital as an execution trader following a year and a half as equity trader at Kuvari Partners.

Earlier this year, Bremholm was one of 25 standout individuals recognised as a Rising Star of Trading and Execution by The TRADE in London. To mark 10 years of the Rising Stars initiative, The TRADE, in partnership with Instinet, hosted a standalone event at Plaisterer’s Hall. 

Read more: The TRADE announces the Rising Stars of Trading and Execution 2024

Bremholm has previously served at firms including: BLS Capital Fondsmæglerselskab, Nykredit, and Nordea.

The post Kuvari Partners trader joins Katamaran Capital appeared first on The TRADE.