Speaking on CMX Talk: Empowering trader – PM relationships

Martin, since joining Liontrust in 2016, has been instrumental in fostering the distinctive cultural identity within the firm. During Martin’s tenure, Liontrust have experienced remarkable growth in Assets Under Management (AUM), presenting both challenging and rewarding opportunities to enhance risk management, execution processes, and fund performance. Their culture, allowing fund managers the freedom to navigate portfolios based on individual investment processes and working in collaboration with the trading desk reflects Martin’s emphasis on cultivating a unique and empowered environment within Liontrust.

Speaking on Panel Xchange: Unveiling the modern execution trader

In his capacity as the Head of FX and Rates Trading, Gordon adeptly manages the trading team, ensuring optimal execution practices within the realms of these two asset classes. Gordon has successfully navigated the team through a strategic transition, where they now handle a greater flow with a reduced headcount compared to five years ago. This accomplishment is attributed to his strategic approach of upskilling traders to encompass a broader asset class remit and aligning the trading desk skillset with the evolving demands of the modern trading process.

Speaking on Panel Xchange: The aftermath of T+1

Callum McPherson serves as the Dealing Manager at Evenlode Investment, where he actively participates in managing the trading desk while ensuring close collaboration with the investment team. This integrated approach fosters a cohesive environment where insights from trading are seamlessly integrated into investment decisions, eliminating silos within the firm. Given Evenlode’s exclusive focus on long-only Equities, Callum places a strong emphasis on operational efficiency, particularly in T+1 settlement processes. He collaborates with the head of operations and the rest of the dealing team to explore solutions aiming to streamline settlement procedures and minimise disruption with T+1 implementation for his local trading desk.

Speaking on FI Roundtable 2: FI ETFs – Unlock the block

Raphael Stern serves as the Global Head of Fixed Income Portfolio Management for ETFs and Index Strategies at Invesco. With responsibility for overseeing Invesco’s global Fixed Income portfolio management team, Raphael manages approximately $45 billion across 80 indexed Fixed Income strategies. He joined Invesco in 2017, bringing with him a wealth of experience from his previous roles. Before joining Invesco, Raphael held positions as a senior fixed income ETF portfolio manager at DWS and as a Fixed Income portfolio manager and trader at Vanguard in London. Prior to his time in London, Raphael worked as an analyst at Lehman Brothers and Goldman Sachs in New York. His extensive background in Fixed Income management and trading positions him as a key figure in Invesco’s ETF and indexed strategies division.

Speaking on FI Roundtable 4: Enhancing pre-trade analytics

Kevin Flood, currently serving as the Head of Trading & Execution Analytics at Royal London Asset Management, boasts a distinguished 23-year career within major financial institutions, spanning various regions and asset classes. Beginning his journey at Deutsche Bank in 2001, Flood specialised in trading credit, loans, and derivatives across London and New York. In 2016, he transitioned to the buy side with Deutsche Asset Management, playing a pivotal role in establishing a new Fixed Income dealing desk in London. Flood’s expertise and leadership led him to Royal London Asset Management in 2018, where he spearheaded the establishment of a new centralised Fixed Income trading desk. As Head of the Multi-Asset trading team, Flood brings extensive experience and a strategic vision to Royal London’s trading operations.

Speaking on FX Roundtable 5: Swaps evolution

Mark Molloy, as a Senior Trader at Nomura Asset Management, plays a pivotal role in FX and Fixed Income (FI) execution, covering a wide range of products including credit, rates, derivatives, CDX, investment grade (IG), high-yield (HY), and hybrid securities, as well as some emerging markets (EM) local trades. While smaller FX swaps are increasingly automated, larger transactions still require personalised attention. Mark’s role has evolved beyond mere execution to include data analysis and strategy development. With higher touch trading products becoming more automated, traders like Mark must add value to the desk through their expertise and insights. However, retaining top talent poses a challenge, as decision-makers may not fully grasp the nuances of trading, making it crucial to recognise and retain skilled traders who contribute significantly to the firm’s success.

Speaking on Leadership Xchange: Trade data optimisation

Chi Chi astutely acknowledges that the fundamental evolution of a trading desk hinges on establishing an effective data structure and access, serving as the foundational building block. Within her capacity as a Multi-Asset Trader and Trading Change specialist, Chi Chi spearheads the initiative to construct an enhanced framework for a trading data strategy spanning across all asset classes.

Co-Hosting the Head Trader Think Tank – How to make your trading desk more valuable

Huw Gronow, previously the Head of Equity Trading at Principal Global Investors, now leads the trading desk at Newton Investment Management, a prominent subsidiary of BNY Mellon managing £47 billion in assets. Based in London, Huw’s focus lies on ensuring preparedness for T+1, navigating regulatory divergence challenges, and spearheading performance and growth initiatives within the trading function. With a wealth of experience in Equity trading, Huw brings strategic expertise to drive Newton’s trading operations forward in a dynamic global investment landscape.

Speaking on FI Roundtable 5: Reducing the primary market burden

Eric has taken matters into his own hands to lead a project that can ‘normalise’ and automate parts of the primary market process, seen by many as the last area of trading with heavy manual input. Working with Bloomberg, IHS Markit and DirectBooks, Eric’s trading desk has been able to remove some of the manual data entry tasks, as well as improve the order flow between traders and Portfolio Managers to make the whole process more efficient, and ultimately free up time for his trading team.

Speaking on FX Roundtable 3: FX global code – Why the time is now

Natalie Lovell, Senior Manager for FX Policy at the Bank of England emphasises the importance of the FX Global Code in promoting a robust, fair, liquid, open and appropriately transparent market. In her role, she focuses on developments in FX markets, including on market structure and functioning. Natalie will facilitate a discussion on the 2024 Code review, and initiatives designed to further promote Code adoption and adherence.

Your CMX Host

David is a versatile technology reporter, presenter, and consumer advocate, contributing to TV, print, and online platforms. His expertise spans cyber security, online safety, scams, mobile technology, telecoms, and enterprise tech. David’s career originated in the tech industry, where he led IT transformation projects for major companies like IBM, Reuters, and Dell. Over the past decade, he’s been the resident technology expert for BBC Rip Off Britain and has exposed cyber scams on programs such as Watchdog, Crimewatch, Morning Live, The One Show, and discussed the impact of technologies on our lives for Channel 4’s Steph’s Packed Lunch.

Speaking on FI Roundtable 3: Creating a common benchmark for TCA, and Panel Xchange: Unveiling the modern execution trader

Sean is currently navigating a desk merger with Federated, overseeing a team of 5 traders from his side and 7 from Hermes. While directly managing the Hermes traders, he plans to integrate others with expertise in Fixed Income, credit specialists, and FX, adopting a low-touch vs. high-touch model. Moving away from asset-specific desks, Sean emphasises a collaborative approach, particularly valuing alpha generative traders, who contribute trade ideas and advise PMs. Passionate about creating a common benchmark for Fixed Income Transaction Cost Analysis (TCA), Sean focuses on both execution and alpha contributions, rewarding traders annually based on benchmark metrics and alpha generative performance. In the evolving landscape with a trend towards juniorisation and fee consolidation, Sean recognises the continued importance of a people-centric business. Performance metrics are communicated through showcasing trade idea delivery and consumption in portfolios.

Speaking on Leadership Xchange: Trade data optimisation​​

Benjamin Mahe serves as the Head of Electronic Trading and Data at AXA Investment Management, overseeing the automation of execution and trading data. With a focus on FX and responsibility for both high- and low-frequency teams, including wheels and algorithms for equities (EQ), Benjamin collaborates closely with the Fixed Income (FI) team to drive automation and enhance data analytics. In his team, there is a particular emphasis on data-focused strategies to minimise the time spent on order handling. Harmonising practices across different locations is a key priority, especially in the context of RFQs for EU ETFs, Govvies, and FX. To ensure a homogeneous framework, Benjamin leads a business coordination team dedicated to analysing data, identifying duplicates, resolving data quality issues, and building analytics based on these insights.

Speaking on Panel Xchange – Dealer wallet share

Dan Dewar is a Head Dealer Fixed Income at Invesco Henley, where his role is pivotal in leveraging extensive data analytics to enhance trading strategies and counterparty relationships. With a wealth of information at his disposal regarding counterparty volumes, hit and miss ratios, and detailed insights across various sectors and currencies, Dewar excels in conducting deep-dives into performance data. His ability to segment analysis by maturity and compare year-over-year performance enables him to provide fact-based responses that are crucial for fostering improvements and transparency in relationships. Recognising that there can be a discrepancy between perception and data-driven reality, Dewar prioritises fact-based arguments in discussions, facilitating open, candid conversations that have significantly contributed to enhancing communication and strengthening partnerships within the industry.

Speaking on EQ Roundtable 2: ETF liquidity

Jason Conan-Davies leads trading operations at Nutmeg, a unique and sophisticated buy side entity specialising in ETF trading. With a strong focus on the ETF market, Nutmeg has cultivated extensive relationships over the years, notably being the first buy side client for Jane Street. They are dedicated ETF specialists, constantly seeking to benchmark and improve their trading strategies. Nutmeg recognises the importance of collaboration with peers in establishing industry standards, particularly in benchmarking and navigating emerging trends like exchange-traded markets. They actively engage in RFQ to understand peer attitudes towards agency trading and benchmarking NAV trades, leveraging partnerships with institutions like HSBC to gain insights into accessing Designated Participants (DPs) in ETFs.

Speaking on FX Roundtable 5: The race to T0

Speaking on EQ Roundtable 5: Counterparty management

Nina Marsh, Senior Trader at AustralianSuper, brings a wealth of experience to her role, having previously worked extensively on the sell side before transitioning to the buy side. Joining Australian Super in November 2022, Nina is currently the sole dedicated Equity trader in London, responsible for covering EU and US markets. While her primary focus is on trading, Nina is actively involved in internal initiatives, particularly in preparing for the expansion of the equity team in London. This involves hiring a significant team to manage funds from the London office, positioning the firm for future growth. Nina places emphasis on ensuring the onboarding of correct counterparties, having dedicated efforts to build relationships with providers to enhance access to resources for the team.

Speaking on EQ Roundtable 2: Algo customisation

An Equity Trader and former sell side Sales Trader with varied market experience on both sides of the business. Experienced in multi-asset classes, execution strategies including program trading and algorithmic trading, and well-versed in the regulatory environment.

Speaking on FX Roundtable 7: Effective cash management

Marc Tuehl, as the Managing Director and Global Head of GIS FX Overlay at HSBC, is deeply invested in the evolution of operational workflows, with a focus on automating processes to streamline risk management, order execution, and post-trade activities. While primarily focused on FX, Marc is expanding into Equities and implementing a passive strategy to minimise risk across investment exposures and cashflows. He recognises the potential for automation in corporate risk management and treasury processes, aiming to combine cash management with liquidity and settlement risk for greater efficiency. In his role, Marc addresses various qualitative aspects, including geographical expansion into regions like Scandinavia, Benelux, and Australia for occupational pension schemes. He also prioritises enhancing client experience and servicing through improved analytics, real-time information accessibility, and electronic documentation. Additionally, he aims to reduce middle-office efforts by implementing pre-trade checking processes to identify outliers and FX hedge exposures more effectively.

Speaking on Leadership Xchange: The path to scalable trading – Uniting asset classes for efficient and dynamic end-to-end workflows

Speaking on FI Roundtable 7: Axe Dissemination

Overseeing credit, rates, ETFs, derivatives, futures and options, Sven manages the trading desk from Dusseldorf for ODDO BHF. Sven’s focus is centred around improving the quality of their trading workflow, front to back. This includes finding efficiencies to save time for his trading team, with more accurate axes, access to data and efficient execution paths for his traders.

Speaking on FX Roundtable 2: FX emerging markets

Speaking as our Special Guest Innovator: The AI anxiety vs. the AI opportunity

David Foster is a data scientist, entrepreneur, and educator specialising in AI applications within creative domains. He authored the acclaimed O’Reilly textbook Generative Deep Learning: Teaching Machines To Paint, Write, Compose, and Play, with the second edition set for release in May 2023. As co-founder of Applied Data Science Partners (ADSP), he inspires and empowers organisations to harness the transformative power of data and AI. He holds an MA in Mathematics from Trinity College, Cambridge, an MSc in Operational Research from the University of Warwick, and is a faculty member of the Machine Learning Institute, with a focus on the practical applications of AI and real-world problem-solving. His research interests include enhancing the transparency and interpretability of AI algorithms, and he has published literature on explainable machine learning.

Speaking on FX Roundtable 4: FX options electronification

As part of a multi-asset trading desk, Nick is responsible for FX, rates and CDS trading. More recently, Nick has been reviewing how you can streamline the often laborious front-to-back process for FX Options trading, from trade booking, integration with the OMS, through to execution, in order to streamline and improve the process.

Speaking on FX Roundtable 4: FX options electronification

Marco brings a wealth of experience to the financial realm. With an extensive background in trading, Marco founded a fund that efficiently collaborates with providers to minimise FX costs. Operating as a fund platform, his firm manages all aspects, from setup to margin, aiming to transition into a full-fledged hedge fund. Embracing a discretionary approach akin to large macro hedge funds, Marco excels in execution, deriving significant profits from both execution strategies and innovative trade ideas. Notably, in the OTC FX options landscape, Marco’s team has evolved its dealings with banks, now leveraging a Prime of Prime model in partnership with sell side industry leaders.

Co-Hosting the Head Trader Think Tank – How to make your trading desk more valuable

Adam Conn is the Head of Trading with oversight responsibility across all asset classes. He joined Baillie Gifford in August 2016 from Baring Asset Management where he held the position of Director, Head of Dealing. Adam began his career in 1985 as a junior trader on the floor of the London Stock Exchange with Scott Goff Layton & Co and has subsequently led dealing teams based in London, Hong Kong and New York. Adam is a Chartered Fellow of the Chartered Institute for Securities & Investment and in 1990 was the first Member of the London Stock Exchange to be elected from a non-member dirm.

Speaking on FX Roundtable 4: Pre- and post-trade analytic gains

Joseph, an experienced trader at BBH, specialises in constructing a comprehensive understanding of liquidity provider prices and their reliability. Joseph employs a circular approach, utilising this data to inform trading strategies by feeding it into the trading engine before executing trades. Join him at the conference as he shares insights on this dynamic process and its implications for successful trading.

Speaking on FX Roundtable 7: Effective cash management

As the former Head of Trading at Odey Asset Management, Neil created the treasury function there before taking on the role of Head of Treasury alongside multi-asset execution. As an experienced and versatile Head of Treasury and Trader with a specialism in multi-asset execution, Neil has a wealth of experience overseeing treasury and financing across Cayman, Irish and UK Ucits L/S portfolios.

Speaking on EQ Roundtable 5: Outsourced trading evolution

Christie Goncalves, currently serving as Assistant Portfolio Manager at Rathbones Asset Management, brings a wealth of experience from her previous roles as a Portfolio Manager and Trader at Vanguard. At Rathbones, she plays a pivotal role with a heavy focus on portfolio management, working across all four funds managed by the firm. Notably, Christie now works as part of Rathbones’ newly established Greenbank Sustainable Bond Fund. In terms of dealing and execution, Christie collaborates with Northern Trust and their outsourced offering. Her dedication to ensuring high standards of execution is evident through her close working relationship with Northern Trust, actively working to guarantee the optimal execution of trades.

Speaking on FI Roundtable 6: Maximising your data

Sharon Ruffles is the Head of Fixed Income Dealing, EMEA & APAC at State Street Global Advisors. Recognizing the potential of automated execution in the credit space, Sharon has successfully implemented such systems in rates trading, focusing on efficiency while exercising caution in volatile markets. Emphasising the importance of an Execution Management System (EMS) and data analytics, Sharon is keen on optimising trading approaches. Sharon envisions a future where data-driven insights will increasingly inform execution strategies, ultimately leading to more automation. However, she emphasises that while data analysis is crucial, traditional trading skills remain indispensable in navigating complex market conditions. Sharon aims to complete the feedback loop by integrating data analytics into trading strategies, ultimately driving efficiency and effectiveness in execution protocols.

Speaking on Panel Xchange: Unveiling the modern execution trader

Cathy’s mandate at Ninety One is to future proof the global trading function, not just from a technological and innovation perspective, but also a people perspective. With a strong focus on emerging markets at Ninety One, the skillsets required from her trading team combines the technological with the analytical, the quantitative along with the trading advisory and relationship management, all to support their global investment teams.

Speaking on FI Roundtable 1: Credit auto-execution

As a Portfolio Manager and Trader, Jonathan manages and executes credit on their global bond indexing team. Within the team, the trading desk have consistently improved and enhanced their credit automation capabilities, though to elements of credit no-touch trading, to make the team more efficient and ensure the flow that can be auto-executed does not take up trader time and resourcing.

Speaking on Panel Xchange – Cross-asset O/EMS acceleration

David Shack serves as the Vice President of Trading Technology at Fidelity International, where he holds a dual role as the product area lead and head of technology for FX and securities lending. With a focus on front-office technology, David leads his team in developing platforms for FX trading and securities lending, drawing upon his expertise in FX. Beyond pure front-office tech, David’s role extends to product development, where he evaluates and enhances end-to-end processes for fund platforms. This involves determining optimal vendor partnerships, overseeing overlay programs, and building comprehensive solutions to streamline operations.

Speaking on CMX Interview – Empowering trader-PM relationships

As the Head of Trading Analytics globally at Aviva Investors, Ash oversees trading desks analytics across Equities, Fixed Income and Rates. With 12 years of experience within analytics, Ash brings a wealth of knowledge from previous roles at Multi-Asset TCA vendors and the sell side. Ash’s day-to-day responsibilities revolve around analysing trading performance, both for trading desks and portfolio managers (PMs). He focuses on improving the relationship between these areas and identifies any cost erosion during the order lifecycle. This involves collaborating with both teams to reduce implicit costs and provide suggestions for improvement.

Speaking on EQ Roundtable 5: Smart data management and automation

Tim spearheads Fidelity International’s systematic Equity trading strategies, overseeing a comprehensive portfolio that includes ETFs, futures, and options. His expertise lies in streamlining and automating Equity trading processes, emphasising the reduction of manual complexities. Tim’s focus extends to enhancing efficiency through data analysis, pre- and post-trade evaluations, and the implementation of strategic trade automation measures.

Speaking on FX Roundtable 8: Collateral management

Frank wears two hats within his role at AXA IM, the first being focused on market structure covering regulation and trading innovation, and the second being centred around relationship management. At AXA IM. Franck has been deeply embedded in improving the collateral management process, looking to do this faster, more efficiently, and in an alpha generating manner, and adapting a process of tokenisation around this.

Speaking on FI Roundtable 3: How to engage with all-to-all trading

Co-Hosting the Head Trader Think Tank – Build a winning trading culture

Alastair is a champion for industry change working both within and outside Capital Group to improve access to trading floors for individuals from all walks of life, providing opportunities for a career in trading who would not traditionally have access, and in turn, improving Capital Groups access to a more diverse talent pool. Within his role on the Equity trading desk, Alastair has also designed, developed and delivered a bespoke Trading Analytics Platform for Execution (TAPE). TAPE is currently utilised by all Capital traders across the globe, and as TAPE evolves, Alastair continues to research innovation and source collaborations.

Speaking on FI Roundtable 2: FI ETFs – Unlock the block

Joe Bellman, currently serving as the Head of Dealing at Arbuthnot Latham, began his journey with the firm in 2014 as a dealer and later rose to the position of dealing manager. Arbuthnot Latham is renowned for providing comprehensive financial services, including private banking, commercial banking, and wealth management solutions to its esteemed clientele. Joe’s expertise spans across multiple asset classes, including Equity ETFs, Fixed Income (FI), and FX derivatives. Notably, Arbuthnot Latham boasts a robust presence in the ETF space, covering both Fixed Income and Equity ETFs, under Joe’s leadership.

Speaking on EQ Roundtable 6: Syndicate process automation – Reviewing the best industry solutions to automate the process

Simon Steward serves as the Director and European Head of Equity Trading at Capital Group, boasting an impressive 22 years of experience in the investment industry, with 20 years dedicated to Capital Group. Simon is at the forefront of driving advancements in IPO and syndicate process automation, aiming to streamline operations and reduce manual burdens across the industry. He actively engages with key participants in the industry to foster collaboration and innovation. Simon’s involvement extends to various industry initiatives, where he holds the position of Deputy Chair of the Investment Association’s Buyside Trading Committee and is a member of the board of the Plato Partnership, demonstrating his commitment to driving positive change and enhancing efficiency in the trading landscape.