Andrew Williams

The offering was initially launched with EUR/USD currency pairs in 2024, and the move now marks an expansion of multi-asset post-trade capabilities, with the GBP/USD offering accounting for approximately 75% of SwapAgent’s trading activity. 

According to the exchange, the offering is set to address market needs by allowing participants to target the majority of cross currency swaps through direct access to a single, authoritative data store – eliminating third party reliance and streamlining the compression process.  

Andrew Williams, chief executive of Post Trade Solutions at LSEG, said: “At Post Trade Solutions, we are continually looking for ways to improve the post trade landscape and enhance our services as the market evolves. Adding multilateral compression runs to currency pairs at SwapAgent that are most demanded by our network provides customers with material gross notional reduction while increasing efficiency.” 

The new offering is also expected to allow participants to reduce risk and optimise their portfolio by using quarterly compression runs with existing currency pairs, as well as achieve compression across their portfolios through targeting the inter-dealer cross currency market serviced by SwapAgent. 

SwapAgent forms part of LSEG’s post-trade division designed to mitigate risk and drive cost efficiencies, and has seen significant developments since the infrastructure was integrated into the exchange, such as sweeping risk into SwapAgent via regular and on-demand counterparty risk optimisation runs.  

The success of SwapAgent’s GBP/USD execution follows significant post-trade expansion for LSEG. In November 2022, the exchange was cleared to acquire portfolio optimisation services provider Quantile Group, with the aim of helping derivatives run smoother. 

Read more – LSEG expands multi-asset post-trade offering with Acadia acquisition 

This was also closely followed by the acquisition of Acadia in December 2022, which provides risk management, margining and collateral services for the uncleared derivatives markets.  

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Tiefenbrun brings more than 20 years industry experience to his new position, which will see him leading Cboe’s cash equities businesses in North America, Europe and Asia Pacific, and bringing a global framework to the sector.  

David Howson, global president of Cboe Global Markets, said: “Natan’s leadership will be important as we continue to activate and capitalise on the unrivalled global network of equity exchanges we’ve built in recent years, driving growth, expanding our range of products and reinforcing our position as a pioneer in orderbook innovation.” 

London-based Tiefenbrun began working for Cboe in June 2021, assuming the position of head of European equities, before becoming president of Cboe Europe in June 2022.  

He took on his most recent role as president for North American and European equities for Cboe in October 2023.  

Tiefenbrun also has extensive experience working in senior positions across the financial sector.  

Prior to his career at Cboe, he acted as managing director for European execution services for Bank of America Merrill Lynch, chief executive of Turquoise, head of products, equity and derivative markets at the London Stock Exchange (LSEG), and international president of Instinet.  

Read more – Cboe appoints new derivatives market intelligence director 

The new position follows a recent push to expand many of Cboe’s business lines, including derivatives, clearing, FX and data vantage. At the beginning of April, the exchange named Wei Liao as its new director of derivatives market intelligence, driving forward Cboe’s derivatives market and content franchise to its client base in Asia Pacific.  

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Tanuja Randery

The announcement marks an extension of LSEG and AWS’ multi-year collaboration and will see the exchange migrate its internal systems to the cloud. 

The move is also expected to improve the exchange’s strength and security during client interactions and provide faster and more accurate risk analysis to LSEG’s risk intelligence division by incorporating generative AI platform, Amazon Bedrock.  

Daniel Maguire, group head of markets at LSEG, said: “Our ongoing collaboration with AWS is an important part of the group’s cloud strategy. LSEG’s role as a leading global market infrastructure and data provider means that operational resilience is the foundation of everything we do – and cloud services are the cornerstone of our approach.” 

LSEG clients will be able to continue using historical, quantitative FTSE Russell indices through AWS, which is expected to address challenges of time-to-insight and operational costs by allowing for deep access to market trends and patterns.  

“AWS has deep expertise in meeting the unique needs of financial markets participants around the world, and we are excited about the opportunity to scale our work with LSEG,” said Tanuja Randery, AWS EMEA managing director. 

Read more – LSEG and Murex expand connectivity via AWS to improve real time cloud data services 

The partnership between LSEG and AWS has been ongoing since 2017, when the exchange began migrating some of its workloads to the provider, with the aim of modernising its infrastructure and increasing efficiency. 

In May 2023, LSEG used AWS to expand its connectivity with capital markets trading and risk solutions provider, Murex, and enhance real time data services for clients. The move allowed Murex’s MX.3 platform to be integrated with LSEG’s Real-Time – Optimized (RTO) cloud-based data solution when hosted on AWS.  

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Steve Miele

The move will allow buy-side trading desks to connect to nominated brokers on the Turquoise Plato Block Discovery trading service, providing increased control over block orders and self-directed orders to Turquoise and enhancing liquidity while reducing market impact. 

The offering is set to go live in H2 2025, subject to regulatory approval, and will be made available through LeveL Markets’ platform, Luminex.  

“We are delighted to partner with LeveL Markets to expand our dark trading offering on Turquoise and to launch our new solution for large block trading,” said chief executive of Turquoise Global, Adam Wood.  

“This further underlines our commitment to providing our members with diverse sources of liquidity and working with the market to deliver increased efficiencies and functionality across our equity trading services.”  

Read more – Turquoise and Plato draw commercial partnership to a close  

 The Luminex platform aims to provide buy-side clients with an anonymous, non-quoted trading destination to source block liquidity while reducing market impact through its proprietary user interface.  

Steve Miele, chief executive of LeveL Markets, LLC, said: “With the launch of this exciting partnership with Turquoise, we are able to further deliver on our purpose to satisfy the liquidity needs of buy-side firms. Through our trading solutions and Turquoise’s new block manual conditional order type, this collaboration will enable users to source further block liquidity while reducing market impact.” 

 The new collaboration with LeveL Markets follows the end of Turquoise’s commercial relationship with Plato Partnership announced in July 2024, which had seen the pair working together to drive change in best practice guidance and deliver increased efficiencies in anonymous European equity block trading.  

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Ron Lefferts, Gianluca Biagini

The appointments follow the departure of Satvinder Singh in February, having served as Group head of data and analytics for 18 months, as revealed by The TRADE.

In his role, Singh led LSEG’s global data and analytics businesses which included the Group’s flagship Workspace product and also spearheaded the development of new offerings through LSEG’s Microsoft partnership.

New addition Biagini joins from S&P Global where he most recently served as head of data, valuations and risk analytics.

As part of the new role, he will also become a member of the LSEG executive committee. Lefferts has been with LSEG since 2021, currently serving as group head of sales and account management and has been a member of the executive committee since 2023.

Both will report to chief executive, David Schwimmer, who said: “Gianluca and Ron make a formidable team. Their highly complementary track records are outstanding; they bring deep expertise of driving transformation, building customer partnership and creating long-term value.”

Previously in his career, Biagini has worked across fixed income, private markets, cross-asset OTC derivatives, and equities. His prior experience also includes a stint at Bloomberg.

Prior to joining LSEG, Leffers worked at Protiviti as global leader of technology consulting, responsible for strategy, solution offerings, consulting delivery and external partnerships.

He has also previously worked at IBM in a range of roles.

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David Schwimmer

LSEG’s capital market’s division saw the biggest year-on-year growth, up 18.2%, reaching £1.83 billion in 2024.  

Within this division, LSEG highlighted Tradeweb’s continued strong growth track record in 2024. Trading innovations such as request-for-quote (RFQ), portfolio trading and Tradeweb Automated Intelligent Execution (AiEX) were all attributed to the strong year-on-year performance.  

Looking at the exchange’s FX business, it also experienced volume growth, with average daily volume  up 8.3% driven by FXall. Meanwhile in equities, LSEG claims that the London Stock Exchange (LSE) was the number one venue in Europe for raising equity capital, with £25 billion raised for 274 companies. 

Elsewhere, the data and analytics offering saw a 2.0% year-on-year increase, totaling £4.01 billion, while LSEG’s FTSE Russell division saw an 8.8% rise year-on-year as compared to 2023, totaling £918 million. 

Within LSEG’s data and analytics division, its Workflows offering saw accelerated growth throughout 2024, the exchange stated. Meanwhile, its Data & Feeds offering expanded the breadth and depth of its data offering and improved data access for users. 

Read more: Exchanges hit back at ‘inaccurate’ and ‘misleading’ accusations around market data costs 

Elsewhere, LSEG attributed increases in FTSE Russell revenues to a strong year, “driven by subscription growth”.  

Risk intelligence and post-trade also saw increases compared to 2023, up 7.9% and 2.3%, achieving a total of £531 million and £1.19 billion, respectively.   

As a result of growth spanning across the exchanges’ various divisions, total income (excluding recoveries) was up 7.7% year-on-year. 

Read more: LSEG sees double-digit growth across post-trade as exchange continues to reap benefits of acquisition push  

David Schwimmer, chief executive at LSEG, asserted that the exchange had delivered on its strategy in 2024.  

“The product innovation we are bringing to customers continues to strengthen our position in the market, and we have made great progress on our transformation. We have successfully generated top line growth with improved profitability. 

“Our guidance for continued growth and improving profitability in 2025 demonstrates our confidence in our model, which has consistently delivered strong performance across a range of market conditions. We remain committed to innovating for customers and driving returns for shareholders.” 

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Haynes has nearly 50 years of experience across the industry, working in several high profile roles across the equity space, including as chief executive of Chi-X Europe and ITG International, and of course Aquis. The TRADE awarded Haynes with the prestigious Lifetime Achievement Award in 2018, recognising his significant and enduring impact on the industry. 

Anthony Santostefano joined Stern Brothers as senior vice president, institutional equity trading and sales, following seven and a half years with Cabrera Capital Markets. In his new role, Santostefano will be based in New York and focused on live markets during the European equity sessions. 

Whilst at Cabrera Capital Markets, Santostefano most recently served as director of EMEA equities sales trading. Elsewhere during his career, he has worked extensively in APAC-related sales, including as an equity sales trader at Topeka Capital Markets and head of institutional sales, US emerging growth at Sidoti & Company. Santostefano’s other roles include stints as APAC equity sales trading at Maybank Kim Eng Securities USA, desk manager, equity sales trading at Auerback Grayson, and as a trader at both Natixis and Scudder Investments. 

Liquidnet made two new appointments within its multi-asset services team, adding Patric Okumi and Samuel Lowres to lead multi-asset sales. Okumi joined Liquidnet’s multi-asset services team from TP ICAP Group, where he spent the last 11 years in broking and trading-related roles. He was also part of TP ICAP’s equity trading desk before building out the single stock equity and ETF RFQ offering on Fusion, the firm’s electronic platform. 

Meanwhile, Lowres was promoted to the role, having joined Liquidnet three years ago as part of the Liquidity Partnerships team. Lowres has a background in low-touch electronic trading and execution consulting, including the provision of data and transaction cost analysis. Liquidnet added that he brings considerable technical expertise to this role. 

The London Stock Exchange Group (LSEG) appointed Hiroki Tomiyasu as head of post-trade, Japan, and head of post-trade solutions, APAC. Tomiyasu joined LSEG from Morgan Stanley MUFG Securities, where he most recently served as managing director, head of final investment decision (FID) risk for Asia. Elsewhere during his tenure at Morgan Stanley, Tomiyasu served as COO/front risk, Japan FID, and counterparty risk management, APAC FID. Before joining Morgan Stanley, he held positions spanning risk, technology and sales at the Development Bank of Japan.  

The post People Moves Monday: Aquis Exchange, Stern Brothers, Liquidnet and more… appeared first on The TRADE.

Allen Zimmerman, SimCorp

The move will enable SimCorp to complement its Axioma risk models and portfolio construction capabilities with Yield Book’s fixed income analytics to deliver analytics for securitised debt.  

Yield Book products provide analytical insight into financial products in the fixed income sphere, including government and corporate bonds, US municipal bonds, mortgages and asset-backed securities and derivatives. 

This integration will provide SimCorp clients with improved access to fixed income analytics including risk forecasting, sensitivity analysis, stress testing and factor-based decomposition of risk.  

These capabilities aim to help institutional investors to address risk factors that are specific to this asset class and help them make better investment and risk decisions. 

Read more: Fireside Friday with… Yield Book’s Emily Prince 

“This partnership extends the depth of our fixed income capabilities by leveraging Yield Book’s market-renowned prepayment models and analytics directly within our products to support the most sophisticated fixed income and multi-asset managers,” said Allen Zimmerman, managing director, head of Americas at SimCorp. 

“This is another step toward enabling faster and more informed investment decisions.”  

This latest development builds on SimCorp’s existing collaboration with LSEG Data and Analytics for market and reference data, established in 2024, allowing for improved access to LSEG data across the investment platform SimCorp One. 

“The integration of Yield Book’s best-in-class fixed income analytics with Axioma Risk enables more clients with market-leading data, analytics and risk management tools at their fingertips,” said Emily Prince, group head of analytics at LSEG. 

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The solution is specifically set to help with Fundamental Review of the Trading Book (FRTB) demanding data requirements – wherein the body requires those institutions which implement rules via their own market risk models, to access reliable data. 

Namely, accurate and comprehensive data – specifically regarding cross-asset class financial instruments traded in regulated and over-the-counter (OTC) markets.

Fausto Marseglia, head of product management, FRTB and regulatory propositions at LSEG, further explained: “The independent audit of our solution reaffirms its accuracy and regulatory compliance. With our broad data coverage and trusted partnerships with major global market infrastructure providers, we are confident that we can help Deutsche Bank meet the complex requirements of FRTB.”

Currently, the largest FRTB data gap comes from OTC products – where LSEG’s coverage comes into play across both OTC and exchange traded derivatives instruments, through Tradeweb, LCH, Fenics Market Data, and Parameta Solutions.

Specifically, LSEG’s Trade Discovery offering aggregates data across: rates, credit, FX and equities.  

Piers Robson, FRTB initiative director at Deutsche Bank, said: “LSEG’s Trade Discovery solution provides us with comprehensive and trusted data to ensure our market risk models comply with regulation while supporting our fixed income business to retain its competitive edge in a dynamic market environment.”

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Tomiyasu joins LSEG from Morgan Stanley MUFG Securities, where he most recently served as managing director, head of final investment decision (FID) risk for Asia.   

Elsewhere during his tenure at Morgan Stanley, Tomiyasu served as COO/front risk, Japan FID, and counterparty risk management, APAC FID.  

Before joining Morgan Stanley, he held positions spanning risk, technology and sales at the Development Bank of Japan.  

“We are delighted to welcome Hiroki Tomiyasu to LSEG. The experience and knowledge he brings to the role will help us drive further growth across our multi-asset class offering and, in partnership with our customers, deliver new products and services,” said Daniel Maguire, group head, LSEG Markets, and chief executive of LCH Group. 

Read more: LSEG appoints new chief executive of LCH Limited  

As part of the role, Tomiyasu will report to both Rohit Verma, head of post-trade, APAC, and Andrew Williams, global head of post-trade solutions. 

According to the exchange, this newly created position will help reinforce its commitment to servicing Japan and APAC’s markets, allowing customers to benefit from risk management solutions and capital, margin and operational efficiencies.   

“It is a great opportunity to join LSEG at this exciting time, and to work together with teams in Japan and across APAC as we expand our capabilities across the region,” said Tomiyasu. 

“I look forward to partnering with our clients and members, and the markets that we serve, as we look to drive new levels of capital, margin and operational efficiency.” 

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