Clear Street has named Matthew Cousens as its new managing director, head of electronic execution, EMEA.  

London-based Cousens previously served as head of platform sales for Citi for two and half years from February 2020, where he covered distribution and sales across its cash equities platform.  

He also brings extensive industry experience to the role, and prior to his stint at Citi, acted as head of EMEA execution sales at Barclays, as well as Credit Suisse’s co-head of AES sales for Europe from 2007 to 2020.  

Additionally, following his departure from Citi he worked at BestEx Research, where he served as head of EMEA equities, driving the firm’s equities execution algorithms for US and Canadian trading.  

Cboe Global Markets 

Natan Tiefenbrun has been appointed as global head of cash equities for Cboe Global Markets, following on from his role as the company’s president for North American and European equities.  

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. 

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.   

Prior to his career at Cboe, he also 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.  

Cboe Global Markets has appointed Craig Donohue as its chief executive officer, effective 7 May 2025. Donohue will also serve on Cboe’s board as part of the role.  

He succeeds Fredric Tomczyk in the role who is set to remain on the board of directors after stepping down as chief executive.  

Donohue has more than 30 years of experience across the derivatives sphere. Most recently, Donohue served as chair of the board at OCC, having previously spent three years as CEO from 2016 to 2019.  

Previous experience also includes two decades at CME Group, where he served a stint as chief executive between 2004 and 2012.  

T. Rowe Price

Matt Howell has been appointed as T. Rowe Price’s global head of trading strategy after being promoted from his previous role as the firm’s global head of derivatives and multi-asset trading solutions.  

London-based Howell has been at T. Rowe Price for more than 14 years, starting his career with the firm as a trader. Since then, he has seen internal promotions and became head of derivatives and multi-asset trading solutions in June 2017, before taking on his new position covering trading strategy in May 2025.  

He also brings extensive industry experience to the new role, and has covered a variety of assets, from equities, fixed income and derivatives. Prior to his time at T. Rowe Price, he worked in trader positions at Caxton Associates, Tudor Investment Corporation and AllianceBernstein.  

Speaking to The TRADE about his new appointment, Howell said: “I am really looking forward to further developing our capabilities to support our strategic initiatives over the coming months and years.”  

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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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Megan Morgan

The derivatives and securities exchange network has said that the launch will complement Cboe’s S&P 500 Index (SPX) options.  

The expansion comes following increasing conversations around equity index exposure in recent years, as well as growing interest in options to manage US equity market exposure and volatility.  

Belvedere Trading will act as the lead market maker. 

Megan Morgan, head of market structure at Belvedere Trading, said: “The addition of S&P 500 Equal Weight Index options by Cboe is timely and we are excited for the opportunity to serve as the lead market maker. We have long found value in the S&P 500 Index ecosystem and Cboe’s trading floor, and as the market evolves, more tools in the toolkit are always welcomed.” 

Through using the S&P 500 EWI options, the exchange provider aims to allow market participants to make directional trades based on their views of macro trends and shifts in equity market dynamics.  

Catherine Clay, global head of derivatives at Cboe said: “We expect these options to cater to both retail and institutional investors looking to diversify and implement a variety of trading strategies, ultimately providing them greater choice and ability to tailor their exposure to fit their needs.  

Cboe said that an S&P 500 EWI options contract would have a mid-sized notional value of approximately $63,200 as of market close on 7 April, to open up greater options access to more market participants.  

Similarly, the launch also addresses challenges of physical delivery through cash settlement, as well as the risk of early assignment and uncertainty around implementing hedging strategies through European-style expiration.  

Read more: Cboe to launch FTSE Bitcoin Index Futures 

Cboe has made several moves to expand the derivatives suite available on its venues in recent months. The exchange unveiled plans earlier this month for its new FTSE Bitcoin Index Futures (XBTF) with the aim of driving expansion in the digital asset markets. Trading is scheduled on the Cboe Futures Exchange for 28 April. 

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Cboe named Wei Liao as its new director of derivatives market intelligence, as part of the network’s continued expansion of its global derivatives business.  Liao will work out of Hong Kong, where she will focus on driving forward Cboe’s derivatives market and content franchise to its client base in Asia Pacific (APAC). Liao brings 15 years of macroeconomic research, trading and portfolio management experience to the new role, and before joining Cboe, she worked as a portfolio manager at CQS Asset Management.  Prior to this, she was also the founder and manager of derivatives-focused hedge fund, Watercourse Macro Found. Mandy Xu, global head of derivatives market intelligence at Cboe said: “With her background as a portfolio manager and trader, Wei brings deep market expertise, a seasoned practitioner’s perspective, and a client-first mindset – all of which are critical as we work to close the education gap and support the region’s next phase of growth.” 

The TRADE is thrilled to announce that Natasha Cocksedge has joined the team as a reporter, effective 7 April. In the role, Cocksedge is set to work across the publication’s offerings, including its digital content, print magazine, multimedia features, events and research. Cocksedge’s appointment follows the departure of Wesley Bray in February.  Most recently, Cocksedge served at MyLondon covering local news and event. Previous experience also includes stints reporting for: The Londoners, ENDS Report, and The Farnham Herald. Annabel Smith, editor of The TRADE, said: “I’m delighted to welcome Natasha to our editorial team. She joins The TRADE at a pivotal time in our growth as we look to build on record web traffic in 2024, increase in multimedia products and the successful expansion of our Leaders in Trading event to the US.” 

Wayne Barber is set to expand his role on the Janus Henderson fixed income desk to include trading, after three years working as a data analyst for the firm. In his tenure, Barber has worked with the trading team on data-related mandates including working to optimise execution for the desk. Previously in his career, he worked as a software engineer at Accenture and before that as a sales executive for WebsEdge. Speaking to The TRADE, a spokesperson for Janus Henderson said: “[Barber] was brought in to help the team with their trade data and TCA analysis. Over this time he has built a central database and a number of tools that the team rely upon daily. While working with the trading team he has developed an interest in the markets and recently his role has broadened to include money markets, rates and FX trading. He is also keenly interested in looking at automation and garnering efficiencies in our systems.”  

Nikhil Rathi has been reappointed chief executive of the Financial Conduct Authority (FCA) for a second term. He was first named CEO back in June 2020, taking up the role in October later that year. Rathi’s new term will run until September 2030, focused on leading reform in the regulatory environment, building on previous efforts such as the introduction of the ‘consumer duty’. Speaking to his new appointment, Rathi said: “I am honoured to be reappointed by the Chancellor. The FCA does vital work to enable a fair and thriving financial services sector for the good of consumers and the economy. I am proud of the reforms we have delivered to support growth, bolster operational effectiveness, set higher standards and to keep our markets clean and open.” 

Paul Atkins has assumed his role as chair of the US Securities and Exchange Commission (SEC), having been confirmed as Gary Gensler’s successor in January 2025. Mark Uyeda had been serving as acting SEC chair in the interim. Atkins’ previous roles include a prior stint as a commissioner of the SEC – appointed in July 2002 by President George W. Bush, where he served until August 2008. Before that, he founded and became chief executive of strategy, risk management and compliance consultancy, Patomak Global Partners.  

The post People Moves Monday: Cboe, Janus Henderson, FCA, and more… appeared first on The TRADE.

 

Liao will work out of Hong Kong, where she will focus on driving forward Cboe’s derivatives market and content franchise to its client base in Asia Pacific (APAC).  

“I’m excited to join Cboe at a time when derivatives adoption is accelerating globally, especially in the APAC region,” Liao said.  

“Cboe’s Derivatives Market Intelligence group has built a reputation for its unparalleled market insights and strong commitment to client engagement – earning a wide following among institutional and retail investors, media, and other industry participants alike. I look forward to expanding on the team’s work, deepening our impact in APAC and helping our clients here navigate today’s complex markets with actionable, data-driven insights.” 

Liao brings 15 years of macroeconomic research, trading and portfolio management experience to the new role, and before joining Cboe, she worked as a portfolio manager at CQS Asset Management.  

Prior to this, she was also the founder and manager of derivatives-focused hedge fund, Watercourse Macro Found.  

Mandy Xu, global head of derivatives market intelligence at Cboe said:  “APAC is a key region where options and futures are gaining rapid momentum among both institutional and retail investors, and with that, we see a significant opportunity to serve this market through expanded data access and client education.  

“With her background as a portfolio manager and trader, Wei brings deep market expertise, a seasoned practitioner’s perspective, and a client-first mindset – all of which are critical as we work to close the education gap and support the region’s next phase of growth. I’m thrilled to welcome her to the team.” 

Liao confirmed her position in a social media announcement.  

The post Cboe appoints new derivatives market intelligence director appeared first on The TRADE.

Catherine Clay

Cboe said the product aligned with its vision to drive expansion in the digital assets markets.  

The launch marks a step forward in the exchange operator’s collaboration with FTSE Russell. 

“This launch comes at a pivotal time as demand for crypto exposure continues to grow and market participants are increasingly seeking more capital-efficient and versatile ways to gain and manage that exposure,” said global head of derivatives at Cboe, Catherine Clay. 

“Many of our customers are already utilising Cboe’s full suite of bitcoin products – whether the spot US bitcoin ETFs listed on Cboe’s equities exchange, our cash-settled Bitcoin ETF index options, or defined-outcome ETFs that hold those options. These new futures will be the latest addition to continue evolving our bitcoin product ecosystem and providing traders with even more tools to navigate the digital assets market.” 

The new XBTF futures follow Cboe’s recently launched options on its Bitcoin US ETF Index, aimed at delivering greater access to tools to execute trading and hedging strategies related to bitcoin.  

Cboe said that the products can be used together to carry out more advanced trading strategies, or on their own to manage bitcoin volatility.  

Cboe has continued to expand its digital asset offering in recent years, including listing US spot bitcoin and ether ETFs on its Cboe BZX equities exchange and launching the first cash-settled index options related to the price of spot Bitcoin in December 2024.  

Shawn Creighton, director, index derivatives solutions at FTSE Russell, an LSEG business, said: “We’re delighted to be working with Cboe on the expansion of its bitcoin product ecosystem, with the introduction of futures based on the FTSE Bitcoin Index. We have established an industry standard for assessing underlying digital asset and exchange inclusion, and our rigorous vetting and monitoring process is designed to help ensure our indices are reflective of the investable digital assets market.” 

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Speaking in an announcement today, Aquis highlighted “economic reasons” as their motivation behind pulling out of the joint venture. 

Speaking to The TRADE, a spokesperson for Cboe Europe said: “We have worked closely with Aquis to explore, via the SimpliCT joint venture, participation in the public tender process to operate the EU equities consolidated tape. However, after careful consideration we have together decided against proceeding any further.
 
“We remain strong advocates for the tape and, its potential to strengthen the EU market ecosystem, by helping to drive a more competitive, integrated and attractive EU market and offering choice and flexibility to market data consumers. We remain committed to supporting regulators and the industry to help deliver a tape that meets users’ needs.”

Read more: Will the European equities tape tender process end up as a one-horse race?

The update follows news that SIX would be acquiring Aquis, as announced 11 November 2024. SIX is one of the 14 exchanges backing EuroCTP (first announced in the third quarter of 2023) as its shareholders.

At the time of the Aquis deal being announced, it was reported that SIX could potentially withdraw from the EuroCTP consortium.

Speaking at the time, SIX said that following completion of the acquisition, “if Aquis continues to explore or is pursuing a bid to perform the equity consolidated tape provider role, SIX intends to withdraw from EuroCTP, the consortium for the consolidated tape provider role that SIX is participating in”.

Read more:  SIX agrees to acquire Aquis Exchange 

Named SimpliCT, the Cboe and Aquis venture was announced in October 2024 and set to be a co-owned Netherlands-based company seeking to leverage the expertise of its founders to develop a “best-of-breed equity CT”.

However, the potential bid for the European equities consolidated tape now – at least publicly – is back to being a one-horse race, with EuroCTP the only other confirmed interested party.

Read more:  European exchanges launch JV for CTP tender

The European Commission has mandated the creation of a single entity to operate a real-time pre- and post-trade CT for equities for five years as part of the Mifir Review, which came into force in April earlier this year – the official selection process will begin this June, the European Securities and Market Authority (ESMA) previously confirmed.

The successful applicant is set to be announced by the end of 2025.

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The main trend we’re observing is the increased demand for market data globally, particularly from international investors wanting access to US and European markets. In the third quarter of this year, Cboe saw 40% of our data sales coming from outside the US and we expect that to continue.  

This demand is being driven by global interest in the US market – investors want access to the outperformance of stocks like the ‘magnificent seven’ – as well as the expansion in retail trading across the globe. In Europe, we recently published our first retail survey with The Options Institute, Cboe’s education arm, and the results suggested a strong interest in exchange-traded equity options but that more education is needed. This could signal a shift of European retail investors from OTC leveraged products like CFDs to exchange-traded derivatives. Both trends are necessitating access to robust and reliable market data.  

Also, we’re seeing notable demand for our European equities data in Asia Pacific, as brokers look to offer a broader range of securities to their customers. Our strong market share in European equities and high levels of market quality makes our data attractive to these firms. 

What are some of the changes impacting how market participants are consuming market data, both in Europe and globally? 

As we look to enhance the distribution of our data globally, it is becoming even more apparent that customers want to consume data as seamlessly and efficiently as possible. One way to achieve that is by offering flexibility in the way customers access data. At Cboe we do that by making our own data available through various delivery mechanisms, including via cloud, helping to ensure lower infrastructure costs for those consuming it. Our North American, European and APAC equities data is available via the cloud, and we’ll be looking to bring on more content to meet the growing demand we’ve seen.  

The other change that will impact consumption in Europe is (finally) the introduction of a consolidated tape for equities. Incumbent European exchanges, through their operation of closing auctions and in the absence of a consolidated tape, enjoy a dominant position in the provision of market data to the institutional community. We believe the introduction of a real-time pre- and post-trade consolidated tape in both the EU and UK will be key to introducing a competitive dynamic in the provision of market data. It’s one of the reasons we launched SimpliCT in conjunction with Aquis Exchange to explore a bid for the CTP.  

Finally, there is also new regulatory technical standards from ESMA on what constitutes “reasonable commercial basis”, the principle by which market data is to be priced by EU exchanges. The final text came out this week and whilst the industry is still analysing what it may mean, it has the potential to change the market dynamic and licensing constructs we’re all familiar with today. All in all, 2025 will be an interesting year in Europe!  

What are some trends you expect to see in 2025 when it comes to market access? 

As with market data, customers are looking for better, globally consistent and more efficient services from their key providers when it comes to market access. Something that we have been really focused on is offering an enhanced access layer architecture for equities and options markets across the globe. 

Cboe has presence in 27 markets across five asset classes and all those markets now sit on one common technology platform (except our Canadian exchange, set to be migrated in 2025). One of the benefits of having a single technology platform is the efficiency and globally consistent experiences it allows us to offer. It creates an ability for us to launch something in one region and then easily replicate it in another. For example, ‘dedicated cores’ allows members and sponsored participants to host their specific logical order entry ports on their own CPU core(s), rather than sharing a core(s), which reduces latency, enhances throughput and improves performance through increased determinism. Dedicated cores is an optional service and Cboe will continue to offer shared access, as some customers will always want that service. 

We rolled this service out in US earlier this year and are now in the process of expanding it to Europe and Australia.  

What areas of the business is at the fore of Cboe Data Vantage’s priorities for 2025 and beyond?  

Cboe’s newly branded Data Vantage division better reflects the broad spectrum of services that were formerly part of our Data and Access Solutions business. Our priority is to continue to meet demand for data, access and analytical services through our three distinct pillars: risk and market analytics, Cboe global indices and market data and access services, along with the newly defined client experience arm, which will help our clients navigate the evolving landscape. 

We see Europe and APAC as key areas of growth for this business. Given that data is a precursor to trading, our focus is to leverage Cboe’s leading position in multiple asset classes around the world to export our data globally and import trading into our markets.  

There are lots of exciting projects on the horizon. One trend we’re leaning into is the desire of participants to consume more data and insights through cloud-based marketplaces rather than file-based delivery. As a result, Cboe offers a range of delivery methods for its historical and derived datasets and recently we made some of that data available within Snowflake to increase access to that data. We’re working with other vendors such as Google and AWS to do the same thing. 

Another significant trend we’ve seen in the US and has the potential to take off in Europe is the rise of defined outcome ETFs, an ETF with a derivative overlay with a defined upside whilst offering downside protection. Our Cboe Global Indices business has been a leader in this space and has developed the capabilities to deliver some interesting indices for our customers and issuers.

The post Fireside Friday with… Cboe’s Stephen Dorrian appeared first on The TRADE.

The product will be available beginning 2 December and exclusively listed and traded on Cboe Options Exchange.

The options will be SEC-regulated and based on the new Cboe Bitcoin US ETF Index.

“Our new suite of options on the Cboe Bitcoin US ETF Index offers a timely and compelling solution for traders to efficiently gain exposure to spot Bitcoin,” said Rob Hocking, global head of product innovation at Cboe.

“We expect the unique benefits of cash-settlement, combined with the availability of various index sizes and FLEX options, will give customers more flexibility in their trading strategies. Our index options offer a unique value proposition that we believe will appeal to both institutional participants and retail traders alike, who are looking to capitalise on or hedge against Bitcoin’s price movements without directly holding the asset.”

Options on the Cboe Bitcoin US ETF Index means that users gain exposure to spot Bitcoin ETFs – and indirectly to Bitcoin itself.

As well as cash settlement, these index options will offer European-style exercise, exercisable only on the expiration date and eliminating the risks of early assignment.

Cboe also plans to offer Cboe Mini Bitcoin US ETF Index options, as well as cash-settled FLEX options on both the Cboe Bitcoin US ETF Index and the Cboe Mini Bitcoin US ETF Index.

Adam Inzirillo, global head of data and access solutions at Cboe, said: “This latest initiative showcases the strength of Cboe’s exchange ecosystem – from listing and trading spot Bitcoin ETFs on our US equities exchange, to generating data that drives index creation, and now launching innovative tradable products like Cboe Bitcoin US ETF Index Options.

“Our ability to leverage the full breadth of our platform to continually bring new solutions to market is a key differentiator for Cboe and a major benefit to our customers.”

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Fredric Tomczyk

In particular, cash and spot markets were a key driver of the increased revenue, with significant improvement and net revenues up 15% year-on-year. Derivatives trends were also impressive, up 11% since the same time last year.

Fredric Tomczyk, Cboe Global Markets’ chief executive, said: “The second quarter results illustrate the durability of the Cboe business model […] I am incredibly pleased with the progress we continue to make as we work through our strategic review.

“Each component of our exchange ecosystem performed well during the second quarter, and we are well positioned for the second half of the year.”

Read more: Fireside Friday with… Cboe Global Markets’ Jon Weinberg 

When it came to options, the exchange posted a net revenue of $306.7 million, up $23.5 million – 8% – since Q2 2023. Notably, Cboe’s options exchanges had total market share of 31.2% in the quarter, compared to 33.3% a year ago, which the exchange put down to “a result of lower multi-list market share as compared to the second quarter of 2023”. 

Futures net revenue also increased, though to a lesser degree, with the area up $5.6 million year-on-year thanks to a reported increase in net transaction and clearing fees.

In addition, Cboe’s global FX record net revenue increased 11% for the same reasons. 

The exchange’s FX market share was 20.2% in Q2 2024, up from 19.5% a year ago. 

Read more: Cboe confirms plans for credit futures product expansion

Elsewhere, North American equities also increased  by 8%,  with a record net revenue of $98.3 million. This was also down to higher net transaction and clearing fees, as well as proprietary market data fees, and access and capacity fees.

“Net transaction and clearing fees increased by $7.0 million, or 25 percent, compared to the second quarter of 2023. The increase was driven by stronger US exchange and off-exchange net capture rates, as well as stronger volumes and market share in Canadian Equities as compared to the second quarter of 2023,” explained the exchange.

In April this year, Cboe announced the realignment of its digital asset business, confirming plans to transition digital asset derivatives trading and clearing into existing derivatives and clearing business lines. 

The move is dependent on a regulatory review, and has contributed to a winding down of trading on the Cboe Digital spot digital asset trading market.

Speaking to the future outlook, Jill Griebenow, Cboe Global Markets’ executive vice president and chief financial officer, asserted: “Moving forward, we anticipate organic total net revenue growth to finish in the 6-8% range, up from our prior guidance of the higher end of 5-7%. We are reaffirming our Data and Access Solutions organic net revenue growth range of 7-10%, but anticipate finishing at the lower end of the guidance range.

“Additionally, we are reaffirming our full year adjusted operating expense guidance range of $795 to $805 million. We have produced strong results for the first half of 2024 and look forward to delivering durable returns for shareholders in the quarters ahead.”

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