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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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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Niki Beattie

“There is little basis for most of the feedback and […] and many of the comments are surprising, given that they are based on, and sometimes contradict, the exchanges’ own publicly available information,” said MSP in its latest report.

Among the most vocal in their responses to MSP’s February report entitled ‘There’s No Market in Market Data’ were Euronext, LSEG’s Turquoise and the Federation of European Exchanges (FESE). Wednesday’s comments focus on these three entities.

MSP’s original conclusions suggested that exchanges were supplementing suffering equity market revenues with soaring market data prices, despite the accusation of there being ‘no specific costs for producing market data’.

Exchanges immediately hit back, calling the findings “inaccurate” and “misleading”. However, in today’s latest report, MSP has individually responded to every complaint, reaffirming its original stance and calling for action by regulators.

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

“Market data pricing should reflect exchanges’ actual fixed costs of production – not arbitrarily capitalise on consumers’ variable usage and dissemination patterns,” said Niki Beattie, chief executive of Market Structure Partners.

“When these unjustified charges are removed, the facade of a standalone market data business crumbles, confirming our original conclusion that data is simply a by-product of trading.”

There are some areas where MSP has re-clarified figures. In Wednesday’s report, the market structure specialists acknowledge specific feedback from exchanges regarding Turquoise and LSE disclosures, as well as Euronext’s reporting methodology, where they presented their 2020 market data revenue (MDR) percentage against total group revenue rather than total trading revenue, as required by regulation.

However, it has reiterated that despite these areas of feedback, the conclusions of its original findings have not changed.

The exchanges

Euronext made several complaints against the original report. However, most central was the suggestion that the basis for its conclusion – namely that exchanges offsetting declining equities volumes with market data cost increases – was incorrect.

“The report claims that the share of market data revenues over the total revenues of Euronext has increased from 11% to 19%, when in reality […] this ratio remained stable over the period at 11%,” said Euronext in its response to the original report.

MSP in Wednesday’s findings acknowledged that the 2020 disclosure had a denominator footnote that it had not seen and that it would update the report to include this.

Read more – Some exchanges pocketing nearly £5 billion from ‘inexplicable’ market data price rises, finds report

It reiterated however, that: “it does not change the fact that the disclosures in the following years used a more correct denominator which shows that market data revenue is increasing as a % of total trading revenue and that this has risen from 17% in 2021 to 19% of total trading revenue by 2023.”

Euronext also took issue with the fact that it was not contacted for the report, that it was inaccurate as it did not reflect Euronext’s acquisition of three new markets, and that it was an incorrect representation of Euronext’s customer base.

In response to these claims, Beattie and Market Structure Partners have reiterated that the report is based off of publicly available data, that the exchange had no issue with similar figures and findings used by Oxera in their reports in 2024, and that a universal definition of a customer should be agreed upon across venues and that a customer count should be disclosed on an annual basis.

The exchange also took issue with the examples used through either suggesting they were erroneous, unrealistic or unrepresentative. MSP’s report addresses the findings and reiterates its original methodologies.

The need for industry-wide dialogue

“The intensity of debate following the report’s publication only reinforces its significance and the need for a constructive industry-wide dialogue about creating markets that work efficiently for all participants,” said Mike Bellaro, chief executive of Plato Partnership.

Plato Partnership co-commissioned the original independent study published by MSP.

Also vocal in their rejection of the February findings was LSEG’s Turquoise. The trading venue took issue with several areas, including that the report misrepresented its volumes by suggesting they had decreased, misrepresented its pricing and was “flawed” with respect to documentation published by LSEG venues, grouping Turquoise with other primary exchanges instead of other pan-European MTFs.

MSP said in its response that it had only used Turquoise market data revenue disclosure figures as it could not find LSEG ones. MSP has subsequently removed Turquoise’s disclosure information and replaced it with LSE’s 2019 – 2022 disclosures.

“As stated, exchange disclosures are hard to find and, in the case of LSE, are published two years in arrears,” said MSP.

“We have since been provided with LSE disclosures and, therefore, retract the statement that only Turquoise Europe makes reasonable commercial basis disclosures. We propose to replace the Turquoise disclosures with those of LSE, so that all exchanges are compared on a like for like basis.”

It does, however, reinstate that despite the new figures it does not change the original findings released in February suggesting “MDR [market data revenue] growth has far outstripped the changes in turnover”.

Similar to its response to Euronext, MSP has flagged that LSEG’s Turquoise did not take issue with similar figures published by Oxera in its 2024 report.

LSEG’s Turquoise also took issue with MSP’s avatar used to simulate some of its findings in its original report, suggesting that it had created exaggerated figures. It also suggested that MSP had not taken into account that Turquoise had waived certain charges including private investor data charges throughout the acclaimed period. MSP’s report addresses these claims.

FESE response

FESE’s complaints with the report included that it contained factual errors, its proprietary method had been “tweaked”, contained issues around the calculation of data fee increases and had unfounded assumptions on IT infrastructure expenditure.

The association also took issue with MSP’s insufficient reasoning for price list expansion and misleading claims of unfair behaviours against direct competitors.

MSP’s Wednesday response suggests many of these claims are “unsubstantiated noise”.

Similar to its response to Euronext and LSEG, the firm has questioned why FESE took no issue with Oxera’s findings in 2024 – also noting that these had changed significantly from 2019 without any explanation.

MSP said Oxera claimed in 2019 the MDRs were ‘stable’ at €245 million, but in 2024 it revised the MDRs up to €298 million. “This is not a small tweak. It is a 21.63% increase […] which does not suggest revenues are stable, but there was no explanation of recognition of this change,” said MSP on Wednesday.

Regulatory recommendations

Beattie and MSP have suggested a list of recommendations that regulators should implement going forward to avoid any future lack of correlation in the numbers. Namely: ESMA and the FCA should keep an up-to-date repository of all trading venue and data service provider market data disclosures for their respective regions.

Trading venues and data service providers should log their disclosures in the repository of their respective regulators and should publish disclosures as soon as their annual accounts are published for the previous year.

The report also suggests that disclosures should be checked for consistency, that the definition of customer should be agreed and that cross-referencing disclosures to annual accounts should be possible and links should be explained.

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The pair have been in partnership since 2016. The deal brought the newly rebranded Turquoise Plato to market with the aim of developing efficiencies in the European equities block trading space.

The reason behind the termination is unconfirmed. Plato and Turquoise declined to comment beyond their provided statements.

“Plato Partnership and Turquoise have worked together to drive innovation and positive change within the equities marketplace,” said Mike Bellaro, chief executive of Plato Partnership in a statement on Thursday.

“Though our commercial partnership has come to an end, the collaboration has achieved positive change in block trading and market efficiency.”

Under the umbrella of the partnership, Turquoise Plato Block Discovery won The TRADE’s award for Outstanding Block Trading venue at Leaders in Trading in 2017.

In the same year it launched Turquoise Plato Lit Auctions.

Adam Wood, CEO of Turquoise Global, LSE said in a statement: “We thank Plato for a successful partnership that has helped bring efficiencies to the European equities market. Turquoise will continue to engage closely with the buy-side and sell-side to develop best practice guidance and deliver increased efficiencies in anonymous European equity block trading.”

Several years after its initial agreement, Turquoise Plato launched its Trade At Last functionality in 2020 which allows traders to submit firm and conditional orders for an additional ten minutes after the closing auction has completed its price formation process and published the official closing price at 4.35 pm.

“As a buy-side participant, I have seen first-hand the progress made through our partnership with Turquoise. Together, they have made great progress in block trading, enhancing liquidity and trading opportunities for the buy-side community,” said Simon Steward, buy-side chair of Plato Partnership, in a statement on Thursday.

“Plato will continue to champion initiatives that meet the evolving needs of buy-side participants, ensuring that our market remains dynamic and efficient. Our ongoing projects, such as addressing high market data costs and exploring innovative US trading mechanisms in Europe, will continue to drive our mission forward.”

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Upwards of 30% of volumes now take place in the Closing Auction in Europe. This Editors’ Choice category – which is new to Leaders in Trading 2023 – is designed to celebrate those venues most committed to innovating the final portion of the trading day to help their clients meet the new demands of the market as this trend continues to develop.

Among the key players in this landscape, The TRADE has selected Aquis Exchange, Cboe Global Markets, SIX Swiss Exchange, and LSEG’s Turquoise for the 2023 shortlist, following various individual achievements over the last 12 months.

Aquis Exchange

Aquis Market at Close has gained significant traction over the course of the last 12 months, now operating in 14 markets and representing 5% of all value traded across Europe in the Close. It is now the largest alternative closing auction mechanism in Europe. 

Aquis’ MaC operates according to a sequential four-phase execution process. According to the exchange, MaC minimises user risk by rejecting or cancelling orders for a stock if the market-of-listing auction for that stock is extended or cancelled. While clearing and settlement on the mechanism takes place in the same way as other executions on Aquis, members can also choose to enable clearing suppression for trades matched against themselves.

In the past year, Aquis added a third client to the MaC and launched a new pricing model aimed at giving members the option to trade at 0.1bps. “This opens up the offering to the wider market, with particular appeal for smaller firms,” the venue confirmed. As an alternative to the primary exchanges, the MaC brings greater competition to the closing auction sphere. The venue claims that clients save 80% of the costs of trading in the close on the primary when using the MaC.

Cboe Global Markets

Launched in Summer 2020, Cboe Closing Cross (3C) is a mechanism aimed at allowing traders to continue trading after market close in Pan-European markets for a 25-minute window. It’s designed as an alternative to closing auctions which have continued to surge in popularity, particularly in Europe, in recent years.

Cboe Closing Cross allows members to enter limit orders into frequent or periodic auctions that run every 15 seconds. The system claims to avoid the complexity and costs associated with other end of day trading sessions, instead offering a “one stop solution for customers looking to execute their post close trading activities across 18 European markets.”

Unlike other closing mechanisms available it does not utilise order lock ins, allowing for greater flexibility around cancellation at any time which reduces risk for users. It also boasts full order book transparency including pre-trade in its data feed and indicative crossing summaries, meaning all market participants can see in price and size or quantity in real-time for all price levels that are predicted to execute in the cross.

In the US, Cboe has a separate alternative to primary market closing auctions and off-exchange venues for execution of Market-On-Close (MOC) orders, named Cboe Market Close (CMC). Also launched in 2020, members can route MOC orders to CMC, where they are pre-matched with other MOC orders at 3:49 pm Eastern Time. CMC will publish its matched shares following the cut-off time. The trades are then executed when the official closing price is published, saving participants from paying closing auction fees charged by the primary listing market on orders that are not price forming.

SIX Swiss Exchange

SIX Swiss Exchange launched a new functionality to protect asset managers from market impact when executing large orders at the Close, in April. Named the Closing Auction Volume Discovery (AVD), the new functionality is built on SIX’s dark pool SwissAtMid and has a hidden order type that supports discrete submission of liquidity into the auction that was previously withheld or place on alternative venues. The new functionality brings the hidden liquidity into the SIX Swiss Exchange order book where it’s executed if it’s flagged.

This liquidity AVD automatically checks whether there is a buyer on the other side of the market that wants to buy or sell the shares. If a match is found at the closing price, the two counterparties will be automatically matched without impacting the closing price. If a match is not found then there is no trade, but the order is still never disclosed to the market.

The exchange claims the new offering enhances speed of execution, meaning firms can now execute in one session as opposed to taking four or five days to unwind. Speaking to The TRADE at TradeTech Europe 2023 Simon Mason, head of equity products for UK and Ireland at SIX, said the new dark order is designed to help buy-side users minimise their market impact while also still making the best of the Closing Auction.

Turquoise

Launched in 2020 as part of a collaboration between the London Stock Exchange Group and not-for-profit group Plato Partnership, Turquoise Plato Trade At Last is a mechanism whereby investors can seek further liquidity following the closing auction of LSEG’s primary market – or the relevant European primary market for their securities.

The Trade At Last mechanism allows traders to submit firm and conditional orders for an additional ten minutes after the closing auction has completed its price formation process and published the official closing price at 4.35 pm.

This is done via a dark undisclosed execution channel. “We are able to do this whilst respecting the necessary price formation process of the primary venue,” the exchange group confirmed. Turquoise Plato Trade At Last recorded the most active day of the year so far on 20 April with €5.4mn traded through the functionality and recorded its second largest ever trade on 14 August. In H1 2023, over €53 million (single) were executed on Turquoise Plato Trade at Last, 47% higher than the total value traded in the whole of 2022.

The post Leaders in Trading 2023: Meet the nominees for…Best Innovation at the Close appeared first on The TRADE.

BlackRock promoted Robert Mitchelson to a new position as EMEA head of fixed income and FX trading. Mitchelson is a longstanding BlackRock stalwart, serving as EMEA head of rates trading in the London office for the past years, and holding the role of senior rates trader with the firm for 15 years previous, bringing his total time with BlackRock to nearly two decades. He started his career as a rates and FX trader with Credit Suisse Asset Management, where he spent nearly eight years. 

JP Morgan appointed Oliver Hyde as vice president, equities trading. Hyde was promoted to the role after spending nearly seven years at the firm in a variety of roles. Hyde has served as an equities trader for the past four years and prior to that, spent a year in an equities sales position. He originally joined JP Morgan in 2016 as a summer analyst, after which he became Warwick University Campus Ambassador for the markets division at the bank, incorporating sales, trading and research. Before joining JP Morgan, Hyde served as an intern at a variety of firms including Nomura, Credit Suisse and ICAP.

Mizuho Americas appointed a former Jefferies fixed income specialist to expand its reach and remit in the asset class. Jonathan Bass was appointed as managing director and head of relationship management for fixed income at Mizuho Americas. He joins Mizuho after most recently serving at Jefferies as global head of senior relationship management and global head of fixed income distribution, also based in New York. Prior to joining Jefferies in 2014, Bass spent several years in fixed income and distribution focused roles for the Americas at BNP Paribas, MF Global, BTIG Investment Group, UBS and Citigroup.

Kepler Cheuvreux appointed Jean-Pierre Ané as managing director, deputy group general manager, head of business development. Ané was promoted to the role, having served at Kepler for the last twelve years, most recently, as deputy head of Kepler Cheuvreux Solutions (KCS). Prior to his most recent role, Ané served as head of financial engineering and as a structure. Before joining Kepler, he spent four years at Credit Agricole CIB as an interest rate and hybrid structurer. Prior to that, Ané spent a year at UBS in a wealth management research position.

Elsewhere, Kepler Cheuvreux welcomed Athina Trika to its execution sales team, based in London, to help the firm grow its execution footprint and expertise. She was previously securities trading senior manager, buy-side and business development at the London Stock Exchange Group (LSEG), before which she held various other positions with the group including buy-side relationship manager, business development manager for equities and derivatives, and sales associate for fixed income. She joined LSEG in 2011, prior to which she worked in research for the Greek Ministry of Foreign Affairs. 

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Adam Wood has been appointed global chief executive officer and head of equities trading commercial proposition, reporting to LSEG’s chief executive officer Julia Hoggett, according to an internal memo seen by The TRADE.

Wood had previously been serving as head of Turquoise Europe and securities trading specialist sales, joining the MTF in 2019. Prior to joining Turquoise, he was director of prime brokerage sales at BCS Global Markets.

Previously in his career, Wood also served at ABN Amro Clearing, the London Stock Exchange and spent a period as a trader at Trafalgar Financial Futures.

He replaces long standing Turquoise chief executive officer, Dr Robert Barnes, who left the venue at the end of last year after nine years in the saddle. During his tenure at the helm of the pan-European trading platform, Barnes has built out Turquoise, adding initiatives such as the agreement with the Plato Partnership to rebrand its block trading and uncross services, a relationship which has facilitated over €1 trillion in equities traded.

His departure came alongside that of head of sales and platform distribution for securities trading at LSEG, Scott Bradley, as the exchange group looked to simplify its leadership across asset classes.

The exchange moved into FX for the first time at the start of 2021 as part of its landmark $27 billion take over of Refinitiv, and into the digital assets realm at the through its acquisition of trading technology provider, TORA, in early 2022.

Read more – Dr Robert Barnes is voted The TRADE’s first Industry Person of the Year

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Perhaps one of the biggest stories to break at The TRADE this year was the departure of industry legend Dr Robert Barnes from his role as chief executive officer of the London Stock Exchange Group’s Turquoise.

Announced on the eve of Leaders in Trading 2023 on 2 November, Barnes’ departure was followed by his being named as The TRADE’s first Industry Person of the Year in a live vote on the night. Upon collecting the award, he received a standing ovation from the room after giving an impromptu but inspirational speech.

Barnes departs from LSEG’s MTF at the end of this year after serving as its chief executive officer for the last nine years. He joined in 2013 to replace Natan Tiefenbrun following his departure for Bank of America Merrill Lynch. Previously, Barnes was the founding CEO of UBS MTF. Under his tutelage, UBS MTF became the largest dark MTF in Europe, competing against fellow leading venue the CXE dark pool, operated by BATS Chi-X Europe. He also previously sat on the Securities Trading Committee for the London Investment Banking Association, serving as chairman from 2004-2009.

It is not yet known where his next move will be or who will replace him. Scott Bradley was also announced as a departure from the London Stock Exchange Group (LSEG) as the trading venue looks to simplify its leadership across asset classes.

The TRADE is renowned for its people moves page and so it’s no surprise that up next up in our most read stories for 2022 was the news that hedge fund Millennium had selected a former Morgan Stanley executive, Grant McAllen, to take on a new trading role in June.

McAllen joined the hedge fund after most recently serving at Morgan Stanley for the last eight years as part of its MSET – Morgan Stanley Electronic Trading – platform. Prior to joining Morgan Stanley in 2014, McAllen spent three and a half years at Barclays Capital in a client onboarding and equities trading services role and a year at Instinet and Fidessa in FIX connectivity-focused roles.

At number eight in The TRADE’s most read stories for this year was the announcement in January that BNP Paribas had completed its transfer of Deutsche Bank’s global prime finance and electronic equities business two and a half years after agreeing the deal.

BNP Paribas agreed to take on Deutsche Bank’s clients in July 2019 after the German institution confirmed it would exit equities sales and trading and prime finance in a major restructure. Almost $200 billion of assets was expected to move to BNP Paribas as part of the deal.

The combined unit – along with the referral of clients from Credit Suisse – was predicted to proposal the bank into the top tier of prime brokers: alongside the likes of Goldman Sachs, JP Morgan and Morgan Stanley. In November 2021, Credit Suisse signed a referral agreement with the French bank for its prime services and derivatives clearing customers following its exit from the business stemming from the Archegos debacle.

Market maker Citadel Securities took the number seven spot for most read stories at The TRADE in 2022, with the news that it had forked out $2.6 billion in 2020 and 2021 for payment for order flow (PFOF) annually.

According to 606 reports gathered by the US’ Securities and Exchanges Commission (SEC), Citadel Securities spent the most on PFOF, following by Susquehanna (G1X global execution brokers), which spent a $1.5 billion and Virtu which spent $654 million in the same period.

The story proved to be a timely one as regulators across the globe have begun to pay more attention to the practice following lobbying from participants throughout the course of this year. It’s proved a contentious subject globally, with regulators in Europe and the US exploring the possibility of limiting the practice as some claim it does not channel flow – much of it coming from the mushrooming retail segment – based on best execution.

While the US looks like it is no longer planning to place a blanket ban on PFOF, the proposed limit of the practice is still very much on the table in the UK and Europe. How this plays out remains to be seen.

Check back in tomorrow for our most read stories of the year from six through to four.

The post The TRADE’s most read stories of the year part one: Major departures and acquisition milestones appeared first on The TRADE.

Cboe Global Markets named Iouri Saroukhanov as its new head of European derivatives. Based in London, Saroukhanov will oversee Cboe Europe Derivatives (CEDX), reporting directly to Natan Tiefenbrun, president of Cboe Europe. Saroukhanov replaces Ade Cordell, who will become president, Asia-Pacific, overseeing the business operations of Cboe Australia and Cboe Japan (formerly Chi-X Asia Pacific), alongside holding responsibility for the company’s further expansion into the region. Saroukhanov joined Cboe Global Markets from Bloomberg, where he served as equity derivatives specialist over the last six months. Prior to Bloomberg, Saroukhanov spent nearly 16 years at Liquid Capital Group, most recently as senior trader on the Euro STOXX 50 derivatives desk.

Jupiter Asset Management promoted one of its own, Mike Poole, for the role of head of trading. Poole was appointed to the position after serving at Jupiter Asset Management for nearly 18 years. Originally joining Jupiter in 2005 as a dealer, he later moved to the newly created centralised fixed income dealing desk in 2010 to start trading high yield, investment grade, fins, rates, convertible bonds, government bond futures and FX. He was promoted to his most recent role as head of fixed income dealing in 2017. Prior to joining Jupiter in 2005, Poole spent a year at Barclays Wealth as a portfolio manager.

Former senior abrdn dealer, Matthew Drake, joined UBS Asset Management as an equity execution trader, based in London. He joined the asset manager after spending the last 16 and a half years at abrdn, joining in 2006 as a portfolio analyst for pan-European equities and later becoming an equity dealer in 2008.

Numis Securities appointed James Crammond as a member of its electronic sales and trading team, headed by Nishad Vallonthaiel. Crammond joined the firm from Olivetree Group, where he served as a sales trader for the past year. Before that, he held the same role at Louis Capital Markets UK. Previously in his career, Crammond spent seven years at Liquidnet Europe as an algorithmic trader. In addition, he spent nearly 10 years at HSBC as head of its financial sector. Other previous roles include serving as portfolio manager at Apex Capital Markets, and head of equity trading at BGC Partners.

The post People Moves Monday: A major farewell appeared first on The TRADE.

Dr Robert Barnes

Turquoise CEO Dr Robert Barnes was named Industry Person of the Year last night following a vote by almost 300 attendees of The TRADE’s annual Leaders in Trading. 

The new awards category for 2022was voted for by ballot throughout the evening by all dinner guests, with the votes collected and counted at the end of the night.

Other nominees included Alasdair Haynes, CEO of Aquis Exchange (which won Outstanding Equities Trading Venue); Simon Dove, managing director, head of EMEA liquidity strategy at Instinet (which won Outstanding Trading Technology Provider); Virginie Saade, EMEA head of government and regulatory policy for Citadel; and Natan Tiefenbrun, president of Cboe Europe (with Cboe Global winning Outsanding Exchange Group).  

Dr Barnes, who has served as CEO of London Stock Exchange Group’s MTF, Turquoise, since 2013, won the evening’s vote by a substantial margin. Upon collecting the award, he received a standing ovation from the room, marking the respect and affection in which he is held by the industry. He also gave an impromptu but inspirational speech, marked by quotes from Mohammed Ali.  

Dr Barnes is set to step down as Turquoise CEO by the end of the year, as reported yesterday by The TRADE.  

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