Jesse Forster

When it comes to the industry’s opinion on “new innovative trading venues”, the latest Coalition Greenwich report found that an overwhelming 91% of both US low-touch brokers and their buy-side clients have between “a little” and “a lot” of interest in the venues. 

This huge number is understandable given the significant amount of all US equity volume being executed on ATSs. With institutional trading contributing around 33% of overall equity market volumes, the conclusion is that half of all liquidity needs are currently being fulfilled on ATSs.

Speaking to the rise of ATSs – thanks in large part to their established focus on execution quality above all else – one electronic trading head based in the US told Coalition Greenwich: “They solved for performance, now they just need to solve for liquidity”.

Read more: Data arms race heats up as venues and vendors eye buy-side business through new initiatives 

Delving deeper into the data, 38% and 53% of US low-touch brokers showed “a lot” and “a little” interest respectively, compared to 28% and 63% respectively on the buy-side client side.

Speaking to the motivators, one surveyed sell-side head asserted: “The buy side wants to see us trading there. They expect us to be experimenting with them with different types of orders under different conditions in different times of the day.”

This is arguably a straightforward supply and demand situation. With market sentiment shifting, many across the market are crediting the new generation of traders with driving change thanks to their new age thinking and openness to new ideas and innovations.

Trading venues are continually having to adapt as liquidity gets more and more fragmented – a key challenge when it comes to ATSs. However, it is apparent that key market participants on both the buy- and sell-side are highly cognisant of the importance of not falling behind the curve of change. 

As the landscape develops at an ever-faster pace, it is only logical that so too will the means by which trading is executed.

Jesse Forster, head of equity market structure and technology at Coalition Greenwich, explained: “ATSs are incubators in a market structure laboratory, with less stringent rule sets than exchanges. The ATSs gaining traction today have sparked a hunger for further innovation, paving the way for the next generation of groundbreaking trading venues to emerge.”

Coalition Greenwich’s ‘the innovators: how and why alternative trading systems succeed’ study was based on feedback from Q3 2024 wherein interviews were conducted with equity market professionals in the US working at ATSs, exchanges, asset managers, broker-dealers, fintech providers, and industry associations.

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He joins the firm from Deutsche Bank where he served as a currency options trader.

Prior to this, Roberts spent five and a half years at NatWest Markets, most recently serving as a FX derivatives trader.

Elsewhere in his tenure at NatWest Markets, he worked as a US rates strategies.

Roberts announced his appointment in a social media post.

This latest appointment follows that of Olivia Gassner, who was appointed VP, equity electronic sales trader at JP Morgan earlier this month.

Gassner joined the firm from RBC Capital Markets, where she served in the same role for three years prior to the move. 

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Robert Allen, president of FMX Futures Exchange

Having opened on 23 September, the FMX Futures Exchange is the first US interest rate futures exchange to launch with a fully operational, globally connected trading system, allowing for potential capital savings driven by clearing partner LCH’s cross-margin capabilities.

BGC Group and ten global investment banks and market-making firms announced a partnership in April 2024 to create FMX Holdings which includes the exchange, as well as a spot foreign exchange platform, and a US cash treasuries platform.

“We are pleased ION connected to the FMX Futures Exchange. The combination of the FMX Futures Exchange with LCH will provide clients with choice, innovative execution technology, and potentially significant cross-margin capabilities,” said Robert Allen, president of FMX Futures Exchange.

ION supports FMX across its cleared derivatives front-, middle-, and back-office platforms, allowing banks and brokers using ION’s technology stack to offer clients advanced execution capabilities and clearing services on the new exchange from day one.

Read more: Fireside Friday with… ION’s Edoardo Pacenti

“The joint effort with FMX Futures Exchange demonstrates once again the effectiveness of ION’s front-to-back product strategy: the powerful combination of modern, integrated solutions across execution and clearing removes the technical barriers often hindering market readiness and participation,” said Francesco Margini, chief product officer for cleared derivatives at ION Markets.

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Algorithms, especially when developed and managed internally, can significantly enhance the front-office tech stack. They reduce costs, lower market impact, and increase execution transparency. While the primary perception is that algorithms help investors execute orders efficiently, there’s much more to it.

For instance, the additional data collected by algorithms offers endless possibilities. Storing order book updates received at millisecond intervals in a well-designed database enables high-level back testing. Additional data also provides accurate transaction cost analysis (TCA) and supports various data science and possible AI-driven applications to improve strategies and execution. 

Moreover, algorithms help better understand the market, providing investment managers with valuable information to make more informed decisions. Placing quants directly at the desk creates a high-performance, hybrid workspace that significantly speeds up implementation and optimisation. This setup ensures that both quants and investment managers learn from each other, potentially creating a new and more capable type of quantitative investment manager. 

Finally, using algorithms makes your organisation more attractive to top quants in the labour market. Talented young professionals are eager to work on challenging data and tech projects where they can develop their own innovative ideas.

Are in-house algorithmic execution platforms the way forward?

When I look at the current state of the market and see all the developments taking place, I believe this will be the way forward. In recent years, the possibilities for developing your own applications have increased enormously. Combined with the rise in tech-savvy talent, this creates the perfect environment for companies in the sector to develop their own in-house execution platforms.

Having the ability to manage, optimise, and implement your own algorithms allows organisations to retain all associated knowledge internally. This not only provides a significant advantage over peers but also prepares your organisation for the rapidly evolving digital future. An execution platform also grants direct market access to several liquidity providers. With the newly unlocked data from the execution platform, it becomes easy to determine where and with whom to execute transactions. Adding new trading venues or banks is quicker and more efficient compared to traditional methods.

Additionally, your organisation can respond swiftly to new market developments to stay ahead. Creating an in-house execution platform also enables you to establish a high-standard risk management and governance framework tailored to your organisation’s needs.

All in all, there are ample reasons and movements within the market to encourage this trend.

How can technology be leveraged in a way that allows traders to execute the same procedures for all FX instruments?

There are numerous ways and opportunities to leverage the vast pool of available technological applications to achieve this. Therefore, there isn’t a single, clear-cut answer to this question. Previously, there was a trend where many technological solutions were purchased by organisations due to a lack of skills and manpower to build them internally. Nowadays, more organisations employ talented and well-qualified individuals who can develop these solutions in-house.

This doesn’t mean that everyone in the sector is building their own applications and tools for all FX instruments. However, there is a noticeable trend of organisations starting to create their own direct market access and/or TCA tools, which shows promise for potentially serving all FX instruments and also the non-FX instruments.

The market still needs to take some steps to make this possible. For example, in the FX Swap market, we are seeing initial moves where parties are providing streaming prices, which could enable the buy-side to develop in-house algorithms for FX Swaps.

For now, technology can be leveraged mainly in the pre- and post-trade procedures to execute the same processes for all FX instruments. Post-trade data for all FX instruments is already widely available, if not already stored by your organisation. This data can be used to create in-house TCA tools or back testing engines for all FX instruments, helping to improve execution.

In short, the possibilities are endless, and it is up to your organisation to determine how to best utilise them.

What are the main barriers when it comes to reaching this goal?

First of all, the technology must be made available to your employees and easily accessible for them to work with. This involves addressing several risk management, security and architectural challenges. Therefore, having a reliable IT partner with a high service level is crucial. Once your IT landscape is in good order and set up according to the highest market standards, you need talented and well-equipped personnel. Fortunately, there has been an increase in tech talent interested in the financial sector, so this should not be too big of an issue.

A bigger challenge might be obtaining internal approvals and managing your in-house developed procedures, applications, and tools for all FX instruments. While creating and testing these technological improvements can be done quickly and easily, getting the business to actually start using them can be more difficult. This means you need to establish a robust and widely supported risk management and governance framework in collaboration with your internal risk management department.

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The active investment house with $33 billion offers a range of funds that invest in the UK, Europe, the US and around the world, and selected Northern Trust for a range of asset services earlier this year.

Speaking to The TRADE, Sheenagh Dougall, chief operating officer, Artemis, said: “What ultimately informed the decision was what this could do for our clients and how it could enhance their returns.

“Our centralised dealing desk has done a fantastic job for our business and for our clients, but I think we recognise some of the limitations of having a dealing desk in-house in a firm of Artemis’s size where we can’t do that follow the sun method. We are based in the UK, but we have funds that operate in the US and in emerging market space and, potentially, could we do better in those areas and have better coverage?”

Northern Trust will support all trading activity for Artemis’ equity funds under management and all related over-the-counter and exchange-traded derivatives. The appointment follows a review by Artemis of its operating model intended to help align its operational structure with its strategic growth plans.

Four members of Artemis’ dealing team will move to Northern Trust.

Mark Murray, senior partner at Artemis, said: “Outsourcing our equity and derivatives trading to Northern Trust ensures our continued access to global markets, whilst delivering high-quality liquidity and operational scale, further expanding the partnership and strong cultural fit between our organisations.

“We are confident this extension of service delivers the capabilities and operational resilience we require – supporting our focus on providing outstanding returns and service for our investors, as well as our ambitious plans for the continued growth of our business.”

Northern Trust is on an unprecedented run of securing outsourced trading mandates over the past 12 months, signing deals with True Potential, Waverton Investment Management, 2Xideas and Nedgroup. A major mandate was also secured with Rathbones in April 2023.

“We are excited to be partnering further with Artemis to support their end-to-end requirements for global equities and derivatives trading,” said Glenn Poulter, global head of brokerage at Northern Trust.

“The mandate supports Artemis’ focus on growth and complements our existing relationship: driving efficiencies through our global technology architecture, straight-through-processing and an integrated service proposition – from execution to custody – that now supports the complete lifecycle of its investments.”

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Chris Jackson, Yorke O’Leary

OptAxe stated that it is launching the new venue to address fundamental shortcomings in FX options trading.

According to the firm, increased fragmentation in FX trading now presents substantial position distribution and coverage challenges, and places constraints on effective price discovery and execution options.

Elsewhere, the Uncleared Margin Rule and other regulatory requirements mandating initial margining for all trades have raised cost for FX options businesses, with bilateral trading margin requirements heavily impacting balance sheets. 

OptAxes’s solution sources and consolidates the best interest available in the market, in real-time. Axe inventory is aggregated by OptAxes into a single platform, acting as a multi-issuer venue rather than a multi-dealer platform, with RFQ and counterparty disclosure at the point of execution.

“OptAxe is a fully centralised, regulated venue for liquidity discovery, dissemination and execution that empowers trading participants with actionable insights from centralised liquidity information,” said Chris Jackson, chief executive and co-founder at OptAxe.

“We automate manual, bilateral processes and consolidate available axe inventory into a single platform, effectively acting as a multi-issuer, not a multi-dealer platform, RFQ-based venue”. 

The FCA authorisation follows a two-year process from participating in the FCA’s Pathway Programme to gaining a full trading venue licence, compliant with all the regulatory obligations of an MTF, from operational resilience to surveillance, trade reporting and regulatory data reporting.

“With OptAxe, all market participants can easily access a centralised source of actionable axe inventory with evidence-based pricing that meets the demands of the trading community today and tomorrow,” said Yorke O’Leary, chief operating officer and co-founder at OptAxe.

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Broadridge added that it is also expanding its offerings to include other updated regulatory regimes and asset classes, including the Canadian rewrite scheduled for July 2025 and the Hong Kong rewrite slated for September 2025.

“We anticipate that the regulatory wave will continue, and we are proactively working on behalf of our clients to help them meet their compliance requirements,” said Ben Cooling, general manager, regulatory trade and transaction reporting at Broadridge. 

“The upcoming Canadian and Hong Kong rewrites are part of a global initiative aimed at enhancing the consistency and transparency of derivatives reporting, reflecting similar updates by regulators in the United States, Japan, and Europe.”

Read more: Fireside Friday with… Broadridge Financial Solutions’ Chris Perry

Following the addition of the European Money Market Statistical Reporting (MMSR), Broadridge is developing the US equivalent of SFTR for securities lending, the SEC 10c-1, scheduled to go live in January 2026.

The firm’s solution will also be upgraded to cater for major EU and UK Mifid updates scheduled to be implemented over 2025 to 2027, as well as the final updates to CFTC Dodd Frank Reporting.

Broadridge’s solution claims to simplify complex trading requirements, allowing firms to comply with a wide range of local rules, alongside being fully equipped to handle these changes, including the integration of Global Unique Transaction Identifiers (UTIs), Unique Product Identifiers (UPIs), and Critical Data Elements.

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As trading of these assets has become easier and market conditions are predicted to fall in line, the industry has seen a swathe of new EM-focused hires, increased attention paid to developing markets’ performance, and enhanced offerings from providers.

Across the industry more attention is noticeably being paid to this universe as the expectation of lowering dollar rates looms nearer, with the potential for new liquidity opportunities proving irresistibly appealing to market participants.

“There is a structural case for emerging markets, and it is set to remain a core part of the fixed income opportunity set,” asserts John Espinosa, head of sovereigns and portfolio manager for Nuveen’s global fixed income team. 

“It is currently 10% of the Bloomberg Global Aggregate Index, which is a bellwether that captures the world of global fixed income.”

The trend is our friend

The consensus appears to be that this is firmly an area where the best is potentially yet to come. As Jean-Charles Sambor, head of emerging market debt at TT International Investment Management tells The TRADE: “The emerging markets fixed income sphere is recovering, and we expect inflows back to the asset class after years of investor exodus.”

Dan Burke global head of emerging markets at MarketAxess and former global head of credit e-trading at Standard Chartered, agrees, confirming that from his perspective what started as a challenging year for EM is now turning into a favourable backdrop thanks to inflation starting to moderate globally.

Burke explains: “At MarketAxess, we have seen huge growth in local markets coupled with an increase in larger trade sizes. In Q1 of this year, our local market volumes were up 23% year-on-year, while trades larger than $25 million were up 23% in 2023. I expect this trend to continue throughout the remainder of the year as the macro backdrop improves and rate cuts are all but guaranteed.”

Notably this is an area characterised by its ebbs and flows, continually impacted by major global events including the pandemic, war in Ukraine, and the intense tightening of monetary policy.

Speaking to The TRADE, Niels Nooy, EM execution specialist at Liquidnet, says: “I have been involved in emerging markets since the early 1990s and have seen many market cycles over that period […] Traditionally, with higher interest rates, capital tends to leave emerging markets because there’s less of a need for the extra yield pick-up. Now, there is clearly more value in emerging markets in terms of real yields, so the timing is probably right for an improvement in sentiment at least, and maybe for some funds to flow back into emerging markets fixed income.”

Since last year EM fixed income was expected to do well however, currently market changes are yet to pass.

Geoff Yu, senior EMEA market strategist at BNY, explains that though the iFlow data showed that in Q1 some of the best performing regions were in frontier markets as investors rewarded reform intent, overall, despite a positive future outlook, [EM] hasn’t done as well as predicted.

“It’s fair to call it lacklustre […] the reason ultimately is because dollar rates are still quite high and then see if they come down and we don’t see US yields coming down aggressively yet for example,” he says.

However, firms are continuing to gear up for future flows into the area despite slow developments, recognising the consequences of not harnessing the potential of EM bonds and biding time for what many believe is the inevitable.

“Looking at the second half of the year, emerging markets stand to do very well, especially those without direct exposure to US politics or global politics in general […] the bottom line is we need to see a clear trigger, and then on a risk adjusted basis, the EM fixed income sphere should be one of the best-positioned asset classes for the second half of the year and beyond,” says Yu.

Diversify to liquify

There are undeniable, established upsides of this asset class which investors are keen to capitalise on once the market is primed. One of the key ways that emerging market fixed income is poised to become an increasingly essential part of investment portfolios going forward is of course for diversification purposes.

“The significance of EM cannot be understated, especially as the macro backdrop continues to improve,” asserts Burke. “The rise of capital flows from the Middle East are one example of the growing importance of EM, and as these markets grow, they will continue to allow greater diversification of EM portfolios.”

Not only is the asset class a highly efficient way of broadening scope, but emerging market bonds have also historically offered higher yields than developed markets and as such can help reduce the overall volatility of a portfolio – an increasingly important factor given the current state of play.

Speaking to the key advantages, Sambor explains: “We believe it is a particularly good fit for active investors with a contrarian slant. EM investment styles and processes are becoming increasingly bifurcated between large passive or quasi-passive investors and very nimble ones that can exploit a volatile environment and sudden changes in flows or investor asset allocations.”

Moreover, there is no looking back when it comes to emerging markets being increasingly integrated into the global economy and the continued promises of more aligned international processes.

These factors “improve visibility and attract a wider variety of investors,” asserts Flavio Paparella, managing director at BTIG global emerging markets fixed income, who adds that “local currency bonds are now as regular investments as hard currency bonds”.

Speaking to the increasing importance of emerging market bonds for desks going forward, Paparella highlights that the rapid economic growth of developing countries can re-value bond prices over time, enabling investment and infrastructure opportunities which further increase demand for bonds.

“Many emerging markets are implementing structural reforms to improve their business environment and the economic growth that comes with it can positively affect the bond markets,” explains Paparella. “Investors are challenged to be mindful about where to invest within emerging markets.”

Despite these positives, currently, markets are in a bit of a waiting game when it comes to the space, and are, for now, anticipating an inflection point, say experts. But, of course, there is more to come, and the market is prepping.

Espinosa affirms that though for the last five or so years EM has had an overhang – related to events such as the pandemic, geopolitical risks and rising rates in developed markets which has placed pressure on the asset class – the market is very close to the tipping point where those factors are waning.

“Traders are of course looking to maximise opportunities clearly and looking for an upside but how do you reconcile that with a challenging political environment or geopolitics? That’s always going to be an issue but our iFlow data shows that the EM fixed income sphere is just waiting for a trigger,” adds Yu.

Shifting strategies

Seemingly in preparation for this both firms and providers across the market are focusing in on how to take advantage of the space most effectively. One key way has been through new hires to push into new regions and establish internal processes.

“EM is a mosaic of sub-asset classes rather than a unified universe. It requires very different skills to trade EM FX versus rates or credit as the liquidity and price discovery mechanisms vary markedly. Desks that are designed to be nimble and opportunistic should be able to provide alpha through skilful execution,” comments Sambor.

In addition, several technology vendors have been incorporating EM bonds and enhancing their offerings in other ways to service client demand.

“As it is a very broad and growing segment of the market, it is driving managers to beef up their talent and resources. EM fixed income offers lots of benefits to clients from a risk adjusted return perspective, but it is not something you can beta efficiently. It requires resources to be able to invest effectively across a universe of 70 different countries,” explains Espinosa.

Various hires, new initiatives, and offering enhancements in the space have peppered the headlines in recent times. Recent examples include Fernando Ortega having been appointed head of emerging market sales at KNG Securities as part of its strategy of expanding in emerging markets across all areas of its business, and Paparella who joined BTIG’s fixed income group in July 2024 to help expand the firm’s presence across Latin America.

He explains: “Recently, more firms have expanded their emerging markets divisions in response to growing investor demand for diversification and higher-yielding fixed income assets. This involves hiring talent with specific skillsets and investing in dedicated infrastructure, including foreign offices, developing new platforms, and expanding marketing efforts.”

Various vendors have also continued to enhance their scope to meet investor demand for greater access to new jurisdictions, such as MarketAxess’ enhancement of its Open Trading platform to include a functionality focused on the local currency bonds of Poland, Czech Republic, Hungary and South Africa, and JP Morgan including Indian government bonds in its emerging market debt index.

Demonstrably, the asset class is growing with a swathe of firms moving to position their teams in the strongest position possible.

“Bank trading desks continue to add human and algo trading resources to the sector, and that paired with the increase in alternative liquidity providers is proving that EM can provide unrivalled liquidity,” asserts Burke.

A stock picker’s paradise

The emerging market fixed income sphere is not one, simple and homogeneous set. As an asset class it is a universe full of intricacies and niche knowledge. Though bolstered by rebounding economies, increasing globalisation and accessibility, what is key is knowing where – and how – to maximise opportunities.

“In this world, it is about selectivity. Emerging market fixed income is a bit of a stock picker’s paradise,” declares Yu.

But just how is this being enabled? As the EM investment community expands, of course so does the ecosystem which surrounds it.

The space, which by nature is fragmented both geographically and in terms of instruments, and thus complex, is being democratised through the enhancement of the systems. Namely, technological innovation through automation and electronification.

Nooy tells The TRADE: “Different regions and countries have different domestic rules about what you can and can’t do and what you can trade. On the currency side, you need to be able to settle locally which includes custodians, so it is not easy.”

Over time, as more of these sectors start getting traded electronically via different platforms the interest will continue to increase despite the fact that EM is lagging slightly behind developed markets.”

Of course, the extent to which e-trading is prevalent across emerging markets, and the processes which interact with it is yet to reach the same levels.

Burke confirms that “There has also been an increase of alternative liquidity providers within EM, specifically systematics and ETF providers. We’ve also seen an increase in portfolio trading activity in the market.”

He adds: “Clients are turning to our protocols like request-for-market (RFM) to execute larger trades. During the recent volatility in early August, our RFM volume was up 103%.”

When it comes to trading you must be acutely aware of what you’re dealing with, and emerging markets require particular focus. The minutiae of each jurisdiction and region in question requires a thoughtful approach.

Speaking to the specifics when it comes to the actual trading itself, David Everson, head of fixed income trading EMEA at Liquidnet, explains: “EM has always been an important part of our business as our dark pool protocol is well suited for trading those harder-to-trade names. If you look at the more illiquid bonds in the EM market, a dark pool is appropriate as you want to minimise information leakage and get trades done without leaving a footprint.  

“The EM market is so vast. If we consider the more liquid bonds in the EM market, it is full of potential. One of our protocols – Rebalance, our dealer-to-dealer electronic business – is suited for that. We see smaller trades in Rebalance while our dark pool is better suited to less liquid bonds and larger-sized tickets.”

Evidently, the emerging market fixed income sphere is trading. As Nooy adds: “In our new issue trading platform, our primary trading protocol, we’ve definitely seen a pick-up in emerging market issuance, which had been quite absent in the last year or two.”

For EM FI teams to be truly successful, what is required is comprehensive support in the form of efficient, up to date, and importantly innovative systems. It is a complex world which requires effective tools for risk management, data and information, to make the most of local processes and to take in relevant regulations and compliance requirements.

Paparella explains: “This complex set of needs has naturally driven the growth of the vendor industry […] In line with broader market trends, emerging markets benefit from innovative technology and platforms that enhance visibility and transparency. The increased availability of information is a game-changer.”

As a distinct asset class, EM fixed income is well positioned for a rebound as the investment community seeks alternatives offering higher risk and returns while maintaining appropriate levels of safety and transparency.”

As institutions demonstrably expand their remits through stronger teams and enhanced solutions, the message is clear – we’re getting ready.

This asset class is perhaps boundless, as the markets (and governments) in question continue to evolve and face increasingly unpredictable times. To maximise opportunities in the space, the time for preparation is now.

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Lisa Schirf

Launched 40 years ago, The WGBI measures the performance of fixed-rate, local currency, investment-grade bonds and comprises sovereign debt from over 25 countries, denominated in a variety of currencies. 

Tradeweb FTSE Closing Prices are expected be included in March 2025.

“The World Government Bond Index is FTSE’s flagship global index and a leading global benchmark for fixed income markets,” said Lisa Schirf, global head of data and analytics at Tradeweb.

“The inclusion of Tradeweb’s benchmark closing prices in FTSE’s indices validates our continued commitment to develop the next generation of fixed income pricing and index trading products for traders and investors worldwide.”

These benchmark prices can be used in index construction, as well as reference rates for a broad range of use cases, including trade-at-close transactions and derivatives contracts.

In addition to providing benchmark closing prices, Tradeweb stated that it plans to bolster electronic trading functionality for FTSE Russell fixed income indices and customised baskets.

For clients seeking to efficiently express a view on FTSE Russell indices and baskets, Tradeweb added that providing enhanced trading functionality can help efficiently manage what are often their largest and most critical trades.

“We’re pleased to announce the price source change within our global fixed income indices to include Tradeweb FTSE closing prices for these significant global rates markets,” said Scott Harman, head of fixed income, currencies and commodities at FTSE Russell.

“It ensures our indices continue to incorporate transparent, representative data sets across the diverse universe of fixed income markets that they track. Additionally, FTSE Russell’s benchmark administration of these prices brings a new level of transparency and rigorousness to the valuation of fixed income markets and our indices.”

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Hugh Whelan

The move comes as SGX FX seeks to bolster its liquidity provision and data offering. 

Jean-Philippe Malé, president at SGX FX, said: “[Whelan’s] vision and expertise in building strategic partnerships with liquidity providers and technology service vendors worldwide will be instrumental in this next chapter of our growth. 

“With his proven track-record in FX markets, Hugh is uniquely positioned to lead our efforts in enhancing our platform and expanding the SGX FX franchise globally.” 

Specifically, London-based Whelan will be responsible for overseeing the strategic direction and growth of the liquidity provider client segment. He is also set to develop the data products within SGX FX.

Whelan’s career has had a strong focus on FX markets, having previously led the launch of EBS Direct into a new bilateral FX trading venue – which is now owned by CME Group.  

Speaking to his appointment, Whelan, said: “I am thrilled to join SGX FX at such an exciting time in the company’s growth. I look forward to collaborating with the team to enhance our platform offerings and ensure we maintain a competitive edge in a fast-evolving market.”

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