Andy Mahoney

Specifically, T.Rowe Price is live on Propellant’s Digital’s fixed income transparency data offering via FlexTrade’s fixed income EMS, FlexFI. 

Speaking to The TRADE,  Andy Mahoney, managing director, EMEA, FlexTrade, asserted that the firm has seen the adoption of EMS solutions on fixed income trading desks continue to grow this year, with expectations for this to accelerate further into 2025.

He adds: “The drive for this deployment is twofold. Firstly, the continued electronification in fixed income and the need to handle increasingly sophisticated data sets have seen desks needing technology to handle their bond trading activities efficiently.

“Outside of this, we also see broader-scale transformation initiatives to rationalise and streamline multiple asset class-specific EMS solutions to a single, scalable platform to provide a common set of cross-asset tools, processes, and automation logic across equities, fixed-income, FX, and derivatives trading.” 

Propellant Digital’s solution is used by both global and regional banks, as well as asset managers, quant hedge funds, trading venues, regulators, and industry associations.

Through the availability of Propellant’s insights alongside other internal and external data sources within a single interface, FlexFI users benefit from enhanced processes “without leaving the context of their fixed-income trading blotter,” said the firms.

Specifically, T. Rowe Price’s fixed income trading teams can now view a comprehensive dataset within the FlexFI Order Blotter, which includes real-time market activity, historical trade prices, and aggregated trade volumes.  

Vincent Grandjean, chief executive of Propellant Digital, tells The TRADE: “Integrating our pre-trade analytics into FlexFI EMS allows their team to access a full market view without leaving the order blotter. In addition, our technology can support them in both TCA and research efforts. Our solution is well-placed to help firms like T. Rowe Price stay ahead in their data journey.”

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Through the integration, FlexTrade’s clients will be provided with direct access to the digital assets liquidity pool via FlexTRADER EMS and FlexONE OEMS.

The integration will also provide connectivity, consolidated depth of book and order placement within FlexTRADER and FlexONE.

“At Coinbase, we empower clients to execute complex digital asset trading strategies by offering access to some of the most liquid trading venues globally,” said Brian Foster, global head of wholesale at Coinbase.

“We are excited to make this available to FlexTrade clients through the OEMS.”   

FlexTrade’s multi-asset E/OMS offers institutional grade trading, compliance and analytics to the full order lifecycle of digital assets and cryptocurrencies.

FlexTrade stated that this integration is a continued step in the development of the firm’s digital asset offering.

Read more: In conversation with… FlexTrade’s Andy Mahoney

“This integration brings deep liquidity to FlexTrade’s digital asset clients including access to Coinbase’s execution algorithms,” said Uday Chebrolu, senior vice president of FX and digital assets at FlexTrade.

“This step marks our continued commitment to building a digital asset O/EMS addressing the needs of our multi-asset institutional clients across global markets.”   

The post FlexTrade expands access to digital asset liquidity through Coinbase Prime integration appeared first on The TRADE.

Athina Trika

Speaking to The TRADE, Athina Trika, CFA, execution sales at Kepler Cheuvreux, explained: “KCx’s Analytical Suite is a significant step toward increased transparency, opening up a broad prospect of opportunities for flexible and agile data sharing. With its Analytical Suite, KCx involves clients in their technology and quantitative intelligence.

“Through the integration with FlexTRADER EMS, clients can seamlessly access dynamic intra-day stock-specific forecasts and analytics data to leverage our powerful Quantitative Models and Execution observations, integrating them into trading decisions.” 

Anima Alternative SGR is the asset management company within Anima Group – the largest independent asset management group in Italy.

The suite is specifically in KCx’s API Analytical Suite which allows users to pull data sourced from KCx’s quantitative models and execution observations used by the firm’s algorithmic trading engine. 

Insight includes stock-specific forecasts and analytics, including: volume, volatility, and spread forecasts. Through access to these forecasts Anima traders are able to create in-flight alerts in the case an order is unlikely to be filled. 

In addition, the solution is set to be further enhanced to include pre-trade market impact models and e-cost via machine learning techniques. 

Through FlexTRADER EMS Anima’s trading team will directly stream forecast analytics into the order blotter and display through a customisable and configurable interface. 

Read more: FlexTrade adds artificial intelligence functionality to FlexTRADER EMS

Bobbie Port, head of electronic distribution at Kepler Cheuvreux, said: “We are delighted to roll out the latest phases of our API Analytical suite for client use. Making it available directly within the EMS via API opens a more significant prospect of opportunities for data sharing in the most flexible and agile way.

“The KCx API provides powerful, easily actionable insights to improve traders’ strategies. Integrating KCx Analytical Suite with FlexTRADER EMS assists clients in their search for trading intelligence while leveraging their existing workflows.”

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The collaboration is set to support regulated FX flows and enhance FlexFX’s capabilities as part of FlexTrade’s buy-side multi-asset trading platform. 

Specifically, FlexTRADER EMS clients will be provided seamless access to LSEG’s electronic trading platform for global currency products, FXall.

Jill Sigelbaum, head of strategic development and partnerships, FX at LSEG, said: “Our priority at LSEG is to understand our clients’ FX needs and meet them where they want to trade. By combining FlexTrade’s customisable interface with FXall’s world-class, regulated liquidity pools, the offering provides the strongest end-to-end solution in the market today.”

The partnership provides new mutual clients access to FXall execution services from within the FlexFX EMS.

According to the businesses, the highly customisable FlexFX front end will allow clients trading FX to access FXall’s extensive global liquidity network, including support for: spots, forwards, swaps, NDFs and options.

In addition, FXall’s liquidity can be combined with FlexTrade’s liquidity and automation capabilities to streamline low-touch FX orders.

FXall delivers access to liquidity from over 200 market makers, including bank and non-bank. The offering delivers ‘dealer to client’ trading and FX workflow solutions and is licensed globally.

Both FlexTrade and LSEG will continue to offer independent FX solutions via FlexFX EMS and FXall respectively while also offering the option of an integrated solution to new mutual clients.

“Our collaboration with FXall demonstrates our commitment to delivering a comprehensive FX solution, supporting regulated FX flows and providing access to global liquidity. Through a seamless integration of FlexFX with FXall, trading teams can have a single interface and technology approach to FX execution,” said Uday Chebrolu, senior vice president and head of FlexFX at FlexTrade. 

“Moreover, the integration of FlexFX into the FlexTRADER EMS will continue to deliver zero-compromise, market-leading capabilities to our multi-asset clients.”

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Jennifer Pyrka Turner moved to Instinet to take up the reins as head of Americas execution sales, according to an announcement on social media.  The move followed a 19-year stint at Credit Suisse, most recently as managing director, head of AES sales Americas at Credit Suisse. In this new role, Pyrka Turner is based in New York and continues to operate across the Americas region. 

Dan Childs departed from his role as managing director, head of European prime services sales, EMEA to join Balyasny Asset Management, taking on the role of head, cash and liquidity management at the hedge fund. Childs previously spent almost three years with Jefferies after co-founding treasury technology start-up Kayenta in 2018. Prior to this, Childs spent the bulk of his career at Citadel, his final role as international COO after previously heading up treasury and operations. He began his career as a software developer before joining RBC and then Societe Generale.

Cboe Global Markets appointed leading industry figure Natan Tiefenbrun president of North American and European equities as part of the leadership changes announced last month, The TRADE revealed. The new role expands on his previous position as president of Cboe Europe, now also overseeing North American cash equities. This took effect as part of broader leadership changes announced by Cboe in October, which included Adam Inzirillo, previous head of North American equities being appointed the new global head of data and access solutions. Additionally, New York-based Oliver Sung was named head of North American equities in his stead, reporting into Tiefenbrun.

Janus Henderson promoted from within for its new head of equity trading for EMEA with Glen Pattison to take up the role in December after five years at Janus Henderson, having joined in 2018 as a senior trader. Prior to that he spent 11 years at Instinet. Pattison replaces departing Richard Worrell who is set to join the London Stock Exchange Group as its new head of secondary markets sales and business development, as revealed by The TRADE in October. 

FlexTrade Systems appointed Michael Kovach Americas head of fixed income sales in a move set to further drive the growth and adoption of FlexTrade’s fixed income EMS, FlexFI. In his new role, Kovach is set to be based out of New York and leverage his experience in electronic trading solutions. Prior to this appointment Kovach was lead relationship manager at BlackRock Aladdin, and before that spent four and a half years with Liquidnet, most recently as head of fixed income sales US.

Credit Suisse’s global head of FX, John Estrada, is set to leave the bank after 12 years, according to an announcement on social media. Estrada was promoted to co-head of FX last July, before becoming the sole head. Prior to that, he held various senior positions including global head of e-macro and global head of eFX trading. Estrada has previously worked at BNP Paribas and Sun Trading as eFX trader and financial engineer, respectively, and before that worked as a trader for Lehman Brothers. So far Estrada’s next step is unconfirmed.

The post People Moves Monday: Balyasny Asset Management, Nasdaq, Instinet and more… appeared first on The TRADE.

In his new role, Kovach will be based out of New York and leverage his experience in electronic trading solutions.

Speaking to his appointment, Kovach said: “I am thrilled to join a company that has such a strong reputation in both the fixed income and multi-asset trading technology market. I look forward to joining the team at FlexTrade and leveraging innovative technology to provide best-in-class solutions for the fixed income desk.”

Prior to this appointment Kovach was lead relationship manager at BlackRock Aladdin, and before that spent four and a half years with Liquidnet, most recently as head of fixed income sales US.

He has two decades of experience across the Fintech industry, and has also previously worked at Electronifie and MTS Markets as sales director and director, HY credit sales and trading, respectively.

Aaron Levine, senior vice president of sales at FlexTrade, said: “We are very excited to welcome Michael to our team. He brings a wealth of expertise and insight to our fixed income business and will help us deliver innovative solutions that match the unique needs of the fixed income desk.

“Michael’s appointment demonstrates that we are committed to expanding our client base in the fixed income markets.”

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Fragmented liquidity, reduced balance sheet on the sell-side, and increased regulatory burdens have continued to drive change in the market. The fixed income community has had to innovate to remain competitive in an increasingly evolving space. 

Among the key players in this competitive landscape, The TRADE has selected Broadridge’s LTX, FlexTrade Systems, Liquidnet, and Wavelabs.

Broadridge, LTX

Broadridge Financial Solutions subsidiary LTX has made strides over the last 12 months in its mission is to further electronify the corporate bond market. The electronic trading platform enables participants to address challenges associated with accessing liquidity and executing efficiently.

In March, LTX successfully completed the migration of its corporate bond e-trading platform to Amazon Web Services (AWS), allowing LTX to leverage the security and scale of AWS cloud services alongside allowing the firm to better optimise its data science processes. Following this, in June, the business launched BondGPT, an application powered by OpenAI GPT-4 which answers bond-related questions and helps users identify corporate bonds on the LTX platform. Most recently, the business launched an enterprise version of its BondGPT application, named BondGPT+, offering new capabilities focused on the needs of its enterprise client base. The new offering, unveiled earlier this month, incorporating Broadridge technology and OpenAI GPT-4 to answer complex bond-related questions.

In the last year, the data-driven e-platform also launched RFQ+, an enhanced RFQ protocol which combines pre-trade dealer selection analytics with liquidity aggregation capabilities. In July, LTX integrated with BlackRock’s end-to-end investment management and operations platform Aladdin as part of the next phase of the pair’s multi-year partnership.

FlexTrade Systems

Over the past 12 months, multi-asset execution and order management systems provider, FlexTrade has made gone from strength to strength in this space, continually developing its offering to better meet the needs of the market. The business has continued to build out its fixed income execution management system capabilities for its FlexFI solution which can be deployed either standalone or within its integrated multi-asset solution, FlexTRADER EMS.

In December, UBS AM and JP Morgan executed the first EU bilateral trade on FlexFI, made possible through JP Morgan’s ability to provide its electronic liquidity directly into UBS AM’s FlexFi solution. The businesses are working together to provide a transparent way of streamlining workflows and simplifying interactions between the buy- and sell-side in fixed income trading.

In July, FlexTRADER was onboarded by Amundi Asset Management’s execution subsidiary, Amundi Intermédiation to consolidate its trading across asset classes, including fixed income, derivatives and equities.

Liquidnet

Liquidnet has developed its notable work in this space, continuing on with its focused work for the global buy-side community. Last November, Liquidnet expanded its primary markets offering with the addition of live market deals from buy-side order and execution management systems (OEMS) to participating syndicate banks.

Since the initial launch, participant syndicate banks have more than doubled to over 30 who are now sending EMEA deal announcements to Liquidnet. The business has also captured over 1660 new bond deals to trade, with more than 300 traders engaged with the order book, and received $22 billion in order. Invesco Asset Management and Charles River Development (CRD) were the first to facilitate the new functionality following an initial testing period. In January this year, Liquidnet and BondAuction announced their intention to partner to provide their mutual clients access to BondAuction’s offering from their Order Management System. 

Wavelabs 

Fixed income trading technology specialist Wavelabs has been highly active in the market over the last 12 months, working to improve the industry ecosystem, empowering specialists through technological innovation. The business is focused on buy-side fixed income trading and works to facilitate a liquidity-driven marketplace.

Wavelabs’ flagship offering is eLiSa, the execution management system (EMS) is centred around artificial intelligence-based predicative analytics aimed at automating the liquidity seeking process. This June, Wavelabs announced it was set to offer modular version of eLiSA EMS AI-based analytics tools to traders, providing access to eLiSA’s analytics in modular format including its artificial intelligence-based fair value calculator for bonds. Among the key products to now be available in a modular format is the EMS’ predictive fair value (FV) model. ELiSA has seen increasing interest from the buy-side in recent months, onboarding its first hedge fund client the same month.

The post Leaders in Trading 2023: Meet the nominees for… Outstanding Innovation in Fixed Income appeared first on The TRADE.

The London Stock Exchange (LSEG) appointed Charlie Walker as deputy chief executive officer, where he will support the daily running of the exchange and oversee the Group’s primary markets business. Walker originally joined LSEG in 2018 and has since served as head of equity and fixed income primary markets. Before joining LSEG, Walker worked within JP Morgan Cazenove’s equity capital markets team, where he was responsible for originating and executing equity transactions. Walker will report to Julia Hoggett, chief executive of LSE, and will join the firm’s board, subject to regulatory non-objection.

Bank of America made three new appoints to its EMEA equities distribution business, according to an internal memo seen by The TRADE. The appointments were: Matt Watson as global head of structured issuance for equities, Maxime Menard, as new head of EMEA X-Asset third party distribution sales, and Vincent Charvin as EMEA head of delta one sales. The hires, set to begin in their new roles in the coming months, follows a period of increased activity for the area, according to the memo, which highlighted the strong momentum enjoyed by the business over the last 12 months.

London-based Watson is a Citi veteran, having spent over 26 years at the company, most recently as equities global head of issuance solutions. In his new role, he is set to be focused on the global growth of the structured notes business, The TRADE understands. He will report to Martina Slowey, head of EMEA equities, and Matthew Scott, global head of the asset optimisation group.

Paris-based Maxime is set to leverage his experience in structured products for 3PD in this new role. Most recently he was head of the cross-asset distribution team at Societe Generale, overseeing the UK, Ireland, Nordics, Iberia, Central Eastern European, Israel and Africa. Charvin is based out of London and was most recently global co-head of custom baskets and EQ managed portfolio solutions at Goldman Sachs. Both Menard and Charvin will report to Alexandre Isaaz, head of EMEA equities derivatives sales and structuring, The TRADE understands.

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The buy-side panellists discussed the different schools of thought employed by their institutions in terms of how their desks were organised, highlighting the key considerations from each standpoint.

While APG Asset Management is currently in transition from multiple EMS towards a single EMS – one asset at a time, futures having already been shifted, equities in the pipeline for this year, and moving onto other OTC products in 2024, Manulife Investment Management has retained a multiple EMS for each asset class set up, using all the same EMS systems for each asset class and the same OMS across all their trading centres. 

Delving into the reasonings behind each approach – whether that be a multi or single approach – how decisions were reached, and the pros and cons of both sides were discussed. 

Speaking to the reasoning behind APG Asset Management’s move to a single EMS, senior trader Sunil Patil asserted that a single EMS simply makes sense when it comes to multiple asset trading.

He highlighted several complications which arise from multiple EMS’s, chief among them the complexity which arises from multiple data sources: “As you move onto more and more data analysis – using that data to enhance trade – you have multiple data structures and ways to analyse data which is complex to assimilate.”

Patil further addressed the empirical side of things when it came to reaching the decision to shift, specifically the difficulty of having three separate screens in practice, as well as the opportunities presented by technological advancement.

“There is new technology which the new EMS have which makes it very easy to trade two asset classes in parallel. If you have for example bonds and FX, it’s very easy to trade that in a single EMS, and the same with equity and FX also.”

James Barnett, multi-asset trader at Manulife Investment Management, addressed the fact that there are currently no plans to move in that direction.

Barnett agreed that there were drawbacks to a multiple EMS approach in terms of efficiency, however he stressed the fact that liquidity is of the upmost importance.

“You have trade-offs where you have some execution platforms that offer a genuinely differentiated point of liquidity and so if you strip that away and move to a single EMS platform you then lose that.

“So then it’s a question of deciding where that inflexion point of your traders’ time and operational efficiency offsets that liquidity gap that you need to meet.” 

Although Barnett confirmed that though it was a question the business had looked at but chosen not to focus on for the time being, the idea that there is a potential point of critical mass which could be reached could mean that this would perhaps need a re-evaluation.

Andy Mahoney, managing director EMEA at FlexTrade highlighted that there were other paths to consider when looking at desktop real estate aside from large migration projects.

Mahoney agreed with Patil in terms of data being at the forefront of people’s minds, and the key driver for those looking at multi-asset systems, explaining: “If you can get one consistent data set that’s cleaned in one way in one database, normalised […] you save a lot of time and issues with data ownership as well.”

In terms of the functionality of individual EMS’, he suggested that where to draw the line between a trading venue and an EMS was a key discussion point, asserting that fundamentally an EMS can exist without a trading venue and vice versa.

“ESMA and the FCA have both created consultation papers around what constitutes an EMS and what constitutes a trading venue. From a fundamental perspective, many of the trading venues have their own EMS and decoupling those two has proved challenging for the whole marketplace.”

Elsewhere, panellists addressed transition management, looking at the realities of ensuring optimum performance – including ‘seamless’ connectivity with OMS – and what is most important to bear in mind when working with external parties.

“It’s challenging […] at the end of the day it’s making sure communication when you’re onboarding a platform is crystal clear in terms of what expectations are of what you’re trying to feedback,” said Barnett, who also highlighted the importance of the beta-testing phase.

Speaking from FexTrade’s perspective, Mahoney made clear the importance for OMS and EMS providers to talk and work with each other: “It’s common these days to have extensive partnerships with system you work alongside […] which just means that the communication layer firms shouldn’t need to worry about,” asserting that the responsibility of defining the key aspects and working with OMS’s is on their shoulders.

The post TradeTech FX Europe 2023: Data and liquidity are key considerations when it comes to merging asset classes, panellists find appeared first on The TRADE.

The development is said to meet demand from FX traders to access unique data sets to improve transparency, embed it to operationalise workflows to enhance trade decision-making, and guide the trading process holistically.

Tradefeedr’s data analytics API provides a link to a global FX data set, which helps bolster transparency in pre- and post-trade, alongside allowing FX desks on the buy-side to make better informed trading decisions.

The new offering unifies standardised, aggregated trading data to be analysed in one place, whether executed by algo or risk transfer.

Tradefeedr’s peer universe data can also be leveraged to enable clients to assess the performance of their execution algos in comparison to the industry, which can help identify the best algorithms and execution styles that align with market conditions, risk profiles and other industry parameters.

“We are now moving into the next stage in the evolution of accessible and actionable FX data, where buy-side trading desks can make data-driven decisions based on global data sets,” said Balraj Bassi, co-founder and chief executive of Tradefeedr.

“For years, acquiring, aggregating, and using big data has been a challenge – this is no longer the case. Tradefeedr’s new data API changes this, delivering FX traders the information they need to optimize trading execution and outcomes.” 

The integration of Tradefeedr’s new API within FlexTRADER EMS offers pre-trade insights including when to RFQ, understanding algo performance and which to select, and how to manage RFQ panels.

In addition, the integration will allow trading teams to leverage the data and analytics to create automation that triggers workflow through FlexTrade’s AlgoWheel.

“[This] move is in response to the increased demand for advanced, comprehensive FX analytics from our multi-asset client base to deliver innovative and actionable pre-trade data tightly integrated within their order blotter,” said Andy Mahoney, managing director, EMEA at FlexTrade Systems.

“Having the data available in this way can help optimise trading decision-making and enable traders to efficiently handle low-touch orders by applying automation via our FlexAlgoWheel solution.”

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