Rich Schiffman

The new connectivity will offer mutual clients an enhanced trading experience through the integration of select MarketAxess credit protocols natively within the Aladdin platform.

“As the market evolves, we’re seeing increased adoption of our automation protocols, with many of our clients turning to our strategies for over 90% of their trading volumes,” said Rich Schiffman, global head of trading solutions at MarketAxess.

“We look forward to bringing the latest of our automation protocols, Adaptive Auto-X, as well as our market leading RFQ solutions, Open Trading, and Live Markets central limit order book directly to Aladdin clients through this partnership.”

Read more: ICE Bonds and MarketAxess connect liquidity networks to bolster bond market efficiency

BlackRock’s Aladdin technology platform offers a common data language within an organisation to enable scale, provide insights, and support business transformation.

Risk analytics are combined with portfolio management, trading, operations, and accounting tools on a single, unified platform.

“As the electronification of credit markets continues to accelerate, the demand for robust liquidity, sophisticated workflows, and analytics grows,” said Kamya Somasundaram, global head of Aladdin Partnerships. “We are excited to partner with MarketAxess to deliver an improved trading experience for our users.”

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Pete Borstelmann

The two firms plan to establish connectivity to their respective protocols and liquidity pools, with the move set to enable ICE Bonds’ automated trading system (ATS), ICE TMC, and MarketAxess’ Open Trading network to communicate with each other directly, enhancing depth and reach for users globally.

“This collaboration connects two mature liquidity networks in fixed income markets to offer new trading and risk management solutions for clients,” said Pete Borstelmann, president of ICE Bonds.

“By combining our complementary strengths, we aim to offer users expanded opportunities to access liquidity in corporate and municipal bonds, enhancing market efficiency and benefiting participants across both platforms.”

The interaction between these two liquidity pools aims to bolster price transparency, best execution and overall market liquidity for all users, through leveraging ICE Bonds’ retail brokerage and wealth management presence and MarketAxess’ institutional trading expertise.

Rich Schiffman, global head of trading solutions at MarketAxess, said: “We look forward to delivering enhanced value and innovation to our clients through this collaboration.Our joint efforts are focused on providing access to deeper liquidity across municipal and corporate bonds and diversifying trading options for participants in our marketplace.”

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Ninety One trader Tom Nickalls is set to leave the asset manager after 11 years to join Morgan Stanley. According to an update on social media, Nickalls will join the sell-side next month in an emerging markets credit role. He joined Ninety One in 2013 as a client operations analyst, moving into a portfolio implementation role in 2015 and taking up his current role as fixed income trader in 2018. He was recognised as a Rising Star of Trading and Execution at Leaders in Trading in 2021.

Robert Whelan joined Citadel as equity trader following almost eight years at Pictet Asset Management. Whelan joined Pictet AM as an equity trader back in 2016. Prior to that, he worked at Morgan Stanley, initially joining as an electronic trading associate before going on to a role as equity sales trader. Whelan will act as an execution trader on behalf of the desk and his role is non-risk taking, The TRADE understands.

Lara Jacobs was appointed vice president – equities electronic trading coverage at JP Morgan following six years with Liquidnet. She most recently served as head of international client trading, EMEA. Prior to this, she worked as a market structure and strategy analyst before moving onto a role as equity trader. Before her stint with Liquidnet, London-based Jacobs worked on the debt restructuring team for fixed income at M&G Investments.

Outset Global appointed William Bradley managing director within its London office. Bradley brings considerable experience in the equity sales and trading space to the role, joining from Goldman Sachs where he served as vice president on the cross-asset sales desk in New York. Before joining Goldman Sachs, Bradley served as assistant vice president at Barclays on the equities liquid markets sales trading desk.

Bill Spencer was appointed head of client solutions at MarketAxess following five years at UBS Asset Management, most recently as executive director, multi asset centralised trading. The role is newly created, with Spencer set to hold responsibility for buy-side experience within MarketAxess’ trading system. Whilst at UBS, he worked as a senior trader on the US fixed income desk, as well as working on the daily trading of cash rates, credit, ETFs, and municipal bonds. He also lent his expertise to the trading of credit derivatives and listed futures and options. New-York based Spencer also previously held ETF-related positions at: REX Shares, Gelber Group LLC, and Chicago Trading Company.

Chris Robinson was appointed multi-asset trader at Liquidnet, joining from Louis Capital Markets where he worked for almost 13 years. He most recently served as a EMEA and US equity sales and execution trader. Prior to this he worked in equity derivatives for six and a half years, focused on Eurostoxx and sectoral indices. London-based Robinson has also previously served in a pension execution role at BDO UK LLP.

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Bill Spencer

The role has been newly created, with Spencer set to hold responsibility for buy-side experience within MarketAxess’ trading system.

Whilst at UBS, he worked as a senior trader on the US fixed income desk, as well as working on the daily trading of cash rates, credit, ETFs, and municipal bonds.

He also lent his expertise to the trading of credit derivatives and listed futures and options.

Read more: Ex-RBC head of US credit sales joins MarketAxess as North American head of client sales

New-York based Spencer also previously held ETF-related positions at: REX Shares, Gelber Group LLC, and Chicago Trading Company.

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Citi appointed Mitali Sohoni as new head of North America markets alongside other senior leadership changes. Sohoni has been selected to head up the bank’s North American markets business alongside her existing role as head of asset backed financing. In her new role  she will coordinate strategy for the division. Sohoni joined Citi 19 years ago and during her tenure has overseen several business areas, including: credit financing, asset-backed securities, clean energy, global infrastructure, residential, Citi Community Capital, municipal, and Citi’s Asset Finance Group.

Elsewhere, Citi named a new chief executive of its broker dealer entity Citigroup Global Markets Inc (CGMI). Dina Faenson takes on the responsibility alongside her existing role as head of markets counterparty trading and risk. Faenson joined Citi in 2005 as a credit valuation adjustment (CVA) trader. During her tenure she has gone on to serve in several capacities across North American rates trading, rates and currencies, cross-markets, and X-value adjustment trading.

Banque Havilland multi asset trader Mark Ralph joined the prime services team at Marex, based in London. Ralph joined from Banque Havilland where he served for seven years, most recently working in prime services and as a multi asset trader, focused on trading strategies and “bespoke” multi asset solutions for clients. Prior to this, he spent more than eight years at Societe Generale Corporate and Investment Banking (SGCIB), working across multi asset sales and trading, hedge fund sales, and prime brokerage.

DWS Group senior equity trader, Alex Cotar, departed for pastures new after over 16 years at the asset manager. Cotar left the asset management arm of Deutsche Bank to join Bankhaus Metzler as an equity sales trader, having originally joined DWS Group back in 2008 as a senior equity trader covering Europe and emerging markets. Prior to joining DWS Group, Cotar spent over 12 years at UBS Investment Bank originally serving in an equity derivatives sales trading role and later working as an equity trader for Europe.

MarketAxess appointed John Maggiacomo as head of client sales in North America, a newly created position at the firm. Maggiacomo joined from Royal Bank of Canada (RBC), where he most recently served as head of US credit sales. Elsewhere in his career, Maggiacomo spent 11 years at Bank of America Merrill Lynch, where he served as managing director, credit sales. As part of his new role, Maggiacomo will be responsible for sales leadership for MarketAxess’ North American client sales segment, with a focus on expanding its institutional client footprint across all product areas.

The post People Moves Monday: Tradefeedr, Citi, Marex and more… appeared first on The TRADE.

Maggiacomo joins from Royal Bank of Canada (RBC), where he most recently served as head of US credit sales.

During his tenure at RBC, he helped grow the bank’s secondary credit businesses with a focus on leveraged finance.

Elsewhere in his career, Maggiacomo spent 11 years at Bank of America Merrill Lynch, where he served as managing director, credit sales.

“John brings with him extensive fixed income sales experience and strong industry relationships,” said Kevin McPherson, chief revenue officer at MarketAxess.

“I am confident that his deep fixed income product knowledge, including his high yield expertise, strategic vision and leadership will contribute significantly to our success in the region.”

As part of his new role, Maggiacomo will be responsible for sales leadership for MarketAxess’ North American client sales segment, with a focus on expanding its institutional client footprint across all product areas. Based in New York, Maggiacomo will report to McPherson.

Maggiacomo’s appointment follows that of Dan Burke, who was named global head of emerging markets last month. Burke joined MarketAxess from Standard Chartered, where he most recently served as managing director, based in Singapore. 

Read more: MarketAxess taps Standard Chartered for new global head of emerging markets

“In today’s rapidly evolving environment of increased electronification and regulation, the opportunity to deliver innovative solutions and differentiated insights to our clients is tremendously exciting,” said Maggiacomo.

“We are eager to continue redefining the playing field, providing a distinct competitive edge to our clients.”

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David Wright was named head of FX trading and distribution at MUFG after three years with the business. He joined the bank in 2021 as global head of e-FX having and previously served as a strategic transformation consultant at State Street.Prior to that, Tokyo-based Wright spent 16 years at Morgan Stanley, most recently as a managing director. He has also held roles at FXall and UBS, as product manager and associate director, respectively.

Royal London Asset Management restructured its global equity team following the departure of its head of equities and some members of the wider global equities team. Peter Rutter, former head of equities at the firm resigned earlier this year, alongside several members of the global equities team who are believed to be setting up their own company. Piers Hillier, chief investment officer, takes on responsibility for Royal London AM’s global equity capabilities. He brings more than 30 years’ experience, including previously serving as head of international equities at Kames Capital, as well as numerous senior global investment roles at other firms.

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Burke will also hold responsibility for business and product management expansion of MarketAxess’ EM trading business across both geographies and products.

“Dan brings a wealth of emerging markets experience and a valuable dealer perspective to MarketAxess at a time when adoption of, and appetite for, electronification of the asset class has grown significantly,” said Raj Paranandi, chief operating officer, EMEA and APAC at MarketAxess.

“There is still much more that MarketAxess can and will do to drive greater liquidity and efficiency for both investors and dealers internationally. I look forward to watching this area grow under Dan’s leadership.”

Burke joins MarketAxess from Standard Chartered, where he most recently served as managing director, based in Singapore. Elsewhere in his tenure at Standard Chartered, Burke served as global head of electronic and algo trading, based in London.

Read more: Fireside Friday with… Dan Burke

Before Standard Chartered, Burke held various senior credit trading roles at Deutsche Bank in Singapore and Bank of America Merrill Lynch in Tokyo and Hong Kong.

“I’m delighted to be joining MarketAxess, a leading solution for emerging markets trading, and a platform that I have been a client of for over 20 years,” said Burke.

“MarketAxess is well positioned to accelerate the delivery of innovative solutions in emerging markets globally, and I look forward to partnering with all market participants to take our offering to the next level.”

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Mid-X leverages the MarketAxess Open Trading network which offers access to a pool of sell-side and ETF liquidity to maximise matching opportunities.

Mid-X claims to provide full anonymity, and limits information leakage with size only revealed when trades are complete and only to those involved in that trade.

The fees are embedded in MarketAxess’ predictive pricing engine Composite+ (CP+), removing the need for end-of-month invoicing.

Indication of Interests (IOIs) will be submitted by clients which the matching algo will then deliver fills, DNT items and failed trades.

Read more: Fireside Friday with… MarketAxess’ Christophe Roupie

MarketAxess also stated that it supports enhanced risk controls to monitor net buy/sell risk, ensuring clients are not left in a skewed position post matching session.

“Our matching algo aims to maximise the number of matches for all users with smaller sizes matched first and, where multiple items of the same size on same side, submission time of the order will be considered,” said MarketAxess in a statement.

“Once the session is matched, a pop up will appear prompting you to view your activity for the session, and then users will see all done trades, partial fills, DNTs, and unmatched/failed IOIs displayed in the same window. Our smart matching algo prevents partial executions that would be below the minimum denomination for that item.”

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Speaking in an announcement, Sassan Danesh, chief executive of Etrading Software, said: “Our one concern is that the transparency regimes should allow a commercially viable tape to emerge. The buy-side in particular, must see value in the data.”

“We do not face the challenges of Cassette [the Bloomberg, MarketAxess and Tradeweb initiative] (managing consortiums and dealing with conflicts of interest are hard),” he added.

This news comes as fixed income trading venues and data providers Bloomberg, MarketAxess and Tradeweb scrapped their previous joint venture agreement to become the fixed income consolidated tape provider (CTP) in the EU, subject to regulatory approvals.

Speaking in an announcement on Friday, the three entities confirmed that they would not form an independent company in order to participate in the public procurement procedure to become the fixed income CTP in either the EU or the UK.

Read more: If you build it, will they come?

“Various developments in recent months have added further clarity to the risk and complexity of delivering this project under a joint venture from our three firms,” said the businesses.

“For example, uncertain outcomes around product definitions and structural complexities would significantly increase the timeline and costs associated with this approach. As such, after careful consideration, we have jointly agreed to end our engagement in this venture.”
 
The three venues confirmed plans to apply to become the EU tape provider in June last year via a public procurement process organised by ESMA, selecting FINBOURNE as their infrastructure provider.

Read more: Battle lines are drawn over European consolidated tape project 

Back in September, a JV between major exchanges across Europe announced the incorporation of the new company, EuroCTP, with the aim of bidding to become the EU’s equities and ETF consolidated tape (CT) provider. Specifically, the JC participants include: BME, Deutsche Börse Group, Euronext, Luxembourg Stock Exchange, and Nasdaq.

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