“When we talk about automation, it’s a process, it’s not a binary thing. One size rarely fits all,” explained Tod Van Name, global head of foreign exchange electronic trading at Bloomberg.

Van Name further highlighted the desire for a seamless aspect to interoperability as firms look at how to handle small orders, which are less sensitive to market movements for example, and return the focus on larger transactions.

When speaking to the most pressing issues regarding workflow automation, the panel addressed various factors. Benjamin Mahe, head of electronic trading and data at AXA Investment Managers, suggested that automation should enable traders to be more efficient and spend as little time as possible on the simplest orders.

Alex Scarsini, president of Edgewater added that giving tier 2 and 3 institutions the same level of access available to tier 1 is also a gap that is looking to be addressed in their universe.

The main focus according to Ed Mount, founder and chief executive of Elysium, is the enhancement of how quickly market opportunity can be taken advantage of, explaining that this is a key area of interest for the buy side. “Understanding business specifics […] and being nimble is key as a provider,” he said.

The panellists also addressed the automation of execution in the space, highlighting the relevance of counterparties and the importance of ensuring they are appropriate when trading FX derivatives.

Mahe asserted: “Platforms need to have the same goals as us,” as Van Name added that the selection of this counterparty should be solved before going out to market.

From a vendor perspective, Mount explained that from where they sit in the post-trade world, which he called less high profile, is where they’re finding that the business success is coming.

“We’ve seen it as a trend in the foreign exchange market that the largest banks are not the largest providers of liquidity, that just kind of happened [and] it has to do to with technology issues at the largest institutions and the inability to adapt quick enough.”

Elsewhere, the panel touched on the reasons why no-touch had not yet happened. Scarsini explained that it is in process and highlighted that at the end of the day, FX market is an OTC and a very fragmented space.

He added: “There’s also the reticence from some of the bigger providers over the last few decades to automate the space […] We’ve seen a lot of brokerage businesses and FX trying to hold onto higher margins and eventually closing shop because the tech does then have an impact and does disrupt the space. Today we keep automating and electronifying the space, there’s no going back.” 

He continued that the market is seeing a strong willingness from participants in terms of moving at speed and embracing the fact that they can automate their workflows and make them more efficient “with the right risk management tools or the right credit modules”.

“Our clients want the tech, but they certainly need more education on it,” he concluded.

The post TradeTech FX Europe 2023: Workflow automation is non-binary, say experts appeared first on The TRADE.

Daniel Leon joins HSBC as global head of trading, treasury management, and global solutions. He has more than 25 years’ industry experience most recently as head of global trading, security financing, and derivatives at AXA IM.

Prior to this role, Leon held other various roles at AXA including head of client solutions development and CIO for investment solutions.

In his new role, Leon will be responsible for strategic direction and oversight of HSBC Global Asset Management’s trading and treasury management activities, as well as global investment solutions.

Leon’s trading-focused responsibilities include managing global counterparty relationships and improving investment performance and trading platforms. He will also be responsible for establishing a dedicated treasury management function to support client portfolios.

“We have a global platform for Investments and Daniel’s appointment will allow us to manage our trading and treasury management activities globally, ensuring clients everywhere get the benefits of best practice and efficiencies. Coupled with that, Daniel’s skills and experience in investment solutions will allow us to solve a wide range of problems for our clients,” said the global chief investment officer Joanna Munro.

Leon, who left AXA IM last month, will be based in London and report to Joanna Munro, global chief investment officer at HSBC Global Asset Management.

The post AXA’s head of trading departs for HSBC Global Asset Management appeared first on The TRADE.

Keith Skeoch, co-chief executive of Standard Life Aberdeen, Patrick Thomson, chief executive for EMEA and international head of institutional clients at JP Morgan Asset Management, and Philippe d’Orgeval, head of AXA Investment Management in the UK, have all joined the IA board.

Welcoming the new board members, the IA’s chief executive, Chris Cummings, said: “As recognised leaders in the industry, they bring a wealth of expertise that will help ensure the Investment Association continues to be the authoritative voice for asset management.

“I would like to pay tribute to the retiring directors, whose guidance during their time on the Board has helped build the IA into the organisation that it is today,”

Invesco EMEA chief executive, Andrew Schlossberg retired from the IA board in December last year, while Jasper Berens, head of distribution at Artemis Investment Management, and Dan Watkins, now JP Morgan Asset Management’s APAC chief executive, both departed in December last year.

The post Investment Association adds Standard Life Aberdeen, JP Morgan AM and AXA IM executives to board appeared first on The TRADE.

AXA Investment Management has announced it has appointed Yannig Loyer as its new global head of trading, replacing Paul Squires, who left the firm in February this year.

Loyer, who is based in Paris, will report to Daniel Leon, head of engineering and trading at the asset manager, will have responsibility for managing global equities, foreign exchange and fixed income trading at AXA IM.

In a statement announcing the appointment, AXA IM said the role has taken on significant prominence due to the “increased regulatory pressure” associated with global trading and that the firm is seeking to “take advantage of technological and quantitative innovations as part of our transformation.”

Loyer joins AXA IM after a 13-year stint at Bank of America Merrill Lynch, where he most recently held the role of managing director in charge of global markets senior relationship management for Continental Europe.

He takes over the role from AXA IM veteran Paul Squires, who left the firm after 31 years in February to join Invesco as its head of EMEA equities trading.

Squires first joined the firm in 1996 as an equity trader in the UK before moving to trade European equities in 1999 and then to fixed income in 2003. In 2005, he was promoted to head of trading after AXA IM’s trading group merged with the securities financing team. 

The firm recently confirmed it is to relocate its London-based staff to the under-construction Twentytwo building at 22 Bishopsgate.

 The asset manager will centralise staff from its existing locations in 7 Newgate Street and 155 Bishopsgate during the first half of 2020 to the new site, which is being managed by AXA IM’s real estate division and has been designed as a “vertical village”.

The post AXA IM taps BAML’s Loyer as new global head of trading appeared first on The TRADE.

 The asset manager will centralise staff from its existing locations in 7 Newgate Street and 155 Bishopsgate during the first half of 2020.  

“The move will bring together our London-based teams under one roof and this will enable us to improve and update the technology that supports our employees as well to live and breathe our Responsible Investing philosophy given the sustainable credentials of the building,” said Andrea Rossi.

The Twentytwo construction is being managed by AXA IM’s real estate division and has been designed as a “vertical village”, which can accommodate over 12,000 workers and visitors. Work is expected to be completed on the project in late 2019.

Earlier this month BGC Partners announced plans to relocate its UK-based headquarters in London, bringing together two of its current offices in the city – Canary Wharf at 1 Churchill Place and 40 Bank Street – to a new site at 5 Churchill Place.

The post AXA IM to centralise London staff in new Bishopsgate “vertical village” appeared first on The TRADE.

AXA Investment Management’s (IM) head of trading and industry heavyweight Paul Squires is to leave after 21 years with the firm, a spokesperson has confirmed.

Squires first joined the firm in 1996 as an equity trader in the UK before moving to trade European equities in 1999 and then to fixed income in 2003.

In 2005, he was promoted to head of trading after AXA IM’s trading group merged with the securities financing team. 

As head of trading, Squires was responsible for 31 traders in London, Paris and Greenwich in the US covering equities, fixed income FX and derivatives.

AXA Investment Management said in a statement: “AXA IM can confirm that Paul Squires will leave the firm. Paul has been an integral part of the AXA IM Trading and Securities Finance team for 21 years and we wish him every success for the future.”

The asset manager added the trading and securities finance team will be led by Daniel Leon, head of engineering and execution in the interim, with further details to be announced in due course.

Leon first joined AXA in 2000 as CIO of investment solutions, before leaving to join BNP Paribas as head of rates and as head of solution trading group with the French investment bank.

He returned to AXA in 2014 as head of client solutions development.

The post AXA’s head of trading Paul Squires to depart after 21 years appeared first on The TRADE.

The head of fixed income execution at AXA Investment Management has departed after more than a decade with the firm to join BNP Paribas Asset Management.

A spokesperson confirmed Yann Couellan was appointed head of fixed income execution at BNP Paribas in October this year, having been in the same role at AXA Investment Management for 10 years.

He first joined the French asset manager in 2004 as a fixed income CDS credit trader and prior to that held similar trading positions at IXIS Asset Management and Cantor Fitzgerald.

After three years as a trader at AXA, Couellan was promoted to head of fixed income execution in 2007.

He was responsible for all fixed income execution for all of AXA’s fund managers and oversaw activity on the fixed income and OTC derivatives trading desks.

BNP Paribas announced a major push in fixed income earlier this month, after teaming up with market maker GTS to provide its clients with better tighter spreads and improved pricing in US Treasuries.

The partnership will see BNP Paribas implement GTS’ trading and technology tools, alongside the addition of the market maker’s liquidity into its framework.

Furthermore, BNP Paribas Asset Management confirmed plans to merge several investment teams to create the ‘Multi-Asset, Quantitative and Solutions’ (MAQS) group.

MAQS will become one of four of the asset manager’s investment groups, alongside Private Debt & Real Assets, Equities and Fixed Income.

The post Fixed income execution head departs AXA for role at BNP Paribas appeared first on The TRADE.

Former global head of trading at AXA Investment Management has joined MarketAxess as head of Europe and Asia.

Christopher Roupie has been tasked with driving MarketAxess’ global expansion and securing new business and product development opportunities.

He was previously global head of trading at AXA for ten years and was global head of fixed income trading at Natixis prior to that.

Rick McVey, chief executive officer at MarketAxess, explained Roupie is a widely regarded leader in the investment management trading community with strong relationships.

“He has led successful initiatives in order management systems, electronic trading, data and straight through processing, which complement our vision for creating the world's leading credit marketplace,” he said.

Roupie added MarketAxess and Trax are at the forefront of market innovation.

“[MarketAxess is] bringing exciting technological enhancements and greater efficiency to all market participants across the front- and back-offices,” he said.

The post AXA Investment’s global head of trading joins MarketAxess appeared first on The TRADE.