UBS outsourcing exec lands at BTIG

By

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September 3, 2025

Ian Power, head of EMEA outsourced trading, BTIG

Former UBS outsourcing lead Ian Power has resurfaced at BTIG as head of EMEA outsourced trading.

UBS left the outsourced trading business in March.

In May, the hub’s director was named head of Clear Street’s newly-launched outsourced trading platform.

Outsourced trading and prime brokerage specialist BTIG reported 13,830,642 in gross profit in 2024, down 5% year-on-year.

Power has more than 25 years of industry experience and had been with UBS for three years before the execution hub closed. He joined the firm as UK head of multi-asset trading for the division.

Prior to this, Power was a global multi-asset and derivatives trader at Newton Investment Management, head of trading at Standard Life Investments (now Aberdeen) and head of client derivatives trading at Ignis Asset Management.

Benoit Pierre leaves GS to join Millennium

By

Etienne Mercuriali

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September 3, 2025

Benoit Pierre has joined Millennium in London as a Senior Trader.

Millenium says it employs more than 6300 people and manages upwards of US$78 billion.

He moves after more than seven years at Goldman Sachs, where he most recently worked in the ETF Accelerator team in Paris and previously held roles as a program trading (PT) sales-trader in both Paris and London.
Goldman Sachs reported US$2.4 billion of revenues in equity intermediation in the second quarter of 2025.

Earlier in his career, Pierre spent three years at Bank of America Merrill Lynch as a PT Sales-Trader and held internships at Morgan Stanley and ALTEN.

Winterflood snags Goody from Investec

By

Lucy Carter

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September 2, 2025

Cris Goody, deputy head of specialised sales and execution, Winterflood Securities

Cris Goody has joined Winterflood Securities as deputy head of specialised sales and execution. He is based in London.

Winterflood Securities, which was recently acquired by Marex, reported a £800k operating loss in the second half of 2024.

Last month, Joe Everitt joined the firm as head of low-touch trading and algorithmic sales.

Goody has more than 25 years of industry experience and joins the firm from Investec, where he has been a dealer for over 17 years. He has been head of dealing at the firm since 2017.

Prior to this, Goody spent nine years as an equity trader at Walker Crips.

RBC veteran joins Handelsbanken

By

Lucy Carter

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September 2, 2025

Jonathan West, equity sales trader, Handelsbanken

Jonathan West has joined Handelsbanken as an equity sales trader. He is based in London.

Nordic bank Handelsbanken reported €2.6 billion (SEK 28,413 million) in total income for the first half of the year, down 8% year-on-year. Operating profit was €1.4 billion (SEK 15,300 million), down 9%.

West has more than three decades of industry experience and joins the bank from RBC, where he was a European equity sales trader for over ten years. Prior to this, he held the same role at Nomura Securities, Lehman Brothers and Dresdner Kleinwort.

Goldman builds out high-touch trading team

By

Lucy Carter

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September 2, 2025

Lucy Heighton and Lorraine Wyley, high-touch trading, Goldman Sachs

Lucy Heighton and Lorraine Wyley have joined the high-touch trading team at Goldman Sachs.

The duo will specialise in EMEA products and global clients, covering long-only institutions and hedge funds. Based in London, they are both expected to assume their positions before the end of the year.

In Q2 2025, Goldman Sachs reported US$4.3 billion in equity trading revenues – making its total H1 equity trading revenues US$7.4 billion.

Heighton has two decades of industry experience and joins the firm from RBC Capital Markets, where she has been a sales trader since 2021. Prior to this, she was a pan-European sales trader at Morgan Stanley.

Wyley joins the firm from Jefferies, where she has been vice president of equity sales trading since 2022. Over her more than 25-year career, Wyley has held roles including associate director of sales trading at Numis Securities and corporate broking executive at Goodbody Stockbrokers.

Matuszewski quits Citadel Securities for SIX

By

Lucy Carter

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September 2, 2025

Adam Matuszewski, head of cash market products, SIX

Adam Matuszewski has been named head of cash market products at SIX.

SIX reported net operating income of €792 million in H1 2025, up 4.1% year-on-year (YoY). Combined equity turnover for the group’s exchanges was up 13.2% to €896.9 billion.

Matuszewski has more than a decade of industry experience, the majority of which was spent at SIX as a product manager for and later head of equities. He joined Citadel Securities in March 2024 as head of EMEA business development, and will take on his new role in Zurich.

SEBI caps positions at a tenth of Jane Street’s trades

By

Etienne Mercuriali

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September 2, 2025

SEBI, the Indian market regulator, has issued an intraday monitoring and position caps framework for equity index options to curb “outsized” expiry-day positioning while preserving liquidity provision. The new limits are a tenth of the net positioning it questioned at Jane Street.

SEBI set an entity-level intraday net future equivalent delta limit of INR50 billion (US$567m) and an intraday gross (long + short deltas equivalent) limit of INR100 billion (US$1.134bn) per side, to be policed by at least four random snapshots during the session, including one between 14:45 and 15:30. End-of-day (EOD) caps on position size are INR15 billion (US$170m) net and INR100 billion (US$1.134bn) gross. The rules apply only to index options.

The move follows SEBI’s February consultation and a May circular that had suggested end-of-day (EOD) position limits a lot lower than those now prescribed at INR5 billion net EOD (US$56.7m) in future equivalent delta.

The new circular says it responds to “observed instances of outsized intraday future equivalent positions… on the day of contract expiry” and aims to “facilitate market making… while putting a check on creation of outsized intraday position on the expiry day for orderly trading.”

Jane Street net positioning, which prompted the review, on 17 January 2024 reached US$4.5 billion or about INR4 trillion.

In equity index futures, the position limit for trading members is the higher of INR75 billion (US$840m) or 15% of the total open interest in the market.

Marex expands capital introduction in Singapore

By

Lucy Carter

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September 2, 2025

Marex has expanded capital introductions, a form of outsourced investor marketing for hedge funds, appointing Leah Teo to run its Singapore team.

In addition to core services like securities lending, prime brokerage firms offer hedge fund clients capital introduction services, connecting them with institutional allocators across alternative investment strategies globally.

In Q2 2025, prime brokerage and outsourced trading specialist Marex reported US$500.1 million in revenues, up 18% year-on-year (YoY). Net trading income was up 49% YoY to US$203.3 million, which the company stated was heavily influenced by strategic prime services expansions.

Elsewhere in the Singapore expansion, Rebecca Smithurst joined Marex’s prime services team as vice president of Asia sales in June.

Jack Seibald, global co-head of prime services and outsourced trading, commented, “[The appointments] further strengthen our ability to deliver a fully integrated offering to clients on the ground in Asia.”

Teo joins Marex from Astignes Capital, where she has been a part of the investor relations team since 2021.

The announcement follows Chris Lloyd’s appointment to the distribution team in London last month, where he focuses on the EMEA region.

Nomura pushes regional growth, hires Zorzoli

By

Lucy Carter

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September 2, 2025

Nomura has named Filippo Zorzoli as EMEA head of global market sales.

Based in London, Zorzoli reports to Nat Tyce, EMEA head of global markets and global co-head of rates, and Samir Patel, global head of global markets sales.

Over the last year, Nomura reported US$1.1 billion (JPY 166.3 trillion) of income within the wholesale division, a 15-year record.

Alongside Zorzoli’s appointment, Gary Hyman is moving from EMEA head of public side sales to vice chair of EMEA global markets. He will be based in Dubai, and will help to build out Nomura’s footprint in the region.

Tyce commented, “We are confident that Filippo’s deep understanding of the EMEA client landscape combined with his extensive product expertise will help us build on the strong foundations established under Gary Hyman’s leadership and drive the next phase of client franchise growth in EMEA.”

Zorzoli has more than 20 years of industry experience and joins Nomura from Barclays, where he was global head of rates and solutions sales. Earlier in his career, he held roles including head of EMEA structuring at Bank of America Merril Lynch and co-head of the equity exotics trading desk at Goldman Sachs.

This Week from Trader TV: Gregory Corrigan, L&G Asset Management

By

GlobalTrading

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September 1, 2025

L&G AM: Record volumes, retail surge, and new venues shape US equity markets.

This year, US equity markets have been shaped by record trading volumes, high retail participation, and a growing number of new venues entering the space. Gregory Corrigan, head of equity and FX trading at L&G Asset Management, discusses the trends driving trading patterns in 2025; how equities desks are adapting their execution strategies and venue selection in trickier liquidity environments despite high activity, and how the rise of alternative trading venues is shaping US market structure. Looking ahead, Corrigan also unpacks the growing discussion around longer trading hours, the impact of new exchanges shaking up the current model, and other structural reforms such as REG NMS.

[This post was first published on Trader TV]

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Former UBS outsourcing lead Ian Power has resurfaced at BTIG as head of EMEA outsourced trading.

Benoit Pierre has joined Millennium in London as a Senior Trader.

Cris Goody has joined Winterflood Securities as deputy head of specialised sales and execution. He is based in London.

Jonathan West has joined Handelsbanken as an equity sales trader. He is based in London.

Lucy Heighton and Lorraine Wyley have joined the high-touch trading team at Goldman Sachs.

Adam Matuszewski has been named head of cash market products at SIX.

SEBI, the Indian market regulator, has issued an intraday monitoring and position caps framework for equity index options to curb “outsized” expiry-day positioning while preserving liquidity provision. The new limits are a tenth of the net positioning it questioned at Jane Street.

Marex has expanded capital introductions, a form of outsourced investor marketing for hedge funds, appointing Leah Teo to run its Singapore team.

Nomura has named Filippo Zorzoli as EMEA head of global market sales.

L&G AM: Record volumes, retail surge, and new venues shape US equity markets.

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