David Leigh, co-head of global FX and emerging markets, Nomura
Nomura has appointed David Leigh as co-head of global FX and emerging markets. He will work alongside Nagaraj Pangal, and reports to EMEA head of global markets Nat Tyce and head of global markets Rig Karkhanis.
Leigh has close to 20 years of experience and joins from Deutsche Bank, where he was head of European FX and global head of FX spot, precious metals and electronic trading.
Karkhanis commented: “With our strong existing team, the growth and diversification of our client franchise, and the recent increases in market volatility, we are confident in the continued success of our FX and Emerging Markets business globally.”
Leigh’s appointment comes alongside the confirmation of John Tierney as CEO of Nomura Europe Holdings and Nomura International.
Tierney replaces Jonathan Lewis, who has held the role for the past decade. Lewis will remain with the company as chair of Nomura Financial Products Europe, Instinet Europe and Nomura Reinsurance (Guernsey).
LGIM Global Head of Trading Ed Wicks discusses how close collaboration between trading and fund management teams ensures the best outcomes for clients.
Ed Wicks, Global Head of Trading, Legal & General Investment Management, discusses how his team works closely with fund managers through structured meetings and ad hoc interactions on the trading floor, using both electronic algorithms and high-touch methods to navigate complex trades and ensure best execution.
This video clip is from the recently released Global Trading / LSEG documentary Life Cycle of a Trade: Joining the Dots.
Eric Neveux and Graham Nix, senior managing directors, Evercore
Investment banking advisory firm Evercore has appointed Eric Neveux and Graham Nix as senior managing directors within its financial institutions group.
The announcement is in line with Evercore’s ongoing expansion of this division, with co-head of US investment banking Jason Sobol commenting that: “The financial institutions business remains a core focus of expansion for Evercore, and adding banking sector expertise is a crucial step in this strategy. We believe the banking sector is poised for growth and consolidation as we move into 2025 and beyond.”
Neveux, based in Chicago, joins Evercore following a more than 23-year tenure at Goldman Sachs. Most recently, Neveux was managing partner, director and co-head of investment banking for the Midwest region. Since 2018, he has also been head of banks and specialty finance for the Americas.
Based in New York, Nix has two decades of industry experience and joins the company from Morgan Stanley, where he has been a managing director in the financial institutions group for almost four years. Prior to this, he was an executive director and a vice president at the firm.
Evercore reported US$2 billion in revenue year-to-date for 2024, up 22% on its 2023 results.
Investment bank boutique Houlihan Lokey has appointed Brad Boggess as a managing director within the capital markets group. He is based in Atlanta.
Boggess has more than 25 years of industry experience and joins Houlihan Lokey from Blackstone, where he has been head of asset management for credit and insurance since 2018. Prior to this, he was chief administrative officer at Hudson Advisors and managing director and head of Americas asset management at the firm.
Commenting on the appointment, Chris Dunlop, managing director and global co-head of the capital markets group, said: “Brad’s operationally focused expertise and long-standing, deep relationships with global asset managers complement and strengthen Houlihan Lokey’s core financing capabilities and existing client relationships.”
Houlihan Lokey completed 353 merger deals in 2023 and reported fiscal 2024 revenues of US$1.91 billion.
SIX Exchange Group has agreed to acquire Aquis Exchange, intending to strengthen its listing venue status and cater to retail investors.
Providing an expanded universe of tradable securities, Aquis will allow SIX to expand its retail brokerage, it said, and improve execution quality across Europe. Additionally, the group intends to grow a “competitive pan-European listing venue” using Aquis’s ability to grant small and medium enterprises and growth companies access to capital markets.
Bjørn Sibbern global head of exchanges at SIX, confirmed that “as part of SIX, Aquis will continue to operate under its existing brand and business model with maximum agility while benefiting from our resources, scale and further investment, enhancing Aquis’ ability to continue to develop its business.”
Aquis stated that the acquisition is driven by an awareness of market competition, and the long-term risks of remaining independent. According to Global Trading’s exchange survey conducted earlier this year, Aquis equity trading volumes of €276.8 billion and an average daily turnover of €2.18 billion in H1 2024. SIX, by contrast, reported €835.4 billion equity trading volume and average daily turnover of €3.3 billion.
CEO and founder Alasdair Haynes explained: “Aquis has a clear path of growth ahead; however, the Aquis directors recognise there are always some operational, commercial and market risks associated with the timing of future value creation. The offer de-risks this future value creation and provides Aquis shareholders with certain value at a material premium.”
Aquis recently announced its entry into the consolidated tape provider (CTP) race, launching SimpliCT with Cboe Europe. SimpliCT is competing with EuroCTP, a consortium in which SIX is a stakeholder. On this possible conflict, “if Aquis continues to explore or is pursuing a bid to perform the equity consolidated tape provider role, SIX intends to withdraw from EuroCTP”, it stated. “Aquis remains excited about exploring the opportunity of launching a bid, a spokesperson for the firm added.
The recommended cash offer values Aquis at £225 million on a fully diluted basis, with shareholders receiving £7.27 per share in cash. This is a 120% premium to 8 November’s closing price of £3.30 per share, and a 68% premium to the six-month volume weighted average price of £4.33. SIX will acquire 51% of Aquis, equivalent to 13,977,707 shares.
Tradeweb has connected to the Tokyo Stock Exchange’s (TSE) request-for-quote (RFQ) platform Conneqtor as demand for ETFs jumps up by a third in Asia. Global X has completed the first transaction using the connection.
In the first three quarters of 2024, Tradeweb reported more than US$1 trillion in ETF trading volumes. Institutional ETF volumes transacted by Asia-based clients of the firm’s RFQ marketplace were up 30% year-on-year.
The initiative aims to improve liquidity access to Japanese exchange-traded funds (ETFs) for institutional investors. As of end-October, 339 Japan-listed ETFs are covered by the service, representing assets under management of JPY 88 million.
Moriyuki Iwanaga, TSE president, commented: “We hope that the new connection with Tradeweb will promote investment in the Japanese market by allowing investors outside Japan, who have had difficulty using Conneqtor, to easily access ETFs listed on the TSE from overseas.”
Through the partnership, Tradeweb’s buy-side clients can include Conneqtor liquidity providers when launching trade enquiries on its Japan-listed ETF marketplace. Transactions including Conneqtor market makers will be cleared and settled within TSE.
Execution management systems Triton by Virtu, Xilix by Broadridge, Smart Bridge Advance by Nomura Research Institute (NRI) and T-Wave by LSEG Data & Analytics are also connected to the RFQ platform. However, Tradeweb is the first RFQ marketplace to connect.
TSE told Global Trading that “the connections with other platforms are different from the one with Tradeweb. With other platforms, connectivity is about just sending RFQ and receiving execution results through FIX. Users have to compare prices separately; it is not an integration of liquidity.
“In addition, the connectivity with Tradeweb is the first one providing direct connection to a platform with a truly global client network.”
Northern Trust Asset Management (NTAM) has appointed Jan Rohof as director of quantitative solutions for the APAC region.
Based in Melbourne, Rohof is responsible for leading NTAM’s quantitative investment solutions business and creating strategies for clients in the APAC region. He has a decade of industry experience, spent at asset manager Roveco as an investment specialist and client portfolio manager.
The announcement continues NTAM’s expansion of its global active quantitative business, with Guido Baltussen named head of quantitative strategies international in 2023 and Milan Vidojevic and Bart van Vilet joining the team earlier this year. Now, more than 40 quantitative investment specialists make up the division.
Baltussen observed: “Quantitative strategies are a cornerstone of our ability to provide innovative solutions to both our institutional and wealth clients, and we see continuing demand for our quant capabilities.”
Euronext has reported €68.3 million in cash equities revenue over Q3, more than double competitor Deutsche Börse’s €30.8 million. Overall revenue and income rose by 10% year-on-year (YoY) to €396.3 million.
According to Global Trading’s exchanges survey earlier this year, Euronext’s equity trading volume (€1,223.65 billion) more than doubles Xetra’s €600 billion. Both have grown in tandem over the quarter in cash equities trading revenue YoY, Euronext by 6.1% and Deutsche Börse by 4%, although a slight drop can be seen on a quarterly basis.
Cash equities trading revenue (€m)
Trading revenue at Euronext was up 15.7% to €136.9 million, which the group attributed to strong performances in fixed income and FX trading. The former saw €37 million in revenue, up 45% YoY, while the latter rose by 27.6% to €8.2 million. Cash trading revenue of €68.3 million was reported over the quarter, up 6.1%. This was the result of efficient yield management and higher volumes, the firm stated.
Reflecting on the 10 years since Euronext went public, CEO and chairman of the managing board Stéphane Boujnah affirmed that the company has exceeded the goals it set for 2024 by €300 million and seen a 470% share price increase since launch.
Euronext will launch a share buyback programme starting Monday 11 November, active for 12 months and with a maximum of €300 million. “This reflects our confidence as we look ahead,” Boujnah told the press conference, adding that “conditions are ideal” to implement such a programme.
“This programme is enabled by Euronext’s strong cash generation capabilities and demonstrates Euronext’s rigorous capital allocation strategy,” the exchange confirmed.
This September, Euronext completed its migration of financial derivatives markets to Euronext Clearing, officially ending its contractual relationship with LCH. It also completed its integration of the Borsa Italiana Group, closing a more than three-year project. The cost of the latter has been €48.2 million lower than the €160 million guidance figure announced in November 2021, the group stated.
Derivatives trading revenue and income was down 3.4% YoY to €13 million at Euronext. Deutsche Börse, by contrast, reported 11% growth to €316 million. Over the next three years, Euronext intends to expand its FICC trading and clearing franchise to further diversify its business. In Q3, fixed income trading revenue was up 45.5% to €37 million. MTS, the company’s fixed income trading platform, has grown fourfold since 2021, Boujnah explained. “We are going to continue to develop our footprint in a material manner.”
The group also aims to grow adjusted EBITDA, revenue and income by more than 5% each year, with CAPEX contributing between 4% and 6% of total revenue. Beyond financial targets, as part of its ‘Innovate for Growth 2027’ initiative the group plans to accelerate growth in non-volume business. “We want to do with the CSDs what we did for trading,” Boujnah stated during the press conference, aiming to reduce fragmentation and become European the CSD of choice.
“In 2027, Euronext will remain a highly profitable company that will have continued to generate cash. It will be highly integrated. The company will be larger, more diversified, have more interactions with more people, be more relevant to more market participants, and have been important in the delivery of the Capital Markets Union and the European Savings and Investments Union,” Boujnah concluded.
Stephen Farrell, executive director for ETF product, JP Morgan
JP Morgan has appointed Stephen Farrell as an executive director for ETF product.
Based in Dublin, he reports to Fearghal Woods, global head of ETF product in JP Morgan’s securities services business.
Farrell joins from State Street, which he joined in 2006 as a senior associate before becoming an officer, assistant vice president of ETF servicing and vice president, a role he has held for more than six years.
Brickwood Asset Management has announced Claudia Ripley as its CEO, with Ben Whitmore and Dermot Murphy as fund managers.
The three ex-Jupiter Asset Management employees announced that they were seeking authorisation from the FCA to set up a value investing-focused asset management firm early this year.
As of 5 November, SEI Institutional Investments has replaced Jupiter with Brickwood as sub-advisor to its World Select Equity Fund, World Equity Ex-US Fund, and Screener World Equity Ex-US Fund.
Ripley, who was an investment director at Jupiter, has more than 15 years of industry experience including almost a decade at BlackRock as a hedge fund product specialist.
Whitmore managed the £1.6 billion Jupiter Income Trust, now managed by Adrian Gosdan and Chris Morrison and renamed the Jupiter UK Income Fund. The majority of his three decades of industry experience has been spent at Jupiter, before which he was a fund manager at Schroders.
Murphy’s 15 years of experience include a decade at Jupiter and an equity research analyst role at Fidelity International.
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