PEOPLE MOVES NEWS UPDATE
Industry veteran Dr Robert Barnes stepped down as the CEO of London Stock Exchange Group ’ s ( LSEG ) Turquoise at the end of 2022 after nine years , The TRADE can reveal . Also to leave the London Stock Exchange Group ( LSEG ) at the end of 2022 was Scott Bradley who became the latest senior departure as the trading venue looks to simplify its leadership across asset classes .
Industry veteran , Ed Benson , retired at the end of 2022 after 43 years of service in the markets , The TRADE can reveal . Benson departed from the industry after a decade at BTIG as a managing director and as its head of European sales trading . He also spent 16 years at Deutsche Bank Securities as head of sales trading for Europe , the Middle East and Africa ( EMEA ) and another 17 years before that as a managing director at fellow investment bank SG Warburg .
A former trader at Citi and Morgan Stanley joined the European single stock trading team at BNP Paribas , The TRADE can reveal . According to an internal memo , Paul Barker joined BNP Paribas as a senior trader in the division after also previously serving in the single stock trading teams at Citi and Morgan Stanley .
Former Federated Hermes multi-asset trader , Dominic Eccles , departed for a similar role at Fidelity International , The TRADE can reveal . Eccles joined Fidelity International as an equities trader after spending the last two and a half years at Federated Hermes . Previously in his career he spent four years at Woodford Investment Management as an equity trader and three years collectively across BP Investment Management and Legal & General Investment Management in investment operations roles .
TRADING VENUES
Outage sees Nasdaq Nordic markets close without Auction
The event is the third major outage of this kind on a primary exchange in the last few years including those seen on Deutsche Borse and Euronext .
market outage saw Nasdaq ’ s Nordic markets close without an
A Auction on 16 November , The TRADE can reveal .
Nasdaq confirmed that its Nordic markets closed on 16 November without an Auction after an outage , however , confirmed that they opened without issues the following day and continue to operate normally .
The exchange declined to disclose the root cause of the technical issue . “ We have identified and implemented a resolution that minimises the risk of the issue reoccurring ,” said a spokesperson from the exchange .
According to sources familiar with the matter , the Closing price for the markets was not published until several hours after usual market close , and this was not generated by an Auction .
“ Events from Wednesday show the need for greater clarity and timely communication from the exchanges in these situations ,” said a member of the buy-side who wished to remain anonymous . “ There needs to be more open-ness from the exchanges over what occurred and what they have done to fix the issue .”
Four markets went down in total across Iceland , Denmark , Sweden and Finland , with participants only made aware that there would be no Close in Denmark minutes before it was due to begin , sources familiar with the matter told The TRADE .
“ Many funds rebalance their positions or execute client contributions and withdrawal with the benchmark “ Market on Close ”. Unless the orders are large and need to start early , this flow is executed and benchmarked against the closing auction ,” said one buy-sider . “ Without a Closing Auction , these orders are not executed , which leads to numerous problems .”
The outage is the third of its kind at a primary exchange in recent years after similar events took place at Deutsche Borse and Euronext in 2020 .
The number of major outages to take place in the last few years sparked concerns from ESMA over trading venues ’ reliance on third-party data and software providers at the start of 2021 .
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