THETRADE
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ISSN 2040-0144
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All change
[ E D I T O R ' S N O T E ]
The weather is warm and the markets appear calm as I put pen to paper for this editor’ s letter, but whether they will remain that way is another question altogether. The US tariff-led volatility that plagued H1( only to be topped up by broader geopolitial tension) seems to have all-but abated for now, but if there’ s anything I’ ve learned over the last five years, it’ s that we’ re only ever a stone’ s throw away from the next event that will send the market into hyperactivity. The macroeconomic climate is turbulent to say the least, and the sentiment across the markets seems to be‘ don ' t sweat the small stuff too much’, as there’ s bigger fish to fry. Ongoing industry themes continue to develop and shape the way that we operate day to day. Outsourced trading mandates have continued to trickle in, we’ ve seen the arrival of long-awaited updates to regulation around research in Europe and the UK, and the growth of the bilateral segment has continued to dominate industry discussion. This edition of The TRADE Magazine explores all this, including news reviews, unpacking key buy-side discussions at TradeTech 2025, the rebundling conundrum, and more. It also features the latest news and people moves, the hedge fund results from our 2025 Algorithmic Trading Survey and swathes more content for you to sink your teeth into. Starring on our cover and as our Meet the Desk interview for this edition is T. Rowe Price’ s Toby Baker and M & G Investments’ Londonbased equities dealing desk, respectively. You’ ll also find a Big Interview with Janus Henderson Investors’ fixed income trader and former Rising Star of Trading and Execution Khursheda Fazylova. We’ ve had a changing of the guard here at The TRADE, for those of you that joined us at TradeTech, you’ ll have met our new reporter Natasha Cocksedge. If you haven’ t had a chance to meet her yet, flip to the back of this edition where you’ ll find a short welcome note from her. In the same vein, some of you may have seen The TRADE and its sister publication Global Custodian were acquired by Finelight Group earlier this month. It’ s been an exciting and eventful few months both inside and outside of The TRADE. I know I speak on behalf of the entire team when I say how excited we are for this next chapter.
Annabel Smith Editor
The TRADE
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