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03 Editor’ s note 06 News and moves
14 Buy-side cover interview T. Rowe Price’ s Toby Baker
ANNABEL SMITH sits down with head of foreign exchange trading at T. Rowe Price, Toby Baker, to unpack why he chose a career in FX, the asset class’ role in the wider markets and the innovations he expects to make waves on the trading desk in the near future.
26 News review The rebundling conundrum
As regulators’ to and fro between research bundling and unbundling comes to an end with the recent joint payment option news, CLAUDIA PREECE rounds up the current state of play when it comes to the payment for research discussion and delves into the market reaction following the UK watchdog’ s recent decision.
34 Meet the Desk Every order has a home
ANNABEL SMITH sits down with M & G Investments’ London-based equities dealing team – 2024 winners of the coveted Trading Desk of the Year award – to unpack their development, and the importance of adaptability and evolution to ensure continued success in the markets.
4 // TheTRADE // Q2 2025