PEOPLE MOVES NEWS UPDATE
Chris Blackburn has joined Liquidnet as global head of multiasset, three months after his departure from UBS. He began his new role on 28 April.
Matt Howell has been appointed as T. Rowe Price’ s global head of trading strategy after being promoted from his previous role as the firm’ s global head of derivatives and multi-asset trading solutions.
Liontrust’ s chief commercial officer and former head of trading, Matt McLoughlin, has left the UK-based asset manager after 10 years, as revealed by The TRADE.
Senior equities trader for EMEA, Georgina Flynn, has left Fidelity International, as revealed by The TRADE. Flynn had been with Fidelity since 2016 when she joined as an equities trader for EMEA.
Peel Hunt’ s head of electronic and program trading Nishad Vallonthaiel is departing for pastures new, The TRADE can reveal.
Ross Finlayson has joined Amundi as the firm’ s new head of markets and product strategy within the ETF and indexing business.
Daniel Ciment has joined BNY as the new Americas head of equities trading and execution, effective 12 May 2025. The new role will see Ciment working out of New York, where he will help to drive forward BNY’ s next phase of growth for its equities franchise and expand its execution capabilities.
TRADING VENUES
Euronext to launch Auction Volume Discovery order type
The offering is set to provide access to addressable liquidity which is currently untapped; launch set for later this year.
Euronext has confirmed that it is set to introduce Auction Volume Discovery( AVD) order type for equities later this year. The move comes off the back of increased demand for liquidity at auctions according to the trading venue, aimed at facilitating additional liquidity which is currently untapped during auction periods for clients. Speaking exclusively to The TRADE at the TradeTech Europe conference in May, Vincent Boquillon, head of equity trading at Euronext, discussed the key innovations when it comes to the upcoming AVD order type, asserting that“ it’ s been over a decade since we’ ve seen true innovation in the auction space.” He explained:“ AVD is a fully integrated, non-disclosed order type that enables interaction with the auction imbalance, without impacting price formation or leaking information […] Our goal is to protect the integrity of the closing price as a benchmark, while allowing for greater interaction and block execution opportunities.” Specifically, Euronext AVD orders will: send a non-displayed order during the day; trade at either the opening or closing auction price; capture the auction imbalance after the regular auction process has occurred; trade against other ADV order without price impact to allow users increased block trading opportunities; and access untapped auction imbalance which are not available via MTFs. In addition, through this offering the price determination process at auction remains unchanged, and information leakage is prevented. Speaking to The TRADE about the importance of transparency in fragmented markets, Boquillon said:“ Price discovery depends on a shared, transparent foundation […] When bilateral trading grows in a space that lacks harmonised rules, transparency or even consistent data, it becomes very difficult for the wider investment community to navigate and evaluate liquidity.“[…] It’ s not just about exchanges versus bilateral platforms. The market needs healthy competition within each model to thrive.” Euronext’ s move follows that of SIX Swiss Exchange which launched its ADV functionality back in 2023, as exclusively revealed by The TRADE at the time. The functionality is built on SIX’ s dark pool – SwissAtMid – and includes a hidden order type that supports discrete submission of liquidity into the auction that was previously withheld or place on alternative venues.
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