Caroline Serdarevic is Head of International and Global Head of Sales at Millennium Advisors.

What were the key theme(s) for your business in 2024?
2024 was a significant year of investment for Millennium Advisors, centered around three defining themes: strengthening our global presence, diversification of revenues and laying the groundwork for operational enhancements that will shape our long-term capabilities.
The most visible step in our global expansion was the opening our Singapore office in July, which enabled a near “follow-the-sun” operating model. After years of serving APAC counterparties from our London base, establishing a local presence was a natural progression. Being on the ground in Singapore allows us to understand and respond more effectively to regional needs and nuances, and provide counterparties with consistent, high-quality liquidity around the clock.
On the product side, we extended our capabilities further, launching our U.S. Treasuries (UST) business in Q4. This move signified an important milestone in revenue diversification and positioned Millennium Advisors to serve counterparties across a more comprehensive spectrum of fixed income products. Alongside our entry into the UST market, we enhanced our participation in municipal markets, portfolio trading, and ETFs—underscoring our commitment to delivering liquidity solutions aligned with evolving market dynamics.
Equally important were the steps taken toward self-clearing. While this initiative is set to come online in early 2025, our preparatory work in 2024 has been essential in laying the foundation for greater operational efficiency and control. This work supports not only our existing trading activities but also future plans to expand into new areas, such as Repo and Securities Lending.
What was the highlight of 2024?
The opening of our Singapore office stands out as the year’s signature achievement. This strategic move underscores our global ambitions, allowing us to support our counterparties in APAC with local expertise and extended coverage. By having dedicated professionals in the region, we have bridged time zones and streamlined execution processes—offering a more responsive and intuitive trading experience.
Millennium Advisors’ Singapore expansion represents more than a geographical foothold. It embodies our philosophy of meeting counterparties where they are and adapting to their unique needs. The office’s successful launch affirmed that proximity, informed by strong analytics and a robust trading infrastructure, can significantly enhance our value in rapidly changing markets.
What are your expectations for 2025?
In 2025, we anticipate realizing the full benefits of our 2024 initiatives. With our self-clearing model coming online, we will be poised to optimize settlement workflows, reduce operational costs, and ultimately provide more consistent pricing and execution. Self-clearing will also position us to enter the Repo and Securities Lending markets, broadening our offering and further diversifying revenue streams.
Our UST business will move beyond its initial stage and begin a phase of steady, scalable growth. This evolution will reinforce its role as a central component of our product mix. As we refine our infrastructure, expand our product set, and strengthen our global network, innovation will remain at the heart of our approach. We intend to continuously update our technology, adapt our trading models, and explore new protocols that can offer fresh value to our counterparties.
By the end of 2025, Millennium Advisors will have established itself as a global liquidity provider with fully integrated, agile operations. Building on 2024’s investment and expansion, we will remain focused on delivering excellence and helping our counterparties thrive in an increasingly complex and competitive environment.
A Year of Progress and Promise: Reflecting on 2024
By Jim Hyde, NYSE
2024 STA Chair
As 2024 draws to a close, it’s a natural time to pause and reflect on all we’ve achieved together. On behalf of the STA Board of Governors and staff, I want to extend my deepest gratitude to all members, sponsors, partners, and speakers who contributed to our success this year. Your engagement and support are the foundation of our success, and we could not have accomplished so much without you.
2024 has been a year of milestones and meaningful change at both the national and regional levels. Our 91st Annual Market Structure Conference in Orlando was a tremendous success, blending insightful discussions with unique networking opportunities in a vibrant resort setting. Additionally, I’m thrilled to report that our affiliates organized over 75 in-person events throughout the year — a testament to our commitment to fostering education, community, and collaboration within our industry. The launch of our newest chapter, STA Arizona, further expanded this reach, marking a significant achievement in our work to serve securities industry professionals across the country.
On the wider stage, the outcome of this year’s elections will bring significant changes to our nation’s capital. In particular, the appointment of Rep. French Hill, a former banker, as the new Chair of the House Financial Services Committee appears a positive sign for those desiring highly informed regulation for our industry. More broadly, leadership changes across both parties could add an element of unpredictability to the legislative process. Looking at the executive branch, the nomination of Paul Atkins as SEC Chair seems to portend a stark departure from the previous administration. These developments promise new challenges and opportunities for our industry, and STA remains committed to advocating for policies that support robust, fair markets.
While there is much uncertainty ahead, we look to the future with great confidence. As most of you know, Julie Andress, Managing Director, Institutional Equities at KeyBanc Capital Markets, will serve as our incoming 2025 Chair. Following many years working alongside Julie on the STA Board, I can personally attest to her exceptional leadership skills and longstanding dedication to our mission, which will ensure STA’s continued success and innovation. As we enter 2025 under Julie’s leadership, we also look forward to expanding our Women in Finance committee, strengthening our affiliate-driven Young Professionals initiatives, and reinforcing our communication channels to better serve our members. Beyond that, we’re excited for our 92nd Annual Market Structure Conference (October 15-17, 2025), which will return to Washington DC on the heels of our successful Orlando event.
Serving as your Chair in 2024 has been both an honor and a privilege. It’s been inspiring to witness the passion and dedication of everyone involved in making STA a success. I’m confident that, under Julie’s leadership and with the collective energy of our community, STA will continue to drive positive change and deliver value to our members in 2025 and beyond. Hopefully, you can attend at least one of our national or regional events to experience this value in person.
As we embrace the holiday season and the promise of a new year, I encourage you to take time to reflect on our shared accomplishments and enjoy the moments that matter most with your loved ones. Thank you for an incredible year, and I wish you all a joyful holiday season and a prosperous 2025!