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Tuesday, March 18, 2025
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Outlook 2025: Caroline Serdarevic, Millennium Advisors

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

Caroline Serdarevic

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.

Outlook 2025: Hina Sattar Joshi, TP ICAP

By
Anna Lyudvig
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Hina Sattar Joshi is Digital Assets Sales Director at TP ICAP.

Hina Sattar Joshi

What trends are getting underway that people may not know about but will be important?

Bitcoin has dominated the crypto market this year and for good reason. In its early days it was used as a new way of facilitating payments and after it gained popularity, it was thought of as a store of value. However, a new theme has already emerged whereby Bitcoin is being used as a base layer protocol that developers can build upon. There are many projects on the Bitcoin ecosystem which enable smart contract functionality and decentralized applications, allowing for greater interoperability between bitcoin and other blockchain ecosystems. This could dramatically expand Bitcoins utility beyond just being “digital gold”.

Another trend underway is yield farming, whereby investors who hold cryptocurrency can get further interest for lending or staking their assets. This is gaining traction as interest rates globally are being cut. New innovations are emerging in these areas to make them more secure and user-friendly. Staking-as-a-service is now widely available to institutional and retail investors, and we expect this to become more prominent in the future in the wholesale market.

What industry trends have been prominent but will soon fade?

As we entered another cryptocurrency bull run in 2024, the price action on meme coins returned bringing in the FOMO (Fear of missing out) factor. Many people were drawn to the crypto market to trade tokens, even those without clear use cases or solid fundamentals.

We believe this will fade as the market matures and faces increased regulation. There is growing awareness of the risks of “pump and dump” schemes and token scams. The market is shifting toward projects with more solid use cases, real-world applications, and regulatory compliance.

What were the key themes for your business in 2024?

2024 will go down as the year of institutional adoption, with the most notable new product being the launch of Bitcoin spot Exchange Traded Funds (ETF’s) in the United States. Institutions were able to gain exposure to cryptocurrencies without dealing with the complexities of directly holding them. We were able to service a new wave of investors through these products.

We also saw another theme of bridging the gap between Crypto and Traditional Finance (TradFi). TP ICAP was at the forefront of this, being a traditional player in the crypto market and servicing many traditional clients whilst working alongside many reputable crypto native firms to offer diversified liquidity, smoother trading and settlements between the two worlds.

And lastly, we saw a growing investment from institutional players such as asset managers, banks and hedge funds across a number of crypto related products ranging from the CME derivatives markets, ETFs, spot cryptocurrency as well as investing into crypto companies. We believe this is only the start and will continue to grow as crypto regulations around the world are established.

Outlook 2025: Thomas Dolan, 28Stone

By
Anna Lyudvig
-

Thomas Dolan is Co-Founder and President, 28Stone.

Thomas Dolan

What were the key theme(s) for your business in 2024?

In 2024, we saw companies moving towards greater efficiency to help in cost reduction and performance optimization. There was a big focus on modernizing early web UI legacy trading applications developed in the late 2000s, which propelled companies into a position where they could focus on automating workflows. Moving forward with these modernization initiatives have positioned companies to pivot toward more strategic endeavors, freeing up the front, middle, and back offices.

Another central focus was investing in data rationalization efforts, creating a robust foundation to unlock the potential of AI and machine learning. These initiatives have positioned us to leverage advanced analytics and intelligent automation, which is clearly opening new horizons of innovation and creating a competitive edge in an advanced data market.

What are your expectations for 2025?

Looking ahead to 2025, we expect to see continued momentum in Capital Markets platform modernization and automation, with a sharper investment focus on addressing critical questions shaping the industry. A key priority will be determining how to invest in next-generation technologies like AI in ways that deliver measurable value, rather than speculative returns, and meet compliance mandates. However, the rapid emergence of AI is introducing a layer of complexity, as its role remains somewhat ambiguous. A key expectation in the wider use of AI is the broader adoption of centralized frameworks, like removing decision-making silos, enabling firms to uniformly prioritize initiatives, mitigate risks, and measure effectiveness across the organization. By establishing consistent methodologies for evaluating both traditional and AI-enabled projects, these frameworks help firms allocate resources wisely and drive more cohesion.

On the digital asset front, and as cryptocurrency valuations rebound, renewed attention to blockchain and DeFi technologies will likely spark exploration of their transformative potential in reshaping financial ecosystems. Additionally, the emergence of new business and technology

regulations to govern these advancements will pose both challenges and opportunities. Finding the right balance between adhering to new regulatory mandates and driving forward transformational technologies will create profound dynamics. We can anticipate that adapting to these regulatory frameworks while staying at the forefront will be a defining theme for the year.

What are your clients’ pain points and how have they changed from 1 year ago?

We’ve seen a consistency in our clients’ pain points throughout the last year. Their concerns remain centered around navigating the dual challenge of technology modernization and maximizing the value of their data. Clients are looking to make data more accessible and monetizable, recognizing its pivotal role in competitive differentiation. These efforts reflect an ongoing need to streamline operations while positioning their organizations to leverage modern, efficient, and scalable technology solutions. Continuing to address these challenges will ultimately lead clients to remain agile in a very competitive marketplace.

We’re also seeing our clients increasingly seeking self-contained, multi-disciplinary and globally distributed teams capable of delivering end-to-end solutions cost-effectively. This shift reflects a growing desire to streamline operations and reduce inefficiencies by outsourcing execution to trusted external partners. This creates the ability to offer cohesive teams that combine diverse skill sets—spanning technology, operations, and strategy—which has become a critical differentiator.

What trends are getting underway that people may not know about but will be important?

There are a few trends we’re watching out for but one that is gaining traction is the rapid growth of private credit investments, which we believe will drive significant technology innovation across this asset class. As private credit continues to attract substantial investment, there is a growing need for specialized tools and platforms to support trading, leaving less leeway for traditional methods and the continued use of outdated technology infrastructure. These early-stage developments are poised to shape the operational landscape for private credit, offering continued opportunities for technology providers to deliver solutions that improve efficiency, transparency, and scalability in a market that will always consist of evolving expectations.

A Year of Progress and Promise: Reflecting on 2024

By
STA
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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!

Outlook 2025: Steve Marshall, FinScan

By
Anna Lyudvig
-

Steve Marshall is Director of Advisory Services at FinScan.

Steve Marshall

What were the key theme(s) for your business in 2024? 

2024 was marked by increasing geo-political tensions, regulatory developments, and technological advances. Geo-political turmoil often translates to new and additional sanctions regimes. This last year, we saw the 

U.S. Departments of State and Treasury announce a new package of measures to disrupt Russia, new sanctions introduced against Iran following drone attacks on Israel and the reinstatement of oil sanctions against Venezuela. Keeping pace with the changing sanctions landscape is imperative, but it can also be challenging, as evidenced by the high-profile fines of banks in 2024 for not having sufficiently robust AML compliance and sanctions screening systems.  

In the regulatory realm, there was a significant focus on ultimate beneficial ownership reporting. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) opened its beneficial ownership registry under the U.S. Corporate Treasury Act in January, while the EU updated its best practices for effectively implementing restrictive measures which now more closely aligns with the Office of Foreign Assets Control (OFAC) 50 Percent rule in defining ownership. Beneficial ownership reporting is also a key focus of the EU’s updated Sixth Money Anti-Laundering Directive (6AMLD), announced as part of the EU’s AML package of reforms in May 2024.  

In the technology arena, the creation of AI frameworks from the G7 and various governments indicates a more structured approach to how AI can be deployed for compliance purposes, including AML and KYC processes. The EU’s Artificial Intelligence Act, published in July 2024, is a key example. Data quality has been consistently highlighted as an essential component of a robust AML compliance programme as technology capabilities advance. The EU’s AML Package included several data collection and management requirements. Additionally, The Comptroller of the Currency in the US and the Switzerland-based Wolfsberg Group cited data quality in releases throughout the year. 

What surprised you in 2024? 

Stripe’s landmark acquisition of stablecoin platform Bridge for $1.1bn in October made the industry sit up, signalling the growing adoption of blockchain. The acquisition will facilitate faster, safer, and cheaper domestic and cross-border payments. Stablecoins are pegged to fiat currencies, reducing volatility and minimising the need for traditional banking intermediaries. The move could also see greater adoption for stablecoins and blockchain technology, as Stripe is a major merchant acquirer. 

As digital currencies gain traction, regulators will implement stricter AML and KYC requirements for entities providing service and access to digital assets and cryptocurrencies. This includes enhanced scrutiny of digital asset exchanges and applying traditional compliance measures to the crypto space. 

What are your expectations for 2025? 

In 2025, we expect to see an increased focus on compliance and implementation of new regulations, such as those introduced by the EU’s AML package. The new EU Anti-Money Laundering Authority (AMLA) will also start work in mid-year. 

There will be increased international cooperation between countries to harmonise AML regulations, close regulatory gaps, and enhance information-sharing agreements. G7’s first-ever joint guidance on preventing evasion of export controls and sanctions imposed on Russia issued in September 2024 exemplifies this approach.  

Best practices will continue to evolve in line with technological advances. There is an ongoing shift towards more dynamic and ongoing customer due diligence (CDD) processes, which aim to identify and mitigate risks as they arise rather than rely solely on periodic reviews. Compliance programmes will increasingly incorporate ESG considerations, assessing clients’ environmental, social and governance impact as part of the process, reflecting a broader trend towards responsible banking and investment.  

Outlook 2025: Peter Gargone, n-Tier

By
Anna Lyudvig
-

Peter Gargone is Founder and CEO, n-Tier.

Peter Gargone

What were the key theme(s) for your business in 2024? 

For n-Tier, 2024 has been defined by a steadfast commitment to helping firms navigate evolving regulatory standards through proactive, technology-driven solutions. Via our cutting-edge software, we have empowered firms to adapt efficiently and maintain resilience in what has proved to be an increasingly demanding environment. 

Over the past year, firms have faced growing complexities in regulatory requirements, particularly with frameworks such as the Consolidated Audit Trail (CAT) and the Customer & Account Information System (CAIS). These evolving mandates have brought persistent challenges to the forefront, including compliance gaps and the critical need for enhanced data management practices. 

The growing complexity of reporting obligations has placed additional pressure on firms to ensure the accuracy, timeliness and completeness of their data. Regulators are demanding greater transparency and accountability, driven by concerns about market integrity and systemic risks. This has brought data quality and lineage into sharper focus, as firms seek to ensure compliance and avoid potential penalties.  

As firms continue to adapt, we’ve also witnessed a growing focus on improving processes, enhancing data accuracy and fostering a culture that prioritizes precise data management. With this, the adoption of technology that is built for high performance yet flexible has become increasingly important in streamlining operations and managing regulatory obligations efficiently.  

What was the highlight of 2024? 

The biggest story in 2024 was the significant fines issued to major financial institutions, reflecting a continued focus on regulatory enforcement. JPMorgan Chase received a $350 million penalty for trade surveillance failures, while Citigroup was fined $136 million for data management issues. These penalties highlighted the growing emphasis regulators are placing on firms for operational transparency and accountability across the industry. 

This increased enforcement comes amid concerns over systemic risks, financial crime and the need for reliable market oversight. These events underscored the importance of complete surveillance systems to meet evolving regulatory standards. The fines also reveal compliance gaps arising from rapidly evolving regulatory expectations. As the industry continues to adapt to increasingly complex requirements, proactive improvements in technology, governance and data management will remain essential to ensure regulatory compliance and operational resilience. 

What are your expectations for 2025? 

A key development in 2025 is expected to be the growing focus on data management, driven by the ongoing implementation of increasingly complex regulations. Regulators are likely to place greater emphasis on data collection, lineage, completeness and accuracy, particularly in areas such as Anti-Money Laundering (AML) and other surveillance obligations. 

This movement reflects rising concerns about financial crime and systemic risks, which have underscored the need for improved transparency and accountability in financial transactions. However, many organizations continue to face challenges in meeting the detailed requirements of evolving regulations. These challenges can introduce compliance vulnerabilities that firms may not yet realize. 

As regulatory expectations continue to grow, the ability to strengthen data management processes and address these gaps will be essential. 

Outlook 2025: Khody Azmoon, BLOX Markets

By
Anna Lyudvig
-

Khody Azmoon is CEO and co-founder at BLOX Markets.

Khody Azmoon

What were the key theme(s) for your business in 2024?

At BLOX Markets, we are actively working on launching a new retail-focused U.S. equities trading venue. While our venue is not yet operational and remains subject to regulatory filings and approvals, our key business theme is centered on the sustained growth of retail trading. Although retail activity has moderated from its 2020 peaks, the data indicates that current trading levels remain significantly higher than pre-COVID benchmarks, with further growth anticipated in 2025.

Additionally, we continue to maintain a positive outlook on the equity market structure amendments concerning Tick Sizes, Access Fees, and Transparency of Better-Priced Orders. These changes are expected to enhance execution quality for the underlying retail investor by promoting tighter spreads, reducing exchange fees, and increasing fee transparency.

What was the highlight of 2024?

In September 2024, the SEC passed the second of its four equity market structure proposals, focusing on Tick Sizes, Access Fees, and Transparency of Better-Priced Orders. Originally introduced as part of a broader package in December 2022, these amendments, like the Disclosure of Order Execution Information passed in March 2024, were among the least contentious proposals. Notably, both proposals received unanimous 5-0 SEC Commission approval, signaling strong bipartisan support and enhancing the likelihood of successful implementation.

What surprised you in 2024?

The two legal challenges to the equity market structure changes to Reg NMS covering Tick Sizes, Access Fees, and Transparency of Better-Priced Orders—were filed by NASDAQ and CBOE in a joint effort, with a separate challenge submitted by a third party, We The Investors. Notably, no other exchanges or market participants joined these actions, potentially reflecting a low perceived likelihood of success given prior court decisions that have generally favored the SEC in similar cases. Nevertheless, the SEC adopted a pragmatic approach by granting a partial stay until the D.C. Circuit delivers its ruling.

What are your expectations for 2025?

A lot is happening in 2025, including a new SEC Chair. Staying on theme, we’re hearing from numerous market structure experts that given the current landscape, the equity market structure changes to Reg NMS—specifically related to Tick Sizes and Access Fees—could be delayed until 2026 but expect it to be implemented, nonetheless.

What trends are getting underway that people may not know about but will be important?

We’ve noticed a number of emerging trends on the horizon. We’re seeing a number of quantitative trading firms are planning to extend their equities operations into electronic market-making. Similarly, many established electronic market makers are looking to enter the equities market-marking or broaden their current equities market-making efforts to cover additional symbols.

With the upcoming Reg NMS changes to Tick Sizes, Access Fees, and Transparency of Better-Priced Orders—we anticipate more electronic market makers transitioning from short-duration, spread-based strategies to a greater emphasis on medium-term, alpha-driven approaches to adapt to the evolving landscape.

That being said, our launch date is flexible and a moving target, but we’re aiming to hopefully launch later next year. See you in 2025!

Outlook 2025: Pablo Larguia, SenseiNode

By
Anna Lyudvig
-

Pablo Larguia is CEO of SenseiNode.

Pablo Larguia

What were the key theme(s) for your business in 2024? 

In 2024, we saw blockchain and cryptocurrency adoption reach new heights, particularly in Latin America, where Argentina was one of the key drivers as residents flocked to stablecoins amid currency devaluation. This trend was significant for our company, as it highlighted the growing relevance and need to address the gap between the adoption of crypto and the availability of local infrastructure.  

To help with this rising demand and support a decentralized blockchain ecosystem, we prioritized expanding blockchain infrastructure. This involved deploying new validator nodes on leading Proof-of-Stake protocols, such as Ethereum, Polygon and Solana, reaching a total of more than 9000 validators by the end of the year.  

By increasing the number of validators in Argentina, Brazil, Chile, Colombia and Mexico, we are contributing to enhancing the performance of all peers in the region, which has historically been neglected by most protocols due to the difficulty and barriers of deploying nodes locally. 

What trends are getting underway that people may not know about but will be important? 

The accelerated emergence of Bitcoin Layer 2 (L2) networks is unlocking new opportunities to increase the liquidity available in the blockchain ecosystem by making it possible for Bitcoin holders to stake their assets. It has also opened the doors to the composability, ecosystem and capabilities of Ethereum smart contracts for dApps, leveraging Bitcoin’s security.  

Alongside this, the growth of L2 requires more cross chain interoperability, which will revolutionize digital asset mobility across different ecosystems, and drive the need for more infrastructure that can provide finality on the chains involved in a transaction. Espresso, Avail and Wormhole are clear examples of this trend. This will enable users to leverage the benefits of various networks without having assets stuck in one chain – promoting greater decentralization and enhancing resilience. 

As this trend continues, it’s vital that blockchain networks prioritize scalability and usability to accommodate growing demand and ensure sustainable growth. This means expanding node infrastructure and establishing its presence across diverse geographies to ensure that each network’s performance, security, and reliability is properly maintained. 

What are your expectations for 2025? 

With the anticipated pro-crypto stance of the incoming Trump administration, it will be interesting to see how the blockchain landscape changes and how other jurisdictions will follow. Particularly, the potential authorization for ETFs to include staked tokens as part of their underlying assets, which will allow investors to earn yield beyond price speculation. We expect this might drive a surge of staked tokens across those protocols that already have an ETF on the market, further boosting the adoption of staking. 

We are also optimistic that there will be significant advancement in the potential for Bitcoin staking through L2s such as Botanix Labs’s Spiderchain and SatLayer, along with Babylon and Stacks. These platforms will enable new use cases for Bitcoin beyond its traditional role, and further integrate Bitcoin’s infrastructure into the wide blockchain landscape. 

Additionally, restaking has grown considerably on larger blockchain networks in 2024. We foresee this continuing in the New Year, which will require node networks to be able to support more complex infrastructure and accommodate an expanded blockchain ecosystem. 

Honoring Decades of Service

By
STA
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By Jim Toes, STA President & CEO
There are several hallmarks of year-end in our industry: closing out books and records, office holiday celebrations, and, of course, performance reviews. This time of year also brings announcements of retirement from industry veterans who have chosen to begin a new chapter in their lives.

Before 2025 begins, we want to take a moment to recognize and celebrate the careers of several outstanding professionals. After decades of hard work and dedication, they are leaving our industry not only to pursue other interests but also having left it stronger than when they started. It is both fitting and meaningful to honor their achievements as they embark on this next chapter.

Over the decades, these individuals have witnessed and embraced profound changes in our industry. They have adapted to challenges, guided clients, and mentored colleagues with wisdom and grace. Their experience and expertise have been invaluable, leaving a lasting impression on their peers and the countless clients who placed their trust in them. They competed fiercely and fairly, demonstrating professionalism in both victory and defeat.

Beyond their professional accomplishments, they have exemplified a commitment to giving back. They shared their knowledge, mentored the next generation, and actively worked to make the financial services industry stronger and more resilient. Their efforts to uplift others are a significant part of their legacy, leaving the industry better than they found it.

As they turn the page to this exciting new chapter, we want to express our deepest gratitude for the indelible mark they’ve made. They have enriched the financial services industry and inspired all of us who have had the privilege of working alongside them. While their daily presence will be missed, their influence will continue to resonate for years to come.

On behalf of the STA organization and a grateful industry, we wish you success, joy, and happiness in the days ahead. May this next chapter bring fulfillment, opportunities to pursue long-held passions, and cherished memories with loved ones.

Godspeed.

Dedicated to:
Ted Bilharz, Cboe
Mark Campbell, Fidelity
Whit Conary, Kezar Markets
Paul Jiganti, IMC Trading
Andy McLeod, Morgan Stanley
Dan Royal, Janus Henderson
Michael Thompson, William Blair Asset

SIFMA Recommends Early Market Close on January 9, 2025, for the National Day of Mourning in Honor of Former President Carter

By
Press Release
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Washington, D.C., December 30, 2024 – SIFMA joins the nation in expressing its condolences on the passing of former President Jimmy Carter.  We recognize and appreciate President Carter’s service to his country and his efforts to find peaceful solutions to international conflicts, to advance democracy and human rights, and to promote economic and social development, which culminated in his being awarded the 2002 Nobel Peace Prize.

SIFMA today recommended an early market close at 2:00 pm EST on January 9, 2025, for all fixed-income cash markets in recognition of the National Day of Mourning in honor of the 39th President of the United States.  This is in keeping with SIFMA’s policy on unscheduled changes in trading hours.

This recommendation applies to trading of U.S. dollar-denominated government securities, mortgage- and asset-backed securities, over-the-counter investment-grade and high-yield corporate bonds, municipal bonds and secondary money market trading in bankers’ acceptances, commercial paper and Yankee and Euro certificates of deposit.

SIFMA’s recommended early and full market closes are recommendations only; each member firm should decide for itself whether its fixed income departments remain open for trading. All SIFMA recommendations are subject to change due to market conditions.

SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development.  SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).

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