Orlando Florida, 12 February 2025 – FIA Tech, a leading technology provider in the futures industry, today announced that its Trade Data Network is now live with real time fee and commission matching, reconciliation and resolution, allowing the buyside complete transparency into one of the biggest sources of operational frustration for the exchange traded derivatives industry.
This marks the go-live of the second phase of FIA Tech’s initiative to improve fees and commission related operational issues for the buyside, following the launch of FIA Tech’s Fee and Commission Repository which brought the central storage of golden source information on exchange and clearing fees, commissions and regulatory fees.
Fee and Commission breaks are by far the largest source of matching breaks in the ETD market and including them in TDN’s matching capabilities gives clients the ability to match in real time, depending on the capabilities of their brokers. Currently, managing these breaks takes up the bulk of ETD operations teams’ time.
Nick Solinger, President and CEO of FIA Tech, said: “93% of buyside firms in our recent industry survey stated T+0 processing gaps are driving significant operational costs and risks. It remains far too challenging for the ETD industry to manage the complexity of exchange fees, commissions, brokerage and regulatory fees across 80+ global exchanges. TDN is the first post-trade solution bringing all the golden source data on Brokerage, Fees and Commissions together in real-time from all participants – the clients, clearing firms, brokers and exchanges.”
The ETD market has long struggled with a lack of transparency and high volumes of varied and inconsistent data, with multiple sources, formats, timings, and standards. This hampers the accurate exchange of data and requires manual processes and duplicative reconciliations, making communication between participants slow and costly. TDN was created to integrate disparate post-trade ETD data in real time from multiple sources, including executing brokers, CCPs, clearing brokers and clients, and offer matching services to create a single trade lineage in a common, secure, standards-based ledger.
Funded by the market, TDN is already supported by over 20 banks/brokers and 40 investment managers/hedge funds with a total AUM of $34 trillion. It has a comprehensive coverage of all exchanges and CCPs, with support of clearing and executing firms representing over 80% of the global futures volumes. TDN is one of the only global trade ledger initiatives to gain widespread adoption and production deployment at scale, processing millions of transactions in real time each day.
About FIA Tech
FIA Tech is the leading technology provider to the exchange traded derivatives industry. Owned by a consortium of twelve leading clearing firms and the Futures Industry Association (FIA), FIA Tech is committed to serving the industry and launching innovative solutions to improve market infrastructure across the listed and cleared derivatives industry. FIA Tech works in close partnership with the broader industry, including exchanges, clearinghouses, clearing firms and other intermediaries, as well as independent software vendors, buyside firms and end users to bring efficiency to the exchange traded and cleared derivatives industry.
In the dynamic world of financial markets, trading desks play an integral role in ensuring that financial assets are managed and traded efficiently. At Russell Investments, a global investment management firm and broker-dealer with $331bn AUM, and over $2 Trillion executed across all asset classes per year, the trading desk operates around the clock, focusing on maintaining fluid access to highly liquid markets and ensuring seamless execution for a range of financial assets. As the desk operates in developed, emerging, and frontier markets, it is structured to address the unique needs of equity, fixed income, currencies, and derivatives, all while minimizing risk and optimizing execution costs.
Last week, on the sidelines of the Equity Leaders Summit in Miami, Traders Magazine spoke with Jason Lenzo Managing Director, Head of Trading at Russell Investments to shed light on the trading strategies, market trends, and regulatory landscape that shape the firm’s approach to equity execution.
Jason Lenzo
“We run 24 hours a day,” Lenzo explained, emphasizing the desk’s continuous operation to cover the global nature of financial markets. This means that no matter the time zone, their team is constantly managing orders across various markets. “Some of those orders are in the most liquid markets out there, some are in very illiquid instruments and markets ” he said.
One of the key priorities at Russell Investments’ trading desk is reducing the costs of trading while managing risk effectively. Lenzo highlighted the firm’s approach to structuring teams, each specializing in a specific asset class. “We have equity-specific focus, fixed income-specific focus, currency-specific focus, and a derivatives team,” he elaborated. This focus enables the desk to be nimble in responding to changes in market conditions while leveraging technology to enhance trading efficiency. By streamlining processes in this way, Russell Investments aims to optimize market access and improve execution outcomes for its clients.
Equity Execution Trends
Focusing on equity execution, Lenzo noted that one of the most significant trends in developed markets is the increasing role of electronic trading, and specifically in emerging markets. The rise of technology has played a pivotal role in transforming how trades are executed. “In developed markets, particularly in the U.S., we’re seeing more and more liquidity being accessed off-exchange,” he stated, referring to trading that occurs on platforms outside of traditional exchanges, such as dark pools or crossing networks. The growth of off-exchange venues is changing the way traders access liquidity. “One of the big things we want to make sure that we’re accessing is off-exchange liquidity,” he emphasized. Lenzo explained that with the growing prominence of these off-exchange venues, executing trades outside of traditional exchange systems has become a crucial part of equity trading strategies. This shift has led to an increased reliance on technology, as traders must navigate a more complex landscape to access the best execution outcomes.
As technology continues to advance, the role of algorithms in executing trades has become increasingly important. “These algorithms are everything from making smart order routing decisions or placement decisions to how we’re interacting with lit markets, dark markets, or crossing networks,” he revealed. The sophistication of trading algorithms allows traders to navigate the complex landscape of modern markets by making informed, automated decisions on how to best execute trades. The use of algorithms ensures that trades are completed efficiently, especially in high-volume markets, where speed and precision are key.
However, even as technology plays a more prominent role, Lenzo stressed that human judgment remains indispensable. “I think people probably underestimate the value of a relationship,” he remarked. While automated systems and algorithms handle many aspects of the trading process, Lenzo underscored the importance of understanding the motivations and incentives of trading partners in the market. In highly liquid markets, this human element can be critical in building trust, maintaining partnerships, and executing trades under optimal conditions, he said, adding that even as markets become more technology-driven, relationships continue to play a vital role in ensuring smooth and successful executions.
The growing reliance on electronic trading has also led to significant changes in liquidity management. The fragmentation of liquidity across multiple exchanges and trading venues in developed markets has made it more challenging to aggregate liquidity efficiently. “Having key technology, having that connectivity, so you can kind of look at a single limit order book across all trading venues, is a critical use of technology,” Lenzo explained. With more alternative trading venues emerging, such as dark pools and electronic crossing networks, technology has become essential in efficiently navigating the complexities of liquidity fragmentation. Lenzo noted that staying ahead of this technological curve is key to maintaining competitive advantage in equity execution.
Regulations
Regulatory considerations are another important aspect of equity execution in developed markets. As Lenzo explained, there is a growing involvement of regulators in shaping trading practices, particularly in the U.S. and Europe. However, a unified regulatory framework for equity execution remains elusive. “We haven’t yet seen a global regulatory alignment,” he pointed out, highlighting the fragmented nature of regulations in developed markets. While regulators in the U.S. and Europe have made strides toward harmonizing some aspects of market structure, differences remain, especially when it comes to equity execution rules and guidelines.
For instance, in Europe, MiFID (Markets in Financial Instruments Directive) regulations have had a significant impact on how equity markets are structured, focusing on transparency, market access, and competition. Lenzo noted that these regulations have led to shifts in the way liquidity is accessed, as they have made it easier for new trading venues to emerge. “MiFID regulations have definitely changed the landscape in terms of how we access liquidity,” he said. The ongoing evolution of MiFID and other regulatory frameworks will continue to influence how equity executions are managed in developed markets.
Lenzo also pointed to potential regulatory changes in both Europe and the U.S. that could further affect equity execution. “If Europe does move to a T1 regime for developed markets, that’s going to cause a lot of work for people to get ready for,” he noted. A T1 regime, which involves a move toward a real-time settlement system, could dramatically change how trades are executed and cleared, potentially adding layers of complexity for traders and asset managers. Such regulatory changes will require traders to remain flexible, adapting to new rules while continuing to deliver efficient execution.
Future of Equity Execution
Looking ahead, Lenzo anticipates a continued shift toward multi-asset platforms in developed markets. These platforms would integrate various asset classes—such as equities, derivatives, and currencies—into a single system, making it easier for traders to manage portfolios and execute trades across different markets. “The ability to integrate one equity trade with a currency or hedge it with a derivative… I think that will drive a lot of innovation,” Lenzo stated. The move toward multi-asset platforms will likely create new opportunities for enhancing trading strategies and improving execution in the evolving landscape of developed markets.
The future of equity execution in developed markets is poised for continued transformation, driven by advancements in technology, evolving regulatory frameworks, and changing market dynamics, Lenzo said. As Russell Investments navigates this complex environment, its use of sophisticated algorithms, deep relationships, and cutting-edge technology will remain key to maintaining optimal execution outcomes, he added.
Intercontinental Exchange, a global provider of technology and data, and Reddit, a community of communities, have announced an agreement for Intercontinental Exchange to leverage Reddit’s Data API to research, create and distribute new data and analytics products for the financial industry.
The products will leverage Intercontinental Exchange’s extensive data science expertise and the vast data available through Reddit’s Data API to offer innovative datasets and analytics to participants in capital markets.
Jonathan Flesher
“The conversations that take place on Reddit on any given day or any given minute can offer a real-time look at the news and trends that are happening around the world,” said Jonathan Flesher, VP Business Development and Partnerships, Reddit.
“These conversations could be a valuable tool for commercial partners such as ICE to offer new products to their customers to help improve and inform trading strategies or algorithms, or understand public sentiment of markets as they are happening in real time.”
With millions of daily posts, comments, videos and audio, Reddit captures a full spectrum of public opinions and trends that can be used by financial market participants for aggregated sentiment analysis, early trend identification and custom analytics.
“The rich data set that flows across a platform like Reddit has the potential to provide opportunities for our customers as they look for new opportunities in global markets,” said Chris Edmonds, President of Fixed Income and Data Services at Intercontinental Exchange.
“We look forward to leveraging our deep experience with alternative datasets to create products and services utilizing Reddit’s Data API that can help give our customers valuable insights into the markets and also help them manage risk across their portfolios.”
By applying Intercontinental Exchange’s extensive data science and machine learning expertise, and infrastructure to the vast set of content provided over Reddit, this collaboration seeks to identify datasets and product offerings that provide transparency and insight into the trends that are moving global markets.
Some of the potential use cases include portfolio optimization, algorithmic trading, event-driven strategies, risk management and due diligence.
Bloomberg has announced a strategic partnership with, and investment in, Daphne Technologies (Daphne), an AI powered platform purpose-built for alternative asset managers to normalize and share private markets data.
As part of the partnership, Daphne will establish connectivity with Bloomberg to enable straight through data processing by which alternative asset managers can publish private markets data directly to the Bloomberg Terminal.
A Bloomberg designee will join the Daphne Board, alongside existing members from Apollo, Motive Partners and Hamilton Lane.
Bradley Foster
Bradley Foster, Head of Fixed Income & Private Markets at Bloomberg, said: “Private Markets is a strategic priority for Bloomberg and we plan to provide solutions that collectively address our clients’ priorities across both public and private markets, including helping asset managers easily expand their networks for distribution of this valuable information.”
“Daphne’s innovative technology and normalized data will help accelerate our ambition to provide comprehensive, high-quality fund data to our customers.”
Daphne platform serves as a direct digital bridge for data exchange between asset managers and distribution partners such as investment consultants, wealth platforms, data companies and research networks, as well as investors.
Daphne equips fundraising and Investor Relations teams at asset managers with the latest AI tools to streamline their fundraising efforts and eliminate manual work.
Daphne organizes fund data in a standard product master, enabling asset managers to easily respond to due diligence inquiries and to publish updates to all of their distribution partners with a single click. Additionally, the platform provides advanced analytics, offering valuable insights into investment engagement.
In connection with this strategic partnership, Bloomberg and Daphne expect that Apollo Global Management will be the first to use Daphne to distribute select investment fund data through the Bloomberg Terminal.
Furthermore, Bloomberg and Daphne will work together to align and normalize data fields for private market funds, enhancing data consistency and coverage.
Amit Gairola, CEO of Daphne, said: “The partnership with Bloomberg is a significant milestone for Daphne. Their investment is a testament to the strength of our vision and the tremendous opportunity ahead. Allowing asset managers the ability to publish their data directly to the Bloomberg Terminal will provide them with significant exposure and allow them to expand their reach.”
Organizational maturity with Artificial Intelligence (AI) and Generative Artificial Intelligence (GenAI) is growing as asset management firms focus on change and knowledge management, according to KPMG 2025 Asset Management Industry Outlook.
When asked about their organization’s priority initiatives, 61% responded with broader awareness and education, followed by empowering employees to experiment in using AI with enterprise guardrails, at 49%.
These priorities are helping drive the shift in AI maturity, from the conceptual stage (39% in KPMG July pulse survey; 33% in this survey) to the developmental stage (26% in the July pulse survey; 39% in this survey), indicating progress is being made to advance their AI capabilities and coordinate efforts across the organization.
Source: KPMG
Despite this progress, asset managers are still struggling to achieve full maturity due to a lack of clear vision, as the tactical approach of focusing on specific use cases rather than end-to-end processes hinders capabilities being fully integrated into business operations across the enterprise.
This survey also revealed that GenAI is still primarily being used for back-office functions, including information technology (44%), routine communications (36%), and finance and accounting (24%).
According to the findings, it has yet to make significant headway into front-office functions.
The same perceived challenges continue to prevent organizations from embracing AI, including the risk of data integrity, statistical validity, and model accuracy (53%), lack of awareness and training on AI (45%), and risk of security vulnerabilities (35%).
Colin Clunie
Commenting on the findings, Colin Clunie, Head of EMEA operations at Clearwater Analytics, said: “It is clear that the industry is leaning towards AI adoption, with successful use cases demonstrating the power of AI in transforming operations and creating efficiencies by simplifying entire investment life cycles.”
For example, he said, it can be used to rapidly produce risk exposures, to help investment managers understand how their portfolio is impacted by breaking events such as elections, or geopolitical disturbances.
“As clients seek quicker data delivery and greater accuracy, particularly during periods of market volatility, AI can be a panacea for meeting these needs,” Clunie told Traders Magazine.
“This isn’t to say there aren’t risks attached to any new technology, which is why human oversight is such a crucial factor in successfully applying AI, as it can control and verify results, detect anomalies, and provide a clear view of decision-making processes,” he commented.
To address these challenges and accelerate “time to value,” 63% of organizations are increasingly leveraging third-party platforms and their built-in capabilities, while another 20% use third-party platforms with added modifications.
This could be due to factors such as rapid acceleration of new technologies, high development and maintenance costs, and resource and talent shortages.
On the other hand, only 21 % are building their AI capabilities in-house.
Organizations are choosing to adopt models that align with their unique organizational cultures, similar to their approach to data management.
KMPG said that given the limited understanding and resources within many asset management firms, a “strategic approach to GenAI adoption is critical”.
“Firms that can effectively integrate GenAI across their entire operation are poised to outperform their competitors,” KPMG said.
Over the past four decades, the Nasdaq-100 Index® has grown to become one of the most popular benchmarks for trading and investment products in the world. Nasdaq-100® stocks have a market cap of over $27 trillion as of year-end 2024. Investors can buy products that track the Nasdaq-100, too, using stocks, ETFs, options and futures. (Note that there are many other product types that track the Nasdaq-100 including but not limited to structured products and annuities. For simplicity, we are not adding other product types into the liquidity analysis beyond what’s stated in the document.) Combined, they trade over $620 billion of value each day.
The birth of the Nasdaq-100
The Nasdaq-100 should not be confused with the Nasdaq Composite® Index. The Nasdaq Composite Index represents every company listed on Nasdaq, and was launched in 1971, in conjunction with the launch of the Nasdaq Stock Market®.
The Nasdaq-100 was born on Jan. 31, 1985. It is designed to represent the top 100 (non-financial) stocks listed on Nasdaq. At the time, the market cap totaled just $58 billion. Today, with most of the largest stocks in the world in the Nasdaq-100 index, including AAPL, AMZN, NVDA and GOOG, it adds to a staggering $27 trillion.
Interestingly, a separate index, the Nasdaq Financial-100TM Index also started on that date, and it still exists today.
14% compound returns from over 500 companies
Since its inception, the Nasdaq-100 is up approximately 20,000% as of Dec. 31, 2024. That’s an impressive 14.25% per annum on a compound return basis compared to 11.57% in the S&P 500 over the same time. It’s even more impressive considering that the index was the poster child for the tech bubble — where the index fell 83% as the bubble burst. That seems to also say a lot about the benefits of long-term investing.
Chart 1: Nasdaq-100 Index returns since inception with QQQ performance and assets
As with all indexes, constituents also change over time. IPOs create new companies, which are added to replace merged and smaller companies. Over the past 40 years, the Nasdaq-100 has held more than 500 different companies at different times. In fact, only six of the original companies still remain in the index: Apple, Micron Technology, Intel, KLA-Tencor, PACCAR and Costco.
Nasdaq is home for many innovative growth companies
One reason for the outperformance of the Nasdaq-100 Index over time is because most of the largest, fast-growing tech stocks in the world list on Nasdaq.
However, the weight of Tech stocks in the Nasdaq-100 – using the ICB sector classifications – has changed over time. It has ranged from as low as 25% to almost 70%. And the leadership from other sectors has changed over time too, with Consumer Services/Discretionary, Telecommunications and Health Care all ranked second at different points over time. (Note that ICB changed its industry classification system and Nasdaq implemented those changes starting in 2021. As a part of that change, the Consumer Services industry was retired, and the Consumer Discretionary industry came into existence.) Many companies from those sectors are also household names, including Pepsi, Starbucks, Costco, Honeywell, Gilead, Amgen and Biogen.
Chart 2: Nasdaq-100 Tech sector weights over time
Nasdaq-100 outperforming since the financial crisis
Since the end of the financial crisis, the Nasdaq-100 has had another period of outperformance. It is up more than 10-fold, beating other U.S. and international indexes. However, it’s fair to say things are different this time, as companies in the Nasdaq-100 have also delivered superior earnings growth – thanks recently to spending building artificial intelligence (AI) hardware and software.
Chart 3: Index performance since the end of the financial crisis aligns with earnings growth
Exposure to the global economy
The 100 companies in the Nasdaq-100 may all be U.S. listed, but they actually represent the global economy.
First, because the Nasdaq-100 includes ADRs, it includes companies that some indexes consider as belonging to other countries. At the end of 2024, the Nasdaq-100 had 10 “non-U.S.” companies, with a weight of almost 4%, in the index – including ARM, Linde, and AstraZeneca.
In addition, almost all the companies in the index have global products and workforces. FactSet reports that almost half of the revenues of the Nasdaq-100 are from other countries, with significant revenues coming from Asian countries.
Chart 4: Almost 50% of constituent company incomes are from overseas
A huge ecosystem of liquidity and investors
The Nasdaq-100 Index doesn’t just represent a huge proportion of the largest companies and a benchmark for financial products in the world – it also has become a benchmark with some of the most liquid trading vehicles.
The launch of NDX options (in 1994), NDX futures (in 1996) and the QQQ ETF (in 1999) allowed investors to capture the returns of the Nasdaq-100 Index. Over time, even more, and more varied investments have been added – from levered ETFs to ETFs using options for income and protection.
Combined with the trading in the Nasdaq-100 companies, the total liquidity in Nasdaq-100 Index adds to more than $620 billion each day, coming from:
The 100 stocks in the index, which trade around $173 billion each day.
Dozens of ETFsuse the Nasdaq-100 benchmark. Combined, these trade around $23 billion each day.
Nasdaq-100 Futures trade $201 billion each day.
Options on stocks, the Nasdaq-100 Index or Nasdaq-100 tracking ETFs. These trade around $113 billion each day on a delta-adjusted exposure basis.
Chart 5: Liquidity in the Nasdaq-100 ecosystem adds to more than half a trillion dollars of trading per day
Happy Birthday Nasdaq-100!
It’s an index that has captivated investors and traders for years. It includes some of the greatest brands in the U.S. Because of that, the industry has created ways for investors to buy the Nasdaq-100 portfolio of companies.
That, in turn, helps investors finance the innovation those companies bring to the global economy, and allows those investors to participate in the growth of their revenues as products are sold to consumers around the world.
It’s really quite amazing that it’s achieved all that in just 40 years.
New data published by the World Federation of Exchanges (WFE), the global industry group for exchanges and CCPs, shows the buoyancy of the Americas region, which continues to lead global markets, despite the lowest level of IPOs worldwide in the last 5 years.
The number of IPOs globally fell to the lowest level in the last 5 years, driven by the APAC and EMEA regions, but the number of IPOs in the Americas increased.
The Americas and APAC regions reached record trading volumes and market capitalisation, whilst EMEA declined across both indicators.
The Americas region reached its highest market capitalisation in the last 5 years, driven mostly by gains in tech stocks.
The funds raised through IPOs in the Americas and EMEA regions rose, 91% and 61% respectively.
The capital raised globally through IPOs recorded a slight downtick on 2023, due mainly to the APAC region which raised the lowest amount in the last five years despite hosting the largest IPO globally, Midea Group.
Though we saw fewer IPOs globally, the average size of an IPO increased by 7.6% compared to 2023, and the number of IPOs raising over USD$1bn more than doubled year on year. In 2023 these IPOs added USD$16.14bn to capital markets, whilst in 2024 they reached USD$36.40bn.
The data shows that overall, the average trading size was at its lowest in the last 5 years, suggesting that more retail investors were active in the market. The Americas bucked this trend, recording its largest average trade size in the last 5 years.
Nandini Sukumar
Nandini Sukumar, CEO of the WFE commented: “Investors turn to public markets to finance the future. As we start 2025, it’s crucial for new Governments and policymakers worldwide to reaffirm their commitment to keeping these markets dynamic. We need to see policies that not only foster investment in transparent, well-regulated markets but also empower and encourage businesses to list and access essential capital for growth.”
Dr Pedro Gurrola-Perez, Head of Research at the WFE commented: “The data reflects the persistence of geopolitical tensions and uncertainty derived from elections. In 2024 we also saw substantive changes in monetary policy around the world. Looking ahead, geopolitical tensions will remain a key driver of capital markets, and determiner of business confidence, IPO activity, and investor sentiment. By the half year, the data should show the impact of US policy developments on market performance globally. Longer-term, the patterns we are starting to see in how technological advancements are impacting market composition and growth, could become starker.”
360T, a Foreign Exchange (FX) trading platform and technology provider, and Quantitative Brokers (QB), a provider of advanced execution algorithms and data-driven analytics, have announced a partnership that will make QB’s newly launched suite of FX algos available via 360T.
Both 360T and QB are part of the Deutsche Börse Group.
Matt O’Hara
“We are delighted to announce this partnership with QB and are confident that providing access to highly sophisticated FX algos from an independent specialist provider, as additional tools alongside the broad range of bank offered algos already available via 360T, will provide significant benefits to our diverse and global client base,” said Matt O’Hara, CEO of 360T Americas.
“This partnership also delivers on Deutsche Börse Group’s strategic vision to bring together highly complementary technology solutions from independently operating providers within the organisation to create a truly differentiated offering and further accelerate growth, while also fully aligning with 360T’s commitment to constant innovation in FX,” he added.
Since QB was launched in 2008, the firm has become widely recognised as the market-leading provider of independent algos and analytics in the Futures, US Cash Treasury and Options markets due to a combination of its specialist engineering expertise, deep understanding of market microstructure and research-focused culture.
In response to client demand, QB and 360T have partnered to bring QB’s proven execution expertise to the Spot FX market.
This expansion introduces FX-optimised versions of its flagship algorithms, “Bolt” and “Strobe”, designed specifically to account for the unique market structure and liquidity dynamics of FX trading.
Strobe FX enhances schedule-based execution for TWAP and VWAP benchmarks, while Bolt FX is an implementation shortfall algorithm built to minimise execution costs relative to arrival price.
These FX capabilities are now available via 360T’s platform, enabling users to deploy them across highly curated disclosed or anonymous liquidity pools, putting multiple counterparties in competition to help ensure best execution.
“Quantitative Brokers is deeply committed to delivering enhanced value to our clients while expanding our reach to a broader spectrum of market participants. We are thrilled to bring our extensive expertise and proven track record in developing state-of-the-art execution algorithms to the FX market at a time when demand for such solutions is growing rapidly. Partnering with 360T—a world-class FX trading platform and a member of the Deutsche Börse Group—was a natural and strategic step in this journey,” said David Kalita, CEO of QB.
“As an independent provider with a strong history of delivering high-performance execution tools and analytics, we are confident that QB’s suite of innovative FX algos will empower market participants to optimise their trading strategies and achieve superior outcomes,” he added.
TD Bank Group (“TD” or the “Bank”) (TSX: TD) (NYSE: TD) today announced its intent to sell its entire equity investment in The Charles Schwab Corporation (“Schwab”) (NYSE: SCHW) through a registered offering and share repurchase by Schwab. TD will continue to have a business relationship with Schwab through the Insured Deposit Account (IDA) Agreement.
TD currently holds 184.7 million shares of Schwab’s common stock, representing 10.1% economic ownership. Schwab has agreed to repurchase US$1.5 billion of its shares from TD conditional on completion of the offering.
Raymond Chun
A preliminary prospectus supplement relating to the secondary offering of Schwab shares held by TD will be filed by Schwab with the U.S. Securities and Exchange Commission (the “SEC”). TD Securities and Goldman Sachs will be acting as joint bookrunning managers on the offering.
“As part of our strategic review, we have been evaluating capital allocation and have made the decision to exit our Schwab investment. We are very pleased with the strong return we are generating on the Schwab shares we acquired in 2020,” said Raymond Chun, Group President and Chief Executive Officer, TD Bank Group.
“We are confident in TD’s growth opportunities and long-term potential, and we plan to use C$8 billion of the proceeds to repurchase our stock. We will invest the balance of the proceeds in our businesses to further support our customers and clients, drive performance and accelerate organic growth.”
TD will continue to manage its capital prudently and strengthen its infrastructure. Additional details on the Bank’s normal course issuer bid have been provided in a separate news release issued this morning.
T. Rowe Price (Canada) has hired Mike Meligrigoris as vice president for its institutional business in Canada. In this role, he will lead sales, client service, and consultant relations in Eastern Canada. Meligrigoris is based in Montreal and reports to Lauren Bloom, T. Rowe Price’s head of Canada.Before joining T. Rowe Price, Meligrigoris served as vice president, Institutional Business Development, for CIBC Asset Management, where he was responsible for advancing institutional sales in the Quebec and Atlantic Canada markets. Meligrigoris also previously held positions at Pavillion Global Markets, GE Capital, and TD Asset Management.
Titi Cole
Citi’s Board of Directors has elected Titi Cole as a new Director. A Citi alumna, Cole joined Citi in 2020 as the Head of Operations for Global Consumer Banking. In her last role at Citigroup, she was the Head of Legacy Franchises and a member of the Executive Management Team. She has more than 30 years of experience in the financial services, payments, and professional services industries including at Citigroup, Wells Fargo, Bank of America and McKinsey & Company.
Keith Haberlin
Keith Haberlin has joined SimCorp as its new Global Head of Business Services, Sales. Based in Boston, Haberlin brings over 30 years of experience in delivering financial, technology and data solutions to asset managers and financial institutions. Most recently serving as Co-Head of Infomediary Data Solutions at Brown Brothers Harriman, he will now drive the growth of SimCorp Business Services, which leverages Simcorp’s leading edge technology to provide outsourced Investment Operations, Data Management, and Investment Accounting services to asset managers and financial institutions.
Meaghan Dugan has joined Cboe as Head of U.S. Options. She brings more than 20 years of experience in listed options trading and market making. As Head of U.S. Options at Cboe, Dugan will be responsible for overseeing the business strategy, competitive positioning, market structure and market development for Cboe’s U.S. options business. Previously, she was Head of Options at the New York Stock Exchange, overseeing NYSE Amex Options and NYSE Arca Options markets.
Northern Trust Asset Management has hired 13 investment personnel under the leadership of Global Head of Quantitative Strategies Mark Sodergren and Head of Quantitative Strategies, International Guido Baltussen. The new hires include Maarten Smit, a Senior Portfolio Analyst. Previously, Smit was lead portfolio manager for quantitative equity strategies across developed and emerging markets at APG Asset Management; Tim Zwinkels, a Senior Quantitative Researcher. Previously, Zwinkels was senior researcher in the quantitative equity research team at APG Asset Management; Edmund Wadge, a Senior Quantitative Researcher. Previously, he was an expert quantitative developer at APG Asset Management. Wadge holds a PhD in Artificial Neural Networks from University of Westminster; Gijsbert de Lange as Investment Solution Expert. Previously, de Lange was responsible for quantitative equity investment strategies across developed and emerging markets at APG Asset Management.
Larry Conover has joined Broadridge Financial Solutions as Vice President, Special Advisor for Proxy & Corporate Actions. With more than 25 years in financial services, Conover brings extensive expertise from Fidelity Investments, where he was the Vice President for the Operations and Services Group. Based in New York, he will report to Swatika Rajaram, Senior VP, Head of US Proxy and Post Sale.
The Board of Standard Chartered has appointed Maria Ramos to succeed José Viñals as Group Chair, as he approaches the end of his nine-year term. Subject to regulatory approvals, Ramos will assume her new position following the Company’s 2025 AGM on May 8, 2025. She joined the Board as an Independent Non-Executive Director in January 2021, and she was appointed Chair of the Board Risk Committee and Senior Independent Director in 2022.
Impact Cubed has strengthened its leadership and quantitative capabilities by appointing Antonia Lim as Chief Investment Officer. Lim joins from Schroders, where she served as Head of Quantamental Investments.
Taskize has bolstered its leadership team with the appointment of Glen Sinclair as head of client management. Sinclair brings over two decades of experience in financial services, primarily in OTC operations, change management, regulation, and technology. He joins from data management fintech FINBOURNE Technology.
If you have a new job or promotion to report, let me know at alyudvig@marketsmedia.com
