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.
