As developments and exits from the outsourced trading world continue to drive discourse around the topic throughout 2025, The TRADE returns for the third year with this dedicated handbook, delving deeper into outsourced trading, delivering insights from across the industry, and sharing its latest Survey findings. 

The past week has seen a swathe of moves across institutional sales trading and equities.  

The TRADE sits down with Nicholas Phillips, market structure research analyst at Bloomberg Intelligence (BI), following the publication of BI's 'European institutional equity trading study 2025’ report, to explore Europe’s renewed trading momentum, what to look out for in 2026, and the continued developments in post-trade, dark trading caps, rising bilateral, and more.

The award is in recognition of continued significant contribution and longstanding service to the industry. 

Full gallery from The TRADE's Leaders in Trading 2025 awards from 6 November at The Savoy, London.

Lawrence won the award following a live industry vote during the Leaders in Trading awards gala last night.  

The ECB has confirmed that it will make both moves in Q1 2026. 

The volatility experienced in the first half of 2025, spanning intraday swings and price fluctuations, is expected to become the ‘new normal’ throughout Trump’s administration, according to Bloomberg Intelligence.