If you’ve spent any time in Europe over the past few months, you’ll know it’s been a summer to remember. Record temperatures, packed parks, delayed trains and an office-wide tug of war over the thermostat have all become part of daily life. Yet, while many have been counting down to holidays, the markets have shown little interest in taking a summer break. 
This quarter has brought another wave of senior appointments and leadership reshuffles across the industry. Heads of trading have changed seats, firms have strengthened their dealing desks, and experienced market participants have taken on fresh challenges. Behind every headline appointment is a reminder that our industry is constantly evolving – as our newsroom understands better than most.
That focus on people feels particularly fitting for this iteration of The TRADE’s fixed income special, which shines a spotlight on the asset class as it continues to command attention. After years of changing rate environments, renewed volatility and shifting investor priorities, fixed income has firmly returned to the centre of the conversation.
Trading desks continue to debate the shifting liquidity dynamics, all the while keeping up with evolving market structure and increasingly sophisticated innovations, all while navigating a macroeconomic backdrop that refuses to stand still.
We’re delighted to have so many leading voices featured in the pages of this edition, including: our Cover Star, Kevin Flood, head of global trading at Royal London Asset Management; The Big Interview with Luke Mahon, head of trading at Azimut Investments; and Vanguard’s London-based fixed income team as the latest Meet the Desk.
The Q3 magazine also features a wealth of in-depth pieces – The Expert Call with State Street, an exploration of Europe’s ETF boom, a look at the evolving role of the sell-side, and the news, analysis and people moves that have kept The TRADE team busy over the past few months.
Whether you’ve spent the summer on the trading floor, travelling between conferences, or attempting to find a spot in the shade to relax, we hope these pages give you some food for thought and the space to reflect on another successful quarter. Here’s to what looks set to be a promising autumn – and to whatever the markets decide to throw at us next.
Take a look below for more detail on the Q3 content:
Buy-side cover interview – ‘Never underestimate the power of human connection’
Royal London Asset Management’s head of trading and execution analytics, Kevin Flood, has experienced the evolution of the modern trading desk first hand. As technology, data and automation continue to reshape execution, Claudia Preece sits down with him to reflect on the lessons, turning points and market shifts that have shaped his career – and what comes next for the desk.
Meet the Desk – Two sides of one coin: the Vanguard fixed income desks
Vanguard’s London-based fixed income team is challenging the traditional divide between trading and portfolio management. Natasha Cocksedge sits down either the separate active and index desks to discover how the teams are bringing investment decisions closer to market – keeping up with the technological advancements sweeping the industry, without losing the human touch.
The Big Interview – Azimut Investments’ Luke Mahon
Luke Mahon, head of trading at Azimut Imvestments – and former Rising Star of Trading and Execution – sits down with Natasha Cocksedge to discuss his career journey so far and the forces reshaping European markets, from fragmentation and AI to the growing push towards 24/7 trading.
The Expert Call
Mark Kepner, vice president, head of market structure, State Street Markets, gives his perspective on what to keep an eye on in Q4 2026.
In depth – It’s time to stop treating Europe’s ETF revolution as America’s sequel
Europe’s ETF market is an inflection point as institutional adoption continues to drive record growth and reshape how the products are traded. As momentum builds, Natasha Cocksedge explores how questions around liquidity, fragmentation and infrastructure are coming into sharper focus and why Europe should not merely be seen as the US counterpart.
In depth – Is the FX trading world still one where relationships count?
The role of the sell-side is set to irrevocably change as AI and automation increasingly gain pace across the ever-evolving foreign exchange markets. Zara Richardson unpacks buy-side opinion to uncover exactly where the balance lies…
Survey – The 2026 Execution Management Systems Survey
Buy-side satisfaction with execution management systems (EMS) has begun to recover, but the demands placed on EMS providers are evolving rapidly. As electronification spreads beyond equities, firms are looking for broader asset class coverage, deeper connectivity, greater automation and increasingly intelligent tools, while continuing to expect the reliability and functionality that underpin their core execution workflows.
Read the full issue here.