Investec
RBC Capital Markets has named Ian Hale as head of European inflation trading, while Callum Maitland has been appointed to a new dual-mandate as head of structured inflation and cross-currency basis trading.
Both are set to report to Ed Russell, head of flow rates trading, Europe in their new roles.
London-based Hale is set to focus primarily on GBP, including RBC’s gilt-edged market maker (GEMM) activities in index-linked gilts (Linkers), GBP inflation swaps, and other derivatives. His mandate also includes exploring growth opportunities in EUR.
His appointment is set to enhance the firm’s European rates platform and spur its commitment to inflation as a “critical asset class”.
Hale was most recently head of GBP rates trading at UBS and has also previously served in similar positions at RBC and Citi.
In his new role, Maitland will also be based out of London. He has been with RBC since 2022 and in the new role will focus on bolstering the offerings and growing RBC’s bespoke solutions and management of complex or higher-order inflation risks.
Previously in his career, Maitland was head of inflation trading at Lloyds Banking Group for seven years.
Elsewhere, Investec Bank also made two senior appointments to its fixed income and ETFs teams, as it continues its expansion of the firm’s client execution solutions.
William Boddy joins the firm as head of fixed income and ETFs, while Ben Goodchild has been named as the deputy head of the same division, both are set to support the firm in building out its high-touch execution model.
The London-based pair join from UK market maker Winterflood Securities, where they both spent the last two decades working across fixed income, in roles covering trading and senior leadership positions.
Previously in his career, Boddy also worked at Deutsche Bank for a short stint, where he covered options reconciliations.
RBC Capital Markets
RBC Capital Markets has named Ian Hale as head of European inflation trading, while Callum Maitland has been appointed to a new dual-mandate as head of structured inflation and cross-currency basis trading.
Both are set to report to Ed Russell, head of flow rates trading, Europe in their new roles.
London-based Hale is set to focus primarily on GBP, including RBC’s gilt-edged market maker (GEMM) activities in index-linked gilts (Linkers), GBP inflation swaps, and other derivatives. His mandate also includes exploring growth opportunities in EUR.
His appointment is set to enhance the firm’s European rates platform and spur its commitment to inflation as a “critical asset class”.
Hale was most recently head of GBP rates trading at UBS, and has also previously served in similar positions at RBC and Citi.
In his new role, Maitland will also be based out of London. He has been with RBC since 2022 and in the new role will focus on bolstering the offerings and growing RBC’s bespoke solutions and management of complex or higher-order inflation risks.
Previously in his career, Maitland was head of inflation trading at Lloyds Banking Group for seven years.
“These appointments reflect the strength of our team and our commitment to investing in talent and expertise to support our clients and drive further growth in our Flow Rates business,” said Russell.
“Ian’s extensive background in inflation and rates trading, combined with Callum’s deep experience and technical expertise, will ensure we continue to deliver exceptional outcomes for our clients and build on existing momentum in this important area.”
Citi
Austin Winter has joined Citi as a vice president, futures and derivatives clearing, based out of New York.
Winter brings more than 12 years of industry experience to his new role, where he will support the firm in building client relationships and delivering efficient, risk-aware clearing solutions.
He joins Citi after spending over 11 years at BTIG across various roles, most recently as vice president, outsourced trading.
He has also worked across futures and commodities at the investment bank and execution broker in both senior and associate positions.
Previously in his career, he has also worked in junior roles at BGC Partners and Tullett Prebon. Winter confirmed his new role in an announcement on social media.
JP Morgan
Former Clear Street managing director Luke Holmes has joined JP Morgan as an executive director in equity sales trading.
Holmes joins the firm following his departure from the US broker in July 2025, where he had served as a managing director for high-touch sales trading for nine months.
His departure came alongside several other cuts, as the sell-side shop looked to trim its UK presence just eight months after it bolstered its unit to drive expansion in the region, following its UK launch and FCA approval in December last year as revealed by The TRADE at the time.
Prior to joining Clear Street, Holmes worked extensively across equity sales trading, serving at firms including Kepler Cheuvreux, where he headed up the division for US clients, as well as Sanford C. Bernstein, and Goldman Sachs, where he began his industry career. Holmes confirmed his new role in an announcement on social media.
Morgan Stanley
Morgan Stanley has appointed Ben White to a position covering eFX sales.
London-based White has been working across the industry for more than a decade and brings extensive FX experience to his new role.
He joins the bank from BNP Paribas, where he served in a similar position for over two years.
Prior to this, he also spent almost four years at Euronext, where he held the role of FX sales director, EMEA, and also worked as assistant vice president for Currenex sales EMEA at State Street for over a year.
Previously, White also spent time at Santander, working across eFX, initially as a client analyst, before becoming a client associate in 2017.
He began his industry career at HSBC in 2014, where he served as a GFX e-client associate.
Morgan Stanley confirmed White’s appointment when approached by The TRADE.
BTIG
Alastair Mankin and Charlie Hawkesworth have joined BTIG from Clear Street as the firm looks to build out its event-driven offering, as revealed by The TRADE.
Both most recently served in even-driven strategies roles at the prime broker and have had similar career paths thus far.
Before joining Clear Street, the duo worked together at TD, Hawkesworth in an event-driven sales trading role as part of the alternative equity strategies team, and Mankin in a role focused on event driven M&A arbitrage.
Before that, both also served in similar event-driven roles at Olivetree Financial.
The appointments of Mankin and Hawkesworth follow on from BTIG’s recent appointment of Will Kain back in May. He had most recently served eight years at Berenberg, most recently in an equity sales trading role.
BGC Group
Raymond Cortes has joined BGC Group as an equity derivatives sales trader, based out of New York.
In his new role, Cortes is set to cover equity derivatives, liquidity solutions and credit.
He joins the financial technology and inter-dealer brokerage firm from Citi, where he spent the last five years, most recently covering institutional FX sales.
While at the firm, he also worked across equity derivatives sales and initially joined as a sales and trading analyst in 2020.
Cortes confirmed his new role in an announcement on social media.
xyt
Mark Freeman has joined xyt as a sales director following a three-year hiatus from the industry.
London-based Freeman’s appointment at the firm, which rebranded in September 2025 from big xyt, marks his return to the industry after he announced his retirement in 2022 after 42 years of trading.
His departure three years ago followed more than 14 years spent at Kepler Cheuvreux, where he served as head of electronic sales and sales trading.
Prior to this, he also worked across institutional and hedge fund sales at firms spanning NYFIX, Portware and ITG Europe, and also served as head of UK sales at Instinet Europe for 12 years, back when the broker only had 12 London employees.
Additionally, he began his industry career at Sheppards & Chase in 1980, where he worked across sales.
Freeman confirmed his new role in an announcement on social media.
The TRADE
The TRADE announced that Claudia Preece has been named news editor, taking over from Annabel Smith who is set to depart for pastures new – with her new role will be announced in the coming weeks.
Preece, The TRADE’s senior reporter, will be taking up her new role after two and a half years with the publication. Prior to The TRADE, she worked as the designated European M&A reporter at Euromoney – IJGlobal.
Smith was promoted to the role of editor of The TRADE in 2023, after serving as senior reporter for a year and eight months, having joined the publication as a reporter back in June 2020.
Previously in her career, she served as a research associate at Third Bridge, newsreader at Radio Jackie, news editor of The Kingston Courier, and reporter at publications including The Telegraph and MyLondon.
Under her leadership, The TRADE has seen record-breaking years for pageviews and readership, expanded Leaders in Trading into North America and launched several new products including The TRADE’s Meet the Desk buy-side interview and dark trading documentary.
Preece will take over as news editor as of 1 October, you can reach her at claudia.preece@thetradenews.com.