Bianca Gould, head of fixed income and equities EMEA, BNY
In 2026, geopolitical tensions, trade policy shifts, and surprises from central banks could be on the horizon.
What this means for global markets remains to be seen. Europe’s push to T+1 shrinks post-trade windows and will tighten funding and FX, while in the US, UST central clearing will widen access, boost netting, cut counterparty risk, and demand sharper collateral and intraday margin playbooks.
With 24/5 trading, desks will focus on smarter automation, resilient ops, and real-time controls to keep costs down. Efficiencies and savings will come from clean, interoperable data, standardised STP, and AI that spots and fixes breaks before they land, driving vendor consolidation and more efficient post-trade.
Ultimately, AI will be the copilot in 2026: in equities it will turbocharge routing, liquidity access, and surveillance; in fixed income it will sharpen quotes, improve OTC transparency, and optimise intraday liquidity and margin.
The same goes for digital assets and tokenisation, which add speed and customisability, deepening liquidity across bonds and stocks, while tightening spreads and cutting end-to-end costs.
Long-term strategic partnerships tied to AI and digital assets will continue to be top-of-mind over the next 12 months.
Jo Burnham, margin expert, OpenGamma
Geopolitics has the potential to shape markets once again in 2026. As banks demand more cash from hedge funds to keep trades open, the wider market could face this same strain if further Trump tariff surprises trigger fresh selloffs.
Any uncertainty could drive sharp swings across equities, commodities, and currencies – translating directly into margin calls. Prime brokers are typically first to react, but clearing houses and trading counterparties quickly follow. When asset prices fall rapidly, clearing houses require more money to secure positions.
Pressure could intensify in non-cleared markets where risks are not pooled. Traders must judge the strength of their counterparties or risk sudden exposure. Meanwhile, any rising volatility will push collateral demands higher, locking out investors and amplifying stress.
If margin calls accelerate, forced selling can follow, potentially spreading into traditionally safe markets like government bonds. The lesson for the New Year is clear: managing margin efficiently will be pivotal to avoiding liquidity issues if volatility strikes.
Sylvain Thieullent, chief executive, Horizon Trading Solutions
Volatility this year exposed the fragility of trading systems, with many crumbling under the pressure of extreme market moves. Liquidity was scarce and real-time decision making essential.
This instability combined with other market structure shifts, including the emergence of 24/7 trading, increased bouts of market uncertainty and significantly improved accessibility of digital assets, means adaptability will be the name of the game for traders in 2026.
The rise in retail participation will likely be another key driver of change in the liquidity landscape and trading environment, with regulators globally providing strong policy backing. This will continue to pose challenges for traditional retail brokers. The large retail trading platforms are reshaping opportunities for retail traders, enabling faster, more secure access to financial markets.
For traditional brokers to succeed, they must look at revolution, rather than incremental evolution. Restructuring engagement strategies and establishing agile technology infrastructures, built on finely tuned algorithms for speed and execution precision, will be crucial.
Having technology capable of digesting and analysing significant volumes of data in milliseconds and executing trades with quantitative accuracy is no longer an option. However, it cannot be tech alone. It must be combined with the instincts, expertise and oversight of human traders.