If there’s anything The TRADE has learned over the last five years, it’s that we’re only ever a stone’s throw away from the next event that will send the market into hyperactivity.
The macroeconomic climate is turbulent to say the least, and the sentiment across the markets seems to be ‘don’t sweat the small stuff too much’, as there’s bigger fish to fry.
Ongoing industry themes continue to develop and shape the way that we operate day to day. Outsourced trading mandates have continued to trickle in, we’ve seen the arrival of long-awaited updates to regulation around research in Europe and the UK, and the growth of the bilateral segment has continued to dominate industry discussion.
This edition of The TRADE Magazine explores all this, including news reviews, unpacking key buy-side discussions at TradeTech 2025, the rebundling conundrum, and more. It also features the latest news and people moves, the hedge fund results from our 2025 Algorithmic Trading Survey and swathes more content for you to sink your teeth into.
Starring on our cover and as our Meet the Desk interview for this edition is T. Rowe Price’s Toby Baker and M&G Investments’ London-based equities dealing desk, respectively. You’ll also find a Big Interview with Janus Henderson Investors’ fixed income trader and former Rising Star of Trading and Execution Khursheda Fazylova.
We’ve had a changing of the guard here at The TRADE, for those of you that joined us at TradeTech, you’ll have met our new reporter Natasha Cocksedge. If you haven’t had a chance to meet her yet, flip to the back of this edition where you’ll find a short welcome note from her.
In the same vein, some of you may have seen The TRADE and its sister publication Global Custodian were acquired by Finelight Group earlier this month. It’s been an exciting and eventful few months both inside and outside of The TRADE.
Take a look below for more detail on the Q2 content:
Buy-side cover interview – FX: The linchpin between asset classes
Annabel Smith sits down with head of foreign exchange trading at T. Rowe Price, Toby Baker, to unpack why he chose a career in FX, the asset class’s role in the wider markets and the innovations he expects to make waves on the trading desk in the near future.
News review – The rebundling conundrum
As regulators’ to and fro between research bundling and unbundling comes to an end with the recent joint payment option news, Claudia Preece rounds up the current state of play when it comes to the payment for research discussion and delves into the market reaction following the UK watchdog’s recent decision.
Meet the Desk – Every order has a home
Annabel Smith sits down with M&G Investments’ London-based equities dealing team – 2024 winners of the coveted Trading Desk of the Year award – to unpack their development, and the importance of adaptability and evolution to ensure continued success in the markets.
News review – TradeTech 2025: The buy-side perspective
Natasha Cocksedge explores the key buy-side topics discussed on and off stage at TradeTech Europe 2025, covering topics including bilateral liquidity, data and the rise of AI, and the possibility of 24-hour trading.
The Big Interview – Janus Henderson Investors’ Khursheda Fazylova
Claudia Preece sits down with Khursheda Fazylova fixed income trader at Janus Henderson Investors, to unpack her journey to the trading desk and the important lessons learnt, how the Janus Henderson fixed income desk has handled the macro volatility so far in 2025, and what the future outlook is for traders’ day to day as the work/life balance conversation ramps up.
The Algorithmic Trading Survey Hedge Funds 2025 – Algo trading growth streak continues as providers see record high hedge fund ratings
In this year’s iteration of The TRADE’s Algorithmic Trading Survey: Hedge Funds, providers have continued the trend of growth which began last year following two consecutive years of decline from 2022 to 2023.
Closing Bell – Hello from The TRADE’s new reporter
Having joined The TRADE in April, Natasha Cocksedge reflects on her first few months in the industry, and what’s to come.
Read the full issue here.