The last few months have been nothing short of a rollercoaster across the markets. Budget season is fast approaching, Trump’s tariffs could be found to have been made illegally, the Federal Reserve moved to – under duress – cut interest rates as the White House continues to threaten its independence, France has a new Prime Minister in play with an uphill battle on his hands to gain control over the country’s national debt, and to say that the geopolitical climate globally remains turbulent is an understatement.
The markets have had to deal with more major events than can be counted on in the last few years from the pandemic, to the war in Ukraine, to Liz Truss’ mini budget that threatened to topple the UK gilts market. And yet, traders continue to soldier on.
This edition of The TRADE magazine explores all of this, with a traditional fixed income focus, including news reviews delving into the impact of the T+1 Thursday conundrum on traders, the development of the UK and EU’s bond consolidated tapes, and more. It also features the latest news and people moves, the results from our 2025 EMS Survey and plenty more content for you to explore.
Starring on our cover for this quarter is Degroof Petercam’s Phillip Bille, head of buy-side dealing and market structure, as well as Pierre Renna, head of buy-side fixed income dealing. In addition, you’ll also find our Meet the Desk with James Frew and Patrice Guesnet, co-heads of Pictet Asset Management.
This edition also bids farewell to our editor, Annabel Smith, who after five years at The TRADE is departing for pastures new, with Claudia Preece now taking the reins as news editor. If you flick to the back of the magazine, you’ll find a ‘goodbye for now’ from her as she prepares to embark on a new journey.
Take a look below for more detail on the Q3 content.
Buy-side cover interview - Degroof Petercam’s Philip Bille and Pierre Renna
Degroof Petercam’s Philip Bille, head of buy-side dealing and market structure, and Pierre Renna, head of buy-side fixed income dealing, sit down with Claudia Preece to delve into the desk’s collaborative, multi-asset approach to execution across asset classes, focusing on its fixed income offering and highlighting the importance of championing ‘human touch’ and traditional market expertise in symbiosis with a forward-thinking, technology-driven attitude.
Meet the Desk – Pictet Asset Management ‘The trick is trust’
Claudia Preece sits down with James Frew and Patrice Guesnet, co-heads of Pictet Asset Management (PAM) fixed income trading, to delve into their formula for success, the importance of building a desk made up of individuals with diverse experiences, and how the team is continuing to innovate alongside the evolving asset class.
News Review – The T+1 Thursday conundrum pushing instantaneous settlement on traders
Following a similar issue with the US move to T+1, the second iteration of Thursday conundrum for ETFs trades has emerged as divergent settlement systems around the globe continue to cause headaches for traders.
Market Review – Getting the show on the road
As consolidated tapes in the UK and EU increasingly begin to move from dream to reality, albeit with some hurdles in the road, Natasha Cocksedge delves into what’s to come next and explores opinions on the endeavour from those in the fixed income world.
Exclusive – Sustainable Trading shutters amidst unfavourable ‘political headwinds’
The not-for-profit network has experienced suffering membership levels thanks to an increasingly challenging landscape caused by unfavourable market conditions, namely in the US.
Survey – Buy-side satisfaction with EMS platforms declines amid rising market demand
The TRADE’s 2025 EMS Survey reveals a record drop in satisfaction across all functional categories. While volatility and multi-asset expansion continue to drive adoption, buy-side concerns over costs, product development and integration highlight growing pressure on EMS vendors to keep pace.
Closing Bell – A goodbye from Annabel
Annabel Smith reflects on her time with The TRADE as she looks ahead to the next chapter.
Read the full issue here.