It’s fair to say that 2025 has been a year defined by big market moves, bouts of uncertainty, and significant structural shifts. These have brought much-needed clarity in some areas while raising fresh questions in others, as we look ahead to 2026 and beyond.
The conversations we’ve had with all of you across the industry this year underscore just how rapidly the landscape is evolving, and how essential it is for everyone to remain adaptable, collaborative, and forward-thinking.
Across global markets, both momentum and optimism are building – this Q4 edition of The TRADE delves into the year’s highlights and key themes.
Inside this edition, you’ll find The Big Interview with HSBC Asset Management’s Carla Quintero – a former TRADE rising star, as well as the most impactful news and people moves from the last quarter, an in-depth look at SEC US Treasury central clearing reforms, expert predictions for 2026, a deep dive into the 24/7 equities trading debate, and The TRADE’s new segment – The Expert Call, plus much more!
Starring on the cover is USB Asset Management’s Stuart Lawrence, The TRADE’s Industry Person of the Year 2025, who discusses his journey to the buy-side trading desk and ambitions for the future.
This edition also marks a new chapter for The TRADE with Claudia Preece’s inaugural issue as news editor. Stay tuned as The TRADE team continues to grow in 2026!
Take a look below for more detail on the Q4 content:
Buy-side cover interview – Stuart Lawrence, UBS Asset Management
Industry Person of the Year 2025, Stuart Lawrence, head of European equities trading at UBS Asset Management, sits down with Claudia Preece to discuss his journey to the buy-side trading desk and ambitions for the future. Lawrence shares his story thus far – from a baptism of fire to leading the charge for markets’ evolution as a key industry figure – and the key lessons gleaned from his 25 years of industry experience.
The Big Interview – Carla Quintero, HSBC Asset Management
Former Rising Star of Trading and Execution, Carla Quintero, trader at HSBC Asset Management, sits down with Claudia Preece to discuss her journey to her current role at the firm, unpacking the successful desk dynamic, how the day-to-day for traders is continuing to evolve, and the best advice for up-and-coming talent on the buy-side.
In depth – Levelling the field, or moving the goalposts?
With the SEC’s US Treasury clearing mandate scheduled for a phased rollout by 2027, Natasha Cocksedge examines how the shift to central clearing will reshape the market, and explores whether firms across the globe are equally prepared for the new rules, or whether the mandate remains largely on the US’ playing field.
Leaders in Trading Leaders in Trading New York 2025 award winners
More than 300 market leaders gathered at The Savoy hotel in London on 6 November to celebrate the industry’s achievements throughout the year, whilst more than 150 industry leaders gathered at Chelsea Piers in New York on 18 November to celebrate this year’s winners.
In depth – 24/7 equities trading: a red herring or an inevitable reality?
Natasha Cocksedge unpacks the key themes from The TRADE’s recent ‘24/7 equities trading’ webinar which explored different perspectives regarding the prospect of round-the-clock trading, highlighting the differing opinions from the buy-side, the sell-side, technology providers and market structure experts.
In depth – Industry calling on European exchanges to strengthen outage management protocols
Natasha Cocksedge explores the industry reaction to continued trading infrastructure breakdowns, unpacking the recent recommendations letter from AFME, EFAMA and FIA EPTA, which addressed the significant impacts of the persistent disruptions and outages since 2020.
Rising Stars of Trading and Execution 2025
Now in its eleventh year, The TRADE, in partnership with Instinet, hosted a dedicated event at One Moorgate Place, London in October to celebrate the next generation of up-and-coming talent on the buy-side.
The TRADE’s Crystal Ball predictions
Gaze into The TRADE’s crystal ball to uncover what leading industry experts expect to see in 2026, including insights from those across the buy-side, sell-side, exchanges, technology providers, and more…
The Expert Call
Nicholas Phillips, market structure research analyst, Bloomberg Intelligence gives his perspective on what to keep an eye on in Q1 2026.