Magnus Haglind is Head of Capital Markets Technology, Nasdaq.
What surprised you in 2025?
Magnus Haglind
The unexpected and unprecedented surge in volume and volatility tested the resilience of trade and post-trade market infrastructure, with record levels hit across the global financial system. Meanwhile, the pace at which 24-hour trading and digital assets are taking hold is redefining the need for agile infrastructure, reflecting the urgent requirement for more flexible, resilient and scalable technology.
Much of the sector has performed remarkably well in the circumstances, maintaining services through extremely challenging periods and certainly benefiting from years of investment in their underlying technology. However, too much of the industry still relies on legacy systems, and in many cases that was pushed to the brink in 2025 with operators around the world now forced to bring forward modernization projects, in some cases to almost literally keep the lights on. This is very much a ‘new normal’ operating environment.
How have market operators’ pain points evolved over the last year?
The longer operating cycles required to facilitate 24-hour trading, the accelerating integration of digital and traditional markets, and the transformational potential of AI have all brought modernization plans into focus. But time is of the essence, and these business priorities and initiatives are piling up, prompting a rethink in technology sourcing models.
Investment programs are now shifting to managed service models, where Nasdaq’s team of experts are given primary responsibility for the day-to-day management and maintenance of operators’ underlying infrastructure. That frees up resources within those organizations to focus on their core growth strategy and the things that make them unique, with the peace of mind that they now have a tech platform that can readily integrate new capabilities and connect to markets around the world. There has been a genuine mindset shift compared to this time last year.
What are your expectations for 2026?
At the heart of this industry change is an evolution in how organizations view mission-critical technology, which has expanded to encompass anything that facilitates interoperability, real-time decision-making, and operational resilience in a new world of always-on markets. Many more systems and capabilities are in now scope which again increases the need to invest in these platforms to cater for the new operating reality.
AI is likely to remain center stage as it drives increasing levels of productivity, and organizations take significant steps behind the scenes to reform their data strategies. Increasingly, clients and partners will gain access to an agentic AI workbench that will support the development of their own agents to work alongside the native Nasdaq capabilities. Cloud technology will continue to be at the core of this transformation, offering unparalleled flexibility, scalability, and the robust governance that modern infrastructure and AI demands. We also expect multiple clearing houses to launch next generation cloud-deployed platforms, marking another major milestone in the maturity of the technology.
And finally, technology advancements and evolving regulations will significantly advance the integration of digital and traditional markets. We will begin to see a new era of connectivity and efficiency across the industry with accelerating post trade workflows and greater use of tokenized collateral.
What are you most excited about?
Rapid technological innovation, evolving regulations and changes to market structure are all contributing to a remarkable generational shift in global capital markets. Every year the pace of change seems to get quicker.
These innovative advancements aren’t just promising resilience and agility, but previously unfathomable levels of connectivity, interoperability and the potential to drive prosperity across the global economy. We have a vast client community of over 135 market infrastructure providers and, alongside our own markets, have a truly unique opportunity to drive that transformation agenda. I’d say that’s pretty exciting.
What were the key theme(s) for your business in 2025?
2025 was a year defined by significant investments in both scale and innovation, all aimed at supporting trader success. We built upon our deep experience serving active traders by expanding our foundation across people, technology, and product capabilities. On the scaleside, we made strategic investments in infrastructure and talent to ensure we can support a growing, global trader community. On the innovation side, we accelerated the development of advanced tools that help traders manage risk, learn more effectively, and practice trading in risk-free environments. From sophisticated risk management solutions to advanced education programs and simulated trading experiences, every initiative was designed to give disciplined traders the best possible chance at success in the futures markets.
What was the highlight of 2025?
The standout moment for 2025 was NinjaTrader’s strategic partnership with Kraken. This accelerates our long-term vision by several years and strongly reinforces our commitment to pro-customer values. By combining strengths, we are redefining what retail-accessible trading products and experiences can look like, while also creating opportunities to expand into new geographies and offer a broader set of tradable instruments. This alignment translates into tangible benefits for traders like expanded product capabilities, global market access, and faster innovation cycles. I think this partnership will reshape retail trading.
What are your expectations for 2026?
Looking ahead to 2026, we anticipate a transformative year driven by innovation across three core areas. New client-facing products, exchange-listed tradable instruments, and the launch of distribution models means traders can expect meaningful product expansion and new channels for engagement, both directly and through partners. This combination of product depth, speed, and accessibility positions NinjaTrader to continue delivering unmatched trading experiences for both novice and advanced traders.
What trends are getting underway that people may not know about but will be important?
Exchange-level product innovation is accelerating, and retail investors will soon see a wave of new, intuitive, bite-sized products that feel far more familiar and accessible than traditional futures. At the same time, retail-oriented products are proliferating across asset classes. Prediction markets, structured micro-products, and new equity-engagement tools are moving from niche concepts to mainstream offerings, giving traders more ways to participate and learn. Traders are also increasingly seeking platforms that offer access to professional traders and greater transparency. Initiatives like NT Live, our daily live stream, and other community-driven tools are unlocking shared learning, mentorship, and peer-led insights are all designed to help traders strengthen their strategies. Platforms that effectively blend real community, transparency, and professional-grade tools are standing out in an increasingly crowded landscape. Finally, hybrid digital–traditional financial products are emerging. The convergence of DeFi and TradFi is accelerating, and these blended experiences are quickly becoming a meaningful part of retail trading. Over time, I think they will establish a new standard for how traders engage with markets.
What industry trends have been prominent but are now fading (or soon will fade)?
Slow innovation cycles at exchanges. Retail traders now expect rapid experimentation and fast iteration, and I think slow-moving exchanges will struggle to keep pace. I also think one-size-fits-all retail trading platforms are quickly losing favor with traders. Users want more hyper-personalized, modular, and strategy-specific experiences that cater to individual trading styles and I expect this will quickly become the norm as technology progresses. We’re also seeing commission compression as the core differentiator. Discounting alone no longer drives loyalty. Traders prioritize execution quality, insightful features, and value-added tools over the lowest cost. This is a trend I think we’ll see really pick up in the new year. Lastly, AI-assisted insights, automation, and context-aware signals are becoming integral to modern trading workflows, reducing reliance on traditional charting as the sole decision-making tool.
The World Federation of Exchanges (“The WFE”), the global industry group for exchanges and CCPs, has opened applications for its 2026 Market Infrastructure Certificate (MIC) programme.
The MIC is designed to develop the next generation of financial services leaders who work with the institutions that underpin global public markets including exchanges, clearing and settlement organisations, central counterparties, payment systems, and central securities depositories. The qualification is relevant to all professionals working and interacting with public markets, from central banks, buy-side and sell-side firms, exchanges, clearing houses and regulatory bodies.
The programme supports the students to enhance their business network and form valuable connections with their peers and other industry professionals on the course. Our alumni come from a range of geographies, organisations and roles, working in diverse areas from Risk, to Product, Cyber, Sustainability, Communications and many more.
The programme is delivered in partnership with Bayes Business School (formerly Cass), which is part of City, University of London. It is at the same level as an MSc (i.e., Higher Education Level 7 in the UK). MIC candidates who successfully complete the programme will be awarded a postgraduate certificate, the Market Infrastructure Certificate, and receive 60 credits from Bayes Business School, City University of London.
The programme focuses both on the theoretical and practical aspects of market infrastructures (MIs) and features both an online and residential component. The online component includes recorded sessions which participants can access at any time and a series of live interactive webinars. The residential component comprises a residential academic week in London and an industry practitioner week, with sessions run by the leaders of the market infrastructure space, which will be hosted by Cboe, in Chicago, USA.
The programme begins on 1st September 2026, with the London residential week running from 21st-25th September 2026, and the Chicago residential week running from 26th-30th October 2026. Teaching will complete on 4th December 2026 and final projects will be submitted in January 2027.
On successful completion of the programme candidates will have:
• Developed a broader and deeper knowledge of how MIs operate, their interrelations, their regulatory environment, and their role in achieving financial stability and supporting sustainable and inclusive economic growth.
• An updated knowledge of the current best practices in MIs.
• A deeper understanding of how different risks are managed by each MI.
• Assessed the implications of recent financial and technological innovations.
• Studied the role of ESG and ethics in the working of modern MIs.
Nandini Sukumar
Nandini Sukumar, CEO of The WFE, said, “We developed the Market Infrastructure Certificate to meet the learning needs of professionals who want to gain valuable insights on the key issues shaping our industry. Our growing alumni base represents the next generation of industry leaders who have chosen to deepen their understanding into the processes, infrastructure, and stakeholders that underpin the financial ecosystem.”
Please click here to go to the MIC page on our website which contains all details including the application, course dates and fees. Applications are reviewed on a first come first served basis and will close once the course intake limit is filled.
For more on the WFE’s educational programmes, see here.
IPC Systems has a more than five-decade history as a fintech company that provides connectivity, security and trading solutions for capital markets participants.
Traders Magazine caught up with Kurt Adams, IPC CEO since June 2024, to learn more about the state of the company, the industry landscape, and the vision for next year and beyond.
Briefly discuss your career journey?
Kurt Adams, IPC
My career path has mostly been in fintech around payments. There I saw the evolution of interoperability and the scale of these payments businesses. It’s something that I’ve noticed coming into this opportunity at IPC. In both industries, there’s a network of buyers and sellers. There’s also data and capital that’s moving through this network. The goal is to add speed and scale to execution in industries that are highly regulated and compliant. So while IPC is in a different market than what I’ve been part of historically, there are a lot of parallels and it is very familiar.
What have been ‘first impressions’ in your first 18 months at IPC?
My first impression is the lack of transformation and lack of interoperability in this space. I’ve sat on trading desks and saw traders, with multiple systems and multiple means of communication, doing the same things three, four, five times in a row, 85 or 100 times a day. It’s crazy.
And the other thing that struck me was that IPC has been around for 55 years, it has physical real estate that sits on most of these desks globally, and it has the software platform that powers a global network of over 100,000 users. But it’s still often perceived as a turret company–as a hardware company. The way IPC was positioned was not recognizing the massive value in the software and the network. My goal is to unlock that value.
What have been 2025 highlights for IPC?
2025 was all about moving the legacy business into the cloud. We’ve invested in the company.
When I first arrived there was some feedback that clients were resistant about the cloud. But after meeting with some of our largest global clients, I learned that wasn’t the case at all. It was just a matter of what is the best way to move to the cloud, and what they need from IPC as a partner to help them in that journey. We are experiencing an increase in demand to migrate from a traditional on-prem model to a subscription or full cloud conversion. Year to date, we have over 29,000 seats that have migrated, or nearly a third of our total seat population.
We also opened a new London headquarters last month, and a new New York headquarters in early December. We’ve brought in new leadership talent in terms of my direct reports – people with deep expertise in enterprise software, cloud infrastructure, and cloud service environments.
What market/technology trends are important for IPC and its customers?
Speed and communication connectivity are important. Desk traders ask how we can make their jobs easier – they want more efficiency, faster speed, and help with connectivity and counterparty discovery. Today there’s a massive disparity between voice and chat, with no real ability to seamlessly integrate voice and chat, transcribe it in real time, and then embed it into workflows in the CRM system, the order management system, and the execution management system. We have all those pieces and so is bringing that connectivity together in a way where communication, workflow and counterparty can work in a far more efficient way.
We can layer AI on top of it to provide unique insights. For example, think about the first three calls I should be making for this trade. Based on sentiment analysis, this other connectivity that is happening in the market, price discovery, etc. we can help make better decisions, faster. That’s what we’re really looking to bring to traders.
What are the ‘pain points’ for IPC customers?
A big pain point is the lack of connectivity. Traders still have to ‘swivel chairs’ between multiple systems on their desks. They want the ability to connect those and have workflow integration – not just between the communication systems, but also inputting into their CRM and connecting with the order management system. The chair swivel is a massive inefficiency in the market, and we see a massive opportunity to remove that and provide a seamless, integrated experience, from the origination of the trade all the way through legal, risk, compliance, and settlement.
What is the competitive landscape in IPC’s space?
A common view in the marketplace is that our most direct competitors are Symphony and BT Group. But there are also players like ICE, Bloomberg, LSEG, Microsoft Teams, and Cisco, which are a few examples that are on desks or in trade desk support and have connectivity. They can be viewed as current or potential new competitors, but they’re also partners in the space. If there’s one thing I learned about competition from my fintech experience in payments, it’s that competitors can come together in a way that solves big problems for users, so everyone ends up benefiting.
We did a partnership with ICE to integrate our voice into their chat that is now live in the market. That allows what you and I talked about to happen for a trader seamlessly to go between voice and chat with literally a click of a button. Historically we would have looked to build our own chat, and ICE would have looked to build their own voice. We now have another network. We’re actually partnering to be able to solve a bigger issue in the market.
We can provide that regulated and compliant communication, simultaneously across channels. The connectivity can run through our device, and we have the ability to connect into anything or bring any application into our device. The competitive landscape is very fragmented. But we can figure out a way to bring it together in a more efficient way.
What is your longer-term vision for IPC?
Our longer-term vision is to be the central hub of connectivity for traders and trade support. Regardless if we own the asset, we have the ability to be that central point of connectivity.
Our ability to connect into networks, applications, and services to deliver that is a big opportunity for us because we already sit on the desks. And so the ability for more to connect into us, we have the opportunity to be the facilitator of that. With the role that IPC plays on the desk and the network we have, we have the ability to be that central hub of connectivity, and to facilitate integration and interoperability. We already sit on desks – the big opportunity is leveraging that position to connect into networks, applications, and services.
Brian Hyndman is CEO and President of Blue Ocean Technologies.
Brian Hyndman
What were the key theme(s) for your business in 2025?
A central theme for us in 2025 was continued and meaningful geographical diversification. Throughout the year, we focused on broadening our global reach and ensuring that our data could support a wider and more varied set of market participants. As a result, we now distribute our data to more than 135 firms across 27 countries. This broadened footprint demonstrates how interest in U.S. capital markets is growing, particularly during non-traditional hours. Our business model overall has become increasingly global. The expansion of our reach and data also reflect the growing recognition among international investors that efficient overnight trading can offer new strategic opportunities. By strengthening our international distribution network, we have laid the foundation for long-term growth and deeper engagement across multiple regions.
What was the highlight of 2025?
The standout moment of 2025 was opening our office in Korea, a milestone that represents both a strategic achievement and a powerful signal of our commitment to the Asia-Pacific region. Establishing a presence while continuing to grow our reach and team on the ground have already had a tangible impact. One of the most exciting developments following the launch was seeing Korean trading participants return to the U.S. equity markets by actively trading on Blue Ocean ATS. Their renewed engagement reinforced our belief that offering reliable, high-quality overnight access to U.S. equities aligns perfectly with the needs of traders operating in Asian time zones. This momentum validates our long-term strategy and opens the door for even deeper relationships in the entire region.
What are your expectations for 2026?
As we look toward 2026, we expect the trend of geographical diversification to accelerate further. We firmly believe that we are still in the very early stages, or as I always say, the “first inning” of what overnight trading will ultimately become. Awareness,education, access, and participation are all increasing, and as more institutions integrate overnight liquidity into their trading workflows, we anticipate meaningful growth. Over the next few years, we believe overnight trading volumes could reach 5–10% of traditional daytime volumes. This represents not just incremental activity but a structural evolution in the way global investors engage with U.S. markets.
What trends are getting underway that people may not know about but will be important?
Tokenization is the most significant industry trend emerging today. The market appears to be on the cusp of introducing multiple pathways for trading tokenized U.S. equities within the next 12–24 months. We see tokenization as a transformative force—one that could reshape settlement, enhance accessibility, and unlock more flexible trading models. As this ecosystem develops, we are preparing for a future where traditional and tokenized markets operate side by side.
The Long-Term Stock Exchange has appointed Frank DeGarcia as Head of Market Operations, the Exchange told Traders Magazine exclusively. He joins LTSE from TMX Group, where he served as Head of Market Operations and helped successfully launch an equity dark pool. Prior to TMX, he oversaw global teams as Head of Trading Operations for BASF’s Precious Metals division. Earlier in his career, DeGarcia spent time in the cash equities division of the New York Stock Exchange, after starting on the trading floor and advancing through market-making roles before becoming an NYSE member.
Michael Selig
Michael Selig has been unanimously confirmed by the US Senate as Chairman of the Commodity Futures Trading Commission (CFTC), according to the US Congress. He began his career in 2014 as a law clerk to then–CFTC Commissioner (and future Chairman) J. Christopher Giancarlo. After his tenure at the CFTC, Selig entered private practice, working at several global law firms, where he advised financial institutions, trading platforms, and digital asset developers on compliance with securities and commodities laws. In 2025, Selig returned to public service as Chief Counsel to the SEC’s Crypto Task Force, serving as a senior advisor to SEC Chairman Paul Atkins.
Northern Trust has announced a number of leadership appointments, effective January 1, 2026, according to a press release. Melanie Pickett, head of asset servicing for the Americas, will assume the newly created role of chief transformation officer. Clive Bellows, president of Europe, Middle East and Africa (EMEA), and Guy Gibson, global head of institutional banking & markets, have been appointed co-presidents of Asset Servicing, succeeding Teresa Parker, who will retire after more than 40 years of exemplary service with Northern Trust. All three leaders will report to Chief Executive Officer Michael O’Grady. Gibson and Pickett will join Bellows as members of the Northern Trust Leadership Team.
Caroline D. Pham will join MoonPay as Chief Legal Officer and Chief Administrative Officer following the conclusion of her service as Acting Chairman of the Commodity Futures Trading Commission (CFTC), according to a press release. Pham is an internationally recognized authority on financial market structure, derivatives, and emerging technology. She was unanimously elected Acting Chairman of the CFTC in January 2025, after being sworn in as a Commissioner in 2022. During her tenure as Acting Chairman, she oversaw a pivotal year of market modernization, regulatory innovation, and groundbreaking digital asset policy.
George Nunn has joined Versana as its Chief Operating Officer, succeeding founding COO Bruce Manson, according to a press release. As planned, Manson will retire at year-end following a distinguished 35-year career in fixed income trading and across various data and technology businesses. Nunn brings more than three decades of financial markets experience from his senior leadership roles at BNP Paribas, HSBC and Credit Suisse. His background spans across many areas of global banking, including sales and trading, strategic transformation and COO oversight of capital markets.
Steve Toole, executive director of STRS Ohio, has appointed Aaron DiCenzo as deputy executive director — Investments and chief investment officer, according to a press statement. DiCenzo brings over two decades of experience in private markets and institutional asset management. He has served as interim deputy executive director — Investments and chief investment officer since February 2025 while continuing to lead STRS Ohio’s private equity and private credit strategies.
If you have a new job or promotion to report, let me know at alyudvig@marketsmedia.com
Michael S. Selig was sworn in today to serve as the 16th Chairman of the Commodity Futures Trading Commission. Chairman Selig was nominated by President Donald J. Trump to the post on October 27, 2025, and confirmed by the U.S. Senate on December 18, 2025.
Michael S. Selig
“I’m grateful for the confidence President Trump has placed in me and for the opportunity to lead the CFTC at this pivotal time,” Chairman Selig said. “Today begins a new chapter for the CFTC. We are at a unique moment as a wide range of novel technologies, products, and platforms are emerging, retail participation in the commodity markets is at an all-time high, and Congress is poised to send digital asset market structure legislation to the President’s desk, cementing the U.S. as the Crypto Capital of the World. I welcome the vital responsibility to oversee the stability and security of America’s commodity derivatives markets during this period of rapid transformation. No agency is better suited to pioneer commonsense rules of the road for the new financial markets of America’s Golden Age than the Commodity Futures Trading Commission. Under my leadership. The CFTC will conquer these great frontiers and ensure that the innovations of tomorrow are Made in America.”
Chairman Selig brings to the role deep public and private sector experience working with a wide range of stakeholders across agriculture, energy, financial, and digital asset industries, which rely upon and operate in CFTC-regulated markets.
Chairman Selig most recently served as chief counsel of the Securities and Exchange Commission’s Crypto Task Force and senior advisor to SEC Chairman Paul S. Atkins. In this role, Chairman Selig helped to develop a clear regulatory framework for digital asset securities markets, harmonize the SEC and CFTC regulatory regimes, modernize the agency’s rules to reflect new and emerging technologies, and put an end to regulation by enforcement. He also participated in the President’s Working Group on Digital Asset Markets and contributed to its report on “Strengthening American Leadership in Digital Financial Technology.”
Prior to government service, Chairman Selig was a partner at an international law firm, focusing on derivatives and securities regulatory matters. During his years in private practice, he represented a broad range of clients subject to regulation by the CFTC, including commercial end users, futures commission merchants, commodity trading advisors, swap dealers, designated contract markets, derivatives clearing organizations, and digital asset firms. Chairman Selig advised clients on compliance with the Commodity Exchange Act and the CFTC’s rules and regulations thereunder, including in connection with registration applications and obligations, enforcement matters, and complex transactions.
Chairman Selig earned his law degree from The George Washington University Law School and was articles editor of The George Washington Law Review. He received his undergraduate degree from Florida State University.
Hilbert Group, a publicly traded digital asset investment manager listed on Nasdaq Stockholm, is aiming to bring institutional-grade access to cryptocurrency markets to the U.S. In this interview with Traders Magazine, Jonathan Morris, Hilbert’s Chairman and a former senior executive at Blackstone, shares his perspective on the firm’s expansion plans, the changing attitudes of institutional investors toward crypto, and how Hilbert is navigating regulatory and governance challenges.
Can you walk us through your plans for expansion into U.S. capital markets, and what strategic opportunities are you prioritizing in the U.S.?
Jonathan Morris
Currently, our investor base is primarily composed of Swedish retail shareholders and Norwegian institutional investors in Hilbert. Our expansion into U.S. capital markets is strategically focused on gaining access to the largest capital market in the world and diversifying our shareholder base. We have ambitious growth plans for Hilbert, and tapping into U.S. capital markets is essential in maintaining our accelerated growth trajectory. It is also evident that the US market has reached an inflection point in institutional adoption of crypto assets. With the change in administration, regulatory clarity, and approval of new vehicles like crypto ETFs we believe now is the ideal time for Hilbert Group to enter the US market and we intend to take advantage of this opportunity.
You’ve held senior roles at Blackstone and Credit Suisse and have led companies through IPOs. Which lessons or frameworks from that experience are most relevant as you guide Hilbert into new markets and potentially public-market activity in the U.S.?
Hilbert was built with institutional discipline from day one. Governance, risk management, and transparency sets it apart particularly in digital assets and that many firms only try to retrofit later. Having seen multiple public-market transitions the lesson is that execution and governance matter more as complexity increases. Since joining as Chairman in October, I’ve been focused on ensuring those standards continue to scale as Hilbert expands in the U.S. and engages public-market investors
What’s changed in terms of institutional demand and comfort level with crypto investing, and where do you see this heading in the next 12-18 months?
We’ve seen a significant shift in institutional attitudes toward crypto investing, particularly in the United States. The Trump administration’s pro-crypto stance has given institutions the confidence to invest in size and is expected to drive continued adoption over at least the next three years.
With this shift, the contrast between U.S. and European approaches to digital assets has become even more stark. While Europe has taken a more cautious regulatory approach through MiCA, we see opportunities in both markets as the U.S. has moved quickly to establish infrastructure for digital assets. This includes clearing regulatory pathways for U.S. pension funds to invest in crypto, the introduction of ETFs, and major financial institutions like Fidelity and JP Morgan issuing their own stablecoins.
The regulatory environment in the US has fundamentally transformed. The GENIUS Act, combined with greater clarity from regulators, has removed many of the institutional barriers that previously existed. Regulation is no longer the primary challenge, it’s now a question of investment philosophy and risk appetite. Institutions are now deciding whether Bitcoin aligns with their investment mandates, and perspectives on this remain divided.
Looking ahead 12 to 18 months, I’m optimistic about continued momentum in this space and the trajectory for institutional crypto investment remains positive.
Hilbert describes itself as providing “institutional-grade access” to cryptocurrency markets through systematic, algorithmic trading. What does “institutional-grade” actually mean in the crypto context?
“Institutional-grade” in the crypto context means meeting the comprehensive due diligence requirements that institutional investors demand. In short, addressing every item on their checklist without providing any reason for them not to invest.
This encompasses several critical areas: robust operational infrastructure, legal frameworks, compliance protocols including thorough KYC procedures, and transparent investor communication. The scrutiny from institutional investors is significantly more rigorous than what family offices or high-net-worth individuals typically require.
From a practical standpoint, institutional-grade access includes utilizing prime brokers that institutions trust for security and custody of digital assets, ensuring protection against hacking and other risks. It also means maintaining comprehensive documentation across all operational areas, from IT disaster recovery plans to detailed financial reporting.
Ultimately, “institutional-grade” means having the capability to pass rigorous audits from asset consultants and meet the stringent requirements of foundations, endowments, and pension funds. These institutions conduct deep due diligence, requesting extensive information across all aspects of operations. Firms that cannot provide this level of documentation and operational sophistication face significant barriers to institutional adoption. Meeting these standards is now the entry requirement for accessing institutional capital.
The regulatory environment for digital assets continues evolving rapidly, particularly in the U.S. How is Hilbert navigating this landscape, and what infrastructure or governance standards have you put in place to meet institutional investors’ due diligence requirements?
We’ve already established a strong foundation for meeting institutional due diligence requirements, but we recognize that operating in the U.S. regulatory environment will require additional infrastructure and processes.
Hilbert is currently undergoing comprehensive audits to ensure full compliance with U.S. regulatory standards. A key component of our strategy is proactivity in engaging a top law firm to guide us through the regulatory framework and ensure we meet all filing requirements in a timely manner.
The U.S. reporting environment differs from what we’re accustomed to in Sweden, with distinct timelines and filing protocols. While I wouldn’t characterize the U.S. requirements as necessarily more burdensome, they are structured differently and require specialized expertise to navigate effectively.
There remains some regulatory ambiguity regarding oversight jurisdiction, specifically whether the CFTC or SEC will have primary authority over certain aspects of digital assets, but we expect this to become clearer as the regulatory framework continues to develop.
Our commitment is straightforward: we’re dedicating the necessary resources to ensure full compliance with all infrastructure and governance standards expected of a publicly listed company. This investment in compliance infrastructure is fundamental to maintaining the trust of institutional investors and positioning Hilbert for long-term success in U.S. capital markets.
As U.S. and global regulators refine digital-asset frameworks, what shifts in regulation or market structure do you believe will have the biggest impact on institutional adoption?
In terms of the U.S. market I would argue there are no significant regulatory barriers preventing institutional adoption of Bitcoin in the United States. Pension funds now have clear pathways to invest, Bitcoin ETFs are well-established, and we’re looking at a $1.7 trillion Bitcoin market. The regulatory framework has evolved substantially, particularly since November of last year.
The expansion of the existing Digital Asset Stockpile, as discussed by the administration, could be transformative. However, even without that development, institutions like university endowments that might have faced concerns about Bitcoin exposure a year ago now operate in a fundamentally different environment. The barriers today are less about regulation and more about education, investment philosophy, and portfolio construction.
It’s worth noting that traditional 60/40 portfolios are under pressure, with increasing correlation between bonds and equities driving allocators to seek alternatives. For Bitcoin specifically, institutions have multiple avenues for exposure: direct holdings, ETFs, or working with regulated firms like Hilbert that can generate yield on Bitcoin holdings. The infrastructure and regulatory clarity are in place.
The picture is entirely different for alt coins, decentralized exchanges, and DeFi protocols. Those areas lack the regulatory clarity necessary for broad institutional participation, and that’s not our focus.
Nick Zylkowski is Managing Director and Co-Head of Customized Portfolio Solutions at Russell Investments.
Nick Zylkowski
What were the key theme(s) for your business in 2025?
In 2025, we saw a continued shift toward deeper strategic partnerships as asset owners and asset managers sought scalable implementation tools that could also help navigate complexity. Demand grew across trading, overlays, and completion portfolios as clients focused on de-risking, liquidity access, and more precise risk management solutions. Broad beta allocations do not suffice, investors are needed to look much deeper at risks in their total portfolio like concentration risk, factors and liquidity profiles.
At the same time, product innovation accelerated, with wealth and asset managers seeking greater customization and cost efficiency for their end clients. Wealth Managers have increasingly leaned on our white-label and outsourced implementation capabilities to modernize their platforms – this included launching numerous funds that are proprietary strategies to our clients, and helping implement product restructures through our transition management desk. Stepping back, 2025 was defined by stronger reliance on expanding implementation solutions and more collaborative, long-term partnerships.
What are your expectations for 2026?
In 2026, we expect restructuring activity to remain high as regulatory change and retail-product consolidation drive large implementation events. Investors will likely depend even more on overlay and completion strategies to mitigate concentrated equity risks, while maintaining liquidity across their total portfolio. With private-markets distributions still subdued, liquidity management and efficient rebalancing will remain top priorities. Technology will continue pushing customization further down-market, expanding demand for SMAs and Tax Managed solutions.
Another area we have renewed focus on is supporting the non-profit sector. We’ve been growing our presence with the Health Care and Endowment & Foundation clients. These are the types of investors that value the ability to flex between derivatives and securities to manage exposures in their total portfolio, and with distributions from their private market investments lower than prior years, they are needing to ensure they have well thought out liquidity strategies that span their total portfolio.
What trends are emerging that people may not yet be focused on?
Several trends rooted in the wealth ecosystem are beginning to reshape institutional investing. Model-based implementation has long been standard in wealth and is now giving institutions new avenues for efficiency and customization.
We’re working with institutional investors who’ve transitioned from a traditional model-investing across multiple commingled vehicles or supporting multiple separate accounts for each manager—to centralized implementation in a single account. This shift is giving these investors increased transparency into their portfolio, more control to implement screens and tilts, and often we’re seeing meaningful decreases in overall fees and costs. It’s a trend that’s beginning to take hold, and we expect adoption to continue accelerating.
Which industry trends are now fading?
The extreme concentration of returns in U.S. mega-caps has begun to plateau in late 2025, and a broadening out of fundamentals would suggest the pace of U.S. market and USD outperformance should ease. Tariff-related policy uncertainty has also subsided.
How have client pain points evolved over the past year?
For financial institutions, competitive pressures are driving more customization, innovation and cost efficiency. Many are adopting model implementation and reconsidering overlay techniques to deliver more flexible, scalable multi-manager solutions.
For asset owners, a stronger funded status has shifted the focus toward protecting gains while staying invested in active strategies. This has increased demand for diversification, portfolio protection, and precision risk management, making overlay and completion portfolios central to managing total-portfolio risk.
FLASH FRIDAY is a weekly content series looking at the past, present and future of capital markets trading and technology. FLASH FRIDAY is sponsored by Instinet, a Nomura company.
Forecasting how market structure will evolve is inherently complex and fraught with unknowns, but one thing is certain: it’s always good to look back and review predictions, even if only to prove Yogi Berra’s old adage that the future ain’t what it used to be.
Traders Magazine caught up with Kevin McPartland, Head of Market Structure and Technology Research at Crisil Coalition Greenwich, for the fourth-annual “look back at a look ahead,” assessing the Top Market Structure Trends to Watch in 2025.
Kevin McPartland, Crisil Coalition Greenwich
How did the ten trends highlighted at the start of the year play out?
1. ETFs Continue to Expand – As Expected
Kevin: “ETFs definitely played out as expected. We’ve continued to see growth across areas like crypto ETFs and private credit ETFs, beyond just the general increase in assets under management. Looking ahead it’s expected that more mutual funds will begin to offer an ETF share class, growing the market even more. All of that would push this trend even further.”
2. Smarter and Faster Gets Smarter – AsExpected
“From research we’ve done on the use of alternative data for investing, not surprisingly, the use of AI and machine learning really plays into that. You’re not hearing a ton about reductions in latency in microseconds and nanoseconds anymore, but you’re certainly hearing a lot more about new methods of quantitative data analysis and strategies.”
3. Matching Buyers and Sellers Gets More Efficient — and More Complex – As Expected
“The SEC’s proposals and discussions this year have encouraged more innovation and more new methods of execution. So, I think we’re continuing to see markets get more efficient, but also more complicated – what we expected.”
4. Upstart Pressure on Incumbents Is Relentless – As Expected
“This feels ever-present these days. The change in regulatory stance has encouraged a lot of new startups and innovation and evolution. It’s non-bank liquidity providers competing with banks, startup trading venues competing with incumbents, and newer trading systems, OMSs and EMSs competing with incumbent platforms. It’s happening everywhere, and it does feel like we’re still in a really strong period of innovation.”
5. Regulation Becomes More Unpredictable – As Expected
“Going into the year, it was pretty unpredictable — we didn’t know what we were going to get. In the end, that’s exactly what happened. Now that we’re at the end of the year, it’s become clearer what we can expect. Nobody really knows what the final rules will look like or what will change, but the sentiment feels well understood by the market at this point.”
6. Derivatives Innovation Accelerates – As Expected
“Prediction markets were obviously a headline for derivatives this year, along with digital assets. Credit futures have also seen volume and open interest grow. Our research there suggests the market is finally ready for these products.”
7. Market Data Supply and Demand Remains Insatiable – As Expected
“We’ve done an annual study the last couple of years, and again we found it was nearly 70% of the buy side that said they expect to increase their market data budgets, typically by about one to five percent. So, spending does just keep going up. People keep spending and demanding more every year — more demand for real-time data, more demand for alternative data, data across the board”
8. Required Repo Clearing Drives Innovation and Competition – Less than Expected
“The mandate dates were delayed by the SEC, which I think was the right move in the end, to give the industry more time. That allowed everybody to step back, slow down a little bit, and make sure that all the mechanical issues were solved before moving forward full speed. If you look at the major electronic trading platforms for repo — CME BrokerTec, GLMX and Tradeweb — they all showed year-over-year increases in repo volume, so there is definitely movement forward there. But people probably slowed down a bit when it came to making major changes to their workflow as the clearing situation got sorted out.”
9. TradFi–DeFi Convergence Accelerates – More than Expected
“JP Morgan just launched a new money market fund on Ethereum, which is a pretty good case in point. That trend really moved fast this year, and it does feel like things progressed more quickly than expected.”
10. Investing in Ops and Compliance Remains a Priority – Less than Expected
“There is definitely continued focus on automation, and a lot of discussion around how Gen AI can help in some of those tasks, but it’s still early. There’s a longer-term element here, especially when you think about things like T+0, which require a lot of investment in operations and compliance. It’s happening, but it’s more of a slow burn.”
