TradeTech FX returns to Miami from February 9 – 11, bringing together more than 700 FX professionals, including over 250 buy-side Heads of FX Trading and Portfolio Management. Join leading asset allocators, hedge funds, corporates, sell-side firms, and technology providers for premier learning, networking, and innovation within the global FX community. Attendance is free for the buy-side, and an exclusive 10% discount (FXTRM10) is available on all other tickets.
TradeTech FX returns to Miami this February, taking place at the JW Marriot Marquis! TradeTech FX has firmly established itself as the leading FX event in North America, with over 700 FX professionals in attendance including representation from all the major buy-side, sell side and technology partners.
Check out the agenda to discover the full event schedule, the speaker line-up, the interactive learning formats, and all the networking opportunities happening during the event.
What you can expect from TradeTech FX 2026:
Join 700+ leaders in FX including 250+ Heads of FX Trading and Portfolio Management from North America’s biggest buy-side-firms.
Join 30 solution-focused sessions led by 100+ buy-side heads of FX and gain practical insights that address your biggest priorities and help you future-proof your dealing desk.
Network with your senior FX peers during our highly interactive sessions, exclusive drinks receptions and extended networking breaks.
Don’t miss the ‘Buy-Side TradeTech FX Innovation Day’ (Feb 9th) for an unbeatable time-saving opportunity to meet and compare the leading FX platforms and solution providers.
We have an exclusive 10% discount for tickets to TradeTech FX. Simply quote FXTRM10 when booking tickets online.
Buy-side can register for free. This includes pension funds, sovereign wealth funds, insurance companies, asset managers, wealth managers, hedge funds and corporates.
Security Traders Association of Chicago Celebrates 100 Years of Market Insight at its 2026 Mid-Winter Meeting Keynote Kevin Harrington and Featured Speaker Tom Schueman Headline a Historic Industry Event
CHICAGO, IL, Dec. 2, 2025 — The Security Traders Association of Chicago (STAC), a membership organization for professionals in the securities industry and an affiliate of the Security Traders Association (STA), is proud to announce its 100th Annual Mid-Winter Meeting, taking place January 21–22, 2026, at the Fairmont Chicago, Millennium Park. This milestone event celebrates a century of connection, innovation and leadership across trading, investment and fintech, bringing together industry professionals to explore what’s next for the markets.
Kevin Harrington, original Shark Tank investor and renowned entrepreneur, will headline the conference as keynote speaker, offering insights on innovation, risk-taking and the evolving financial landscape. Also joining the lineup is Tom Schueman, a U.S. Lieutenant Colonel in the United States Marine Corps, veteran of the Afghanistan war, founder of the non-profit organization Patrol Base Abbate, and author of Always Faithful, who will share his remarkable story of leadership, loyalty and resilience.
The 100th Annual program features an impressive line-up of industry speakers who will dive into some of the most pressing topics shaping today’s markets, including:
· Retail & Prop Trading: Out with the Old / In with the New
· Hot ETF Trends: Active & Swap-Based Strategies
· Compliance, Legal & Regulatory Challenges
· Following the Sun – Trading after Hours
· What’s Next for EMS/OMS?
· Trading Through Time: Options in Review
· Personal Finance: Who’s Watching Your Portfolio?
· Rule makers to Risktakers
· Tokenization & Crypto
· Investing in Outcomes – Prediction Markets
· The Risk of Low-Cost Securities
· …And much more
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“For a century, STAC’s Annual Mid-Winter Meeting has been the place where traders, thought leaders and innovators come together to shape the future of our industry,” said Ginny Kowalczyk, STAC President and Manager, Market Data Services at Cboe Global Markets. “As we celebrate 100 years of STAC, this event reflects both our industry’s legacy and its next chapter. With an exceptional speaker lineup and timely content, STAC’s 100th Annual Mid-Winter Meeting is designed to inspire, connect and inform the next century of market professionals.”
The 100th STAC Mid-Winter Meeting offers attendees the chance to interact with leaders from the trading, compliance, technology and investment sectors, with:
· Two days of dynamic sessions and powerhouse speakers
· Unmatched networking and entertainment
· A celebration of 100 years of connection, innovation and community
Conference registration is open. Visit the event site to explore event details, secure your stay at the Fairmont with the discounted STAC rate, and discover exclusive sponsorship opportunities.
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About Security Traders Association of Chicago
Established in 1925, the Security Traders Association of Chicago (STAC) is comprised of professional trade industry members who are engaged in the buying, selling and trading of securities. It is an affiliate of the Security Traders Association (STA), a leading trade organization for individual professionals in the securities industry that works to improve the ethics, business standards and working environment for its members. With a mission of education, professional networking and philanthropy, STAC hosts conferences and events that promote professional development, serve as a platform for influential leaders in the industry and offer an unmatched forum for networking. To learn more about STAC, please visit www.stachicago.org.
As exchange-traded funds continue to move beyond their roots of being just plain-vanilla passive investment vehicles for US institutional investors, the need for efficiency in creation, sales and trading becomes more challenging.
While active ETFs comprise less than 10% of ETF assets globally, active ETF assets have been growing faster than passive, packaged with more variety of underlying assets and a wide range of strategies, and increasingly bought and sold by retail and European market participants.
Ciaran Fitzpatrick, JP Morgan
“Every new product type to a degree has had a pivot of ETFs in it – passive, active, crypto, tokenization, what have you,” said Ciaran Fitzpatrick, Global Head of ETF Product at JP Morgan. “Every single day there’s something new going on.”
New ETF product and strategy announcements can grab attention, but asset building and staying power will come down to how seamlessly and cost-effectively an ETF can be issued and traded.
“The difference in ETFs – the way that they function and the spreads at which investors can access them – become a really key part of the success of that ETF,” said Matthew Legg, Global Head of Delta One and ETF Sales at JP Morgan. “People will anticipate that they can have the same experience, the same positive experience, they had in passive in active.”
Fitzpatrick and Legg spoke about trends in the global ETF market and JP Morgan’s capabilities in the space. A transcript of the conversation was provided to Markets Media.
Sustained strength
ETFs were introduced in the US in 1993, but they were mostly a curiosity and didn’t really catch on for about a decade. Distinguished by their intraday liquidity, ETFs caught traction starting in the 2000s and supplanted mutual funds in the portfolios of many investors, who saw the benefits of ETFs’ trading flexibility as well as their lower cost and tax advantages.
Recent industry research underscores the uptrend. U.S. ETFs assets have more than doubled since 2020, rising to more than $12 trillion this year, according to BlackRock. And ETF buyers are skewing younger: recent Cerulli data shows that ETFs have become the fastest-growing investment product on self-directed digital platforms, outpacing stocks and mutual funds.
“This momentum underscores the need to accelerate innovation, broaden access, and scale education to pursue better outcomes for all investors,” Elise Terry, Head of U.S. iShares at BlackRock, said in People & Money: The Next Wave of U.S. ETF Investors.
Matthew Legg, JP Morgan
That’s what securities services professionals are working on. JP Morgan’s Legg said ETFs that track indexes such as the S&P 500 have become “super-efficient” in providing low-cost access to passive returns for a broad range of investors, but ”where things have really taken off recently is in the expansion into active,” led in the US and tracked in Europe.
Legg sees the retail trends cited in the report on the front lines at JPM. “One of the most common discussions we have with issuers is about their desire to market or be able to market to that whole new generation of wealth coming through,” he said. “Technology is making it really simple for retail to access these funds.”
Fitzpatrick noted that ETF issuers across the spectrum, established and startup, need a “platform strategy” to meet this emerging investor class where they are.
One moving piece in active ETFs has been in Europe, where recent regulatory changes have opened the door for the investment vehicles to downshift from full transparency, which entails daily reporting of positions, to a semi-transparent model, which allows reporting monthly or quarterly. The rationale is that ETF issuers will be more willing to include investment strategies that could be undermined by public daily position updates; Legg said an advantage of this is that while external reporting would be on a delayed basis, Authorized Participants (APs) could still access daily holdings, which would keep transaction costs and market risk spreads tight.
Private Asset ETFs?
Another active current discussion pertaining to ETF market evolution is the suitability of the underlying assets. “What’s the right asset to have in an ETF now? Is it just equities? Is it bonds? Is it a combination, like a multi-asset strategy?” Fitzpatrick said. “And now we’re seeing at a very initial phase of managers looking to put private assets into ETFs. Is that a stretch too far?”
Buyers and sellers of ETFs see easy access, low cost and wide choice, but they don’t typically see behind the curtain, where market participants drive that efficiency. “One thing that’s been interesting to observe is the electronification of these markets,” Legg said. “All of the operational processes need to be scaled and they need to be systematized. The ETF fits really well into that more technology-dependent execution structure.”
JP Morgan is “all in” on ETFs, Fitzpatrick said, with a strong focus from the top of the firm to ensure the right partnerships are in place and world-class client service is a given. “We’re seeing more and more in the industry that asset managers and issuers are looking for a strategic partnership,” he said. “It’s not just custody administration anymore, it’s also about access to capital to get a product off the line, and then expertise across the globe at servicing the products.”
Legg closed by noting issuer client discussions have changed from starting with why an investment vehicle should be an ETF, to starting with why it shouldn’t be an ETF. “The burden of proof has crossed, which I think is an interesting change in perspective,” Legg said.
The SEC’s Division of Examinations has released its priorities for fiscal year 2026, signaling intensified oversight of broker-dealer practices. The examination roadmap reveals particular attention to emerging areas like extended hours trading, complex product recommendations, and the implementation of Regulation Best Interest, reflecting the agency’s effort to keep pace with rapid market structure changes.
“Changes in the U.S. capital markets and at the SEC present new opportunities for growth, innovation and refinement of our approach to delivering on the Commission’s mission,” the Division stated, while emphasizing the need to “continue to adapt to evolving market forces to ensure the Division’s mission is met.”
For the first time, the Division explicitly identifies “broker-dealer trading practices associated with extended hours trading” as an examination priority. As overnight and pre-market trading expand beyond traditional hours, regulators are making clear they intend to scrutinize how firms handle these sessions.
The focus comes as multiple venues have launched or announced 24-hour trading capabilities, and retail participation in overnight sessions has grown significantly. The Division’s attention suggests examiners will assess whether broker-dealers have appropriate controls, disclosures, and execution practices for trading outside standard market hours—when liquidity is typically thinner and price discovery more challenging.
Broker-dealer equity and fixed income trading practices continue as a Division priority, with examinations reviewing order routing and execution. The Division will examine “best execution; the pricing and valuation of illiquid instruments such as variable rate demand obligations, other municipal securities, and non-traded REITs; and disclosures regarding order routing and order execution information, including as required by Rule 605 under Regulation NMS.”
Multiple law firms identified extended hours trading as one of the three main areas where the 2026 priorities differ from prior years, alongside information security/privacy and technological advances.
For example, Mayer Brown, an international law firm, highlighted extended-hours trading as one of the “New Product- and Service-Specific Focus Areas,” noting that “The 2026 Priorities expressly reference prime brokerage activities and extended-hours trading, among others, as specific focus areas.”
In addition, a full-service law firm, Katten Muchin Rosenman noted that extended hours trading is one of three main areas where the priorities alter focus from the prior year. They specifically commented: “The Priorities focus on extended hours trading, including risks (e.g., potential lack of liquidity, limited price discovery, etc.) to customers of trading during these times.”
The firm also observed that the Division takes “a proactive view of technology and industry-wide innovations, specifically referencing generative artificial intelligence (AI), automated investment tools, automated advisory services and extended trading hours. The focus here is consistent with the SEC’s approach to foster innovation in the US financial markets.”
The Division will also examine alternative trading systems, focusing on “compliance with the requirements to have written safeguards to protect subscriber confidential information under Rule 301(b)(1) under Regulation ATS, alignment with their descriptions in the Form ATS-N, disclosures, and risk controls.”
Khody Azmoon, CEO and co-founder at BLOX Markets, noted the breadth of the Division’s trading oversight: “Broker-dealer equity trading practices continues to be a division priority which includes extended hour trading, best execution, Rule 605, Reg SHO, and alternative trading systems.”
Khody Azmoon
“For alternative trading systems, they are paying particular attention to whether they maintain the written safeguards required by Rule 301(b)(1) of Regulation ATS to protect subscriber confidential information, they are consistent with what they describe in Form ATS-N, disclosures, and risk controls. It will be interesting to see if ATS private rooms receive regulatory scrutiny given the lack of transparency,” he told Traders Magazine.
The Division continues intensive examination of broker-dealer compliance with Regulation Best Interest, particularly around recommendations involving complex or tax-advantaged products.
Examinations will focus on “those recommended products that are complex or tax advantaged, such as variable and registered index-linked annuities; ETFs that invest in illiquid assets such as private equity or private credit; municipal securities, including 529 Plans; private placements; structured products; alternative investments; and other products that have complex fee structures or return calculations.”
The Division will assess “conflict identification and mitigation practices, in particular with respect to recommendations of accounts, rollovers, and recommendations involving limited product menus” along with “processes for reviewing reasonably available alternatives” and how firms satisfy the Care Obligation.
For dual registrants operating as both broker-dealers and investment advisers, examinations will review “account allocation practices (e.g., allocation of investments where an investor has more than one type of account) and account selection practices (e.g., brokerage versus advisory, including when rolling over employer plans to an IRA or transferring an existing brokerage account to an advisory account).” The Division will also review Form CRS disclosures, checking how firms describe their services, fees, conflicts of interest, and disciplinary history.
The Division maintains its focus on broker-dealer financial responsibility, examining compliance with net capital rules and customer protection requirements. Examiners will assess “operational resiliency programs, including supervision of third-party/vendor-provided services that contribute to the records used to prepare financial reporting information.”
Risk management gets particular attention, with examiners evaluating “credit, market, and liquidity risk management controls to determine whether firms have sufficient liquidity to manage stress events.” Cash sweep programs and prime brokerage activities will also be examined, with focus on concentration, liquidity, and counterparty credit risks.
The Division will continue examining national securities exchanges and conducting “risk-based oversight examinations of FINRA” through a process “designed to identify those aspects of FINRA’s operations important to the protection of investors and market integrity, including FINRA’s implementation of investor protection initiatives such as Regulation Best Interest and Form CRS.”
Nomura Holdings, Inc. announced that it has entered into a strategic collaboration with OpenAI Group PBC (“OpenAI”). As part of the collaboration, Nomura will adopt OpenAI Deep Research1 and use OpenAI’s strategic and technical support to develop and deploy new services, continuously improve these technologies, and explore new use cases. By combining Nomura’s proprietary in-house data with the latest external datasets and information, Nomura will deliver differentiated, high value-added investment advice, market analysis, and data solutions to clients.
Recent advances in generative AI have accelerated the extraction and practical application of insights from vast datasets. Nomura has accumulated high-value data and deep expertise across a broad range of businesses, including asset management. While maintaining the robust security and governance required of a financial institution, Nomura will combine these strengths with cuttingedge generative AI to boost productivity and design and implement solutions for the diverse challenges facing global capital markets and society.
Kentaro Okuda, President and Group CEO of Nomura Holdings, said: “Generative AI has the power to do more than boost efficiency. It can fundamentally transform financial services. Through our strategic collaboration with OpenAI, we will combine Nomura’s extensive data assets and deep expertise with state-of-the-art AI to deliver more advanced investment advice and market analysis. By doing so, we will provide clients with more accessible and secure services, while also creating new revenue opportunities beyond traditional business models.”
Tadao Nagasaki, President and CEO, OpenAI Japan GK “Generative AI is rapidly becoming a critical foundation for transforming industries and society. At OpenAI, our mission is to deliver safe, advanced AI technologies and help organizations unlock their value across a wide range of fields. This collaboration offers a significant opportunity to introduce cutting-edge AI and open up new possibilities from developing innovative services to strengthening operational capabilities. We look forward to working together to shape the future of financial services, powered by safe and beneficial AI.”
Guided by its Purpose—We aspire to create a better world by harnessing the power of financial markets—Nomura will continue to create new value through the fusion of people and technology.
Source: Nomura
Nomura Completes Acquisition of Macquarie’s U.S. & European Public Asset Management Business
Nomura has announced the successful completion of the acquisition of Macquarie’s U.S. and European public asset management business. The purchase price was US$1.8 billion1 and the deal closure brings approximately US$166 billion (as of October 31, 2025) in retail and institutional client assets across equities, fixed income and multi-asset strategies, under Nomura’s global Nomura Asset Management brand.
As disclosed in April 2025, Nomura will bring its private markets business, Nomura Capital Management (NCM), and its high yield business, Nomura Corporate Research and Asset Management (NCRAM), together with the acquired assets to form Nomura Asset Management International, part of Nomura Asset Management.
Kentaro Okuda, Nomura’s President and Group CEO, said: “The successful close of this transaction marks a significant step towards our 2030 Management Vision, boosting our assets under management and diversifying and strengthening our platform.”
Headquartered in New York and Philadelphia, Shawn Lytle will be CEO, Nomura Asset Management International, and Robert Stark, President and Deputy CEO, Nomura Asset Management International. Mr. Lytle was formerly Head of Americas for Macquarie Group, while Mr. Stark will continue in his current position as CEO, Nomura Capital Management. Mr. Lytle will report functionally to Yoshihiro Namura, Head of Nomura’s Investment Management Division, and to Satoshi Kawamura, CEO and President of Nomura Holding America Inc., from an entity perspective.
Chris Willcox, Chairman of Nomura’s Investment Management Division, and Head of Wholesale, said: “We’re delighted to have completed this acquisition ahead of schedule and to welcome on board our new colleagues from Macquarie Asset Management.”
Yoshihiro Namura, Head of Investment Management Division, said: “Our goal with this transaction is simple: build a global platform with excellent investment capabilities and performance that helps clients achieve what matters most to them. I believe the new management team, led by Shawn and Robert, are well placed to deliver on our ambitions.”
Shawn Lytle, CEO, Nomura Asset Management International, said: “The newly combined business has a strong foundation, with a well-diversified platform across all major asset classes and client segments. We now have an exciting opportunity to build on the combined strengths of the new business and to grow the franchise globally.”
In addition to completing the transaction, Macquarie and Nomura have formalized a strategic partnership for product distribution and co-development of investment strategies, as was initially announced in April 2025.
Under the agreement, Nomura will distribute select Macquarie private funds to U.S. high-net-worth and family office clients. The partnership also establishes collaboration on developing innovative investment solutions for clients in the U.S. and Japan.
We have also established a joint working group between Nomura and Macquarie, as part of this partnership, to explore additional potential opportunities to create value for clients through further collaboration between the two organizations.
Acquisition will add $28 billion in assets under supervision (AUS)1 to Goldman Sachs Asset Management’s broad range of custom portfolio solutions and active ETF capabilities
Industry pioneer offers one of the ETF industry’s largest lineups of defined outcome ETF solutions, with deep distribution capabilities
The Goldman Sachs Group, Inc. announced it has entered into an agreement to acquire Innovator Capital Management a pioneer of defined outcome ETFs. Innovator manages $28 billion of AUS across 159 defined outcome ETFs as of September 30, 2025, with capabilities to drive outcomes for clients across income, targeted buffer, and growth strategies. The transaction will significantly expand Goldman Sachs Asset Management’s ETF lineup and future product roadmap, and enhance the firm’s offerings in one of the fastest-growing active ETF categories.
“Active ETFs are dynamic, transformative, and have been one of the fastest-growing segments in today’s public investment landscape. By acquiring Innovator, Goldman Sachs will expand access to modern, world-class investment products for investor portfolios,” said David Solomon, Chairman and Chief Executive Officer of Goldman Sachs. “Innovator’s reputation for innovation and leadership in defined outcome solutions complements our mission to enhance the client experience with sophisticated strategies that seek to deliver targeted, defined outcomes for investors.”
Global active ETF assets under management (AUM) are at $1.6 trillion, growing at a 47% compound annual growth rate (CAGR) since 2020 as investors increasingly access public markets through the ETF wrapper2. Having grown at 66% CAGR since 20203, defined outcome ETFs are a key component of the rapidly growing active ETF market, driven by the objective to deliver innovative structured strategies in accessible formats. Investors are increasingly using defined outcome ETFs to add a broad and customizable range of objectives to their portfolios that meet their risk control needs and performance objectives.
“This transaction is a pivotal milestone for our business,” said Bruce Bond, CEO of Innovator. “Goldman Sachs has a long history of discerning emerging trends and important directional shifts within the asset management industry. We are excited to deliver world-class investment solutions to clients within the ETF framework and expand our business in this high-growth, sector-leading category. These synergies, among numerous others, make Goldman Sachs an ideal partner for us.”
Defined outcome ETFs utilize derivatives and options-based strategies that seek to offer specific objectives such as principal downside protection, yield enhancement, and defined outcomes if invested for the full outcome period, allowing investors to build and customize portfolios through the tax-efficient ETF wrapper.
As of September 30, 2025, Goldman Sachs Asset Management and Innovator manage more than 215 ETF strategies globally, representing over $75 billion in total AUS and positioning Goldman Sachs Asset Management as a top ten active ETF provider4.
This acquisition is part of Goldman Sachs Asset Management’s strategy to expand its leadership in innovative and growing investment categories and to deliver attractive investment performance and service to its clients. The firm delivers sophisticated strategies to investors as an industry leader in Direct Indexing and separately managed accounts, and through access to alternative investment strategies through its G-Series evergreen funds and active ETFs.
Innovator’s Bruce Bond, Co-Founder and Chief Executive Officer; John Southard, Co-Founder and President; Graham Day, Executive Vice President and Chief Investment Officer; and Trevor Terrell, Senior Vice President and Head of Distribution, will join Goldman Sachs Asset Management. The team collectively brings more than seven decades of leadership in transforming the ETF industry as entrepreneurs and pioneers.
It is expected that Innovator’s more than 60 employees will join the Goldman Sachs Asset Management Third-Party Wealth (“TPW”) and ETF teams. The business will be wholly owned under Goldman Sachs Asset Management and the investment management and service providers will remain the same.
The acquisition strategically expands the firm’s more durable revenue and reinforces its commitment to offering institutional and individual investors comprehensive solutions.
The transaction consideration is expected to be approximately $2.0 billion, payable in a combination of cash and equity, subject to the achievement of certain performance targets. The transaction is expected to close in the second quarter of 2026, subject to regulatory approval and other customary closing conditions.
Goldman Sachs was advised by Goldman Sachs Global Banking and Markets as financial advisor and Wachtell, Lipton, Rosen & Katz and Willkie Farr & Gallagher LLP as legal counsel. Innovator was advised by Oppenheimer & Co, Inc. as financial advisor and Vedder Price as legal counsel.
Source: Goldman Sachs
With this acquistion Goldman will go from from 17th in the ETF Lague Table rankings to 15th, passing Direxion and Global X (chart shows issuers 10-17). That's how brutal this industry is, the mighty Goldman Sachs has been in this game for 15yrs, just made $2b acquisiton and they… https://t.co/q2OOpah5QMpic.twitter.com/9HBlnak2qL
Maryland State Retirement and Pension System (SRPS) has appointed Dianne Sandoval as the new Chief Investment Officer (CIO), according to a press release. Sandoval brings a wealth of experience and a proven track record of success in investment strategy and management and will begin her tenure in January 2026. Sandoval has more than 30 years of investment management experience, having held various leadership positions in both the public and private sectors. She currently serves as the head of portfolio design for HESTA, an Australian superannuation fund.
Patrick Gordon
Piper Sandler has launched a private markets trading function, appointing three managing directors for the business line, Global Trading reported. Patrick Gordon, Kyle Mooney and David Ilishah joined the bank from private marketplace Forge Global. Gordon and Mooney are co-heads of the division. Reporting to Tom O’Kane and Mike Cox, co-heads of global equities, they will focus on trading equity shares of private companies. Gordon spent close to five years at Forge as a director and senior director of capital markets, before which he was part of the equity research product management and institutional equity sales and trading teams at William Blair. Mooney’s decade of industry experience includes more than four years at Forge, where he was most recently a managing director. Ilishah spent more than seven years at Forge, becoming senior director of private capital markets at the start of this year.
Stuart Holt has joined Equity Sales at J.P Morgan, he shared on LinkedIn. He has more than 20 years of experience and has previously worked at Berenberg, Bank of America Merrill Lynch, Sanford Bernstein and Credit Suisse.
The Securities and Exchange Commission has announced that Cristina Martin Firvida, who has served as the Director of the Office of the Investor Advocate since January 2023, will conclude her tenure with the agency at the end of January 2026. According to a press release, prior to serving as the Investor Advocate, Martin Firvida worked at AARP as vice president of financial security and livable communities for government affairs.
Simplify Consulting has announced the appointment of Mark Andrews and Michael James as Practice Directors. According to a press statement, Andrews has an extensive career in financial services operations and transformation with over 25 years of consulting experience spanning wealth, investment, insurance and pensions. James joins Simplify as Technology Consulting Director, bringing extensive expertise in management, business transformation, technology strategy, data and platform development.
If you have a new job or promotion to report, let me know at alyudvig@marketsmedia.com
Your first 90 days as a Chief Compliance Officer are behind you. The initial assessments are complete, systems are operational, and you’ve navigated those early pitfalls that catch so many new CCOs off guard. Now comes the real challenge: evolving your compliance function from a necessary obligation into a source of operational efficiency and strategic clarity.
Sustainable compliance leadership requires moving beyond the reactive mindset of those early months. Success isn’t measured by how many boxes you’ve checked or fires you’ve extinguished – it’s about building a culture where compliance enables business performance rather than constraining it.
Build a Culture of Trust, Not Policing
The most successful CCOs understand that lasting impact starts with changing the narrative around compliance itself. As one experienced compliance leader, Derek, puts it: “Everybody scoffs that compliance reaches out the door, but it’s important everybody on the team understands we’re here for a reason… it always circles back to one thing – taking care of our clients.“
This perspective is especially critical in communications compliance, where advisors often perceive monitoring as invasive rather than protective. The firms that excel aren’t those with the most restrictive communication policies – it’s the ones that enable advisors to communicate efficiently across appropriate channels while maintaining comprehensive oversight.
This isn’t merely about messaging; it’s about fundamentally reframing how compliance operates within your organization. Instead of being the “department of no,” effective compliance functions become strategic enablers that protect both clients and the firm’s reputation.
The transition requires consistent, everyday conversations that reinforce this client-centric perspective. “When you’re able to relay that and have a conversation with individuals more than policing them, that tends to help a lot,” notes Derek. Rather than enforcement-focused interactions, successful CCOs build relationships through explanation and partnership.
As firms grow and onboard new advisors and staff who expect to use Teams, mobile messaging, and collaboration platforms, this enablement mindset becomes even more critical. The compliance leaders who will achieve lasting impact are those who who balance accessibility with auditability – proving to both advisors and regulators that comprehensive communications surveillance supports rather than stifles business relationships.
Embed Testing Into the Everyday
A communications retention policy isn’t enough. Long-term compliance success depends on embedding regular testing into everyday operations, transforming it from an annual exercise into an ongoing process.
“Long-term impact goes back to testing,” explains Elton, CCO at a small firm transitioning to federal regulation. “Making sure that we’re able to show a regulator, should they walk through our door, that not only do we have a policy, but we’re actually doing the right steps to make sure that it’s followed.”
In communications compliance, this means more than reviewing sample conversations quarterly. It means:
Continuous channel validation: Automatically detecting when new communication channels emerge in your organization
Coverage gap monitoring: Identifying users or devices that aren’t feeding data into your surveillance system
Pattern recognition: Using AI to flag unusual communication behaviors before they become violations
Audit trail completeness: Proving you can reconstruct entire conversation threads across multiple platforms
In leaner teams where compliance leaders often juggle multiple roles, building systems that work autonomously becomes critical. Consider implementing continuous monitoring rather than periodic reviews. Create audit trails that demonstrate ongoing oversight. Most importantly, use testing results to refine your policies and procedures – effective compliance programs evolve based on real-world evidence, not theoretical assumptions.
The goal isn’t just to satisfy regulatory requirements; it’s to create a system that prevents problems by detecting communication risks in real-time and demonstrating that your oversight is genuinely comprehensive, not performative.
Make Compliance Culture Visible – Inside and Out
Regulators can distinguish between performative compliance and genuine cultural commitment. What they’re seeking is evidence that compliance considerations are woven into business decisions at every level of your organization.
“Demonstrating to a regulator or a regulatory authority that you have a strong culture of compliance is always going to be beneficial,” notes Cleo, Deputy CCO at a large private equity firm. “That can be shown in a number of ways.”
For communications compliance specifically, this means being able to demonstrate:
Complete channel coverage: Not just that you monitor email, but that you’re capturing Teams, text messages, WhatsApp, collaboration platforms – every channel your firm uses
Trusted contact verification: For firms using off-channel communications for legitimate client service, proving you have controls around who can communicate through which channels
Alert disposition records: Showing how every flagged communication was reviewed, investigated, and resolved
Technology validation: Proving your AI surveillance tools work as intended and that you understand why messages are flagged
A robust compliance culture means being able to “work together to craft compliance policies that are designed for risks inherent in the business,” rather than implementing generic, one-size-fits-all approaches that ignore your firm’s specific operational realities.
This visibility works both ways. Internally, it reinforces the importance of compliance considerations in daily operations. Externally, it demonstrates to regulators and other stakeholders that your commitment to compliance extends far beyond minimum requirements.
The Long Game in Communications Compliance
Compliance leadership doesn’t become easier after the first quarter, but it can become far more impactful if you focus on what truly matters. Building trust, embedding systematic testing, and demonstrating genuine cultural change takes time and sustained effort. These are the foundations that separate compliance programs that merely survive regulatory scrutiny from those that drive business success.
The job requires continuous evolution – maturing your technology, refining controls, and positioning yourself as a business enabler rather than a gatekeeper. Your first 90 days built the foundation. Now it’s time to create a communications compliance program that scales with your business, adapts to new channels, and gives regulators confidence that your oversight is comprehensive and effective.
Want to explore these insights in greater depth?
This blog draws from our comprehensive guide Beyond the Checklist: Strategic Compliance Priorities in Financial Services, which includes detailed frameworks, peer advice from experienced compliance leaders, and practical strategies for transforming compliance from regulatory requirement to business enabler.
BlackRock’s Aladdin platform has been connected to AccessFintech’s Synergy Network, allowing buy-side firms to link directly and in real time with over 250 sell-side and asset-servicing organizations worldwide.
Sarah Shenton
“With this integration, buy-side operations teams get the real-time visibility across the trade lifecycle required to collaborate directly with their brokers and custodians to resolve issues before they turn into fails,” said Sarah Shenton, CEO of AccessFintech.
“It’s all built on secure, interoperable, API-first connectivity, so firms get the speed and transparency they need without adding complexity,” she told Traders Magazine.
The integration is designed to give buy-side firms clearer, real-time visibility into trade-lifecycle activity and the ability to work directly with counterparties to resolve exceptions and reduce settlement issues.
It also brings access to cross-asset data, analytics, and tools without requiring changes to existing infrastructure, while aiming to shorten remediation timelines and reduce operational risk across securities, private markets, and derivatives.
According to Shenton, the buy-side will gain access to powerful, AI-driven predictive analytics layered on top of the real-time, cross-asset, multi-region data already available through the Synergy Network.
“That combination is incredibly exciting—it brings a new level of intelligence and transparency to post-trade workflows,” she said.
“By spotting patterns early and flagging potential breaks before they happen, these tools can meaningfully reduce trade fails and give operations teams a clearer path to staying ahead of risk,” she added.
Shenton explained that API-first connectivity allows the buy-side to plug directly into their sell-side, asset-servicing, and technology-vendor partners using secure, interoperable workflows.
“Instead of chasing emails or reconciling information across disconnected systems, teams can collaborate instantly with brokers and custodians. The result is faster remediation, quicker exception resolution, and far less operational risk across the entire investment lifecycle,” she said.
The benefit from accessing cross-asset, multi-region data through the Synergy Network is “simple but powerful”, Shenton said: “Buy-side firms get a unified, real-time view of their global activity across asset classes without having to overhaul any existing infrastructure.”
“Having that holistic perspective, paired with predictive analytics, enables better decision-making, smoother collaboration with counterparties, and more efficient workflows end-to-end,” she said.
For sell-side firms and asset servicers, the connection offers a more direct way to work with Aladdin clients, helping improve issue resolution and transparency.
“BlackRock has accelerated its strategy in partnership with AccessFintech, integrating real-time data across the post-trade and asset-servicing lifecycle. This delivers more efficient workflow, greater interoperability, and improved risk management,” said Michael Debevec, Head of Global Investment Operations at BlackRock, in a press statement.
He added that expanding this approach to the broader Aladdin community is expected to support higher operational performance and a more coordinated investment lifecycle.
BlackRock has also made a separate strategic investment in AccessFintech to help support product development, global expansion, and further integration with market participants.
“BlackRock’s investment is a huge accelerator for us,” Shenton commented.
“It allows us to push forward faster—whether that’s bringing new products to market, expanding globally, or deepening integrations across the ecosystem, including within Aladdin,” she said.
“Ultimately, it helps us deliver value more quickly to clients who rely on us to modernize and streamline their post-trade operations,” she added.
New WFE Research identifies specific policy levers to drive global IPO activity across markets
London, 26 November 2025 – The World Federation of Exchanges (“WFE”), the global industry group for exchange groups and CCPs, has published a new Research Paper, Attracting New Listings: What Shapes IPO Activity Across Markets. The paper offers the most comprehensive analysis to date of how exchange-level, macroeconomic, and regulatory factors shape initial public offering (IPO) activity across 79 global stock exchanges from 2002 to 2024.
The authors utilised the WFE’s new Listing Stringency Index (LSI) to capture the breadth of listing requirements across exchanges and assess how regulatory frameworks shape IPO markets.
Key Findings:
Exchanges with higher market liquidity and economies with stronger GDP growth see significantly more IPO activity.
While more developed financial systems support larger IPO offerings, they do not necessarily lead to more frequent listings, suggesting that institutional depth affects the IPO size rather than the number of IPOs.
Advanced economies are more sensitive to volatility and macroeconomic conditions, emerging markets benefit most from liquidity enhancement, financial development, and economic growth.
The cross-market analysis shows that a higher LSI is linked to larger IPOs, although more listing requirements may not directly increase IPO frequency. This suggests that the adoption of stricter requirements acts as a signal of firm quality and investor protection or simply reflects that only larger firms can meet these higher standards.
When exchanges relaxed their listing rules over time, IPO participation and total capital raised both increased significantly, suggesting that regulatory flexibility can expand access to public markets without undermining investor confidence.
The research identifies a sharp but short-lived surge in IPO activity during the global pandemic (2020–2022), driven by exceptional liquidity and policy support during the pandemic recovery. However, this surge did not alter long-term IPO trends, which remain driven by fundamentals such as market liquidity and economic growth.
Policy Implications:
Liquidity is a key lever for stimulating IPO activity, particularly for SMEs: Policymakers and exchanges should prioritise improving secondary market infrastructure, transparency, and investor participation.
The new Listing Stringency Index (LSI) offers a benchmarking tool for regulators: Easing overly restrictive listing rules can increase both participation and capital raised, but reforms must maintain transparency and governance standards to preserve investor trust.
A one-size-fits-all approach does not work: Emerging markets benefit most from liquidity enhancement and institutional reforms, while advanced markets should focus on mitigating volatility and sustaining investor confidence.
Link policy to economic growth: As GDP growth is strongly associated with IPO activity, capital market reforms must be integrated with broader macroeconomic and financial development policy.
Dr Pedro Gurrola Perez, Head of Research at the WFE, said, “The research shows that market liquidity and GDP growth are the most consistent and robust factors shaping IPO frequency worldwide, while financial development is associated with larger IPO sizes, particularly in emerging and developing markets.” Nandini Sukumar, CEO of the WFE, said, “Liquidity is the lifeblood of vibrant public markets. Exchanges and policymakers that invest in transparency, trading infrastructure, and investor confidence are best positioned to attract new listings and support real economic growth. The research also demonstrates that policy levers and regulatory action can be significant drivers of IPOs.”
Established in 1961, the WFE is the global industry association for exchanges and clearing houses. Headquartered in London, it represents the providers of over 250 pieces of market infrastructure, including standalone CCPs that are not part of exchange groups. Of our members, 37% are in Asia Pacific, 43% in EMEA and 20% in the Americas region. The WFE’s 87 member CCPs and clearing services collectively ensure that risk takers post some USD 1.1 trillion (equivalent) of resources to back their positions, in the form of initial margin and default fund requirements. The exchanges covered by WFE data are home to over 49,054 listed companies, and the market capitalization of these entities is over USD116.58tr; around USD155tr in trading annually passes through WFE members (at end-2024).
The WFE is the definitive source for exchange-traded statistics and publishes over 350 market data indicators. Its free statistics database stretches back 50 years and provides information and insight into developments on global exchanges. The WFE works with standard-setters, policy makers, regulators and government organisations around the world to support and promote the development of fair, transparent, stable and efficient markets. The WFE shares regulatory authorities’ goals of ensuring the safety and soundness of the global financial system.
With extensive experience of developing and enforcing high standards of conduct, the WFE and its members support an orderly, secure, fair and transparent environment for investors; for companies that raise capital; and for all who deal with financial risk. We seek outcomes that maximise the common good, consumer confidence and economic growth. And we engage with policy makers and regulators in an open, collaborative way, reflecting the central, public role that exchanges and CCPs play in a globally integrated financial system.
