5: Adapting Through Change: Keith Hill on Technology, Markets and Career Growth

5: Adapting Through Change: Keith Hill on Technology, Markets and Career Growth

In this episode of Caplin Connects, John Ashworth speaks with Keith Hill, Industry Veteran, about his journey from studying at Oxford to becoming a key figure in the evolution of electronic FX trading. Keith reflects on early lessons, from running his family’s business before landing on Goldman Sachs’ fixed-income desk during the Big Bang era. He traces his progression through JP Morgan, his move into emerging markets in Mexico and New York and his pivotal role in the creation and growth of multi-dealer platforms such as Currenex, Atriax and FXall. Keith and John explore the cultural battles between voice and electronic sales, the rise of algos and TCA and why single-dealer platforms have re-emerged as strategic differentiators. Keith also shares insights from his time at SocGen and on Caplin’s Advisory Board, offering advice for the next generation on embracing change, asking questions, understanding clients deeply and building a thoughtful career plan. Time stamps: 00:22 - Introduction and guest welcome 01:20 - Early career decisions and entering finance 05:38 - Lessons from running a business and tour guiding 08:53 - First trade and learning on the job 09:43 - Technology on the trading floor in the 80s 13:14 - The rise of Bloomberg and market data 14:13 - Moving from fixed income to foreign exchange 21:15 - Embracing change: joining a .com startup 32:49 - Reflections and advice for the next generation

4: Bridging Technology and Banking: A Conversation with Sean Durkin

In this episode of Caplin Connects, John Ashworth, CEO of Caplin, speaks with Sean Durkin, Director of EFX at First Citizens Bank, about his journey from software engineer to leading electronic trading initiatives in banking. Sean reflects on career lessons from early roles at FSS Spectrum, Charles River, and Silicon Valley Bank and shares insights on implementing FX technology, balancing client needs across segments, and integrating platforms post-acquisition. The conversation covers the evolving role of humans in an AI-driven trading world, the importance of holistic client relationships and the strategic priorities shaping the next 18 months in EFX. Time stamps 03:06  Learning from early career experiences 06:04 Transition to Charles River and Silicon Valley Bank 11:47 Product management and client needs 19:45 Impact of AI and technology in finance 21:04 Client relationships and holistic service 29:45 The SVB/First Citizens transition 36:04 Reflections on career journey and advice 40:00 The future of banking and integration

3: Trust, Talent, Technology, and Transformation: Bob Tull on the Next Era of Financial Markets

In this episode of Caplin Connects, John Ashworth welcomes Bob Tull, Global Head of Fixed Income, Currencies, and Commodities at Fifth Third Bank. Bob shares insights on the evolution of trading floors, the rise of electronification and the pivotal role regional banks play in the U.S. financial system. They explore the future of stablecoins, blockchain, and post-trade automation, the importance of relationship-driven banking and how emerging talent can blend technical expertise with interpersonal skills. Bob also reflects on leadership lessons, market changes and his vision for Fifth Third’s growth in an increasingly digital, relationship-driven future. Show Notes: 03:19 Career path: from trader to sales to leadership 05:18 Leadership challenges and lessons learned 08:49 Skills for new talent and changes in the industry 10:43 Biggest changes in banking: electronification and technology 12:06 The role of regional banks in the US system 15:12 Technology, digitisation, and the future of banking 22:14 Geopolitical and geo-economic instability: helping clients adapt (without using the word tariff) 24:17 ESG and its impact on banking and clients 25:43 Quick wins and future trends in asset classes 28:11 Advice for young professionals entering banking

2: From Voice to Automated to Algorithmic: The Changing Face of FX Trading With Graham Moss

In this episode of Caplin Connects, John Ashworth, CEO of Caplin, is joined by Graham Moss, Global Head of FX IT at BBVA, to reflect on the evolution of FX technology from the vendor side to the banking front line. They discuss the early success of platforms like Reuters RET, the shifting role of voice trading, and the challenges banks face when building their own FX stacks. Graham shares insights on the changing demands of tier-two and tier-three banks, the impact of commoditisation in trading tech, and why GenAI is now a must-have, not a nice-to-have. A compelling listen for anyone navigating the future of electronic trading. Show Notes: 01:20 – Starting Out at Thomson Reuters 03:15 – Banks and the Build vs Buy Cycle 05:10 – Auto Trading and Desk Transformation 07:00 – Scaling Across Markets 08:20 – Vendors and the FX Ecosystem 14:25 – Commoditisation and Competition 18:58 – Technology, AI, and the Future

1: Inside the Electronification of FX Markets: A Conversation with Stéphane Malrait

In the first episode of Caplin Connects, John Ashworth, CEO of Caplin, sits down with Stéphane Malrait, Chairman of ACI Financial Markets Association, to explore the evolution of electronic trading in FX markets. They discuss the early days of single dealer platforms, the strategic decisions behind build vs. buy technology, and the persistent cultural resistance to change within banks. Stéphane also shares insights on the role of client demand in driving digitisation and how AI is beginning to reshape the trading landscape. A must-listen for anyone at the intersection of finance and innovation. Show Notes: 01:07 Early Career and Technological Innovations 01:51 The Electronification of Markets 05:35 Challenges and Strategies in Banking 16:47 Organisational Dynamics and Asset Classes 18:34 The Rarity of Cross-Asset Expertise 22:32 Client Relationships and Market Changes 23:49 Simplifying Client Transactions 26:04 AI's Impact on Financial Services 37:26 Conclusion