From the early days of shouting across trading floors to today's whispered instructions to machines, the industry has undergone seismic change. In a special 25th anniversary panel, moderated by TradeTech’s very own Henry Wallis, industry veterans looked back, looked ahead, and offered a candid assessment of what’s been gained - and what’s been lost- over the last 25 years.

The Good: Technology as a Catalyst

"Technology has made trading cheaper, more efficient, and lower risk," said Rob Boardman, CEO of Virtu Execution Services, adding, "It's always been about technology—TradeTech was ahead of the curve from the start." Echoing this sentiment, Alasdair Haynes, CEO of Aquis Exchange, reflected humorously on how trader skill sets have evolved. “My interview 48 years ago was whether I could drink a bottle of port. Now we ask candidates if they can build FPGA systems.”

Nick Panagiotou of Bloomberg added a more recent lens: “Access and competition have improved dramatically. Even retail investors now have tools at their fingertips that were unthinkable 10 years ago.” It’s a sentiment that mirrors the accelerating democratization of trading, driven by apps, APIs, and agile infrastructure.

The Bad and the Ugly: Regulation and Fragmentation

But not all the transformation has been seamless. Regulatory lag and complexity continue to frustrate. “We’ve been asking for a consolidated tape for 25 years,” Haynes quipped. “It’s the most irritating thing we still haven’t solved.” Boardman was blunter: “Regulators are too prescriptive—professional markets need room to innovate.”

Post-trade fragmentation also emerged as a sticking point. “Europe’s clearing and CSD infrastructure is still too complicated,” noted Panagiotou, emphasizing that simplification could unlock massive efficiency gains and competitiveness.

The Future: AI, Adaptability, and Reinvention

Looking ahead, the consensus was clear—change is accelerating, and only the adaptable will thrive. “Keep learning,” said Panagiotou. “The traders of tomorrow will need to be part technologist, part economist, and fully data literate.”

Haynes predicted AI will be transformational: “Think of TCA analysis in real-time, personalization of data, predictive insights—it’s all coming. If you're not using AI, you won’t be in the game.”

Boardman highlighted the shifting human capital: “Traders today are smarter, more educated, more quantitative. But they also need a mindset of reinvention—because this business will keep evolving.”

A Milestone Worth Celebrating

In a touching moment, the panel turned its gratitude toward TradeTech itself. “From Hotel Nikko in 2001 to the Palais des Congrès today, TradeTech has created a platform that shaped the global trading community,” said Boardman. “It’s added real value—through crises, ash clouds, and COVID.”

This 25th anniversary was more than a celebration—it was a reflection on a journey still very much in motion. As one speaker aptly put it: “We may ask the same questions, but the answers keep changing. And so does the industry.”