Electronic Trading - Technical Equities Analyst

We are seeking a highly analytical and technically skilled Electronic Trading Analyst to join our UK Equities team. This role is ideal for someone passionate about market microstructure, electronic execution, and data-driven decision-making. You'll work closely with traders, technologists, and external partners to optimise trading performance and shape the future of our electronic trading capabilities.

Key Responsibilities

You will analyse UK equities trade flows, with a particular focus on electronic and algorithmic execution. This includes monitoring trading performance across venues and strategies, identifying patterns and anomalies, and delivering actionable insights to traders on execution trends and venue dynamics.

You'll collaborate closely with traders and technology teams to refine execution strategies such as VWAP, TWAP, POV, and Implementation Shortfall. Your input will help enhance smart order routing and algorithmic logic, and contribute to the strategic roadmap for trading tools and analytics.

The role involves working with stakeholders across IT, compliance, and external vendors (including EMS/OMS providers and algo developers) to support infrastructure improvements. You'll also assist client trading teams and distribution with analytics, presentations, and custom studies.

You'll be responsible for producing regular reports and dashboards on trading performance, liquidity metrics, and market trends. Additionally, you'll research new tools and datasets to enhance decision-making, including transaction cost analysis (TCA) and pre-/post-trade analytics.

Core Skills and Knowledge

We're looking for someone who combines technical expertise with strategic thinking and a strong implementation mindset.

Essential Skills and Experience

• Strong understanding of UK equity markets, venues (LSE, CBOE Europe, Turquoise), and liquidity dynamics
• Experience in electronic trading or market structure analysis
• Proficiency with EMS/OMS platforms, especially Fidessa
• Familiarity with algorithmic trading strategies and smart order routing
• Technical fluency in Python, SQL, and Excel (including VBA)
• Solid grasp of FIX protocol and experience with FIX hubs and connectivity

Programming and Scripting

• SQL: For querying large trading datasets and analysing order flow
• Excel (Advanced): VBA scripting for prototyping and reporting

Market Connectivity & Protocols

• Deep understanding of FIX message structures (e.g., NewOrderSingle, ExecutionReport)
• Experience with FIX hubs, gateways, and troubleshooting

Electronic Trading Infrastructure

• Knowledge of Smart Order Routers (SORs), algo wheels, and low-latency architecture
• Understanding of internal crossing engines, dark pools, and liquidity aggregation

Desirable (Not Essential)

• Exposure to global equities (US, EU, India) and cross-market trading rules
• Experience with TCA platforms (e.g., Bloomberg BTCA, Virtu)
• Awareness of regulatory frameworks such as MiFID II