What’s Keeping Market Leaders Awake in Market Structure
What’s really keeping senior leaders awake at night in market structure today? In this episode of FinTech Focus TV, host Toby Babb sits down with Simon Gallagher, CEO and Head of Sales at Euronext, to explore the structural shifts reshaping European markets, the future of liquidity, and what it all means for financial services, trading technology, and ultimately FinTech recruitment.
This conversation goes far beyond surface-level commentary. It provides a grounded, experience-led perspective from someone who has spent over two decades inside one of Europe’s most influential market infrastructure businesses. As Simon shares his journey from joining Euronext as an account manager in its early days through to leading its UK operations today, the discussion sets the tone for a deeper exploration of how market structure, regulation, and innovation intersect in today’s financial ecosystem.
The Evolution of Euronext and Market Infrastructure
Simon’s career mirrors the growth trajectory of Euronext itself. Having joined shortly after its initial formation through the merger of Paris, Brussels, and Amsterdam exchanges, he has witnessed first-hand the transformation of European market infrastructure. From early integration work to strategic roles across finance, M&A, and trading divisions, his experience provides a unique lens into how exchanges have evolved over the past two decades.
A pivotal moment in that journey came in 2014, when Euronext was spun out from the Intercontinental Exchange and re-established as an independent entity. This required rebuilding critical functions from scratch, creating new leadership opportunities, and redefining the organisation’s strategic direction. Simon describes this as a demanding yet exciting period, where those willing to step forward could shape the future of the business.
For those working in capital markets recruitment, this evolution highlights an important reality. Market infrastructure firms are no longer static, traditional institutions. They are dynamic, growth-driven organisations that require talent across trading technology, data, product management, and strategic leadership. The ability to adapt, build, and innovate is now as important as technical expertise, a trend that continues to shape hiring across the FinTech landscape.
FinTech Jobs and London’s Role in Global Financial Services
A key theme throughout the episode is the role of London as a global financial hub, particularly in the post-Brexit environment. Despite widespread predictions of decline, Simon explains that Euronext’s UK operations have grown significantly. From a team of around 40 people at the time of Brexit, the business has expanded to approximately 180 employees in the UK, reflecting continued demand and opportunity within the London market.
This growth challenges the narrative that Brexit would lead to a large-scale relocation of financial services activity. While some roles did move to European centres such as Paris and Luxembourg, Simon highlights that decision-makers and client relationships have remained heavily concentrated in London. This concentration of expertise continues to drive the city’s relevance in global capital markets.
For FinTech recruitment businesses, this is a critical insight. London remains a key talent hub, not just for traditional finance roles, but for emerging areas such as trading technology, SaaS platforms, and market infrastructure innovation. The density of expertise across legal, financial, and technological disciplines creates a unique environment where ideas, partnerships, and opportunities can develop rapidly.
The Rise of SaaS and Market Infrastructure Innovation
Another major shift discussed in the episode is Euronext’s diversification beyond traditional exchange operations. Over recent years, the business has expanded into software and services, acquiring a range of SaaS companies that provide solutions across corporate services, data, and trading workflows.
This move reflects a broader trend across financial services. Market infrastructure providers are no longer focused solely on trading, clearing, and settlement. They are increasingly building ecosystems that support the entire value chain, from front-office trading to post-trade analytics and operational efficiency.
Simon emphasises the importance of maintaining the entrepreneurial culture of these acquired businesses. Rather than imposing rigid structures, Euronext allows these teams to retain flexibility, recognising that innovation thrives in environments where founders and product teams can continue to operate with autonomy. This approach has enabled the company to generate growth and revenue synergies across its portfolio.
From a FinTech recruitment perspective, this shift is significant. The demand for talent is expanding beyond traditional roles into areas such as product development, software engineering, and data analytics. Organisations are seeking individuals who can bridge the gap between finance and technology, creating solutions that enhance efficiency, transparency, and performance across the market.
Market Structure and Liquidity: The Fundamental Shift in European Trading
At the heart of the conversation lies a critical question: how is market structure changing, and what risks does this create for the future of trading?
Simon highlights a fundamental shift in where liquidity is concentrated within European markets. There has been a clear move towards bilateral trading, with increasing volumes executed outside traditional multilateral venues such as exchanges. This shift is driven in part by the growth of systematic internalisers and electronic liquidity providers, which offer alternative execution pathways for market participants.
While this evolution introduces new efficiencies, it also raises important concerns. As more trading activity moves away from transparent, price-forming environments, there is a risk that the quality of price discovery could deteriorate. If a significant portion of liquidity exists outside of lit markets, the reference prices used across the ecosystem may no longer fully reflect underlying market conditions.
This is not a straightforward issue. As Simon explains, there is no clear empirical threshold at which this shift becomes problematic. However, the direction of travel is clear, and it is something that regulators and market participants are beginning to examine more closely.
For those involved in trading technology recruitment and capital markets hiring, this shift has direct implications. Firms require talent that understands both the technical and regulatory dimensions of market structure, as well as the ability to navigate increasingly complex trading environments.
Regulation, Europe, and the Push for Integration
Regulation plays a central role in shaping market structure, and the episode explores recent developments at a European level. The European Commission’s market integration package is highlighted as a significant step towards creating a more competitive and efficient trading environment across the continent.
One of the key challenges identified is the fragmentation of post-trade infrastructure. Despite progress in consolidating trading venues, Europe still operates with multiple clearing houses and central securities depositories across different countries. This complexity introduces additional costs and inefficiencies, limiting the competitiveness of European markets on a global stage.
Simon discusses the need for greater consolidation and the potential for a single supervisory framework for pan-European market operators. While politically sensitive, this approach could enable the development of stronger European champions capable of competing with global counterparts in the US and Asia.
For FinTech recruitment businesses, these regulatory shifts create both challenges and opportunities. As market infrastructure evolves, firms will need to hire professionals with expertise in compliance, regulatory technology, and cross-border operations. Understanding how regulation shapes market dynamics will be essential for organisations looking to remain competitive.
Capital Markets Hiring: Euronext’s Growth Strategy and Market Expansion
Beyond regulation, the episode provides valuable insight into Euronext’s growth strategy, particularly its approach to mergers and acquisitions. The acquisition of exchanges, such as the Athens Stock Exchange, demonstrates how integration can unlock value for both local and international market participants.
By connecting smaller markets to a broader European network, Euronext enables seamless access to liquidity, reduces costs, and enhances efficiency. This integration allows local players to participate in a larger ecosystem while also making it easier for global institutions to access regional markets.
The conversation also touches on the importance of infrastructure within this strategy. The acquisition of Borsa Italiana provided Euronext with critical capabilities in clearing and settlement, enabling the business to expand its derivatives offering and develop new products across asset classes.
This focus on both inorganic and organic growth highlights the importance of strategic thinking in capital markets hiring. Firms are not simply looking to maintain existing operations; they are actively seeking to expand, innovate, and capture new opportunities. As a result, the demand for talent that can support growth, integration, and product development continues to rise.
FinTech Recruitment Outlook: Innovation, Talent, and the Future of Markets
As the episode concludes, it becomes clear that the future of market structure will be defined by a combination of innovation, regulation, and talent. From the rise of SaaS platforms and trading technology to the ongoing evolution of liquidity and market infrastructure, the industry is undergoing a period of significant transformation.
London remains a central hub in this ecosystem, supported by a strong regulatory framework, deep pools of expertise, and a culture of collaboration. At the same time, Europe is pushing towards greater integration, seeking to create more efficient and competitive markets that can operate on a global scale.
For FinTech recruitment businesses like Harrington Starr, these trends reinforce the importance of understanding the market at a deeper level. Hiring is no longer just about filling roles; it is about identifying the skills and capabilities that will drive future success in an increasingly complex and interconnected environment.
This episode of FinTech Focus TV offers a valuable perspective for anyone involved in financial services, whether you are hiring, building, or leading within the sector. By exploring the realities of market structure and the forces shaping its future, it provides insight into where the industry is heading and what it will take to succeed in the years ahead.
