Caplin Connects

Caplin Systems

This is Caplin Connects the podcast where we talk about Single Dealer Platforms, trading technology, and everything in-between. In each episode, we'll dive into the trends, tools, and talent shaping the future of electronic trading. Join us as we unpack what's new and what's next.

Episodes

  1. 23 Jul

    Scope, Scale and Single-Dealer Platforms: Jon Healey on a Career at the Cutting Edge of FX

    In this episode of Caplin Connects, John Ashworth speaks with Jon Healey, a technology leader whose career spans more than three decades at the heart of electronic FX. Jon traces his journey from early programming roles in corporate treasury - including seven years running the in-house bank at Tate & Lyle - to HSBC Midland, where he spent 13 years building out the bank's e-commerce capabilities as EBS, Reuters and the first single-dealer platforms took shape. He charts the pivotal moment when the internet transformed electronic trading into a mass-market proposition, the build-versus-buy decisions that defined each chapter of his career at Lloyds and BBVA, and the discipline of scope management he credits as central to successful technology delivery. Jon and John also discuss the philosophy of mutually beneficial vendor relationships and Jon's candid views on where AI will and won't add genuine value in FX technology - from pricing analytics and flow prediction to the thornier question of legacy code. 00:00 - Introduction - Jon Healey's early career in manufacturing and asset management04:05 - Moving into financial services via Tate & Lyle's corporate treasury07:02 - Joining HSBC Midland and the early days of EBS and Reuters12:57 - Multi-dealer platforms - FXall, Atriax and the case for electronic trading14:19 - Building HSBC's first client-facing single-dealer platform23:30 - Joining BBVA - a near-greenfield opportunity30:11 - Selecting Caplin as the front-end platform and the importance of scope management36:32 - The role of AI in FX technology - opportunities and limits39:40 - Closing reflections

    Scope, Scale and Single-Dealer Platforms: Jon Healey on a Career at the Cutting Edge of FX

  2. 01/12/2025

    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 welcome01:20 - Early career decisions and entering finance05:38 - Lessons from running a business and tour guiding08:53 - First trade and learning on the job09:43 - Technology on the trading floor in the 80s13:14 - The rise of Bloomberg and market data14:13 - Moving from fixed income to foreign exchange21:15 - Embracing change: joining a .com startup32:49 - Reflections and advice for the next generation

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

  3. 04/11/2025

    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 stamps03:06  Learning from early career experiences06:04 Transition to Charles River and Silicon Valley Bank11:47 Product management and client needs19:45 Impact of AI and technology in finance21:04 Client relationships and holistic service29:45 The SVB/First Citizens transition36:04 Reflections on career journey and advice40:00 The future of banking and integration

    Bridging Technology and Banking: A Conversation with Sean Durkin

  4. 01/10/2025

    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 leadership05:18 Leadership challenges and lessons learned08:49 Skills for new talent and changes in the industry10:43 Biggest changes in banking: electronification and technology12:06 The role of regional banks in the US system15:12 Technology, digitisation, and the future of banking22:14 Geopolitical and geo-economic instability: helping clients adapt (without using the word tariff)24:17 ESG and its impact on banking and clients25:43 Quick wins and future trends in asset classes28:11 Advice for young professionals entering banking

  5. 12/08/2025

    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 Reuters03:15 – Banks and the Build vs Buy Cycle05:10 – Auto Trading and Desk Transformation07:00 – Scaling Across Markets08:20 – Vendors and the FX Ecosystem14:25 – Commoditisation and Competition18:58 – Technology, AI, and the Future

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

  6. 09/07/2025

    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 Innovations01:51 The Electronification of Markets05:35 Challenges and Strategies in Banking16:47 Organisational Dynamics and Asset Classes18:34 The Rarity of Cross-Asset Expertise22:32 Client Relationships and Market Changes23:49 Simplifying Client Transactions26:04 AI's Impact on Financial Services37:26 Conclusion

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

  7. 27/06/2025

    Introducing Caplin Connects...

    This is Caplin Connects... the podcast where we talk about Single Dealer Platforms, trading technology, and everything in-between. In each episode, we'll dive into the trends, tools, and talent shaping the future of electronic trading. Join us as we unpack what's new and what's next!

Trailer

About

This is Caplin Connects the podcast where we talk about Single Dealer Platforms, trading technology, and everything in-between. In each episode, we'll dive into the trends, tools, and talent shaping the future of electronic trading. Join us as we unpack what's new and what's next.

Information

  • Creator
    Caplin Systems
  • Years Active
    2025 - 2026
  • Episodes
    7
  • Rating
    Clean
  • Show Website
    Caplin Connects