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.
6: 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 management
04:05 - Moving into financial services via Tate & Lyle's corporate treasury
07:02 - Joining HSBC Midland and the early days of EBS and Reuters
12:57 - Multi-dealer platforms - FXall, Atriax and the case for electronic trading
14:19 - Building HSBC's first client-facing single-dealer platform
23:30 - Joining BBVA - a near-greenfield opportunity
30:11 - Selecting Caplin as the front-end platform and the importance of scope management
36:32 - The role of AI in FX technology - opportunities and limits
39:40 - Closing reflections
1 Dec 2025
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 Nov 2025
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
1 Oct 2025
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
12 Aug 2025
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
9 Jul 2025
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
27 Jun 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!
Reach and audience
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70
Score snapshot 15 Sept 2025
Spotify
5.0 / 5
2 ratings
Podcast Authority Score: 31 / 100
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Quality
38
Social presence
0
YouTube
63
Engagement
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