Fixed Income and the Past, Present & Future of Market Structure

FinTech Jobs and the Future of Fixed Income

In this special edition of FinTech Focus TV, recorded in the heart of New York City, host Toby sits down with Chris Heffernan, Global Head of Fixed Income at Trading Technologies, for a detailed and candid conversation on the evolution of fixed income trading, the acceleration of electronic trading systems, the rise of AI in finance, and how EMS (Execution Management Systems) are transforming trading desks across the financial industry.

With over two decades of experience in the industry, Chris brings deep insights into how fixed income trading has evolved from manual processes to today’s algorithmic, data-driven environment. His career journey reflects a clear vision of where markets are heading and provides invaluable guidance for anyone looking to understand future trends or explore opportunities in the FinTech sector.

As a FinTech recruitment business, Harrington Starr is committed to uncovering and amplifying these stories, stories that help firms stay competitive and attract the best FinTech talent, and that help candidates prepare for the evolving landscape of financial services.

From Morgan Stanley to Trading Technologies: A FinTech Career Shaped by Foresight

Chris Heffernan’s 24-year journey through the world of fixed income began at Morgan Stanley, where he held multiple roles across sales and trading desks. These formative years gave him a thorough understanding of the asset class and laid the groundwork for what would become a career marked by innovation, adaptability, and market trend prediction.

In 2011, he joined SumRidge Partners, a bold move at the time, as the firm was an early pioneer in electronic market making for fixed income products. Back then, e-trading in fixed income was barely in its infancy, making SumRidge’s forward-thinking vision a radical departure from traditional trading methods. The gamble paid off. SumRidge capitalised on the trend towards digital transformation and became a success story in the space.

Then in 2019, Chris moved to Flow Traders, a well-known ETF trading firm, to help expand its fixed income capabilities. His decision to join Flow was again motivated by a keen eye on the future, specifically, the explosive growth of fixed income ETFs and the rise of portfolio trading as a dominant protocol. His efforts contributed to Flow becoming a prominent player in both ETF and traditional cash bond markets, as well as a major force in portfolio trading.

Why FinTech Careers Are Being Rewritten by Technology

In 2023, Chris made another pivotal move, this time to Trading Technologies (TT). He saw an untapped opportunity in the EMS (Execution Management System) space and wanted to bring best-in-class technology to a segment of the market that had long been underserved, particularly the buy-side community.

Historically, top-tier sell-side firms had access to proprietary EMS systems or used solutions from large incumbents. In contrast, many buy-side firms, up to 85% by Chris’s estimate, lacked a robust EMS entirely. TT’s mission is to change that by building a flexible, scalable EMS product tailored for both buy- and sell-side users.

For FinTech professionals and hiring managers, this development is crucial. The demand for professionals who can design, deploy, and support EMS infrastructure is growing rapidly. From quant developers and product managers to implementation specialists and trading technology engineers, new FinTech jobs are emerging to support this EMS revolution.

EMS Platforms: The New Must-Have in Trading Technology

Chris likens a well-built EMS platform to the invention of the smartphone. Before the iPhone, people had individual tools for email, the web, cameras, and calculators. The iPhone brought them all together into one intuitive, user-friendly device. Similarly, an EMS platform brings together all trading data, execution venues, analytics, compliance, and dealer connectivity into one system.

The impact of this centralisation is massive. Traders no longer have to toggle between multiple platforms or GUIs. Instead, they can view everything in a single command centre, allowing them to act faster, manage risk more effectively, and ultimately generate alpha.

This trend is creating an urgent need for skilled FinTech talent who can work on multi-asset EMS platforms, build out user interfaces, support APIs, and implement custom workflows. For those considering a career in FinTech, this space is rich with opportunity.

The Multi-Asset Future of FinTech Trading Desks

One of the strongest predictions Chris makes in the podcast is the inevitable rise of multi-asset trading desks. As firms increasingly integrate technology and collapse siloed operations, traders will be expected to operate across multiple asset classes, including investment-grade bonds, high-yield credit, ETFs, Treasuries, mortgage-backed securities, and even FX and futures.

What was once the domain of highly specialised desks is now becoming more holistic. With the support of EMS platforms and automation, a single trader may soon handle a wide array of instruments, implementing hedging strategies and execution across multiple markets in real-time.

This shift is reshaping FinTech recruitment. Hiring managers need candidates with a broader set of competencies, people who understand not just one market, but the interplay between markets. Cross-asset knowledge, technical fluency, and data literacy are fast becoming must-have skills for anyone hoping to thrive in FinTech jobs in 2025 and beyond.

Fixed Income Trends Driving FinTech Recruitment

The episode dives deeply into major trends in fixed income trading, all of which are driving demand for new types of FinTech roles. These include:

• Electronification of markets, increasing transparency and data availability
• The explosion of trading data, leading to the need for AI and analytics tools
• Algorithmic trading and automation strategies that require developer support
• All-to-all trading protocols, connecting buyers and sellers more freely
• The continued growth of ETFs and portfolio trading as dominant trading formats
• A shift toward direct dealer connectivity and bilateral streams
• Expanding demand for real-time compliance, risk, and data surveillance tools

These trends are not just theoretical; they’re shaping hiring patterns across the industry. From data engineers and machine learning experts to risk technology specialists, the evolving fixed income ecosystem is a goldmine of FinTech hiring potential.

AI in Finance: From Buzzword to Trading Desk Essential

Artificial Intelligence was a recurring theme throughout this conversation. Chris and Toby both highlight how AI is becoming indispensable in modern trading. It helps traders answer complex questions like:

• Which bonds should I buy or sell?
• What is the right price?
• Which trading protocol and venue is best?
• Which dealers are most likely to win?
• What’s the optimal time of day or month to execute?

AI doesn’t just speed things up; it offers empirical decision-making based on historical data, real-time market signals, and predictive analytics. The result is smarter, faster, and more efficient trading. But for this to happen, firms need the right infrastructure, and the right talent.

As FinTech recruiters, we’re seeing increased demand for AI researchers, quantitative analysts, and data scientists who can build and apply these models to live trading environments. AI is no longer a "nice to have"; it's central to the future of finance.

Enhancing Human Performance, Not Replacing It

A particularly insightful moment in the episode was the emphasis on AI’s role in augmenting, not replacing, human traders. Chris describes how automation is taking over repetitive, manual tasks, allowing people to focus on high-impact decisions and long-term strategy.

This evolution changes the profile of what trading roles look like. It’s not about brute force execution anymore; it’s about strategic thinking, market understanding, and creative problem-solving. Human traders are evolving into technology-enabled decision-makers, supported by AI tools that enhance their vision, not limit it.

For FinTech hiring managers, this means seeking candidates who are comfortable working alongside machines, people who embrace innovation, adapt quickly, and see technology as an enabler, not a threat.

Building Stronger Partnerships Through Trading Technology

As the conversation closes, Chris shares insights on the role of partnerships in expanding trading capabilities. TT works closely with trading venues, data providers, and liquidity partners to offer a comprehensive and connected trading experience.

This type of ecosystem thinking is reshaping product development and client engagement strategies across the FinTech landscape. It also changes who companies need to hire. Product teams, client success managers, and commercial leads must now be adept at collaboration and integration, not just internal execution.

Companies want to hire professionals who understand partnership-driven product delivery, those who can manage API relationships, align product roadmaps, and work seamlessly across business lines and vendors.

Why FinTech Recruitment Is Critical to the Trading Revolution

The discussion between Toby and Chris is a timely reminder that the future of trading depends not just on technology, but on the people building, managing, and operating that technology. Whether it’s EMS development, AI implementation, or cross-asset desk support, the evolution of market structure creates new and urgent needs across FinTech roles.

As Harrington Starr, we are proud to help FinTech businesses hire the best people to support this transformation. Our team specialises in sourcing top talent across quant trading, software engineering, product management, AI and data science, compliance technology, and cloud infrastructure, the roles that are powering the future of finance.

And for candidates, we provide a gateway to work at the most innovative firms in the space, from global trading platforms to agile, high-growth FinTech startups.

A Final Word on FinTech Growth and Career Opportunities

Chris Heffernan’s story is more than a career retrospective; it’s a guidebook for navigating the future of finance. His ability to anticipate trends, embrace change, and act boldly has kept him at the forefront of one of the industry’s most complex and fast-moving sectors.

From fixed income to ETFs, from voice trading to AI automation, and from niche tools to full-scale EMS platforms, his journey reflects the broader story of FinTech’s evolution and the types of professionals who will lead its next chapter.

If your business is hiring in FinTech, or if you're a candidate looking to join a company like Trading Technologies, reach out to Harrington Starr. We’re here to help you grow in a market that never stops moving.

Harrington Starr is a global FinTech recruitment company dedicated to connecting exceptional talent with the most innovative financial technology businesses across the UK, US, and Europe. Since 2010, we have partnered with start-ups, scale-ups, and global institutions to support hiring across the entire FinTech ecosystem, including trading technology, data and analytics, cloud infrastructure, cyber security, and software engineering. With deep market knowledge and a commitment to long-term partnerships, we help companies attract, retain, and grow the talent they need to drive transformation and competitive advantage. Our tailored recruitment solutions are trusted by industry leaders, and our content, events, and insights make us a hub for FinTech professionals looking to advance their careers or scale their teams.