The Future of Market Design: Fixed Income

Unlocking the Power of Clean Data

In a special live edition of FinTech Focus TV, filmed at the FIX EMEA Trading Conference 2025 in London, host Toby sits down with Vincent Grandjean, Founder and CEO of Propellant.Digital, for an engaging conversation on the future of financial data, the evolution of market structure, and the critical role that high-quality data plays in fixed income markets. With over two decades of experience in capital markets and a deep understanding of regulation, Vincent offers unique insight into why clean data is now one of the most valuable commodities in finance — and what it really takes to make it usable.

This episode shines a spotlight on the evolving demands of data analytics in fixed income trading, offering professionals across financial services and FinTech recruitment an essential window into how firms like Propellant.Digital are solving long-standing problems around data transparency, access, and value extraction.

The Foundations of a Data-Led Career

The episode begins with Toby introducing Vincent and welcoming him to FinTech Focus TV. The setting is electric — the FIX EMEA Trading Conference is in full swing, and the conversations surrounding AI, regulatory change, and data-driven innovation are at the heart of this year's agenda. Toby reflects on meeting Vincent around ten months earlier and being impressed with both the business and its growth trajectory.

Vincent starts by recounting his professional journey, which spans more than twenty years across equity and fixed income markets. In recent years, he’s focused his attention squarely on analytics, particularly within banking environments. He notes that his experience has involved working on significant regulatory transformations such as Dodd-Frank and MiFID, both of which have had seismic impacts on the structure and transparency of global financial markets.

These regulatory shifts not only increased the amount of data being produced but also changed the expectations around how that data should be used. While there was no shortage of available information, Vincent observed a recurring problem: firms had access to public data but lacked the tools and clarity to make sense of it. It was this disconnect — between data availability and data usability — that inspired the founding of Propellant.Digital.

Creating Propellant.Digital: Solving the Data Usability Challenge

Established just over three and a half years ago, Propellant.Digital set out with a focused mission: to help market participants transform public data into meaningful insights. Rather than producing new data, the firm specialises in cleaning, normalising, and structuring existing datasets — particularly within fixed income — so that they can be used effectively by banks, asset managers, and trading venues.

Vincent explains that there is a vast amount of public information, such as MiFID data, floating around financial markets. However, accessing this data in a way that is efficient, reliable, and applicable to specific use cases has long been a challenge. Propellant.Digital seeks to bridge that gap by developing tools and methodologies that make the data genuinely useful.

The business has quickly gained traction, with an increasing number of market participants recognising the need for better data infrastructure. Toby notes the consistent positive feedback he hears about Vincent and the team, particularly around their ability to deliver results in a space that is notoriously complex.

Panel Reflections: The Industry's Growing Focus on Data Quality

Vincent had also participated in a panel earlier that day at FIX EMEA 2025, which centred on the growing importance of data quality in the context of market evolution. Toby invites him to share the key takeaways from that session, and Vincent obliges with a detailed reflection.

He explains that the panel discussion focused on how the market is changing in response to both technological developments and regulatory updates. One of the central themes was the role of the Consolidated Tape Provider (CTP) and how its introduction might reshape the way data is used across the market.

The conversation emphasised that while more data is becoming available, the real challenge lies in turning it into something actionable. Data in its raw form is not inherently useful — it must be cleansed and interpreted before it can drive decision-making. Vincent stresses that once data is refined and made ready for use, its impact can be transformative. However, this transformation requires significant effort and domain expertise, particularly in fixed income, where the complexity of datasets is high.

Data Quality as a Prerequisite for AI and Machine Learning

A recurring theme throughout the conference — and the episode — is the relationship between data quality and the effectiveness of artificial intelligence (AI) and machine learning (ML). As Toby notes, many panels at FIX EMEA 2025 are focused on these technologies, but they all come back to one foundational point: AI is only as good as the data it is built upon.

Vincent expands on this by describing the “data journey” that organisations must undertake. According to him, around 80% of the effort lies in aggregating, normalising, and cleansing the data. This stage, though laborious, is absolutely essential. Once that work is done, the remaining 20% — which involves applying analytics, machine learning, or AI — becomes the more enjoyable part of the process.

He points out that current AI and ML systems cannot yet address the fundamental issues of poor-quality data. If the data going in is incomplete or inconsistent, the output will be flawed. This insight is particularly relevant for FinTech companies and trading platforms that are exploring ways to automate decision-making. Without a solid data foundation, even the most advanced technology will fall short.

Market Understanding and Practical Takeaways

Toby then poses an important question: what does Vincent want people to take away from his panel and this conversation? Vincent’s response is both practical and optimistic. He wants financial professionals to understand that there is immense value in the data that is already available — if it is approached correctly. That value, however, comes at a cost. It requires time, effort, and expertise to make the data usable.

He explains that Propellant.Digital has positioned itself as an enabler, helping firms extract this value by demystifying complex datasets and eliminating noise. By reshaping data to meet specific business needs, they provide clients with tools that not only improve transparency but also sharpen competitive advantage.

When asked what holds firms back from doing this themselves, Vincent highlights the complexity of datasets such as MiFID. These datasets include multiple layers of deferrals and contain large volumes of commercial noise. To get any meaningful use from the information, organisations need to carefully interpret and refine it. This is where most efforts break down — and where Propellant.Digital has built its reputation.

Scaling Up: Expansion into the United States

Looking ahead, Toby invites Vincent to share what’s on the horizon for Propellant.Digital. With a firm footing in Europe, the company is now eyeing transatlantic expansion. Over the next 12 to 18 months, Vincent says the goal is to replicate their European data success in the United States by integrating TRACE data for bonds and SDR data for derivatives.

This development will allow Propellant.Digital to offer clients a unified view of the fixed income market on both sides of the Atlantic. By harmonising datasets from Europe and the US, the firm can deliver a more comprehensive perspective that supports global trading strategies. Vincent adds that the technology and frameworks they've already built will enable them to scale this capability quickly and effectively.

This level of cross-market visibility is particularly valuable for institutional investors, traders, and asset managers who operate in multiple jurisdictions. It also reinforces the role that Propellant.Digital is playing in modernising market structure through technology and insight.

Recognition and Reflections

As the episode nears its conclusion, Toby offers high praise for Vincent and the company he’s built. He notes that despite the challenges of launching during uncertain times, Propellant.Digital has consistently impressed with its clarity of purpose and quality of execution.

The conversation with Vincent serves as a timely reminder that while data has always been central to financial markets, we are now entering a phase where the ability to handle and interpret that data is what separates market leaders from laggards. Whether it's regulatory reporting, algorithmic trading, or client analytics, clean and structured data is no longer a luxury — it's a necessity.

What This Means for the FinTech Ecosystem

For professionals working in FinTech, trading technology, or financial services recruitment, this episode of FinTech Focus TV delivers a rich and actionable overview of one of the most pressing issues in the industry today: data readiness. The insights shared by Vincent Grandjean highlight the vital link between regulation, technology, and market insight — and underscore the growing demand for talent that can operate at that intersection.

As a FinTech recruitment business, Harrington Starr is proud to support the innovators driving real change in capital markets. From data engineers and analytics specialists to regulatory experts and product managers, firms like Propellant.Digital rely on exceptional talent to deliver exceptional results.

This episode of FinTech Focus TV, featuring Vincent Grandjean, Founder & CEO of Propellant.Digital, aligns closely with Harrington Starr’s mission as a leading FinTech recruitment company. At its core, the conversation highlights the evolving landscape of financial data, market structure, and regulatory change — all of which are driving a profound shift in the skills and talent required within the industry. As Vincent explores the importance of clean, structured data and the role it plays in enabling advanced technologies like AI and machine learning, it becomes clear that organisations now need talent with a deep understanding of both finance and data analytics. 

For a FinTech recruitment business like Harrington Starr, this represents an ongoing opportunity to support the growth of companies like Propellant.Digital by connecting them with professionals who can bridge these critical gaps. The demand for data engineers, quant analysts, regtech specialists, and product leaders is greater than ever, and this episode reinforces how essential that talent is to innovation. By showcasing thought leadership from industry pioneers, Harrington Starr not only helps to spotlight key market conversations but also ensures that the companies driving transformation in financial services have access to the expertise needed to thrive in a fast-evolving digital economy.