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