United Kingdom
Liz combines deep fixed income market structure and market data expertise with the credibility and relationships to influence industry stakeholders, build alignment across competing interests and drive adoption of strategic initiatives. Over two decades shaping UK/EU fixed-income regulation and market structure, I have authored best-practice standards for bond trading, influenced MiFID II/MiFIR legislation, and led the development of bond market transparency frameworks, later adopted in the EU. I combine policy insight with commercial acumen—translating complex regulatory reforms into executable market strategy. Recognised for uniting regulators, trading venues, and investors to deliver transparent, well-governed, competitive markets. Core Leadership Attributes • Fixed Income Market Structure & Transparency Frameworks • Market Data, Consolidated Tape & Commercial Strategy • Industry Alignment, Regulatory Advocacy & Stakeholder Engagement • Conference Speaking, Thought Leadership & Industry Influence • Market Adoption, Strategic Growth & Business Development
• Advises Propellant on senior stakeholder engagement, business development, regulatory engagement, and strategic growth, collaborating closely with the team to support Propellant’s focus on transparency, and market data consolidation. • Equips clients with data driven analytical tools to navigate and prepare for transparency regimes (December 2025 in the UK and March 2026 in the EU), and beyond. • Through Propellant’s global suite of products, including bonds, global swaps, bond and equity ETFs, and US Finra’s TRACE, helps clients gain a global, multi-asset view of the market. • Provides thought leadership intelligence to assist in the rollout of Propellant global fixed income products.
• Member of the executive leadership team overseeing UK/EU bond consolidated-tape strategy, including budget allocation and the original cost recovery model. • Created and chaired the Consolidated Tape Provider (CTP) Industry Stakeholder Group (UK & EU), bringing together asset managers, banks, and infrastructure firms to facilitate CT design, governance, and bid strategy. • Represented ETS at FCA, ESMA, and European Commission CT related forums and meetings.
• Chaired ICMA’s MiFID II Industry Expert Group, comprising senior representatives from the buy-side, sell-side, trading venues, and data providers, and coordinated industry consensus responses to regulatory consultation papers. Built enduring relationships with these senior leaders. • Successfully contributed to final MiFIR text adopted in FCA and ESMA regulations regarding transparency framework variables and thresholds, bond consolidated tape prioritisation and criteria, rules defining the regulatory perimeter for multilateral (trading venue) scope - requiring authorisation, and bond markets research unbundling. • Originated and chaired the Electronic Trading Council (ETC), made up of senior leaders from the buy-side, sell-side, and trading venues. Facilitated the evolution of and best practices for bi-lateral (including direct trading) and multi-lateral electronic trading, algos, and protocols including, portfolio trading, streaming, processed trading, request for market (RFM), all-to-all (including anonymous), etc. • Authored ICMA’s Industry guide to definitions and best practice for bond pricing (axe) distribution best practices. Reflecting which pricing quotes should be considered indicative or firm. These guidelines can be found in ICMA’s official secondary market rules and recommendations. • Regularly briefed ICMA board, delivering presentations on upcoming regulatory initiatives, changes, and market implications.
Matched Principal Trading (MPT)