No risk, no reward
30 Apr 2025
Bruce Roberts speaks to Jack McRae about his career in financial services, ION Markets and Acuti’s latest report and taking a global outlook
Image: ION Markets
Bruce Roberts, Global Cleared Derivatives Management at ION Markets, is in full flow when he stops mid-sentence suddenly to flip our interview on its head.
“Wait, who do you support?” the Nashville-native Nottingham Forest fanatic asks. To my reply of Arsenal, he quips. “Well, we can’t all be perfect.”
Roberts offers wit and humour as he talks through his journey to becoming an executive at ION Markets and an expert in cleared derivatives. While he has lived in the UK for decades, he has not lost his accent nor his fascination with the US markets and financial services sector.
So, he explains that at the back end of last year, “I just felt that ultimately, with Trump coming back into the Presidency, it was going to have a big shake up. We thought, let’s start to gather some research from firms and see what their perspective is around diffErent questions that may have big impacts on the industry.”
Lessons to be learnt
In collaboration with Acuti, ION Markets produced a report, ‘The Outlook for FCMs Under the Second Trump Administration’, which outlines the risks and challenges, as well as considers the impact on treasury and repo clearing, regulation, digital assets, ESG, and client demand for India and China access.
The report surveyed futures commission merchants (FCMs) providing derivatives clearing and execution services. It found that FCMs are positive about the impact a new Trump administration will have on their business but expect increased competition in the next four years. Firms also believe that a merger of the Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC) would benefit the industry, but don’t foresee it happening.
Overall, Donald Trump’s second term as President will no doubt bring persistent volatility, regulatory changes and a focus on technological evolution. On the motivation for the report, Roberts explains that they believe they could offer firms extra intelligence to their short-term decision making amid an incredibly important time for the markets. But, what would he want firms to take from the report?
“There are several lessons I would like people to take,” Roberts begins. “Technology continues to be a key enabler, and having advanced trading technology, post-trade systems, and risk management and analytics is a key differentiator in terms of being able to optimise your cost space and your risk management. It is also a competitive advantage.
“Firms should also consider regulatory changes and their impact on markets, in terms of these big trade flows and hedging. I think they should look at risk management and changes in the amount of capital that’s going to be required, as well as the reduction in regulation.”
Above all, Roberts hopes “this has been a thought provoking piece for them to consider.”
An American walks into a pub…
Although Roberts has spent the last 25 years working in the financial services industry, he originally worked for three years in higher education for an American study-abroad programme – focusing on residence, life, health and welfare, and counseling for students.
“I studied business in university, and had no intention of going into the education sector,” he laughs.
“But I thought it was a great opportunity. It is also why I’m a Nottingham Forest supporter because I lived up in the Midlands. I used to go across from Lincolnshire to Nottingham in the early ‘90s and watch them play.”
Through that job, Roberts was able to travel throughout the UK and felt his perspective shift. “The opportunity to live and study or work abroad really starts to change your view if you’ve only ever seen things from one perspective. It allows you to step outside and really kind of take a different view,” he explains.
Roberts credits his time spent travelling across Europe as fundamental to how he now approaches his work. He adds that he is “still involved in the college as a trustee and trying to shape a global view and world citizenship of young people.”
But without one trip to the pub, his perspective might not have been transformed so quickly.
Taking us on a tangent, Roberts tells: “I’ll never forget, I had not been in the UK very long and I went into this pub in Lincolnshire. You can tell by my accent that anytime I speak, I stand out.
“I asked for a drink, and there was an older gentleman who asked where I was from. I said: ‘Well, I’m from Nashville, Tennessee.’
“He goes: ‘Really? It’s not hard to tell.’
“Then he said: ‘You know what the difference between you Yanks and us Brits is?’ I said: ‘No, sir, I don’t know.’ He goes: ‘You Yanks think 200 years is old, us Brits think 200 miles is far.’
“He probably got that right in a nutshell. People have different perspectives and you only start to realise that there is a whole different way of looking at the world if you open your eyes.”
Taking a global outlook on his work has been key and, Roberts says, “has had a huge impact on my career”. After his time in higher education, Roberts worked at UBS for two decades before moving to ION in 2021.
“I have done a number of different roles across operations and technology, but I have mainly been part of the global management team within cleared derivatives, across front-to-back,” he explains.
Investing in the future
As the financial services industry readies to react to any latest regulatory shift under a Trump presidency, there remain a number of areas in which the financial services should expect major developments.
First, the digital assets space is “definitely going to grow,” Roberts says. “One of the interesting areas is going to be stablecoins and, if the US issues their own, that will have a big impact.
“I think what we’ll see over time, potentially, is new custodians coming out that says, no matter where you execute across multiple venues, we’re able to offer custody services in a separate place. That then reduces the risk for those big asset managers who are trading in those digital currencies.”
However, Roberts stresses that the space is “still very embryonic” and could change drastically as it evolves.
Secondly, technology is once again going to underpin all major enhancements in the financial services sector. Roberts explains that, “I’d like to see clients really invest in their technology. If they’re going to be competitive and they’re going to be able to compete in the future they need to be investing.
“When you look at some of the older monolithic-type systems, and the way they were architected, it makes it hard for people to pull them out and then plug something in.
“But if you look at some of the advanced technology, like what we provide, then it becomes a lot easier to do that once you make that initial step to move down that path.”
Across the industry’s entire ecosystem, Roberts expects there to be strengthening, but insists that “this has got to come not only from the regulators and the industry bodies, but also the FCMs, the clients and the providers.”
As for the regulators, Roberts would like to see a balancing of risk oversight. “We don’t want firms who have taken on too much risk exposing other market participants and creating a wider chain effect,” he says. “I wouldn’t want to see the pendulum swing from over regulatory oversight to going back to the completely opposite direction, where it’s very light. We need to try to find a balance in the middle.”
Roberts wants financial services to make a positive impact on the world. “We want to make it more efficient for clients who invest into future global challenges – whether that be energy transition from carbon to non-carbon, or funding certain areas that need funding.
“That’s where financial services are at the heart of creating change for the world. If we can be part of that and help it become more efficient and effective to fund and support areas that we need to solve in terms of big problems with capital investment. That’s what we want to be a part of.”
Putting a positive stamp on the world and the industry is something Roberts is always trying to achieve through his work in financial services or with university students. What would he tell those young people looking to break into the industry, just as he once was?
“My advice would be, with no risk, there’s no reward. Life is a journey, take risks and believe in yourself. With that you’ll be successful.”
Roberts’ expertise of the financial services industry has been shaped and built in a career spanning decades. But he is still on a continuous pursuit to expand his understanding of different perspectives — unless, of course, it comes to his beloved Forest.
“Wait, who do you support?” the Nashville-native Nottingham Forest fanatic asks. To my reply of Arsenal, he quips. “Well, we can’t all be perfect.”
Roberts offers wit and humour as he talks through his journey to becoming an executive at ION Markets and an expert in cleared derivatives. While he has lived in the UK for decades, he has not lost his accent nor his fascination with the US markets and financial services sector.
So, he explains that at the back end of last year, “I just felt that ultimately, with Trump coming back into the Presidency, it was going to have a big shake up. We thought, let’s start to gather some research from firms and see what their perspective is around diffErent questions that may have big impacts on the industry.”
Lessons to be learnt
In collaboration with Acuti, ION Markets produced a report, ‘The Outlook for FCMs Under the Second Trump Administration’, which outlines the risks and challenges, as well as considers the impact on treasury and repo clearing, regulation, digital assets, ESG, and client demand for India and China access.
The report surveyed futures commission merchants (FCMs) providing derivatives clearing and execution services. It found that FCMs are positive about the impact a new Trump administration will have on their business but expect increased competition in the next four years. Firms also believe that a merger of the Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC) would benefit the industry, but don’t foresee it happening.
Overall, Donald Trump’s second term as President will no doubt bring persistent volatility, regulatory changes and a focus on technological evolution. On the motivation for the report, Roberts explains that they believe they could offer firms extra intelligence to their short-term decision making amid an incredibly important time for the markets. But, what would he want firms to take from the report?
“There are several lessons I would like people to take,” Roberts begins. “Technology continues to be a key enabler, and having advanced trading technology, post-trade systems, and risk management and analytics is a key differentiator in terms of being able to optimise your cost space and your risk management. It is also a competitive advantage.
“Firms should also consider regulatory changes and their impact on markets, in terms of these big trade flows and hedging. I think they should look at risk management and changes in the amount of capital that’s going to be required, as well as the reduction in regulation.”
Above all, Roberts hopes “this has been a thought provoking piece for them to consider.”
An American walks into a pub…
Although Roberts has spent the last 25 years working in the financial services industry, he originally worked for three years in higher education for an American study-abroad programme – focusing on residence, life, health and welfare, and counseling for students.
“I studied business in university, and had no intention of going into the education sector,” he laughs.
“But I thought it was a great opportunity. It is also why I’m a Nottingham Forest supporter because I lived up in the Midlands. I used to go across from Lincolnshire to Nottingham in the early ‘90s and watch them play.”
Through that job, Roberts was able to travel throughout the UK and felt his perspective shift. “The opportunity to live and study or work abroad really starts to change your view if you’ve only ever seen things from one perspective. It allows you to step outside and really kind of take a different view,” he explains.
Roberts credits his time spent travelling across Europe as fundamental to how he now approaches his work. He adds that he is “still involved in the college as a trustee and trying to shape a global view and world citizenship of young people.”
But without one trip to the pub, his perspective might not have been transformed so quickly.
Taking us on a tangent, Roberts tells: “I’ll never forget, I had not been in the UK very long and I went into this pub in Lincolnshire. You can tell by my accent that anytime I speak, I stand out.
“I asked for a drink, and there was an older gentleman who asked where I was from. I said: ‘Well, I’m from Nashville, Tennessee.’
“He goes: ‘Really? It’s not hard to tell.’
“Then he said: ‘You know what the difference between you Yanks and us Brits is?’ I said: ‘No, sir, I don’t know.’ He goes: ‘You Yanks think 200 years is old, us Brits think 200 miles is far.’
“He probably got that right in a nutshell. People have different perspectives and you only start to realise that there is a whole different way of looking at the world if you open your eyes.”
Taking a global outlook on his work has been key and, Roberts says, “has had a huge impact on my career”. After his time in higher education, Roberts worked at UBS for two decades before moving to ION in 2021.
“I have done a number of different roles across operations and technology, but I have mainly been part of the global management team within cleared derivatives, across front-to-back,” he explains.
Investing in the future
As the financial services industry readies to react to any latest regulatory shift under a Trump presidency, there remain a number of areas in which the financial services should expect major developments.
First, the digital assets space is “definitely going to grow,” Roberts says. “One of the interesting areas is going to be stablecoins and, if the US issues their own, that will have a big impact.
“I think what we’ll see over time, potentially, is new custodians coming out that says, no matter where you execute across multiple venues, we’re able to offer custody services in a separate place. That then reduces the risk for those big asset managers who are trading in those digital currencies.”
However, Roberts stresses that the space is “still very embryonic” and could change drastically as it evolves.
Secondly, technology is once again going to underpin all major enhancements in the financial services sector. Roberts explains that, “I’d like to see clients really invest in their technology. If they’re going to be competitive and they’re going to be able to compete in the future they need to be investing.
“When you look at some of the older monolithic-type systems, and the way they were architected, it makes it hard for people to pull them out and then plug something in.
“But if you look at some of the advanced technology, like what we provide, then it becomes a lot easier to do that once you make that initial step to move down that path.”
Across the industry’s entire ecosystem, Roberts expects there to be strengthening, but insists that “this has got to come not only from the regulators and the industry bodies, but also the FCMs, the clients and the providers.”
As for the regulators, Roberts would like to see a balancing of risk oversight. “We don’t want firms who have taken on too much risk exposing other market participants and creating a wider chain effect,” he says. “I wouldn’t want to see the pendulum swing from over regulatory oversight to going back to the completely opposite direction, where it’s very light. We need to try to find a balance in the middle.”
Roberts wants financial services to make a positive impact on the world. “We want to make it more efficient for clients who invest into future global challenges – whether that be energy transition from carbon to non-carbon, or funding certain areas that need funding.
“That’s where financial services are at the heart of creating change for the world. If we can be part of that and help it become more efficient and effective to fund and support areas that we need to solve in terms of big problems with capital investment. That’s what we want to be a part of.”
Putting a positive stamp on the world and the industry is something Roberts is always trying to achieve through his work in financial services or with university students. What would he tell those young people looking to break into the industry, just as he once was?
“My advice would be, with no risk, there’s no reward. Life is a journey, take risks and believe in yourself. With that you’ll be successful.”
Roberts’ expertise of the financial services industry has been shaped and built in a career spanning decades. But he is still on a continuous pursuit to expand his understanding of different perspectives — unless, of course, it comes to his beloved Forest.
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