This week Nick talks to Iain Baillie

Iain began his career at Strauss Turnbull and Co and has been involved in UK and European Capital Markets for over 35 years as a trader of both equities and corporate bonds, culminating in heading European credit trading as a Managing Director of Salomon Brothers. Iain was also a founding director of LBDP, a successful agency broker in European credit. From 2003 to 2007 Iain was CEO of MarketAxess Europe, the leading platform for electronic execution in the credit market. He was responsible for all facets of the company's European business and during his tenure MarketAxess saw a ten-fold increase in activity across the platform. Before founding Asset Match, Iain was Head of Fixed Income at Christopher Street Capital.

Nick and Iain discuss Iain's journey from an unexpected start in finance to building a platform that brings liquidity to shares in UK private companies. After developing an early fascination with the stock pages of the Financial Times, he began his career at Strauss Turnbull in 1972. He later joined Salomon Brothers, working in both London and New York, with John Meriwether & Michael Lewis, during the firm’s heyday in fixed income trading. Following this, he founded and sold a credit market boutique before returning to Salomon, and eventually moved into electronic trading by leading the European arm of MarketAxess.

In 2012, Iain co-founded Asset Match in response to the growing number of private UK companies with multiple shareholders but no exit opportunities. The platform uses scheduled auctions—rather than continuous trading—to match buyers and sellers fairly, with early clients including BrewDog and Tottenham Hotspur. Iain also discusses the growing momentum behind the PISCES initiative, a Treasury and FCA-led framework set to legitimise and expand private share trading. With more companies staying private for longer and institutional interest rising, he sees significant growth ahead for the sector.

Iain's book choices where:
Liar's Poker by Michael Lewis
https://www.worldofbooks.com/en-gb/products/liar-s-poker-book-michael-lewis-9780340839966
Prisoners of Geography by Tim Marshall
https://www.worldofbooks.com/en-gb/products/why-nations-fail-book-daron-acemoglu-9781846684302
Why Nations Fail by Daron Acemoglu
https://www.worldofbooks.com/en-gb/products/why-nations-fail-book-daron-acemoglu-9781846684302

Iain music choice was:
Liquidator by Harry J. All Stars

https://open.spotify.com/track/4iW7PQeJWV57XeN7miyJpS

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