Join Hiten as he engages in insightful conversations with CEOs and founders who are shaping the landscape of financial technology, data, and software. In each episode, Hiten delves into their journeys to success, daily motivations, business visions, and the invaluable lessons they've gathered along the way.

Meet visionaries such as Maroun Eddé of Murex, Brad Levy from Symphony, Cat Long of Trace, Anand Sambasivan of Primary Bid, David Mercer of LMAX, and Bin Ren of Sigtech. From discussing the ever-evolving nature of capital markets to the symbiotic relationship between humans and AI, these conversations provide a unique perspective on innovation in the financial sector.

The conversation dives into Morningstar’s evolution from a mutual fund data provider to a diversified financial services company through strategic acquisitions such as Aspect Huntley, Micropal, DBRS, and PitchBook, and through expansion into investment management and credit ratings. Kunal shares his insights on navigating industry disruptions, including AI transformation, the growing importance of private markets, and shifting wealth management dynamics. He also reflects on how his leadership style was shaped by deep company experience, a founder’s mindset, and a commitment to embracing change.  

Key topics include:  

• Early years: Kunal reflects on his upbringing, being born and raised in India, and gaining early independence through boarding school experience. He then moved to the US in 1993 for college education and joined Morningstar’s data collection team right after graduation in 1997. 
• Morningstar’s growth: Initially a small company (about 200 employees in 1997) focused on Mutual Fund Binder and early software products; Morningstar’s growth was driven by a culture of ownership. Acquisitions of Aspect Huntley, Micropal, DBRS and PitchBook further allowed for international and capability expansion. 
• Investment management and credit ratings: Kunal shares how responding to financial advisors’ needs by building portfolio management and managed account services and developing a global investment management business across multiple countries positioned Morningstar as the world’s fourth-largest credit rating agency. 
• Views on AI, private markets, and wealth: Kunal argues AI disruption is real, but market reactions may overestimate short-term impact, with AI significantly enhancing personalization in investment management. He notes that private markets are growing due to companies staying private longer and changing capital raising but emphasizes the need for investors to understand liquidity and fee structures in these markets. As for wealth management, fees are likely to decline due to technological advances, so advisors must scale and add value. 
• Leadership lessons: From Kunal’s experience, an insider perspective offers deep cultural and client understanding but requires an outside-in mindset to avoid complacency. He emphasizes the importance of adaptability and embracing change for both personal and professional growth.  

This episode is part of Innovators’ Exchange, a series that explores the financial infrastructure and technology landscape. Tune in for a captivating exploration of key themes and opportunities for both professionals and retail investors, touching on AI's transformative potential in financial markets.  

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Key topics include:  

• Early career: Blythe shares how her immersion in derivatives began during a gap-year temporary role at Morgan Guaranty, where she spent hours photocopying contracts and documents before eventually reading them. 
• Derivatives and credit innovation: Since the early 1990s, Blythe was scrutinizing nascent credit-linked concepts, eventually leading multi-year efforts at JP Morgan to translate those ideas into institutional products — working with ISDA, rating agencies, regulators, internal risk teams, and clients  — to create standardized documentation, risk frameworks, and operational processes. She then helped drive broader adoption, demonstrating how cross‑functional execution is essential to move financial innovation from concept to scale. 
• Current state of wealth infrastructure: Blythe shares her thoughts on how face-value UX improvements hide deep operational inefficiencies, leading to higher costs and reduced end-investor outcomes.  
• AI’s realistic role in wealth: She explains that AI can enhance wealth management by augmenting advisors — automating administrative tasks, accelerating onboarding, strengthening compliance, and improving advice quality. FNZ is well-positioned to leverage these gains because its extensive operational data across the wealth lifecycle can be used to train effective AI models. 
• UK’s Innovation and regulation: The conversation explores whether the UK can move faster post-EU to pursue tailored regulatory approaches — for example, digital identity, shared KYC/AML solutions. Political will is needed to prioritize these high-impact initiatives. 

This episode is part of Innovators’ Exchange, a series that explores the financial infrastructure and technology landscape. Tune in for a captivating exploration of key themes and opportunities for both professionals and retail investors, touching on AI's transformative potential in financial markets.  

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In this special video episode of the Innovators’ Exchange recorded in London, Bonnie Y Chan, CEO of the Hong Kong Stock Exchange (HKEX), is interviewed by podcast host Hiten Patel. In the interview Bonnie emphasizes the importance of collaboration within Asian markets to bolster growth and views regulation as an enabler rather than an obstacle. She also addresses the rising interest in stablecoins and digital assets, noting ongoing regulatory developments in Hong Kong.

Key talking points:

• Bonnie’s background: She reflects on her fascinating career path, from early regulatory roles to her current position as CEO of HKEX. Bonnie credits her legal training in capital markets for sharpening problem-solving skills essential to managing a stock exchange, and underscores the importance of continuous learning about secondary markets.
• Views on regulation: She argues that regulation can serve as an enabler rather than a hurdle. By understanding market stakeholders, regulators can design tailored frameworks that facilitate market development.
• Hong Kong's global financial role: Bonnie describes Hong Kong as a "super connector" between global investors and mainland China, especially as geopolitical dynamics shift. She highlights a resurgence of foreign investment in recent IPOs and HKEX's recent return to the top of global IPO rankings.
• Innovation pipeline: More than 300 companies are waiting to be listed on HKEX, many in cutting-edge sectors such as biotechnology and technology. She notes the growing international nature of these companies, with many generating significant revenue from outside China.
• Stablecoins and digital assets: Stablecoins are gaining traction in Hong Kong, with regulations being established for their issuance. Bonnie sees stablecoins primarily as a medium of exchange, highlighting their potential for settling stock transactions.

This episode is part of Innovators’ Exchange, a series that explores the financial infrastructure and technology landscape. Tune in to hear more insights from industry leaders on the evolution of the global financial ecosystem.

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This episode was recorded in October 2025.

The conversation touched upon the importance of trust and interoperability in traditional and digital markets, the need to convert European savers into investors to finance growth and scale-ups, balanced and nuanced regulation, cautious but active engagement with distributed ledger technology (DLT) and digital assets, and practical applications of artificial intelligence (AI) to improve productivity and client services.

Key topics include:

• Euroclear’s role and scale: As a global financial market infrastructure, Euroclear manages securities settlement and safekeeping (including equities, bonds, funds, ETFs), acting as a digital notary and a connector between issuers and investors. Euroclear links Europe to more than 45 markets, settles about the equivalent of the world's GDP each month, and safekeeps over €41 trillion in assets.  
• Valerie’s leadership formation: Raised across African countries, Valerie had an early exposure to “being different,” and gained autonomy when she moved to Europe at the age of 16. Her career spans client-facing roles, banking, and then progressing through commercial, product and general management positions and a formative five-year stint as head of HR, which later shaped her enterprise-wide people perspective. 
• European capital markets: Valerie argues Europe must convert savers into investors to fund startups, scale-ups, and large financing needs, with Euroclear lowering costs through scale, supporting savings and investment union efforts, and enhancing market accessibility. 
• Digital assets and DLT: Euroclear has piloted DLT-based issuance with reputable issuers, but volumes remain small. Scaling requires broad market participation and interoperability between legacy and digital systems.
• AI adoption: Euroclear has widely deployed Microsoft Copilot and uses AI to review end-to-end processes for productivity gains. Valerie shares an early client-facing use case where AI is used to predictively identify likely unmatched trades ahead of T+1 settlement. To embed ethics and governance into AI adoption, Euroclear hired a professional with a background in philosophy. 
• Interoperability and trust as strategic assets: In a fragmented/geopolitical world, Euroclear positions itself as an interoperability glue between markets and traditional and digital assets, with a core strength being its ability to connect liquidity pools and enable collateral mobility. Valerie talks about trust as a scarce and crucial commodity and highlights Euroclear’s commitment to upholding that, helped by their scale and rules-based operations.

This episode is part of Innovators’ Exchange, a series that explores the financial infrastructure and technology landscape. Tune in for a captivating exploration of key themes and opportunities for both professionals and retail investors, touching on AI's transformative potential in financial markets.  

Subscribe for more on: Apple Podcasts | Spotify | Youtube | Podscribe

Key topics include: 

• Bud Financial overview: Ed is CEO and co-founder of Bud Financial, a firm established in 2015, initially as a consumer app. Now, the company focuses on personalization and customer engagement tools, with an aim to substitute unnecessary bank marketing with tailored financial product recommendations. 
• Generative AI in banking: Ed highlights increasing interest from banks in using generative AI for customer engagement, whilst also acknowledging the importance of training AI models with appropriate data to avoid inaccuracies.  
• Market dynamics: Banking landscapes between the UK and the US differ, with smaller US banks being more willing to partner with fintechs like Bud. Ed emphasizes the need for resilience and adaptability in the face of disruptive external macro events. 
• Future of financial assistance: The conversation touches on the need for incorporating automation and AI to improve customer experience and operational efficiency, particularly developing efficient models that would handle complex queries and offer personalized solutions.  

This episode is part of Innovators’ Exchange, a series that explores the financial infrastructure and technology landscape. Tune in for a captivating exploration of key themes and opportunities for both professionals and retail investors, touching on AI's transformative potential in financial markets. 

Key talking points: 

• Background and motivation: Solactive specializes in calculating indices like the FTSE 100 and S&P 500, but with a focus on IT-driven efficiency and customization. Steffen's journey actually began as the first client of Solactive before it officially launched, driven by a need for efficient index solutions while working at Deutsche Bank. 
• Geopolitical impact: Steffen talks about the current geopolitical landscape and its implications for the index industry, particularly the rising interest in European-centric investment strategies. He discusses a noticeable shift in focus from US-based indices to European opportunities, driven by changing global dynamics. 
• Customization trends: The demand for customized indices is increasing as investors seek tailored solutions that align with their specific philosophies and regulatory requirements. Steffen shares how Solactive is committed to reducing the costs of index production to facilitate the launch of more personalized investment products. 
• Future of the index industry: Steffen emphasizes the importance of staying attuned to emerging trends and being flexible in response to market demands.  
• Themes driving the rise in private market indices: Key factors include the growth of  private market indices, environmental, social, and governance (ESG) considerations, and the need for adaptability in a rapidly evolving market. While AI enhances efficiency in index production, Steffen emphasizes the current limitations in making long-term predictive investment decisions. 

This episode was recorded in April 2025. 

This episode is part of the Innovators' Exchange series. Tune in to learn more about the evolution of AI, risk management, and entrepreneurial journeys.   

Key topics include: 

• Philosophy of investment and economic growth: Victoria discusses how mid-cap companies are vital for driving innovation and economic development, as they create a ripple effect by investing in products and services. She also emphasises the importance of identifying intangible asset strengths in businesses to ensure long-term competitive advantages and strong returns. 
• UK stock market dynamics: The conversation dives into the UK market and how it has underperformed due to capital outflows and a lack of recognition of its potential, presenting opportunities for long-term investors. 
• Active versus passive investing: The discussion highlights the need for active management in public markets, especially in identifying long-term growth opportunities. 
• Corporate acquisitions: Victoria shares her view on the dual nature of acquisitions and how it could be both is a sign of success and a challenge for long-term investors due to valuation pressures. 

This episode is part of Innovators’ Exchange, a podcast series that explores the financial infrastructure and technology landscape. Tune in for an engaging discussion of key themes and opportunities for both professionals and retail investors, touching on the transformative potential of artificial intelligence (AI) in financial markets. 

In their conversation, Daniel addresses the evolving role of London in the global financial ecosystem, particularly in light of recent geopolitical changes and market dynamics. He also discusses his extensive background in the financial industry, sharing insights into his entrepreneurial upbringing, his journey through various roles at LCH, and his current leadership position within LSEG. Amongst other things, he emphasizes the importance of truly understanding the details of the business while also highlighting the need for effective delegation and team empowerment.  

Key talking points: 

• Daniel’s background: Raised in a family-run engineering business, Daniel developed an entrepreneurial spirit early on, learning the value of hard work and initiative. As a teenager he took on various jobs — from paper rounds to working in pubs — and launched a small business selling free-range eggs. 
• Career progression: Daniel joined LCH when it was a small organization of about 100-150 people. Starting in treasury operations, he built a solid foundation in financial markets and steadily rose through the ranks to become CEO of LCH Group. He also discussed how he navigated the shift from a mutual organization to becoming part of a public company under LSEG. 
• London’s financial ecosystem: Daniel emphasized London’s resilience as a leading financial hub, citing regulatory reforms to boost competitiveness. He noted the global decline in IPOs and the parallel drop in London listings, while highlighting the rise of private markets and the need to bridge funding gaps as companies seek more flexible liquidity options. 
• Future opportunities: Looking ahead, Daniel outlined LSEG’s strategy to stay globally relevant across asset classes. He stressed the growing role of data and technology in financial infrastructure, driving greater efficiency and smarter decision-making in an interconnected market landscape. 

Key topics include: 

• Understanding payment ecosystems: Where Alacriti fits within the payment ecosystem and the critical technological infrastructure needed for seamless money movements. 
• Career journey: From Manish’s education at IIT in India to modernizing payment technologies at Western Union and building Alacriti. 
• Challenges in payment modernization: Obstacles financial institutions face in modernizing their payment infrastructures while navigating legacy systems. 
• Future trends in payments: Emerging trends, including real-time payments, and the growing expectations of consumers and businesses for faster and more efficient financial interactions. 

They highlight a significant shift from a globalized to a more localized focus, with market participants increasingly concerned with regional issues rather than international dynamics. The conversation explores existential challenges facing FMIs, balancing shareholder returns with public policy responsibilities, and the need for a clear mission as they look toward the 2030s.

Donal reflects on his career journey, the impact of data on capital markets, and the importance of persistence in entrepreneurship. He also shares thoughts on the future of data utilization in finance, particularly with the integration of artificial intelligence (AI).

The conversation highlights Kpler's focus on product-market fit, the importance of customer feedback, and the company's cultural values of humility and ambition. Francois also reflects on the commodities market's evolution, data's role in democratizing access, and his personal transition from CEO to executive chairman.

Madhumita discusses her book, in which she explores the human impact of AI, conducting interviews with individuals across 10 countries to understand how AI is changing lives today.

Madhumita also shares her thoughts on the state of AI, and discusses the economic implications of AI, as well as the impact of AI on the media industry.

Lee Hodgkinson shares insights on innovation in capital markets, highlighting key innovations such as electronic trading platforms, derivatives, and blockchain. Isabelle emphasizes the importance of innovation for resilience, efficiency, and delivering value to members and the financial community. Mark discusses the need for applied innovation and mentions digital assets, ESG, and private markets as exciting macro themes.

In a Q&A with questions from Innovators’ Exchange guest and CEO of Symphony Brad Levy, as well as Paul Humphrey, CEO of BMLL, the panel discuss the challenges and opportunities of innovation in the financial industry, including competition from mega tech companies and the need for agility and adaptability. They conclude by sharing their personal learnings and advice, including the importance of embracing failure and focusing on outcomes rather than just technology for technology's sake.

Key talking points include innovations in capital markets, challenges and opportunities in different regions, applied innovation, competition from mega tech companies, agility and adaptability, and personal learnings and advice.

Bin unveils the story behind SigTech's mission to accelerate the idea-to-market process in capital markets. Their focus on reducing the lifecycle of ideas from months to seconds empowers traders and portfolio managers, democratizing the landscape for both professionals and retail traders. The company's cutting-edge technology, featuring Gen AI, enables quick generation, testing, and deployment of trading ideas, contributing to a more efficient and accessible market. 

Key themes explored in this episode include: 

• Democratizing access to quant trading, enhancing market efficiency, and the strategic infrastructure and technology rebuild undertaken by SigTech. The narrative unfolds further, touching on the challenges faced in serving diverse clients, the implications of democratized access, and the evolution of humans augmenting AI capabilities. 
• The episode also delves into SigTech's voice-based applications, shaping the future of market discussions. Bin shares insights into the changing nature of work with the rise of large language models and envisions a future where humans augment AI capabilities. The conversation explores challenges faced by SigTech in offering technology to various clients and how they strategically provide API services, allowing clients to tailor features to their needs. 
• Bin extends a shout-out to Kiet Tran’s stealth-startup, focused on data licensing models for AI. The startup aims to revolutionize data accessibility in a world where AI models are the licensee. 

This episode is part of our Innovators' Exchange series. Tune in to for a captivating exploration of AI's transformative potential in financial markets, touching on key themes and opportunities for both professionals and retail investors. 

This episode was recorded in may 2023 

In this episode, Maroun discusses: 

• Murex’s journey from its origins in the early nineties when the rapid expansion of capital markets prompted the need for innovative tools. 
• The innovations driving  capital markets technology with a roadmap for navigating this fast-paced industry. 
• The importance of envisioning the future financial landscape rather than relying on past models. 
•  The temptation to focus on narrow solutions for quick success. 
• The role of partnerships in allowing start-ups to develop broader solutions in a sector primed for transformation. 
• Successfully adapting business perspectives and appreciating diverse cultures. 

This episode is part of Innovators’ Exchange, a series that explores the financial infrastructure and technology landscape. Tune in to hear leading experts share their journeys, lessons learned, and visions for the future.