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Elizabeth Callaghan
Director, Secondary Markets
Elizabeth Brooks Callaghan is the Chief Strategy Officer (CSO) for Market Structure Services at Etrading Software Ltd, a position she has held since February 2023.1 With over 25 years of experience in market structure strategy, Callaghan specializes in innovation, restructuring, and regulation.1
Prior to joining Etrading Software, Callaghan was a Senior Director at ICMA, where she focused on bond MiFID II/MiFIR advocacy from 2014 to 2023.1 She played a key role in driving suitable corporate and sovereign bond transparency frameworks in both the EU and UK.1
Callaghan has chaired important industry taskforces, including:
- The CT Taskforce, requested by EC DG-FISMA, which addressed fundamental questions about consolidated tape implementation.1
- The Axe Distribution Taskforce, which developed industry-based definitions and best practices for bond pricing distribution.1
In her current role at Etrading Software, Callaghan is spearheading the company's bids to become the authorized consolidated tape provider for both the EU and UK markets.1 Her work aims to facilitate centralized transparency, improve decision-making, and enhance market insight across EU and UK capital markets.1
Callaghan's professional background includes positions at various financial institutions:
- Lloyds Bank: Consultant for Fixed Income Regulatory Strategy
- Amias Berman IB: Partner in Bonds
- ICAP BlockCross: Consultant for Market Structure & Strategic Sales
- Lehman Brothers: Director and Head of European Electronic Trading & Connectivity
- Deutsche Bank: Director in Equities, Head of Global Connectivity1
She is also a founding member of the FIX Committee and serves on the advisory board for the Fixed Income Leaders Summit (FILS).1 Callaghan splits her time between Amsterdam and London offices, with a home in North Yorkshire.1


