What happens when three decades of market structure expertise meet the fast-changing world of digital assets? In this episode of The Flow, Konstantin Shulga, CEO of Finery Markets, welcomes Damian Bunce, CEO of GTN Middle East, to explore the evolution of capital markets infrastructure and how traditional finance insights are shaping the future of digital assets.
With over 30 years of experience across equities, FX, and CFDs, Damian shares stories from his early days at Barings Bank through to leading GTN Middle East, a global B2B2C trading infrastructure provider. The discussion touches on major market structure milestones — from the rise of smart order routing to the proliferation of ECNs — and how embedded finance and infrastructure-as-a-service are becoming the new standard.
They also dive into what the crypto world can learn from TradFi, the importance of infrastructure unbundling, and the parallels between current digital asset trends and the electronification of markets two decades ago.
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Highlights
From Barings to GTN: A Front-Row Seat to Market Evolution
Damian shares his journey through some of the biggest shifts in finance—from witnessing the Barings collapse firsthand to helping build GTN into a global B2B2C infrastructure provider serving banks and fintechs across five continents.
Why Infrastructure is Moving to SaaS
Legacy players are realizing that owning the full tech stack is no longer a competitive advantage. Damian explains why banks and fintechs are outsourcing infrastructure to focus on product innovation and client experience—just like what’s now happening in crypto.
How ECNs and Aggregation Shape Market Efficiency
As digital assets follow a similar trajectory to FX and equities, Damian breaks down the value of ECNs, smart order routing, and liquidity aggregation—especially as crypto fragments and institutions demand more transparency and execution control.
The Institutional Moment for Crypto
With firms like BlackRock entering the space, Damian reflects on how institutionalization is forcing crypto to adopt the same unbundled, regulated structures that reshaped TradFi—especially in areas like custody, execution, and counterparty risk.
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About The Flow
The Flow is Finery Markets’ branded podcast series, dedicated to exploring the exciting world of institutional crypto trading. Each episode explores the currents shaping the digital asset markets, offering listeners a unique blend of expert insights, industry trends, and forward-thinking strategies. Hosted by Finery Markets’ thought leaders and featuring a roster of distinguished guests from across the financial and technological landscapes, The Flow navigates through the complexities of electronic trading infrastructure, regulatory landscapes, and the evolving dynamics of liquidity and market making.
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