Talent and investment trends in financial market infrastructure (FMI)

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Executive summary

2025 was a pivotal year for Financial Market Infrastructure (FMI)—including exchanges, clearing houses, trading platforms, brokers, and data/SaaS providers. Executive mobility reached unprecedented levels, with C-Suite leaders moving across sectors, functions, and geographies.


From our conversations with boards and senior executives, the key drivers shaping FMI talent demand are clear:

  • Regulation: Firms are seeking leaders who can navigate MiFID III, DORA, EMIR, and SEC/CFTC enforcement across multiple jurisdictions.

  • Technology: AI, blockchain/DLT, tokenization, and digital asset initiatives are now viewed as core to competitive advantage.

  • Capital & Private Equity Interest: Platform-scale acquisitions, data monetisation, and tech-enabled growth are attracting significant capital from PE, VC and Strategics.

Investors are increasingly seeing FMI as a foundational, high-growth sector rather than a niche utility. Following volatility in 2025, the focus has shifted to profitability, consolidation, and modernization of legacy systems. Boards and CEOs are emphasizing interdisciplinary executives who combine regulatory fluency, commercial acumen, technology literacy, and operational resilience. Transformative leadership capable of monetizing technology, managing risk, and driving digital maturity is now essential.

1. The evolving FMI leadership landscape

Across our client engagements, we are seeing traditional and digital infrastructures increasingly intertwined:

  • Exchanges are expanding into data, analytics, SaaS, and digital asset products.

  • Trading platforms are moving into post-trade, clearing, and tokenization initiatives.

  • Tech-first platforms are challenging bank dominance, prompting incumbents to rethink leadership capabilities in DLT and digital assets.

Boards are prioritizing executives with cross-ecosystem experience who can execute strategy at the intersection of regulation, technology, commercial imperatives, and digital asset markets. The traits clients are seeking include regulatory fluency, commercial insight, technology literacy (including blockchain/DLT), and operational resilience.



2. What we are seeing in 2026 C-Suite hiring

From our discussions with clients, C-suite hiring in FMI is increasingly shaped by AI, DLT/blockchain, tokenization, digital assets, and operational resilience. Key trends include:

  • AI and technology as a baseline

    • AI competence is no longer optional. Executives must demonstrate how AI drives ROI, enhances operating models, and mitigates risk.

    • We are hearing that clients want leaders capable of implementing “agentic” AI solutions for compliance, fraud detection, and risk management.

    • Roles such as Chief AI Officer (CAIO), Chief Data Scientist, and Chief Analytics Officer are becoming standard in C-suite mandates.

  • DLT / Blockchain and tokenization

    • Clients are actively recruiting executives to operationalize blockchain/DLT infrastructure, particularly for settlement, tokenization, and cross-border payments.

    • Tokenization of real-world assets (RWA), including bonds, funds, and private equity, is now a core competency expected of leaders managing trading, post-trade, and digital platforms.

    • Executives with experience in digital asset custody, tokenized markets, and blockchain integration are in high demand.

  • Regulatory and risk acumen

    • We are hearing that executives with expertise in MiFID III, DORA, EMIR, AML, sanctions, cybersecurity, and digital asset regulation are highly sought.

    • Operational resilience is a non-negotiable expectation, particularly in digital and tokenized asset environments.

  • Transformative leadership

    • Boards are moving away from “safe” hires, preferring executives who can lead digital transformation, tokenization initiatives, and cross-border integration.

    • Emotional intelligence (EQ) is highlighted as a differentiator for managing teams through high-change, technology-driven environments.

  • ESG and sustainability

    • ESG competence, alongside digital asset and tokenization literacy, is increasingly integrated into executive and board searches.

  • Regional variation

    • Europe: MiCA, PSD3/PSR, and DORA drive demand for executives experienced in tokenization and blockchain compliance.

    • United States: Central clearing, stablecoins, and digital asset integration are key drivers of executive hiring.

    • Asia-Pacific: Mobile finance, digital identity, and tokenized asset adoption shape leadership demand.

    • Middle East: We are seeing growing investment in exchanges, clearinghouses, and digital platforms, with talent demand focused on executives who can operationalize blockchain/DLT, integrate tokenized products, and navigate rapidly evolving regulatory frameworks. Boards in the region are prioritizing leaders with cross-border experience capable of linking local markets with global fintech and digital asset ecosystems.

  • Key competencies clients are looking for

    • Operationalizing AI, DLT, and tokenization for tangible business impact.

    • Bridging finance, technology, and strategy across traditional and digital asset infrastructures.

    • Strong EQ to manage teams through transformational change in technology-driven markets.

3. What we are hearing from investors

Investors increasingly view FMI as a foundational, high-growth sector rather than a niche utility. We are hearing that, following volatility in 2025, investor focus in 2026 is on profitability, consolidation, and modernization of legacy systems, with a strong lens on DLT, tokenization, and digital assets.

  • Key investment themes we are hearing:

    • AI-Driven Operational Efficiency: Firms that move beyond analytics to automate compliance, fraud detection, and risk management are attracting capital.


    • Blockchain/DLT & Tokenization: Institutional adoption is driving investment into tokenized RWAs and blockchain-based settlement systems for bonds, funds, and private equity.


    • RegTech & Compliance-as-a-Service: Investors are prioritizing companies that reduce the cost and complexity of compliance.


    • Embedded Finance & Payments: API-based, instant settlement, and B2B embedded finance solutions are increasingly sought.
  • Strategic trends we are seeing:

    • Shift toward B2B infrastructure and profitability-focused investments.


    • Consolidation of smaller firms with specialized technology, AI, or tokenization capabilities.


    • Modular, cloud-native systems preferred over legacy monoliths.


    • Retailization of private markets requires robust FMI to manage liquidity and access to tokenized assets.
  • Regional focus:

    • Europe: Compliance and cybersecurity under DORA, MiCA, and PSD3/PSR dominate investor and client conversations.


    • United States: Central clearing, stablecoins, and digital asset integration are key.


    • Asia-Pacific: Mobile finance, digital identity, and tokenized assets drive investor attention.


    • Middle East: Investors are actively funding exchanges, clearinghouses, and digital asset platforms. Boards report a talent shortage for executives with blockchain/DLT experience and regulatory-compliant tokenization expertise, often looking internationally for candidates with cross-border experience.

The takeaway we are hearing: FMI is evolving from isolated pilot programs into a secure, AI- and blockchain-enabled backbone of global finance, and leadership capable of delivering tokenization and digital asset initiatives is central to this evolution.

4. Functional & Corporate Leadership Pressures

Boards increasingly define FMI success through executive quality. From our client engagements, we are hearing that high-performing leaders must integrate:

  • Commercial acumen: Monetize digital assets, tokenization platforms, and new business lines while managing clients.

  • Regulatory fluency: Navigate cross-border regulation and digital asset compliance.

  • Technology literacy: Operationalize AI, blockchain/DLT, and tokenized platforms.

C-suite expectations we are hearing:

  • CEO

    Balances growth, regulatory compliance, AI adoption, tokenization, and digital transformation.

  • COO

    Oversees operational integrity, post-trade integration, tokenized asset operations, and scaling.

  • CFO

    Manages capital, risk, and digital transformation.



  • CTO/CIO

    Leads AI, blockchain, and digital asset strategy, ensuring cyber resilience.


  • CCO

    Guides commercial strategy and client engagement across digital and traditional markets.

  • CPO

    Drives product innovation, market fit, and tokenized offerings.


Supporting functions, HR, Legal, Risk & Compliance—are increasingly seen as enablers of digital innovation while maintaining regulatory credibility.

5. Strategic implications for boards & CEOs

From the market, we are hearing several clear imperatives:

  • Cross-ecosystem experience across traditional and digital infrastructures, including blockchain and tokenized assets, is critical.

  • Transformative leaders capable of monetizing technology, managing digital assets, and executing M&A are highly sought.

  • ESG expertise, digital asset literacy, and EQ are now embedded in C-suite and board searches.

  • Early access to high-calibre talent provides a sustainable competitive advantage.

6. Looking ahead : 2026

Market observations

  • Cross-border consolidation, platform expansion, and digital asset integration continue.

  • AI, blockchain/DLT, tokenization, and advanced analytics are differentiators for market leaders.

  • Digitization of capital markets, T+1 settlement, ESG-linked reporting, and tokenized assets shape executive expectations.

  • Regulatory scrutiny, cyber risk, and operational resilience are increasing, particularly in digital asset markets.

Talent trends we are hearing:

  • Demand for interdisciplinary executives with regulatory, commercial, technological, and digital asset expertise remains high.

  • Cross-ecosystem mobility is accelerating across exchanges, clearinghouses, fintech, and digital-native ventures.

  • Transformative leadership, EQ, and operational excellence are critical.

  • ESG, tokenization, and digital asset literacy are central to executive and board searches globally.

Investor alignment:
Investors are rewarding firms that combine profitability, digital modernization, AI adoption, and DLT/tokenized asset initiatives. Boards that anticipate these priorities and secure transformative talent will be well-positioned for growth.

Conclusion

From our market work, we are hearing that Financial Market Infrastructure is now a tech-enabled, commercially competitive, and globally integrated sector. Success depends on:

  • High-calibre leadership across the C-suite, with expertise in AI, blockchain, tokenization, and digital assets.

  • Board alignment on strategy, execution, and talent acquisition.

  • Monetizing technology, data, and digital infrastructure while executing transformative deals.

For boards and CEOs, understanding cross-sector talent flows, investor expectations, regulatory imperatives, and digital asset strategy, including emerging hubs such as the Middle East is a critical competitive edge defining leadership in 2026 and beyond.

About us

At Leathwaite, we know the corporate officer and corporate function landscape better than anyone – because it’s been at the core of what we do for more than 20 years. We’re the functional search specialists.  


Our unique position at the center of these talent ecosystems means we know what transformational corporate officers, and functional leadership, looks like. And we know where to find it – irrespective of industry or geography.


But we don’t just provide talent, we actively participate, sharing views on how the landscape is shifting and what great should and could look like. We challenge our clients to think differently and creatively around the future shape of their leadership. We place senior leaders across technology, HR, finance, operations and supply chain, strategy and transformation, product, sales and marketing, and legal risk and compliance.


With teams based across Asia, North America and EMEA we're well placed to support our clients, globally. 

David Power

David Power is a Director at Leathwaite with over a decade of global executive search experience, specializing in C-suite appointments. He has built trusted relationships across the FMI ecosystem, delivering tailored search solutions for firms at every stage of growth.

david.power@leathwaite.com | connect with me on LinkedIn

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