MAS Markets Names Former ATFX Australia Head Simon Naish to Lead APAC
MAS Markets has appointed Simon Naish, former ATFX Australia head, to lead its Asia-Pacific operations from Sydney. The move follows Harry Fry's departure for Edgewater Markets.
MAS Markets Names Former ATFX Australia Head Simon Naish to Lead APAC: the key facts, what changed and what it means for traders – updated November 2026.
MAS Markets has appointed Simon Naish as head of Asia-Pacific. The London-based liquidity provider said Naish took up the role in October and will be based in Sydney, where he will lead its efforts to grow its institutional client business. He takes over from Harry Fry, who led the region for nearly four years before joining Edgewater Markets as managing director for Australia on October 1. For traders, the appointment is mainly a story about who runs MAS's regional business, but it also shows where the firm is putting its resources as it expands in the region.
What Is MAS Markets and What Does It Do?
MAS provides margin liquidity in foreign exchange, commodities, metals and indices. Its clients are brokers, hedge funds and family offices rather than retail traders. That distinction matters. A liquidity provider sits behind the platforms that retail clients use, supplying the prices and capacity those platforms pass on to their customers. Most retail traders never deal with a liquidity provider directly, but changes at this level can influence the market conditions their broker is able to offer.
The company reported that its 2025 turnover nearly doubled to £6.13 million. Growth on that scale suggests the firm's institutional business is expanding, which is the area Naish has been hired to develop in Asia-Pacific.
MAS Markets Names: Simon Naish's Career in Foreign Exchange
Naish has a long career in FX. He spent 33 years at National Australia Bank (NAB), beginning as an FX trader in London in 1987. He later led the bank's foreign exchange business in Asia-Pacific, according to his LinkedIn profile. After leaving NAB in 2020, he worked as a consultant for a year before joining market maker Velocity Trade to lead FX business development.
In November 2023, he became ATFX's country head in Sydney, several months after ATFX acquired Rakuten Securities Australia. His move to MAS makes him the second former ATFX executive the firm has hired this year.
| Stage | Organisation | Role |
|---|---|---|
| 1987 onward | National Australia Bank | FX trader in London, later head of the Asia-Pacific FX business |
| 2020 | National Australia Bank | Left the bank after 33 years |
| Following year | Consultancy | Consultant for one year |
| After consulting | Velocity Trade | Led FX business development |
| November 2023 | ATFX | Country head in Sydney |
| October (latest appointment) | MAS Markets | Head of Asia-Pacific, based in Sydney |
In a statement, Naish said: "There's a genuine appetite in APAC for what we're offering." MAS said he will work with the group's senior leadership on regional sales and team growth.
Why the Appointment Matters for MAS Markets' Regional Strategy
Naish's appointment continues a pattern of building out the Asia-Pacific team. Fry built the Sydney team during his time at MAS and, in March 2025, hired former CMC Markets institutional sales executive Olivia Zhang as the region's head of sales. Fry had joined the company in 2022, when it still operated under the BidX Markets name.
MAS founder and CEO Simon Blackledge said Naish would lead the company through "this critical phase of our regional expansion." The company has also been adding leadership from outside its own circle. In June, it named Matt Porter, previously head of operations for ATFX's UK institutional desk, as its head of operations.
The firm's corporate moves are also relevant. In July, MAS Group acquired a stake in spot FX market maker Solid as the first step toward a full takeover. That move reversed a 2022 deal in which Solid acquired a 9.9% stake in MAS. Blackledge continues to own more than 75% of MAS.
How This Could Affect Traders
For most retail traders, a change in leadership at a liquidity provider will not be visible on their screen. The practical effects, if any, tend to show up indirectly, through the brokers and platforms that use the provider's liquidity. Useful areas to watch include:
- Pricing and execution: Liquidity quality affects spreads and fills, especially during fast markets and news releases.
- Product range: Changes to the instruments a provider supports can change what brokers are able to offer.
- Institutional growth: A provider focused on brokers and funds may prioritise partner service and capacity over retail-facing features.
- Counterparty stability: Ownership changes and acquisitions are worth tracking when you assess the firms behind your broker.
The announcement does not, by itself, signal any change to pricing or services for retail clients. Traders who want to understand how their own broker sources liquidity should check its disclosures and regulatory information directly, and our broker reviews cover how we assess these factors.
How to Evaluate a Liquidity Provider or Broker Change
If you want to judge whether news like this matters for your trading, a simple process helps:
- Identify the role. Is the firm a liquidity provider, a broker, or a market maker? Retail clients usually interact with brokers.
- Check your broker's disclosures. Look for named liquidity providers, execution policies and any notices about changes to services.
- Confirm regulation. Verify the regulator and the licence status of the entity you actually open an account with, not just the group name.
- Compare execution over time. Track spreads and slippage during normal and volatile sessions rather than reacting to a single headline.
- Review alternatives. If your broker's terms change, compare options. Our FBS review is one example of how we break down broker terms.
About MAS Markets
MAS Markets is a London-based liquidity provider offering margin liquidity across foreign exchange, commodities, metals and indices to brokers, hedge funds and family offices. The company is authorised by the UK Financial Conduct Authority and operates its infrastructure from the LD4 and TY3 data centres. It was known as BidX Markets before the current name.
Trading leveraged products such as FX and CFDs involves significant risk, and you can lose more than you deposit depending on your account terms. Only trade with money you can afford to lose.
Further reading: Gold as an investment (Wikipedia).
We will keep this MAS Markets Names report updated as new information comes in.
