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Regional remit lands in Sydney
MAS Markets appointed Simon Naish as its head of Asia-Pacific on 13 October 2026. The London-based liquidity provider said he took up the post in October, based in Sydney, to develop institutional business across the region. He replaces Harry Fry, who led Asia-Pacific for MAS Group for nearly four years before moving to Edgewater Markets as managing director for Australia on October 1.
MAS says it provides margin liquidity across FX, indices, commodities and metals to family offices, brokers and hedge funds. The firm reported that its 2025 turnover nearly doubled to £6.13 million. Naish is the second former ATFX executive to join this year: Matt Porter, previously responsible for operations at ATFX's UK institutional desk, became MAS's head of operations in June.
Hiring accompanies ownership changes
Naish spent 33 years at National Australia Bank (NAB), beginning as a foreign exchange trader in London in 1987 and later overseeing its FX business in Asia-Pacific, according to his LinkedIn profile. After leaving NAB in 2020, he consulted for a year, then led FX business development at Velocity Trade. He took the country head role at ATFX in Sydney in November 2023, months after ATFX bought Rakuten Securities Australia. Naish said APAC clients were interested in MAS's offering. The company said he would work with MAS Group's senior leadership on regional sales and hiring, as first reported by Finance Magnates.
The Sydney team was developed during Fry's tenure, including the appointment of former CMC Markets institutional sales executive Olivia Zhang as regional head of sales in March 2025. Founder and Chief Executive Simon Blackledge said Naish would guide the next stage of the firm's regional growth.
Fry joined in 2022, when the business was still known as BidX Markets. In July, MAS Group acquired a stake in spot FX market maker Solid, describing it as the opening move towards a full takeover. That reverses the direction of a 2022 deal in which Solid bought 9.9% of MAS. Blackledge retains more than 75% of MAS. The company is authorised by the UK Financial Conduct Authority (FCA) and operates its infrastructure from the LD4 and TY3 data centers.
| Measure | Reported figure |
|---|---|
| MAS turnover | 2025: nearly doubled to £6.13 million |
| Naish's NAB career | 33 years; began in 1987; left in 2020 |
| Consulting period | A year |
| Naish's ATFX appointment | November 2023 |
| Olivia Zhang's appointment | March 2025 |
| Solid transaction | 2022: 9.9% of MAS; July: MAS Group took a stake in Solid |
| Blackledge's holding | More than 75% |
What this changes for operators
The appointment sets out a regional business remit, but does not describe a platform migration, connectivity change or revised operating process. Firms dealing with MAS can check whether the expanded institutional effort will affect onboarding, coverage hours, escalation ownership, credit controls or reconciliation workflows. The announcement does not specify changes in those areas.
MAS Group's stake in Solid also leaves operational questions open as it moves towards a full takeover. Operators should establish whether any future transaction will change counterparty records, routing, settlement or reporting, and who will communicate any changes. The company has not provided those details.
