Key Takeaways
- • Squarepoint Capital is significantly expanding its commodities trading operations, adding senior traders from major commodity merchants including Trafigura, Gunvor, TotalEnergies, Citadel, and Axpo to strengthen both derivatives and physical market capabilities.
- • Ben Thompson, former senior base metals trader and desk head at Trafigura Singapore, joined the firm this month, following recent hires of Xavier Fixaris (ex-Gunvor and TotalEnergies oil trader), Romain Guion (former Citadel commodities analyst), and Alexandre Gerst (ex-Axpo energy trader).
- • The quantitative hedge fund has transitioned from exclusively trading commodity derivatives using systematic models to actively building a physical commodities operation, particularly in metals, through its Squarepoint Trading Group (STG) business launched last year.
- • Market demand for experienced metals traders remains elevated due to structural tailwinds including electrification investments, energy transition initiatives, and increased industrial metals demand—particularly copper—creating favorable recruitment conditions for the firm's expansion.
- • Squarepoint's expansion reflects a broader shift among systematic trading firms to integrate physical commodity exposure alongside quantitative derivatives strategies, capitalizing on the firm's 2014 Barclays spinout heritage and institutional infrastructure.
Summary
Squarepoint Capital, a quantitative hedge fund established in 2014 following its separation from Barclays, is substantially expanding its commodities trading division by recruiting senior traders from leading global commodity merchants and investment firms. The expansion targets both derivatives and physical commodities markets, marking a strategic broadening of the firm's traditionally systematic, model-driven approach to global markets.
The firm's latest appointment, announced this month, includes Ben Thompson, who previously served as a senior base metals trader and desk head at Trafigura's Singapore operations. This hire follows a series of recent recruits aimed at bolstering Squarepoint's commodities platform. Earlier in 2026, the hedge fund added Xavier Fixaris, a quantitative researcher with senior oil trading experience at Gunvor and TotalEnergies. The firm also recruited Romain Guion, formerly a commodities analyst at Citadel, and Alexandre Gerst, who previously worked at energy trading company Axpo in Singapore.
Historically known for deploying systematic investment strategies across global markets, Squarepoint has long maintained a commodities derivatives trading operation powered by quantitative models. However, the firm has been progressively entering the physical commodities space, particularly metals. This initiative gained momentum following an expansion announced last year, when Squarepoint established its Squarepoint Trading Group (STG) subsidiary to operate a physical metals trading business. That effort included hiring specialists with expertise in sourcing, logistics, and trading of physical metals commodities.
The expansion occurs amid sustained industry demand for experienced metals traders. Recruiters cite several structural drivers supporting this hiring environment, including growing capital flows toward electrification infrastructure, energy transition investments, and elevated demand for industrial metals such as copper. These secular trends are creating a favorable backdrop for firms building specialized trading talent in the commodities space, positioning Squarepoint to capitalize on both market opportunities and available talent from competitors.
The firm's latest appointment, announced this month, includes Ben Thompson, who previously served as a senior base metals trader and desk head at Trafigura's Singapore operations. This hire follows a series of recent recruits aimed at bolstering Squarepoint's commodities platform. Earlier in 2026, the hedge fund added Xavier Fixaris, a quantitative researcher with senior oil trading experience at Gunvor and TotalEnergies. The firm also recruited Romain Guion, formerly a commodities analyst at Citadel, and Alexandre Gerst, who previously worked at energy trading company Axpo in Singapore.
Historically known for deploying systematic investment strategies across global markets, Squarepoint has long maintained a commodities derivatives trading operation powered by quantitative models. However, the firm has been progressively entering the physical commodities space, particularly metals. This initiative gained momentum following an expansion announced last year, when Squarepoint established its Squarepoint Trading Group (STG) subsidiary to operate a physical metals trading business. That effort included hiring specialists with expertise in sourcing, logistics, and trading of physical metals commodities.
The expansion occurs amid sustained industry demand for experienced metals traders. Recruiters cite several structural drivers supporting this hiring environment, including growing capital flows toward electrification infrastructure, energy transition investments, and elevated demand for industrial metals such as copper. These secular trends are creating a favorable backdrop for firms building specialized trading talent in the commodities space, positioning Squarepoint to capitalize on both market opportunities and available talent from competitors.
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