Michael Drummey, Head of US Risk Trading for Mizuho Americas, won Excellence in Trading at 2026 Global Markets Choice Awards. 

What were the key drivers behind Mizuho’s trading desk success over the past year?

In trading, you need volatility, headlines, and things that move markets. But without the right team in place to capitalize on that volatility, you won’t be successful. At Mizuho, we have put together a very senior, high-quality team in trading and sales trading – experienced professionals who have seen all kinds of markets and processed all types of risk. That experience and market knowledge enabled us to identify and capitalize on opportunities against a particularly active, volatile backdrop this past year.

What market developments have had the biggest impact on trading desks over the past year?

The increasing adoption of AI – both as a market driver and as a tool for improving execution. While there are still more questions than answers about how the technology will evolve, AI has already contributed meaningfully to volumes and volatility across institutional and retail markets. At the same time, trading desks are focused on how AI can improve workflows, support execution, strengthen client interaction, and ultimately help clients make money—so its impact is being felt on both sides of the equation.

How do you balance technology, automation, and human judgment in today’s trading environment?

Technology will continue to improve market access and execution, from low-touch trading to the buy side’s ability to execute its own order flow, and now to AI-driven tools. But even as AI helps price blocks, suggest execution strategies, and identify market movers, experienced traders are still needed to interpret the information, assess what matters, and make the final call. The right balance is using technology and automation to enhance speed and efficiency while relying on human judgment to read the nuanced signals in the market.

What are clients looking for most from their trading partners, particularly in the current market?

Clients have more tools than ever to execute flow themselves, so what they value most from trading partners is trust, context, market knowledge, and the ability to distill what matters. In today’s market, there is so much information floating around, and clients rely on us to help them understand what is moving stocks, identify what is important versus what is noise, and provide content and insight that helps them service their portfolio managers and execute more thoughtfully. That combination of relationships, service, and judgment is hard to replicate with technology alone.

Beyond AI, what forces do you see changing the business over the next few years?

One of the biggest forces changing the business is the evolution of market structure, particularly the growing influence of retail and passive flows. Retail options usage, one-day-to-expiration options, levered ETFs, and steady buying through 401(k)s, IRAs, and other passive vehicles have become major drivers of daily market activity. That persistent buy demand can be valuation-agnostic and fundamental-agnostic, which means even thoughtful stock or sector analysis can be wrong if it misses the underlying supply-and-demand dynamics.

I’ve been around long enough to know the market moves in cycles, so it will be interesting to see how these dynamics play out on a longer time horizon.