Sam Railton brings deep experience and a multi-asset perspective to Tower Research Capital. From his early days in fixed income at Lehman Brothers to equity electronic trading at major banks, Sam’s career has spanned the evolution of market structure and liquidity provision in Europe and beyond. Today, he plays a key role in shaping Tower’s bilateral liquidity strategy while balancing a full life outside of work — including his commitment to fostering children in the UK.
Read on for Sam’s insights on the shifting European trading landscape, the value of workplace flexibility, and what makes Tower’s culture stand out. To learn more about careers at Tower, explore here.
Tell us a bit about your career journey and what led you to join Tower.
I began my career at Lehman Brothers in fixed income, but just a few weeks before the bank collapsed, I made the move into equities. After Lehman’s fall, I transitioned to Nomura, where I took on a product management role focused on integrating the electronic trading platforms of Lehman and Nomura. My work eventually migrated over to Instinet, where I stayed on for a couple more years building out the equity product offering. From there, I spent six years on Morgan Stanley’s electronic equity trading team, gaining valuable experience in a highly sophisticated environment. The opportunity to join Tower came through a former colleague, and what really drew me in was the breadth of the role and the chance to work across multiple asset classes — something I found both exciting and intellectually rewarding.
Can you talk about the evolution of Tower’s liquidity provision business?
From a European perspective, Tower was quick to embrace the Systematic Internaliser (SI) regime in 2019, aligning with the broader regulatory changes introduced under MiFID II. Since then, we’ve continuously refined our approach to bilateral liquidity provision, while also looking for synergies with our U.S. equities and FX liquidity businesses.
Right now, European equity trading feels like it’s at a pivotal moment. We’re seeing declining volumes on primary markets alongside a marked uptick in buy-side interest in bilateral liquidity provision. It’s a dynamic environment, and we’re keeping a close eye on how market structure and buy-side needs continue to evolve. The good news is, Tower’s well positioned to adapt — whether that means offering tailored liquidity feeds or supporting counterparties in new and more customized ways.
Having worked at other firms, what stands out to you about Tower’s culture?
Culture is always one of those things every firm claims to have figured out. What sets Tower apart, in my view, is that it doesn’t try to manufacture a culture – instead, our culture grows naturally from the people here. It’s a tight-knit environment where you’re surrounded by exceptionally smart individuals who are also approachable and genuinely supportive.
There’s a real sense of empowerment — you’re trusted to own your work, contribute ideas, and push things forward without getting bogged down in layers of process. That autonomy, combined with a shared focus on solving complex problems, makes for an energising atmosphere. And while the work is serious, the environment isn’t overly formal. People know each other, socialise, and make the effort to connect beyond just the day-to-day. It all adds up to a place where you can do meaningful work and enjoy the people you’re doing it with.
What does working flexibility look like for you at Tower?
Flexibility at Tower is rooted in trust and personal accountability. I’m empowered to manage my time in a way that works both for the business and for my family life. That might mean five days in the office some weeks, but during school holidays, for instance, I’ll often shift to more work-from-home days to help with transitions between childcare options — my wife also works, so coordination is key. We also provide short-term foster care for children, which can involve sudden handovers and unexpected schedule changes. Knowing that I can adjust my day to accommodate those responsibilities makes a huge difference. Tower’s results-oriented environment means there’s room to evaluate performance based on outcomes rather than presence, which naturally leads to an environment where work-life balance is the norm.
Are there ways Tower has encouraged or supported your passions beyond the job itself?
Definitely. The flexibility and autonomy I mentioned aren’t just about convenience — they’re what allow me to stay involved in something that’s incredibly important to me and my family. Fostering is demanding and unpredictable, and Tower’s support makes it sustainable. I’ve never felt like I had to compartmentalise who I am outside of work or keep those commitments hidden. That kind of encouragement — from the structure of the job to the culture of understanding — really sets Tower apart.