Technology has always changed the way markets operate, but artificial intelligence may be changing the pace of that transformation. Unlike earlier technologies, AI is evolving rapidly, finding new applications and influencing how businesses make decisions and adopt new ways of working. For leaders in financial markets, that means understanding not only what is changing, but also how quickly clients and markets may be ready to embrace it.
Maria E Calderon-Salcedo has built much of her career around understanding that kind of change. Today, she serves as Head of Emerging Markets LATAM Sales at MarketAxess, working with clients across Latin America. Her career, however, did not begin in trading. After graduating from the University of Texas, Calderon joined a small startup focused on digitizing university courses and academic content, at a time when online learning was still far from common.
With a small team, she handled whatever needed attention, including operations, client acquisition and fundraising. It was an early lesson in taking responsibility and being willing to step outside a fixed job description. She later entered fixed income, first working with pricing and analytics for high-yield bonds and then moving into the emerging credit derivatives market. She was drawn to markets that were complicated, less transparent and still developing. That eventually led her to MarketAxess.
She has now spent 17 years with the company, moving from salesperson to her current leadership role. Along the way, she has worked on bringing electronic trading into parts of the market where change was not always easy.
When She Decided to Ask
One of the moments that stands out in Calderon’s career came when she wanted to take on the hedge fund segment. At the time, it was a largely male-dominated space, and she did not fit the usual profile of people working in it. She could have waited for someone to offer her the opportunity. Instead, she asked her manager for the role, kept making her case and eventually got the chance.
Calderon helped establish electronic trading with hedge fund clients, a segment that later became one of MarketAxess’s fastest-growing areas. More importantly, the experience changed the way she thought about career progression. Her view is that people cannot always wait for someone else to decide they are ready. Sometimes, you have to explain what you can bring to the table, ask for the opportunity and then prove yourself.
Two ideas have guided her throughout her career: start with what you can do and see how far it takes you, and always try to leave every role and organization a little better than you found it. Her interest in trading came from a similar willingness to explore unfamiliar territory. Credit default swaps caught her attention early on because they were a relatively new product designed to protect investors from bond default risk. She enjoyed learning about something that was still being developed.
That eventually led her deeper into fixed income, where much of the trading was still being done by phone.
Changing How Fixed Income Is Traded
For years, credit markets were considered too fragmented and illiquid for electronic trading. The established way of working was deeply rooted, so convincing people to change was not simply a technology exercise. MarketAxess helped challenge that idea.
The move toward electronic execution took time. Clients had to become comfortable with a different process and understand what they would gain from it. Over time, greater transparency, easier access to liquidity, more efficient execution and lower trading costs made the case stronger.
Calderon also sees an effect beyond the trading desk. Fixed-income assets are held through mutual funds, pensions, retirement accounts and other savings vehicles. When institutional trading becomes more efficient, the benefits can eventually reach the people whose money is being invested.
That is why she does not see technology as the whole story. The important question is whether it solves a real problem and improves the way people work.
Latin America Needs a Different Approach
Her focus today is Latin America, and one thing she makes clear is that the region cannot be treated as a single market. Each country has its own regulations, culture, market structure and way of doing business. Electronic trading is also at different stages of adoption across the region.
Calderon’s job involves understanding those differences before deciding where to focus. She looks at how a market works, what clients need and where MarketAxess can genuinely help. That also means putting the right people and resources in the right places. She believes strategy matters, but execution is what ultimately gets things done.
The same applies to clients. Calderon prefers to understand what they are trying to achieve before discussing a solution. Listening carefully helps her build relationships and understand where electronic trading can actually make a difference.
For her, expanding in Latin America is therefore not simply about bringing a platform into new markets. It is about understanding those markets, earning trust and showing clients, how electronic trading can make fixed-income trading more transparent, accessible and efficient.
People Matter as Much as Results
Integrity is central to the way Calderon leads. She expects a lot from herself and takes responsibility for the results, but she also believes leaders have a responsibility to help other people grow.
Mentoring, teaching and coaching are important parts of her work. She wants team members to take ownership and become capable of making decisions themselves. Building future leaders matters just as much as delivering the next result.
She brings the same attitude to client relationships. She listens, asks questions and tries to understand what sits behind a client’s request. That helps her move beyond simply selling a product.
Preparation is another part of her routine. A good result can sometimes look easy from the outside, but Calderon knows how much work can go into getting there. Understanding the problem, thinking through the opportunity, setting priorities and following through all matter.
Outside her commercial responsibilities, she is involved in education, women’s advancement, investment communities and initiatives that create opportunities in emerging markets. She sees these activities as another way of contributing, rather than something separate from her professional life.
Helping More Women Take the Step
Calderon’s own experience shapes the advice she gives women in financial services. She points out that while many talented women work in the industry, fewer reach senior leadership and investment decision-making roles. She believes the issue is not ability, but often a lack of representation and confidence.
Her advice is to speak up, ask for opportunities and take on challenges even when you do not feel fully ready. Preparation matters too. She encourages women to rehearse for important meetings, build strong networks and seek honest feedback.
Just as importantly, she believes women should support one another. Reaching a senior position matters, but helping others find their way there matters too.
Still Learning
Calderon continues to learn from the markets she serves, her colleagues, senior leaders and the people she leads. She also remains open to challenges outside what she already knows.
That mindset has shaped her journey from a startup to fixed income, credit derivatives, electronic trading and now Emerging Markets LATAM Sales at MarketAxess.
As she looks ahead, she wants to keep growing while creating opportunities for more women to reach senior roles. Her advice is simple: prepare well, keep learning, speak up and take the opportunity even when you do not feel ready. Being different can be your advantage.
