Tonic
Steven Czarnota
19 August 2025
Steven Czarnota, head of Digital at Tonic, speaks with Carmella Haswell about applying fresh thinking to a traditional market, and why now is the opportune time to work at the intersection of digital assets, AI, and securities finance
Image: Steven Czarnota
Can you tell me about your journey into the securities finance industry?
After graduating from the University of Leeds with a masters in mechanical engineering, I knew I wanted to pursue a career where I could combine problem solving with my interest in financial markets. Consulting felt like a natural entry point that would give me exposure to a range of institutions and challenges in the capital markets space.
I started out at Accenture in their capital markets practice. It was a fantastic learning ground: intense, fast-paced, and hands-on. I quickly found myself on large-scale transformation projects with some of the world鈥檚 biggest dealer banks.
It was during this time that I got my first exposure to securities finance while supporting a review of post-trade repo and securities lending processes. The complexity of the domain, the scale of the industry and its essential role in how financial markets function really grabbed me.
Nearly seven years on, and after delivering a number of transformation programmes across securities finance and collateral, I am now head of Digital at Tonic, an expertise-led consulting firm focused on capital markets.
My remit covers digital assets, distributed ledger technology (DLT), and AI. Securities finance remains a core focus, and I now explore how these emerging technologies can help modernise this critical function of financial markets.
As a young professional, what aspects of your role or the industry do you find most exciting?
Working in digital within capital markets, especially in securities finance, is full of new developments right now. The level of innovation across digital assets and AI has accelerated significantly, and we are seeing real investment from clients who want to move beyond proofs of concept to real-world deployment.
The nature of digital projects means no two days are the same. You are constantly learning and evolving alongside technology. I find it hugely motivating to be part of a space that is in a constant state of change, with clear long-term potential.
There is also a sense that we have passed a tipping point. Every day brings new regulatory clarity, fresh announcements, or a bold move from a major institution. The pace of change is real, and it is exciting to help clients navigate it from the front line. At Tonic, I am in the unique position to help bridge that gap between TradFi and digital ecosystems.
Many companies offer various training and development opportunities for their employees. How has your company supported your growth?
At Tonic, we operate as a subject-matter-expert-led organisation, and that makes a huge difference to professional growth. Every day I work closely with other domain experts who have spent 20 or 30 years in areas like securities lending, repo, collateral, and post-trade operations, to name just a few. This means I learn something new and valuable in every interaction.
There is a strong culture of ownership. You are given meaningful responsibility from day one, and our senior leadership team is incredibly accessible. That environment has helped me to develop, not only technical knowledge, but also leadership and relationship skills.
Tonic also actively sponsors formal training and learning. I recently earned my Scrum Master qualification with their backing. The combination of practical exposure and structured training has been key to accelerating my development.
What misconceptions about working in the financial industry have you encountered, and how do you address these challenges?
One common misconception is that financial institutions are resistant to change, or that post-trade functions are legacy areas lacking innovation. In reality, some of the most forward-thinking conversations I am having are with firms actively looking to modernise their operations through automation, tokenisation, and better use of data.
The enablers for this change are becoming increasingly clear. For example, in the digital assets space, regulatory clarity is improving across key markets which is triggering a wave of digital asset initiatives across our client base. A clear business case and achieving critical mass are all crucial for turning innovation into adoption.
Looking ahead, where do you see yourself in the next five years in terms of your career goals and aspirations?
I am excited to see how the securities finance landscape evolves as digital assets and AI become more embedded in market infrastructure. Over the next five years, I want to play a leading role in helping clients take that next step, whether that is adopting tokenised collateral, real-time liquidity management, or improving operational resilience through automation.
I also want to continue building on our Digital offering at Tonic, delivering meaningful change for clients, and helping to shape the future of capital markets. The measure of this will be in five years鈥� time 鈥� capital markets are still early in their adoption of DLT, digital assets, and AI. I want to see some of the projects we are working on today become the scalable backbone to financial markets in five years鈥� time.
Since we support the end-to-end transformation journey through our 鈥榓dvise, define, and implement鈥� services, I am in the fortunate position that I get to see some of these initiatives from start to finish.
What advice do you have for other young professionals aspiring to pursue a career in your industry?
Say yes to the unknown. The biggest growth opportunities often come when you are outside your comfort zone, especially early in your career. Try different projects, take on new roles, and do not be afraid to get stuck into topics you know less about. That is how you build range and discover your niche.
Also, do not underestimate the value of curiosity. This industry is changing fast, and clients are hungry for fresh perspectives. Ask questions, challenge assumptions, and bring your own ideas to the table. You will be surprised how much impact you can have when you do.
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