We're Hiring!
Click here to see our current roles across the UK and the US

Ready For More?

We’re Tonic. You knew us as Margin Tonic. But we’ve been outgrowing our Margin roots for a long time now - so we dropped it from the name!

We’re an expertise-led, Capital Markets consultancy, unlike other consultancies - in a good way.

Well actually, in lots of ways.....

But mainly because we leverage genuine expertise across the front-to-back trade lifecycle to provide a superior service model for our clients.

More Expertise. More Trust. More Achieved.

Our Expertise

At our core, we are a team of transformation specialists, with deep expertise across domains, regulations and market vendors.

We customize and accelerate end-to-end solutions that support any client need, reflecting the intricacies of the financial markets.

Our solutions accelerate your business objectives and financial growth, via long-term, trusted partnerships.

We are a Challenger Consultancy with four core values that ensure we deliver the highest service levels.

Client First

We have our clients’ best interests at heart.
Our business model is driven by our clients. We listen to their evolving needs, then provide tailored solutions in line. We also take pride in our flexibility and speed. As such, we build trusted, long-term client partnerships, which protect and accelerate our clients' critical business objectives. More client-focus. 


Market-leading expertise. Always.
We are Capital Markets specialists, driven by our market-leading domain and transformation expertise. We keep ahead of the latest industry developments to ensure that we consistently stay at the top of our game. Our goal? To ensure that our clients can always lean on us, whether for high-value advice, the right solution decisions or best practice transformation. More expertise.


We do the right thing. 
We give open, honest feedback and advice. Always. We provide proposals to our clients that are led by what they need. We are independent and impartial; leading with strong, transparent two-way communications to ensure that messages are clear and well-understood. ​More trust. 

Continual Improvement

We strive for better.
We're very proud of our high service and quality levels, as well as the client trust that they bring us. But we want to do better. We self-assess continuously and ask our clients where we can improve. In turn, we frequently enhance our services and domain coverage, to maximise our performance and keep our clients ahead of the curve. More achieved. 

Our Leadership


Chris Watts

CEO & Co-Founder

Chris is Tonic’s CEO, steering the Tonic ship but remaining hands-on with clients and partners alike.

A Lead Consultant & Transformation expert in his own right, Chris has spent the best part of 20 years working with Tier 1 banks, smaller banks, Custodians and buy-side firms to define best practice frameworks and solutions, mainly across the Collateral and Post-Trade domains.

Craig Pearson

Head of Delivery & Co-Founder

Craig is Co-Founder and a critical part of Tonic.

After some foundational years in Operations, Craig has owned Senior Transformation roles across multiple Tier 1 banks for almost 20 years, mainly focused on target operating definition for intense regulatory programs.

A man of many hats, you’ll find Craig leading multiple client engagements and applying his well-rounded domain expertise.

Deven Naran

Operations Director

As Operations Director, Deven has full oversight of Business Operations at Tonic, including Finance and People. He is responsible for building internal capabilities in line with company strategy.

Deven qualified as a Chartered Accountant at EY and brings 13+ years’ experience across consultancy, operations, strategic finance, process improvement and people management across a range of fast-paced, high-growth businesses.

Sanjeev Dhiman

Global Head of Client Management

Sanjeev is a proven executive-level leader, with over two decades of experience in business and technology within the financial services sector

Sanjeev excels in strategic vision, proposal definition, relationship management, business development, market expansion and delivering on complex digital transformation agendas across globally distributed teams under tight budgets and time constraints.

You will find Sanjeev helping our clients meet their critical business goals, including commercial growth, regulatory compliance, improved resilience and More, via our tailored set of Tonic expertise-led services.

Jor Molchan

Head of Americas

Jor holds 20+ years of experience in financial services spanning front to back office, including key roles in asset management and banking/asset servicing.
Jor has deep experience​ guiding clients and teams through large-scale transformation, via engagement leadership, business consulting, programme definition and change management.

As Head of Americas, you will find Jor helping our clients in the region to execute their critical business goals, via our expertise-led suite of services, covering Advise, Transform, Educate & Operate streams.

Domain Heads

Philip Forkan

Head of Collateral

Phil is a highly experienced Senior Consultant and SME, with over 25 years in leadership roles across OTC Clearing, Margin and Collateral.

A track record of delivery within Operations, Change and Sales, both at Investment Banks and as a Consultant.  

As Tonic’s Head of Collateral, you’ll see Phil defining and delivering collateral solutions for Tonic’s clients, driven by their regulatory, resilience and commercial needs.

Philip Cook

Head of Post-Trade

Phil is a genuine Tonic practitioner, with 20+ years of capital markets experience under his belt covering full post-trade, derivatives and collateral.

He has extensive experience across operations, middle-office and fund administration services at the largest custodians and service providers.  

Phil's breadth and depth across security types is a core differentiator and provides the ability to drive strategic solutions while partnering with clients. He has demonstrated strong business leadership in several major technology transformation programs in his career. Implementation and onboarding are core competencies.

Delivery Leads

Emily Cates

Senior Advisor & Consultant

Emily provides Senior Advisor & Consultant services to Tonic, with 25 years Consultancy, Business and Management experience across Securities Financing, Prime Brokerage, Equities, Fixed income, Derivatives and Structured trades.
A genuine industry practitioner who has extensive experience both in the industry, as Head of Operations at multiple financial firms, and within consulting, as Head of Business Consulting at GFT.

As a Senior Consultant, you will find Emily as Lead & Project Manager for high-profile client engagements, often across various Post-Trade domains.

Emma Watson

Programme Director

Emma possesses 25+ years of diverse international capital markets experience, and has worked across a range of product, operational and strategic transformation roles at Tier 1 banks and service providers.

Emma possesses high levels of collateral and post-trade expertise, with a focus on securities finance and derivatives products, and has proven transformational and team leadership abilities.

At Tonic, you will find Emma partnering with our institutional clients to accelerate and execute complex, multi-year programmes.

Robin Cowling

Programme Director

Robin holds 25 years+ experience within investment banking and financial services consulting.

As a genuine transformation specialist, Robin has a wealth of experience delivering complex programs across front office, operations, operational risk, and regulatory compliance.  ​  

At Tonic, you will find Robin implementing new end-to-end transformation target operating models and delivering key strategic initiatives for our long-term, trusted clients.

Subscribe To Us

Gain exclusive access to Tonic updates, regular content, and our company newsletter 'Tonic Refreshment'

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.