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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

Lead Consultant & 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 12+ years’ experience across consultancy, operations, strategic finance, process improvement and people management across a range of fast-paced, high-growth businesses.

Philip Forkan

Senior Advisor & Consultant

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 one of Tonic’s Senior Consultants, you’ll experience Phil’s extensive understanding of Regulatory Reform and the impacts to strategy, operating model and technology solutions.

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.

Colin Harper

Senior Advisor & Consultant

Colin is an experienced and versatile Senior Business Consultant, with over 25 years experience in financial services.  

Colin has huge experience building and leading consulting practices of up to 50 consultants.

For Tonic, Colin specialises in delivering strategic consulting for Business and IT change at senior levels, predominantly for large, global clients.

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