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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 principles that ensure we deliver the highest service levels.

Real Client-Focus

We’re flexible and agile, conscious that every firm has its own bespoke needs. Our proposals and solutions are customised to align with those needs, goals and constraints.

Transparency and Trust

We give open, honest, independent feedback and advice. Two-way communications are central throughout each and every engagement, and we encourage the inclusion of explicit deliverables within our contracts, which we can be regularly measured against.

Genuine Expertise

We take a vested interest in your business, which is why we continuously develop our pool of expertise. That way we can provide the very best solutions and services, tailored for your firm.


All our consultants are leaders who challenge the norm to guide you through your problems. We offer ongoing, high-value advice, applying our experiences of industry best practice to your individual circumstances.

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.

Charles Churchill

Global Head of Delivery

Charles is accountable for oversight of delivery across all client engagement and for building the Tonic team to offer further capabilities.

Charles has worked across the financial services industry-leading change in front-office, finance, operations, compliance, risk and legal related to the Dodd-Frank Act, EMIR, MiFIR/MiFID II, Brexit, and the IBOR Transition. He most recently managed portfolio auctions for a major investment bank’s bad bank.

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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