Fidelity Capital Markets
Entering a hyperspecialised environment
14 April 2026
From winning championship titles on the softball field to navigating corporate culture, Francesca Frelick of Fidelity Capital Markets discusses her journey into securities finance through the firm’s Emerging Leader Program. Carmella Haswell reports
Image: Francesca Frelick
Can you tell me about your journey into the securities finance industry?
I was first introduced to the securities finance industry through a unique opportunity through Fidelity’s Emerging Leader Program (ELP), an 18-month rotational programme that exposed me to various roles and divisions across Fidelity.
I joined the Fidelity Agency Lending product team for my second rotation where I was excited to try a unique and complex area of Fidelity that was unfamiliar to me. I not only enjoyed the work, but I was eager to continue learning from such an experienced and remarkable group of people.
During my final rotation, I rejoined the Agency Lending team before landing full time as a securities finance product associate where I am focusing on advancing the FIX initiative for securities finance trading.
As a young professional, what aspects of your role or the industry do you find most exciting?
My excitement stems from being in the centre of innovation that supports the industry’s focus on driving greater efficiency. My current involvement in the adoption of FIX Protocol puts me at the forefront of a broader industry shift.
FIX Protocol is an open-source language that uses standardised messaging to communicate a trade. Applying standardised messaging to securities finance electronic trading not only reduces integration costs, but it also promotes market efficiency, market resiliency, and innovation.
Many companies offer various training and development opportunities for their employees. How has your company supported your growth?
The ELP rotation programme offered me the opportunity to understand Fidelity’s corporate culture while navigating various groups the firm offers. My rotations took me to a wide range of teams including Corporate Affairs, Fidelity Agency Lending, and internal consulting.
While each rotation only lasted four months, I was able to develop and enhance my critical thinking, data analytics, and presentation skills, which I continue to apply in my current role. Once I graduated from the rotation programme, I was quickly thrown into a more hands-on experience where I immediately interacted with bank and broker business partners, contributed to an industry-wide FIX working group, and participated in Women in Securities Finance events.
My professional training and development have come in many forms, but Fidelity has provided me with foundational knowledge and skills at an early stage in my career that I am looking forward to building upon.
What misconceptions about working in the financial industry have you encountered, and how do you address these challenges?
Capital markets tends to be an area that is hyperspecialised in certain disciplines led by tenured professionals. Entering a hyperspecialised environment with my liberal arts and finance background initially felt daunting. However, I was welcomed by knowledgeable experts who took the time to teach me the subject matter, creating a culture of thoughtful, intentional learning where I am now an active contributor of various initiatives.
What advice do you have for other young professionals aspiring to pursue a career in
your industry?
Lean into uncertainty and discomfort — it is where your potential is tested and revealed. While that may sound cliché, I have learned first-hand the benefits of tackling ambiguities, beginning on the softball field and now in my professional career. Transitioning into securities finance brought a lot of uncertainty, but I was committed to understanding my potential. Being surrounded by exceptional people throughout Fidelity has challenged me to find that potential by striving to reach their level of excellence.
Looking ahead, where do you see yourself in the next five years in terms of your career goals and aspirations?
My current role in product development allows me to work across different areas in capital markets, namely trading, strategy, risk, technology, and business development. While my role offers me the chance to learn from various groups, I am only scratching the surface. Therefore, I want to utilise these first five years of my career to expand my knowledge and expertise, positioning myself to take on greater responsibility and make a meaningful impact.
Francesca Frelick Bio
Francesca Frelick attended Duke University, where she earned a liberal arts degree in finance and competed as a member of the Duke Women’s Softball team. During her collegiate athletic career, she won two ACC Championship titles and competed in the Women’s College World Series.
After graduating, Francesca began her professional career at Fidelity as part of the Emerging Leader Program — an 18‑month rotational initiative that provided exposure to a variety of roles and divisions across the firm, including securities finance. Upon completing the programme, she joined the Fidelity Securities Finance product team, where she currently focuses on supporting the adoption and integration of the Financial Information eXchange (FIX) Protocol into securities finance electronic trading.
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