Executive Summary

Global fixed-income electronic trading rose 1% on a volume-weighted basis in 2016 compared to the previous year, with 46% of investors trading at least some of their volume electronically.

In 2016, Greenwich Associates interviewed 3,650 fixed-income investors in the U.S., Europe and Asia, with the discussions reaffirming our view that fixed-income e-trading is already widespread and still growing.

The slow but consistent growth over the past several years is continuing, despite a lack of new regulation requiring that more trading be done on the screen. This is strong sign that the change is driven by true market demand and is therefore here to stay.