What a year. U.S. corporate bond markets went from bid-ask spreads jumping over 1,000% between late February and late March to a market in which new issuance and electronic-trading adoption hit record levels.

Although liquidity disruptions caused by the COVID-19 crisis were thankfully short-lived for most large U.S. companies, corporate executives and treasury officials have not forgotten which banks stepped up to help in Spring 2020, and which didn’t.

The U.S. Treasury market in 2020 cannot be measured based solely on the extraordinary activity of the spring.

No one will ever claim that 2020 was a dull year. In this report, we look at U.S. equity market structure topics such as expanding equity exchanges and Reg NMS 2.0 proposals.

The ramifications of new equity exchanges, an increasingly tech-heavy fixed-income market, spending on surveillance technology, clearing and continued cloud adoption are some of the big themes we see shaping 2021.

No market operates in a vacuum. Simultaneously exploring how conditions and activity evolved across asset classes is essential to understanding the strengths and weaknesses of the current market structure.

This report contains links to the data tables in excel format for the German Institutional Investor Key Trends.

This report contains links to the data tables in excel format for the United Kingdom Institutional Investor Key Trends.

This report contains links to the data tables in excel format for the Asian (ex. Japan) Institutional Investor Key Trends.

This report contains links to the data tables in excel format for the Continental European Institutional Investor Key Trends.