In 2020, India made a clear pivot away from tightly managing foreign access to its bond market toward a market structure that embraces global demand. The Fully Accessible Route (FAR) was the turning point.

As we noted last year, while the importance and influence of the largest traditional banks in global markets cannot be overstated, the gravitational pull of the “bulge bracket” nonbank liquidity providers (NBLPs) continues to intensify.

Interviews with fixed-income professionals working at buy-side firms reveal a significant shift in sentiment toward transaction cost analysis (TCA), even as current adoption rates remain stable.

Large European companies give their cash management banks unimpressive grades for innovation. Corporate clients aren’t interested in stories about how much banks are spending or their latest exciting innovation; they only care about results.

Private infrastructure remains a popular choice for trading technology workloads, with 53% of firms leveraging private infrastructure on premise, despite the growing attention paid to public cloud infrastructure.

Our 2025 Voice of Client Study for the U.S. corporate bond market included interviews with 145 traders and portfolio managers at asset managers, hedge funds and insurance companies.

Africa’s capital markets are shifting from episodic primary issuance to sustained, two-way secondary trading. Over the last year, liquidity has improved across select markets, supported by reform momentum, better market structure and a widening...

The Coalition Investment Bank Index, which tracks the performance of the 12 largest investment banks globally, demonstrated robust performance in FY25, rising 14.5% year over year to $174.7 billion.

For the past two years, U.S. global systemically important banks (G-SIBs) have operated under a regulatory overhang. Fearing a punitive Basel III endgame that initially threatened a ~20% hike in capital requirements, the industry built significant...

In 2025, we interviewed 113 buy-side FX traders to better understand their dealer relationships, use of technology and views on nonbank liquidity providers (NBLPs) and other market structure trends. The aggregate results of these conversations make...