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Fixed-Income Subscription
We examine the evolution of the fixed-income market, the products, platforms, the role of dealers, institutional investors, and emerging liquidity providers, and the impacts of new and expected regulation.
Our independent third-party analyses form the basis for senior sell-side management to benchmark their client businesses, identify revenue opportunities, assess service quality, and optimize allocation of resources.
Trading in municipal bonds grew in 2025 for the first time in three years, up nearly 14% year over year with the average daily notional volume (ADNV) traded reaching nearly $15 billion per day—a record.
The future of private markets: AI, data and human adaptation
Greenwich Report
2025 was a pivotal year for the private capital industry. Several key factors are influencing technological investment strategies as firms elevate operations over the next 12 months.
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U.S. Treasury trading in 2025 by the numbers
MarketView
U.S. Treasury trading in 2025 was defined by record volumes and the lowest average volatility since 2021.
New
Coalition Index for Investment Banking – 3Q25YTD
Greenwich Report
In 3Q25, Coalition Index Investment Banking revenues were up by 18% on a YoY basis.
New
U.S. corporate bond trading averaged over $50 billion per day in 2025 for the first time ever, improving 11% from its previous record in 2024.
The battle for retail fixed-income investors
Greenwich Report
As retail investors poured back into bonds in late 2022, and the percentage of those bonds held directly grew from 32% at the end of 2021 to 51%—their highest level since early 2013—the market began to debate if a structural shift had occurred. This...
OMS and EMS innovation: Where providers are investing
Greenwich Report
Professionals at buy-side firms are demanding technological advances and new cutting-edge tools to gain an advantage in the front office. Among a long list of new developments, workflow automation and interoperability stand out as top priorities...
The evolution of the U.S. Treasury CLOB
Greenwich Report
The U.S. Treasury central limit order book (CLOB) has been a cornerstone of the U.S. Treasury market for three decades, providing a platform for buyers and sellers to trade with anonymity, firm prices and instant execution.