January 21, 2026 — Commissions paid by institutional investors to brokers on trades for U.S. equity trades jumped 12% to just under $7 billion in 2025, levels not seen since the meme stock surge of 2021.
This sharp increase in commission payments is less a sudden revival and more the result of persistent innovation, adaptability and strategic investment in technology and relationships over the course of years.
“Don’t call it a comeback,” says Jesse Forster, Senior Analyst in Market Structure & Technology at Crisil Coalition Greenwich. “Years of preparation laid the groundwork for this moment. After an extended period spent grinding through tight wallets with cautious spending, investors and brokers are ready to capitalize, leveraging automation and new technologies to make the most of this upswing.”
A new report from Crisil Coalition Greenwich presents the full results of its latest U.S. equities study, highlighting a competitive landscape in which brokers and fintech providers must prioritize seamless technology integration, transparency, and tailored solutions to win business in 2026 and beyond.
Algorithmic trading continues to expand, with nearly 40% of buy-side flow now executed via algos. This growth is being fueled in part by innovations like the widespread adoption of algo wheels, which are now used by 36% of desks- up 5 points from the previous year. As electronic trading grows in importance, investors are focusing on ease of use, reliability, high-quality support, and other practical factors that take precedence over even critical elements, such as dark liquidity access and execution quality.
However, regardless of the continued advance of electronic trading and automation, high-touch trading remains vital to investors during periods of market volatility, and the value of trusted relationships and responsive service remains a defining differentiator for brokers.
Technology Advances on the Trading Desk
Technology is also advancing on trading desks, with the buy side in full-on experimentation mode with tech-savvy brokers and fintech providers alike.
Sell-side desks are responding in kind, investing in technology and client service to meet the buy side’s rising expectations for ease of use, reliability, and high-quality support. The buy side’s emphasis on technology is also creating new opportunities for fintechs.
“Providers who collaborate closely with buy-side clients to develop tailored solutions- particularly in automation, analytics, and commission management- have a real opportunity to capture market share,” says Jesse Forster.
The new report, U.S. Equity Market Trends 2025: Don’t Call It a Comeback, tracks the size of the U.S. equity brokerage commission pool from 2020 to 2025, breaks down trading volume by channel, including high-touch, algorithmic, crossing network, and portfolio trades, examines staffing and innovation on buy-side trading desks, and analyzes the use of algo wheels, commission management programs and other tools.