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The U.S. Treasury market took a breather in April after the war in Iran catalyzed March’s record trading volumes.
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Electronic trading held steady in April while overall volumes dropped month over month (12%) and year over year (5%), given the unique events of April 2025 and March 2026.
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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.
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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.
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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.
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Nearly 21% of municipal bond volume traded via multidealer trading venues in Q1 2026, eclipsing both the previous quarter and the high-water mark set in Q4 2023.
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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...

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