June 03, 2026 — Revenues generated by nonbank liquidity providers (NBLPs) are surging as the industry benefits from the volatile trading environment, the expansion of digital assets, the proliferation of exchange-traded funds (ETFs) and a growing willingness among institutional investors to look beyond traditional banks for liquidity in electronic trading.
Topline NBLP revenue pools increased 45% from FY2024 to FY2025, according to new data from Crisil Coalition Greenwich.
NBLPs are technology-first systematic trading firms that are not owned by a bank and do not include traditional broker-dealers. NBLPs compete directly with banks in pure market making (PMM), both as anonymous liquidity providers in exchange-traded and central limit order book (CLOB) markets (i.e., equities, futures, options, U.S. Treasuries), and as named counterparties in over-the-counter markets such as corporate bonds and foreign exchange (FX).
NBLPs also generate revenues through principal risk and investing (PR&I). Revenues were up in both categories from FY2024 to FY2025, with PRI outpacing PMM on the strength of favorable trading conditions and direct investment markups.
“NBLP revenues have been growing substantially across the board as global markets benefit from an active trading environment supported by increased volumes and persistent volatility,” says Raman Kalra, Head of NBLP Competitor Analytics at Crisil Coalition Greenwich and coauthor of The expanding role of NBLPs: Inside FY25 revenue growth. “Whether these outsized returns are the new normal or just a byproduct of a unique macroeconomic moment remains to be seen.”
Coalition Greenwich Nonbank Liquidity Provider Index
To better understand the growing role and expanding market share of NBLPs, Crisil Coalition Greenwich created the Coalition Greenwich Nonbank Liquidity Provider Index. The index integrates public domain information with independent research and ongoing validation from our extensive network of market participants to track NBLP revenues and compare performance against traditional banks by benchmarking results against the Coalition Index for Investment Banking.
The results of that analysis indicate that NBLPs are gaining share in equities, particularly in cash equities and equity ETFs, driven by the growth of ETF use and elevated trading volumes. However, the results also show that despite NBLP growth, traditional investment banks still command a larger piece of the overall global markets revenue pool, due to their broader client base and product capabilities.
“NBLPs continue to face barriers to entry in traditional banking strongholds,” says Jesse Forster, Senior Analyst in Market Structure & Technology at Crisil Coalition Greenwich and coauthor of the report.
Nevertheless, the long-term trajectory favors continued NBLP gains, even if the pace of growth varies from year to year. In response, banks must adapt to the changing landscape and find ways to compete with NBLPs, potentially by investing in technology and electronic trading capabilities.