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Alternative data is getting closer to the tipping point. Almost half of buy-side professionals describe themselves as medium-frequency users, with a significant proportion having utilized these datasets for two years or more.
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The average daily notional volume (ADNV) traded in the U.S. Treasury market in 2025 is set to top $1 trillion for the first time.
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U.S. corporate bond trading in 2025 is on pace to reach a full-year average of over $50 billion per day for the first time ever, supported by record new issuance activity that has surpassed the previous annual record even before December’s numbers...
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Are we ready for T+0 settlement?

Greenwich Report
December 2025 By: Audrey Costabile
Are we ready for T+0? The go-live date to T+1 advanced settlement of securities came and went and was mostly uneventful in the U.S. While the rest of the globe is preparing for similar settlement times, many capital markets professionals are already...
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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...
Municipal bond trading volume was up 18% year over year in Q3 2025, driven largely by investors looking to lock in yields ahead of what is expected to be a Fed rate-cutting cycle and continued strong issuance (up 6% year over year).
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
October 2025 By: Kevin McPartland
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.

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