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Buy-side trading desks have spent the last decade learning how to do more with less. At least 15% of them now augment their desks with outsourced trading providers.
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Electronic U.S. Treasury volume in May grew 17% from May 2025, with nearly $670 billion in bonds trading via trading venues and direct electronic links between counterparties.
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Investment-grade bonds continued their journey toward flow status in May, with the average daily notional volume (ADNV) up 18% and electronic trading volume up 17% year over year.
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In 2020, India made a clear pivot away from tightly managing foreign access to its bond market toward a market structure that embraces global demand. The Fully Accessible Route (FAR) was the turning point.
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As we noted last year, while the importance and influence of the largest traditional banks in global markets cannot be overstated, the gravitational pull of the “bulge bracket” nonbank liquidity providers (NBLPs) continues to intensify.
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Interviews with fixed-income professionals working at buy-side firms reveal a significant shift in sentiment toward transaction cost analysis (TCA), even as current adoption rates remain stable.
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.
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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