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The rules of equity trading are being rewritten, with buy-side traders increasingly prioritizing relationships and expertise above all else.

U.S. equities TCA: The buy-side view

Greenwich Report
August 2025 By: Jesse Forster
Buy-side traders are doubling down on transaction cost analysis (TCA) as a crucial tool to optimize performance and boost returns.
As asset managers continue to optimize their trading workflows, the roles of order management systems (OMSs) and execution management systems (EMSs) are more critical than ever.
Tariff-related volatility in April turned into near record new issuance in June, both of which drove robust municipal bond trading volumes in the second quarter of 2025.
Relationships between financial advisors and their investor clients are being reinvented by the rapidly expanding use of technology.
In an effort to better understand how volatility data is used and measured by market participants, if and how they trade volatility, and what improvements they’d like to see in their volatility metrics, we interviewed  interest-rate traders and...
U.S. Treasury traders shifted into summer mode in June despite ongoing tariff, economic, political, and monetary policy uncertainty. Volatility dipped to its lowest level since February, dropping 4% year over year and 7% month over month.
Electronic trading picked up in June with 52% of investment-grade (IG) bonds traded electronically in notional terms, while volume dropped 9% month over month.

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