Market Structure & Technology Subscription

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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The battle for retail fixed-income investors

Greenwich Report

November 2025 By: Kevin McPartland

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...

High yield market continues push towards e-trading

MarketView

November 2025 By: Kevin McPartland

Total corporate bond market volume moderated in October following an exceptional September, with average daily notional volume (ADNV) at $51 billion—9% below last month’s quarter-end spike but still 4% above October 2024.

Client e-trading rebounds as U.S. Treasury volatility subsides

MarketView

November 2025 By: Kevin McPartland

U.S. Treasury average daily notional volume (ADNV) traded in October came in just shy of $1 trillion, marking an 11% increase from October 2024.

The ETF effect moves muni e-trading forward

MarketView

November 2025 By: Kevin McPartland

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).

OMS and EMS innovation: Where providers are investing

Greenwich Report

November 2025 By: Audrey Costabile

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.