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Are futures the new ETFs?

Greenwich Report
November 2026 By: Kevin McPartland
New futures contracts were created at a faster pace than exchange-traded funds (ETFs) this year, an interesting turn of events given ETFs’ rapid adoption since launching in 1990.
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Dealer revenues from interest-rate derivatives (IRD) and credit-default swaps (CDS) remains concentrated among the largest banks even as competition for buy-side trading flow intensifies.
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The wave of perpetual futures has been building and is now crashing on our shores. While still primarily trading on offshore venues, perpetual futures or “perps” have captivated U.S. derivatives traders and market structure experts in 2026.
September 2026 ended with the 200-day moving average U.S. Treasury volume at a record high with an average of $1.2 trillion trading per day over the period.
The fall of 2026 started off strong for the U.S. corporate bond market.
The vast majority of buy-side equity traders, as well as some portfolio managers (PMs), use an execution management system (EMS) for at least some trading. Despite near-ubiquitous adoption in equities and considerable discussion over the past decade...
Crisil Coalition Greenwich, in partnership with SIX for the fourth consecutive year, gathered responses from 73 global buy-side and sell-side firms to understand how market data consumption, sourcing and delivery needs are changing.
India’s foreign exchange (FX) market is a large, bank-led marketplace with combined spot and forward trading volume of $10.3 trillion in FY 2025–26. Spot transactions accounted for $7.2 trillion, or 70% of total activity, compared with $3.1 trillion...

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