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Originally presented by Kevin McPartland as opening remarks at the 2025 Fixed Income Leaders Summit in Washington, DC on June 10.
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Earlier this year, the U.S. Securities and Exchange Commission (SEC) delayed implementation of its central clearing mandate of U.S. Treasury securities.
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Buy-side equity traders in the U.S. continue to warm up to outsourced trading (OT), with nearly 10% using such platforms for the second year in a row.
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In 2024, nonbank liquidity providers (NBLP) generated $25.6 billion via market making in equities, fixed income, currencies, and commodities—22% higher than the year before.
U.S. Treasury average daily notional volume (ADNV) grew a staggering 50% year-over-year to $1.34 trillion, peaking on April 9th at $2.4 trillion.
April set many new records in the corporate bond market, including an average daily notional volume (ADNV) of $60 billion, a single day record of $92 billion (April 30) and an electronic ADNV of $4.7 billion for high yield bonds.
A record $32.5 billion of municipal bonds traded on April 9, which was more than double the average daily notional volume (ADNV) in the first quarter of 2025.
Global markets trading revenue of the Coalition Index Banks has increased 8.9% in 2024 vs. 2023. This growth was driven by a surge in equities products, securitization, credit, and emerging markets (EM) macro.

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