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Despite the distinctly Gen Z name, vibe coding isn’t just for kids.
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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.
Electronic trading held steady in April while overall volumes dropped month over month (12%) and year over year (5%), given the unique events of April 2025 and March 2026.
The U.S. Treasury market took a breather in April after the war in Iran catalyzed March’s record trading volumes.
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.
The Coalition Investment Bank Index, which tracks the performance of the 12 largest investment banks globally, demonstrated robust performance in FY25, rising 14.5% year over year to $174.7 billion.

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