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Europe’s domestic banks are increasingly at risk of losing ground in trade finance to larger regional and global banks that are winning over corporate clients with a powerful combination of broad global networks, innovative digital platforms,...
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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...
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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.
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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.
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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).
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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...
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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.

Coalition Index for Transaction Banking – 1H25

Greenwich Report
October 2025
Transaction Banking revenues remained stable in 1H25, with unchanged performance in Cash Management, and a marginal increase in Trade Finance following the recovery in Trade activity.
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