Drivers of derivatives market change in 2026
Greenwich Report
Change is constant in the derivatives market, but the drivers of change are not.
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Canadian equity commission spending rose 6% year over year in 2025 to approximately $505 million, marking the highest level since 2021.
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As spending continues to rise, buy-side use of alternative data is becoming increasingly widespread.
European market trends 2025: Service still wins in European equities
Greenwich Report
European equity commission spending increased 15% year over year to $2.65 billion as turnover rose, the highest level since the 2021 bull market.
In January, $1.17 trillion traded each day in the U.S. Treasury market, its highest level since April 2025’s Liberation Day.
The U.S. corporate bond market started off 2026 with a fresh set of volume records. Average daily notional volume (ADNV) rose 22% year over year to $61 billion, surpassing the previous record set last September.
Trading in municipal bonds grew in 2025 for the first time in three years, up nearly 14% year over year with the average daily notional volume (ADNV) traded reaching nearly $15 billion per day—a record.
The future of private markets: AI, data and human adaptation
Greenwich Report
2025 was a pivotal year for the private capital industry. Several key factors are influencing technological investment strategies as firms elevate operations over the next 12 months.