Dealer derivatives revenues: Concentration and fluctuation
Greenwich Report
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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Perpetual futures: The next wave
Greenwich Report
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.
How EMS providers stand out in fixed income
Greenwich Report
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...
Market data 2026: Emerging technologies demand trusted data
Greenwich Report
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.
Regulation and geopolitics drive Indian FX market
Greenwich Report
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...
An additional $10 billion of U.S. corporate bonds traded per day in August compared with the same month last year, a 21% jump that brought average daily notional volume (ADNV) to nearly $54 billion.
The U.S. Treasury market’s key market structure metrics all moved in the right direction in August, although whether that’s because or in spite of 30-year yields hitting pre-GFC (great financial crisis) highs is unclear.
European fixed-income market structure focus
Greenwich Blog
Trading venue consolidation, the consolidated tape launch, EMS adoption, and AI everything. What a great time for me to have joined Crisil Coalition Greenwich to analyze what this all means and where the market is headed.