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.
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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.
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U.S. Treasury trading in 2025 by the numbers
MarketView
U.S. Treasury trading in 2025 was defined by record volumes and the lowest average volatility since 2021.
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Coalition Index for Investment Banking – 3Q25YTD
Greenwich Report
In 3Q25, Coalition Index Investment Banking revenues were up by 18% on a YoY basis.
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Prediction markets: It’s all about the data
Greenwich Report
Once a niche academic concept at the University of Iowa, prediction markets have gained significant traction in the past year, as we noted in our Top market structure trends for 2026.
U.S. corporate bond trading averaged over $50 billion per day in 2025 for the first time ever, improving 11% from its previous record in 2024.
U.S. equity market trends 2025: Don’t call it a comeback
Greenwich Report
In 2025, U.S. equity commission wallets jumped 12% year over year to just under $7 billion, levels not seen since the meme stock surge of 2021.
Top market structure trends to watch in 2026
Greenwich Report
Every year since the 2020 inflection point, the pace of change has felt monumental, and 2025 was no different.