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U.S. Treasury trading in 2025 was defined by record volumes and the lowest average volatility since 2021.
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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.
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.
Every year since the 2020 inflection point, the pace of change has felt monumental, and 2025 was no different.
Alternative data is getting closer to the tipping point. Almost half of buy-side professionals describe themselves as medium-frequency users, with a significant proportion having utilized these datasets for two years or more.

Are we ready for T+0 settlement?

Greenwich Report
December 2025 By: Audrey Costabile
Are we ready for T+0? The go-live date to T+1 advanced settlement of securities came and went and was mostly uneventful in the U.S. While the rest of the globe is preparing for similar settlement times, many capital markets professionals are already...
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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