The ETF effect moves muni e-trading forward
MarketView
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).
OMS and EMS innovation: Where providers are investing
Greenwich Report
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...
The evolution of the U.S. Treasury CLOB
Greenwich Report
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
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.
Coalition Index for Investment Banking – 1H25
Greenwich Report
1H25 Coalition Index Investment Banking revenues rose 13.3% YoY.
Coalition Index for Securities Services – 1H25
Greenwich Report
Securities Services Index Revenues increased during 1H25 driven by growth in both Fees and Net interest income.
The U.S. Treasury market capped off its summer with the lowest average monthly volatility reading since December 2021 and a decline of 27% from last August—a sign that the previous cycle is truly coming to an end.
The credit market’s road to year-end started off with a bang. New issuance hit its highest level since May 2020, which supported an average daily notional volume (ADNV) in the secondary market of $56 billion per day, up 4% year over year.