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Fixed-Income Subscription
We examine the evolution of the fixed-income market, the products, platforms, the role of dealers, institutional investors, and emerging liquidity providers, and the impacts of new and expected regulation.
Our independent third-party analyses form the basis for senior sell-side management to benchmark their client businesses, identify revenue opportunities, assess service quality, and optimize allocation of resources.
Understanding nonbank liquidity provider market-making revenue
Greenwich Report
In 2024, nonbank liquidity providers (NBLP) generated $25.6 billion via market making in equities, fixed income, currencies, and commodities—22% higher than the year before.
U.S. Treasury average daily notional volume (ADNV) grew a staggering 50% year-over-year to $1.34 trillion, peaking on April 9th at $2.4 trillion.
April set many new records in the corporate bond market, including an average daily notional volume (ADNV) of $60 billion, a single day record of $92 billion (April 30) and an electronic ADNV of $4.7 billion for high yield bonds.
Sell-side global markets trading revenue analysis 2024
Greenwich Report
Global markets trading revenue of the Coalition Index Banks has increased 8.9% in 2024 vs. 2023. This growth was driven by a surge in equities products, securitization, credit, and emerging markets (EM) macro.
The European corporate bond market experienced impressive growth in 2024, with daily trading volumes growing 18% to reach €12.1 billion per day in 2024 ($13 billion).
Coalition Index for Transaction Banking – FY24
Greenwich Report
Transaction Banking Revenues decreased marginally in FY24, driven by a flat performance in Trade Finance and offset by a decline in Cash Management.
Coalition Index for Investment Banking – FY24
Greenwich Report
FY24 Coalition Index Investment Banking revenues increased 13% YoY.
$89.7 billion of investment grade and high yield corporate bonds traded on April 8—a new single day record.
