TS Imagine, a global multi-asset SaaS platform offering portfolio and risk management, electronic trading, and prime brokerage solutions for the buy- and sell side, released new year-over-year data from its TradeSmart fixed income execution management system (EMS) showing that fixed income electronification continues to accelerate and trading behavior continues to evolve.
The data highlights sustained growth in the buy-side’s adoption of fixed income electronic trading tools and workflows, driven by increasing demand for scalability, enhanced price discovery, and reduced information leakage.
Fixed income trading on TradeSmart grew 44% year over year in 2025, led by strong government bond activity, where volumes increased 76%, reflecting sustained momentum in electronic execution across highly liquid fixed income markets.
Protocol-level metrics reveal significant shifts in fixed income trading behavior:
- Portfolio trading volumes surged 607% over the year, marking a sharp acceleration in the use of scalable execution strategies for complex risk transfer.
- RFQ responding volumes increased by 109%, highlighting deeper engagement across both sides of the RFQ workflow.
- Click-to-Trade protocol usage increased by 81%, indicating growing confidence in fast, executable pricing.
- Direct Dealer trading volumes rose 66% year over year, reflecting sustained demand for point-to-point electronic liquidity and improved pricing outcomes.
Overall, the number of trades increased by 24% compared to 2024, reflecting broader platform adoption and more consistent electronic engagement across protocols.
Andrew Morgan, President and Chief Revenue Officer for TS Imagine, said: “This data highlights how the electronification of fixed income markets is accelerating across geographies and sub-asset classes. The sharp increase in portfolio trading volumes in particular shows how trading is becoming more balance-sheet-aware and increasingly reliant on scalable execution strategies. As liquidity becomes more complex to access, execution management systems must provide traders with a unified view across execution, analytics, and risk.”
Source: TS Imagine
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