Fixed Income and OTC Derivatives Trading, Year-End 2022: Behind the Numbers

A confluence of negative macroeconomic factors set the stage for one of the fixed income market’s worst years in the modern age.

March 21, 2023 – Over the past two years during the COVID-19 pandemic, the over-the-counter (OTC) bond market has undergone a significant transformation in terms of workflows and technological adoption. More recently, ongoing global conflict, a lingering pandemic, raging inflation, and an aggressive Federal Reserve have contributed to a marketwide rout that has the U.S. economy flirting with recession. Given the precarious position the market is in, it is more important than ever to keep a finger on its pulse.

This Impact Report is the third in a series of reports tracking the expanding list of critical factors affecting the U.S. OTC fixed income and OTC derivatives markets. This report utilizes qualitative and quantitative data provided by participant interviews, public trade-data resources, proprietary Aite-Novarica Group estimates, and third-party statistics.

Clients of Aite-Novarica Group’s Capital Markets service can download this report.

This report mentions BGC Partners, Bloomberg, FIA, GFI Group, LatAm SEF, NEX Group, SIFMA, Tradeweb, Tradition Group, and Tullet Prebon ICAP.

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