First quarter data shows strong growth in automation, protocol usage, and trading volumes on TS fixed income platform.
TS Imagine has published new data from its TradeSmart fixed income execution management system (EMS), pointing to a significant uptick in electronic trading activity on the platform in the first quarter of 2025.
According to the figures, overall fixed income trading volume on TradeSmart increased by 33% year-on-year in Q1. Government bond trading rose 71% over the same period, while emerging market bond volumes were up 57%.
The data also indicates a shift in protocol usage among TradeSmart users.
Volumes executed via Direct Dealer protocols rose 496% year-on-year. These include volumes from both banks and Electronic Liquidity Providers.
RFQ Responding protocol usage grew fifteenfold, while overall RFQ volumes increased by 44%.
All-to-all trading activity reached a new quarterly high, climbing 133% compared to Q1 2024. The total number of trades executed on the platform rose 25% year-on-year.
Usage of automation features on the platform also increased, with a 51% rise in activity linked to automated execution tools, the firm said.
Andrew Morgan, president and chief revenue officer at TS Imagine, said the data “highlight a clear acceleration in the electronification of fixed income trading,” pointing to greater uptake of protocols such as click-to-trade and all-to-all as evidence of evolving execution preferences.
The figures reflect broader industry trends toward increased use of electronic workflows in fixed income, driven by demands for greater scalability, faster response times, and improved price transparency and macrostructural changes in fixed income investment management notably with the strong growth in fixed income ETFs.
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