TS Imagine data shows rapid acceleration in fixed income e-trading

January 16, 2026

TS Imagine, a global multi-asset SaaS platform offering portfolio and risk management, electronic trading and prime brokerage solutions, has released new year-over-year data highlighting significant shifts in fixed income trading behaviour and accelerating electronification across markets.

The data, drawn from the company’s TradeSmart fixed income execution management system, points to sustained growth in buy-side adoption of electronic trading tools and workflows. This momentum is being driven by demand for greater scalability, improved price discovery and reduced information leakage as market participants adapt to increasingly complex liquidity conditions.

According to the figures, fixed income trading activity on TradeSmart grew 44% year over year in 2025. This growth was led by government bonds, where volumes increased by 76%, underlining continued momentum in electronic execution within some of the most liquid fixed income markets globally.

At a protocol level, the data reveals substantial changes in how fixed income is being traded electronically. Portfolio trading volumes rose by 607% compared to the previous year, reflecting a sharp acceleration in the use of scalable execution strategies designed for complex risk transfer. RFQ responding volumes increased by 109%, signalling deeper engagement from both buy-side and sell-side participants across RFQ workflows.

Click-to-Trade usage also expanded significantly, increasing by 81% year over year, which suggests growing confidence in fast, executable pricing. In parallel, Direct Dealer trading volumes climbed 66%, indicating ongoing demand for point-to-point electronic liquidity and improved pricing outcomes through direct relationships.

Overall trading activity on the platform continued to broaden, with the total number of trades rising by 24% compared to 2024. This increase reflects wider platform adoption and more consistent electronic engagement across multiple execution protocols.

TS Imagine president and chief revenue officer Andrew Morgan 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.”