Conclusion
Resilience Will Be Built on Innovation, Reform, and Transparency
Europe’s fixed income leaders are standing at a decisive moment. The survey results point to markets that are simultaneously maturing, fragmenting, and innovating.
To thrive in this environment, firms will need to balance confidence in new tools with discipline in data, regulation, and risk. ETFs and independent pricing have become cornerstones of liquidity management.
What was once experimental is now embedded in strategy: 88% express confidence in ETFs under stress, and three-quarters demand unbiased analytics to guide decision-making. This marks the professionalisation of a market that can no longer rely solely on counterparties or opaque processes.
What We Learned in the Playbook
Confidence in ETFs, discipline in data
Leaders show strong confidence in ETFs under stress, while three-quarters demand independent pricing to guide execution and risk decisions.
Promise in innovation, regulation pressure
Appetite for mini-bonds exists, but fragmented regulation remains the biggest obstacle. Clearing, smart contracts, and digital identity offer pathways forward.
Macro uncertainty but innovation on the desk
Post-election policy shifts, fiscal pressures, and slowing growth dominate the risk agenda, while portfolio trading and all-to-all venues lead the liquidity response.
The mini-bond segment remains a work in progress. Appetite for innovation exists, but readiness is uneven, with fragmented regulation cited as the most significant barrier. At the same time, respondents highlighted systemic reforms and technologies such as smart contracts and digital identity verification as critical enablers. Trust, transparency, and technology must converge before the segment can move from niche to mainstream.
Macro uncertainty and liquidity challenges will define 2025. Post-election policy shifts, fiscal pressures, and slowing growth dominate the risk agenda, while regulatory and cost constraints weigh on liquidity provision. Yet firms are adapting, increasingly turning to portfolio trading, all-to-all venues, and AI-driven optimisation tools to source liquidity and improve performance.
The message is clear: resilience in the year ahead will be built on innovation, structural reform, and the disciplined pursuit of transparency.
