Key Findings
What the data really tells us
Data Fragmentation, Not Analytic
An overwhelming 69% of industry leaders cited fragmented liquidity and inconsistent pricing across venues as the greatest challenge in achieving price transparency. This is closely followed by 68% who lack clear traceability back to core source documents like prospectuses and corporate actions. In contrast, just 10% see predictive pricing as a major issue.
These results showcase that firms aren’t being held back by analytics but infrastructure and before the industry can fully unlock innovation, it must first solve the fundamentals of data integration.
High Awareness, Low Investment
Lifecycle transparency is widely acknowledged but rarely prioritised. While just 8% of firms consider it critical, an overwhelming 92% say it is at least moderately important, including 38% who view it as very important.
This reveals a clear disconnect and although the industry understands the value, it hasn’t translated into urgent investment or strategic focus yet. The result is a significant opportunity for leaders to elevate lifecycle transparency from a nice to have to an operational priority.
More Data Isn’t the Answer
Integration is key to unlocking efficiency and performance, not adding new data. The industry often looks to new data as the solution, but our respondents shared different areas of improvement. Leaders noted integrated workflows (72%), better pricing models (63%) and more timely lifecycle updates (60%).
These points indicate that the winning strategy is not adding more data but connecting your existing data into a single workflow.
The New Battleground
Private credit is emerging as the clear epicentre of both opportunity and risk in fixed income markets. 32% of survey respondents identify it as their biggest pricing challenge, while 49% say it is the most inefficient segment across the credit complex. This combination of opacity and inefficiency makes private credit uniquely attractive but also difficult to navigate.
The story our survey tells is that as capital continues to flow into this space, it will become a key battleground for firms seeking an edge through sophisticated strategies, and increased regulatory attention.
of industry leaders cited fragmented liquidity and inconsistent pricing across venues as the greatest challenge in achieving price transparency.
Regulation Is Outpacing Readiness
In 2026 regulation is adding complexity faster and firms are struggling to keep up. A majority of respondents (53%) say recent reforms have increased operational complexity, while 67% admit they are only moderately prepared for what’s coming next.
At the same time, qualitative feedback highlights a growing concern that regulation may unintentionally slow innovation and introduce new systemic risks. This tension between market stability and innovation is set to become one of the defining challenges for fixed income markets.
