The e-Trading Edit:

Insights from
the inside
The e-Trading Edit is your insight into the year ahead. Traders across asset classes and regions share their views in our annual e-Trading survey, covering upcoming trends and hot topics.
How will your predictions compare?

2025 survey results

9th

now in its
ninth year

4,200+

institutional traders responded

60

global locations
represented

Industry insights

  |  10:54

2025 e-Trading insights: What’s top of mind for institutional traders?

Join Patrick Whelan, head of FICC Digital Markets at J.P. Morgan, and Gergana Thiel, global co-head of Macro Sales, as they delve into the latest findings from the 9th annual e-Trading Edit survey.
VIEW TRANSCRIPT

| 07:29

Trader TV: Assessing industry predictions

Scott Wacker, head of E-commerce Sales at J.P. Morgan, spoke with Trader TV about the market’s expectations in 2024 ahead of the 9th annual e-Trading Edit survey.

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| 07:29

Trader TV: Assessing industry predictions

Scott Wacker, head of E-commerce Sales at J.P. Morgan, spoke with Trader TV about the market’s expectations in 2024 ahead of the 9th annual e-Trading Edit survey.

[Music]


Kam Shing Kwang: Global China Summit is the largest global event the bank hosts in China. Annually, for the last 20 years, we have more than 3,000 delegates, representing 1,300 companies, joining us from 33 countries from all around the world.


Harshika Patel: It gives global investors an on-the-ground reality check of what's going on in the Chinese economy.


Sjoerd Leenart: This conference has become a preeminent place to keep track of what's going on in China.


Rita Chan: It's all about the insights, the interaction, and impact.


Alan Ho: It's over the 20 years of connection that we build for the client and the investor.


Wendi Liu: Investors come here to understand the pain points of the world and how it can function better with an eye on return, but also with an eye on making the world better.


[End of video]


Global markets

Traders predict that inflation and tariffs will have the biggest impact on markets in 2025.
Question asked:

Which potential developments will have the greatest impact on the markets in 2025?

51% of traders predicted inflation and tariffs will have the largest impact on markets in 2025 vs. 27% in 2024.

51% of traders predicted inflation and tariffs will have the largest impact on markets in 2025 vs. 27% in 2024.

"The investment in digital markets is helping propel our business into the future. With an ever-changing technological landscape, it is integral that we create a platform where clients have access to cutting-edge tools to help them navigate a complex global marketplace."
Scott Wacker
Eddie Wen
Head of Digital Markets, J.P. Morgan
Volatile markets continued to be the leading predicted daily trading challenge, increasing significantly from 28% to 41%.
Question asked:

What will be your greatest daily trading challenge in 2025?

Volatile markets remain the top daily challenge three years in a row.

Volatile markets remain the top daily challenge three years in a row.

Technology

Artificial intelligence/machine learning remains the most influential technologies for the third year in a row across assets classes and regions.
Question asked:

In the next three years, which technologies will be most influential for trading?

Artificial intelligence/machine learning remains the most influential technology for trading, same as the previous two years.

Artificial intelligence/machine learning remains the most influential technology for trading, similar to the previous two years.

“Digital markets at J.P. Morgan harness advanced technologies to create seamless, cross-asset solutions, enhancing efficiency and client engagement while driving innovation across our ecosystem."
Patrick Whelan
Patrick Whelan
Head of FICC Digital Markets, J.P. Morgan

Market structure

Access to liquidity, regulatory change and market data access and costs are cumulatively ranked as the top three market structure concerns in 2025.
Question asked:

What are your top three market structure concerns?

2025
2024
2023

From 2023 to 2025, access to liquidity consistently ranks as the top concern, while regulatory changes and market data access and costs are increasingly significant issues.

“Market structure change is a constant, and factors that could impact the access to liquidity, trading protocol choice, the cost of execution and the platform landscape continue to emerge. Senior client executives stay well-attuned to these developments to proactively respond and help shape the direction of travel. That’s why we have a dedicated global team to assess, interpret and engage on these fundamental shifts."
Kate Finlayson
Kate Finlayson
Global Head of FICC Market Structure & Liquidity Strategy, J.P. Morgan
Traders are split between single-dealer (28%) and multi-dealer platforms (38%), with a third using both.
Question asked:

What type of platform do you primarily use for your institutional trading activities?

Traders primarily use a multi-dealer platform (38%), or both multi-dealer and single-dealer platforms (34%). 28% opt for a single-dealer platform.

When selecting a single-dealer platform, reduced execution / brokerage costs is the top priority (29%). This is a top priority for many products, especially those in in credit spread (31%) and FX (29%).
Question asked:

What is the most important criteria when selecting a single-dealer platform?

At 29%, reduced execution/brokerage cost is the most important criteria when traders select a single-dealer platform. This is followed by access to liquidity/inventory (27%) and multi-asset product offering (15%).

At 29%, reduced execution/brokerage cost is the most important criteria when traders select a single-dealer platform. This is followed by access to liquidity/inventory (27%) and multi-asset product offering (15%).

Ease of access and experience is consistently the top priority (28%) across all products and regions, emphasizing the need for smooth, intuitive and user-friendly interfaces.
Question asked:

Apart from pricing and execution, which features/capabilities are most valuable to you on a trading platform?

Pricing and execution aside, traders find ease of access and experience to be the most valuable feature on a trading platform (28%). This is followed by post-execution position monitoring and actions (22%) and customer support (18%).

Real-time data and analytics consistently emerge as the most valued feature across all product categories and regions, indicating its critical importance to traders.
Question asked:

Which data and analytics tools are most valuable to you?

Real-time data and analytics is the most valuable tool for data and analytics.

Ease of access and experience is consistently the top priority (28%) across all products and regions, emphasizing the need for smooth, intuitive, and user-friendly interfaces.
Question asked:

Apart from pricing and execution, which features/capabilities are most valuable to you on a trading platform?

Real-time data and analytics consistently emerge as the most valued feature across all product categories and regions, indicating its critical importance to traders.
Question asked:

Which data and analytics tools are most valuable to you?

Pricing and execution aside, traders find ease of access and experience to be the most valuable feature on a trading platform (28%). This is followed by post-execution position monitoring and actions (22%) and customer support (18%).

Real-time data and analytics is the most valuable tool for data and analytics.

Corporate bonds are predicted to have the most developments in electronic trading in 2025 for the second year in a row, followed by cash equities and exchange traded funds.  
Question asked:

Which of these products do you think will have the most advances in electronic trading in the next 12 months?

2025
2024

In the next 12 months, corporate bonds are expected to see the most advances in electronic trading, consistently ranking highest in both 2024 and 2025.

71% of institutional traders have no plans to trade crypto/digital coins.
Question asked:

Which option best describes your institutional work with crypto/digital coins? 

The majority of traders have no plans to trade crypto/digital coins, though this percentage decreases slightly from 78% in 2024 to 71% in 2025.

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The survey data can be analyzed by asset class traded, country, region and demographics. If you are interested in gaining deeper insights or accessing a more detailed analysis, please don't hesitate to get in touch with us.

Survey was run January 9 – January 23, 2025.

Not all data will add up to 100% in graphs as we have rounded to the nearest % significance allowing for respondents to be able to select just one option.

FOR INSTITUTIONAL AND PROFESSIONAL CLIENTS ONLY.

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