The e-Trading Edit:
Insights from
the inside

Traders across asset classes and regions share their views in our annual e-Trading survey, covering upcoming trends and hotly debated topics. How will your predictions compare? 1

2024 Survey Results

7 years
7 years
7 years

Global Markets

Twenty seven percent of traders predict that inflation will have the biggest impact on markets in 2024, closely followed by 20% believing the U.S. election will have the largest impact and then recession risk, which decreased to 18% from 30% in 2023.

QUESTION ASKED:

Which potential developments will have the greatest impact on the markets in 2024?

This chart reflects that traders predict inflation (27%) will have the largest impact on markets in 2024. This result is followed by the U.S. election (20%), recession risk (18%), market and economy dislocation (14%), war In parts of Europe and the Middle East (14%), U.S./China relations (6%), ESG/climate risk factors (1%) and the global pandemic (0%). For 2023: recession risk (30%) had the largest impact, followed by inflation (26%), geopolitical conflict (19%), market and economy dislocation (13%) and the global pandemic (0%).

Twenty eight percent of traders predicted volatile markets will be their greatest daily trading challenge, closely followed by liquidity availability and then workflow efficiency.

The significance of liquidity availability is creeping back up to regain its number one spot and has increased in ranked importance from 22% to 24% in 2024.

QUESTION ASKED:

What will be your greatest daily trading challenge in 2024?

This chart reflects that in 2024 traders predict volatile markets (28%) will be the greatest daily trading challenge. This result is followed by liquidity availability (24%), workflow efficiency (13%), other (9%), availability and cost of data (7%), best execution requirements (7%), regulatory changes (7%), information leakage (4%), price transparency (0%). In 2023, volatile markets was predicted to be the top daily trading challenge (46%), followed by Liquidity Availability (22%), workflow efficiency (9%), availability and cost of data (6%), best execution requirements (5%), regulatory changes (4%), price transparency (4%), information leakage (2%), data security (1%) and other (1%).

“We continue to see strong momentum towards electronic trading, as seen by 100% of survey respondents predicting an increase in electronic trading over the coming years. We’re seeing a lot of new entrants in the fixed income market which is really pushing the electronic agenda for the whole industry. It’s an exciting time for the electronic and automation space right now, as we look to offer clients added choice of execution options.”
Scott Wacker
Scott Wacker
Global Head of FICC e-Sales

Technology

QUESTION ASKED:

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

Sixty one percent of traders predict artificial intelligence/machine learning as the most influential in shaping the future of trading over the next three years. This is an 8% increase in ranked importance since last year.

Blockchain/distributed ledger technology decreased in ranked importance from 12% to 7% in 2024. Those who trade G10 rates, EM rates and credit/spread predicted API integration as an influential technology more than other asset classes. Commodities traders predicted quantum computing will become more influential than other asset classes.

This graph shows the most influential technologies for shaping future trading over the next three years.

This graph shows the most influential technologies for shaping future trading over the next three years. In 2024, artificial intelligence/machine learning is predicted to be most influential (61%), followed by API integration (13%), blockchain/distributed ledger technology (7%), quantum computing (7%), mobile trading applications (6%), natural language processing (6%), other (0%). In 2023, mobile trading applications were predicted to be the most influential (29%), followed by AI/machine learning (25%), blockchain/distributed ledger technology (25%), API integration (1915), natural language processing (3%) and quantum computing (non-applicable).

"Electronic trading by nature has to be driven by platform. Clients will have to elect what platform they want to use to transact across the different products. Typically, clients look for platforms that offer everything as it takes a lot of desktop real estate to have multiple platforms to deal in. We are particularly attentive to the innovative platforms that are driving that customer experience and we try to focus on the breadth of services that we can provide."
Chi Nzelu
Chi Nzelu
Global Head of Electronic Trading for Fixed Income Currencies and Commodities

Market Structure

Respondents cumulatively ranked access to liquidity, regulatory change and market data access and costs as their top market structure concerns in 2024. When the data was segmented by "product traded," those who trade equity derivatives or commodities have listed regulatory change as their biggest market structure concern at 30% and 25% respectively.

QUESTION ASKED:

What are your top three market structure concerns?

Potential Developments
Potential Developments
Potential Developments

This graph shows that respondents cumulatively ranked access to liquidity (31%), regulatory change (20%) and market data access and costs (15%) will be their top market structure concerns in 2024. In 2023, respondents cumulatively ranked access to liquidity (33%), regulatory change (14%) and market fragmentation (12%) as their top market structure concerns.

"Execution dynamics are shaped by so many variables – aside from macro factors and monetary policy, what’s driving the access to liquidity, the trading techniques and technology used, the costs associated with various execution channels and how regulatory requirements could impact all of these. Market structure change is hugely formative and our clients are keenly focused on this. That’s why we have a global team dedicated to assess, interpret and engage on these fundamental shifts."
Kate Finlayson
Kate Finlayson
Global Head of FICC Market Structure & Liquidity Strategy

Electronic Trading

QUESTION ASKED:

What percentage of your trading will be through e‑Trading channels?

Across all asset classes, all responding traders expect that their electronic trading activity will increase this year. Since 2022, Commodities traders have consistently predicted an increase YOY.

This graph displays what percent of trading volume will be through e-Trading channels. This graph displays what percent of trading volume will be through e-Trading channels.

This graph displays what percent of trading volume will be through e-Trading channels. In 2023, the graph shows: crypto/digital coins (58%), commodities (62%), credit spread (61%), FX (66%), cash equities (65%), EM rates (64%), equity derivatives (66%), FX and precious metal options (66%), G10 rates (66%), futures and options (65%). In 2024, the graph shows: crypto/digital coins (11%), commodities (9%), credit spread (9%), FX (8%), cash equities (8%), EM rates (8%), equity derivatives (7%), FX and precious metal options (7%), G10 rates (7%), futures and options (7%). In 2024, the graph shows: crypto/digital Coins (69%), commodities (68%), credit spread (51%), FX (65%), cash equities (61%), EM rates (61%), equity derivatives (61%), FX and precious metal options (66%), G10 rates (61%), futures and options (63%). In 2025, the graph shows: crypto/digital coins (83%), commodities (77%), credit spread (60%), FX (73%), cash equities (69%), EM rates (71%), equity derivatives (69%), FX and precious metal options (75%), G10 rates (70%), futures and options (71%). The percentage increases from 2024 to 2025 are crypto/digital coins (14%), commodities (9%), credit spread (9%), FX (8%), cash equities (8%), EM rates (10%), equity derivatives (8%), FX and precious metal options (9%), G10 rates (9%), futures and options (8%).

QUESTION ASKED:

Which benefit of direct connectivity do you feel is the most valuable?

The chart shows what traders predict are their most valuable features of direct connectivity. The chart shows what traders predict are their most valuable features of direct connectivity.

The chart shows 34% of traders predict access to liquidity/inventory is most valuable followed by reduced execution/brokerage costs (23%), access to cutting-edge execution technology (16%), tailored pricing (9%), data ownership (8%), reduction of information leakages (7%) and other (1%).

QUESTION ASKED:

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

The chart shows what traders predict are their most valuable features of trading platforms used. The chart shows what traders predict are their most valuable features of trading platforms used.

The chart shows 19% of traders surveyed think that user-friendliness of the platform is most valuable, followed by availability of data (18%), analytics (15%), market analysis (12%), market color (12%), trade ideas (10%), market trends (8%), personalized/tailored experience (7%) and other (0%).

Twenty percent of traders predicted corporate bonds to have the most advances in electronic trading this year, followed by exchange traded funds and government bonds.

QUESTION ASKED:

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