TS Imagine, the global, cross-asset provider of trading, portfolio, and risk management solutions for financial institutions, released its latest fixed income momentum indicators, highlighting growth in electronic trading volumes, protocol usage, and automation across its TradeSmart platform.
The data, captured from TradeSmart’s Fixed Income EMS, “reflects a clear acceleration in the buy-side’s adoption of electronic tools and workflows, particularly in response to growing pressure for scalability, price discovery, and reduced information leakage.”
In Q1 2025, overall fixed income trading volume “on TradeSmart rose 33% compared to Q1 2024.”
Government bonds led this surge with “a 71% year-over-year increase in volume.”
Meanwhile, trading volumes in emerging market bonds “increased by 57% over the same period.”
Protocol-specific metrics point to major shifts in market behaviour:
- Direct Dealer protocol volumes increased by 496% year-over-year, reflecting a growing preference for point-to-point electronic liquidity and improved pricing.
- RFQ Responding protocol usage grew fifteenfold, while total RFQ trading volumes rose by 44%.
- All-to-all (A2A) trading hit a new quarterly record in Q1 2025, rising 133% over Q1 2024.
- Overall trade count rose by 25% versus Q1 2024.
TS Imagine also saw continued growth “in automation usage across fixed income protocols, with a 51% increase in activity linked to automated execution tools.”
These capabilities allow TradeSmart users to “scale their trading strategies while minimising manual workflows and improving response times to market opportunities.”
Andrew Morgan, President and Chief Revenue Officer at TS Imagine commented:
“These figures highlight a clear acceleration in the electronification of fixed income trading. We’re seeing greater adoption of protocols like Click-to-Trade and all-to-all engagement, which signals a shift away from legacy workflows and toward more agile, data-driven execution. As markets become more complex and interconnected, scalable technology that supports automation and direct access to liquidity is no longer a nice-to-have — it’s essential.”
As noted in the update, TS Imagine delivers an SaaS platform “for integrated electronic front-office trading, portfolio management, and financial risk management tools to the buy-side and sell-side.”
Formed following the merger of TradingScreen and Imagine Software in 2021, TS Imagine innovates by drawing “on nearly thirty years of experience serving the world’s most sophisticated financial services firms through changing markets and a shifting regulatory landscape.”
The TS Imagine team is focused on “developing technology that empowers its clients to succeed every day, in every asset class.”
TS Imagine says it employs the best technology talent, “alongside former senior traders who understand first-hand their client’s pressure points and how to address them.”
This complementary expertise, unique to the industry, enables TS Imagine to dive deep in areas “such as data science, automation, and development.”
As a result, clients can “focus on what they do best: generating and protecting alpha within fast-evolving markets.”
By offering a range of purpose-built solutions developed from the ground-up, TS Imagine technology has “become an essential tool for the modern investor, working seamlessly across asset classes and geographies.”
With greater transparency, better efficiency, and infinite scalability, TS Imagine clients are empowered to “circumvent distractions and avoid unnecessary tasks so they can maintain their focus on driving returns.”