Strong Revenue Growth:
Record annual revenue was achieved in 2025 with momentum carrying into early 2026 as multiple trading categories and regions set new activity highs. Growth outside U.S. credit and strong ADVs in portfolio and block trading supported the top line.
Product Line Growth:
Portfolio trading, block trading, and dealer‑initiated protocols posted record activity levels, indicating expanding adoption across key workflows. New tools like Mid‑X and X‑Pro are being used to capture additional trading use cases.
Market Expansion:
Commission revenue reached records in emerging markets, eurobonds, and U.S. government bonds, showing broader geographic and product penetration. Early 2026 updates highlight continued strength in emerging markets and other non‑U.S. credit categories.
