Tradeweb posts record volumes and completes the first fully electronic on-chain CD auction, underscoring blockchain-enabled workflows transforming fixed-income markets.

TS Imagine, a leading platform for integrated electronic front-office multi-asset trading, portfolio management, prime brokerage, and financial risk management, today announced that OpenYield, an SEC-registered ATS bringing equity-like efficiency to fixed income, is now connected to its TradeSmart platform As electronification accelerates across fixed income markets, access to transparent, price-driven liquidity is becoming increasingly critical. Nowhere is this more acute than in municipal bonds, a market of over a million securities where less than 1% trade on any given day. The integration gives TS Imagine clients direct access to OpenYield’s all-to-all fixed income alternative trading system, allowing trading desks to access firm, automated liquidity across municipal, corporate, and government bonds. TradeSmart is a multi-asset execution management system that helps trading desks electronically manage, route and execute orders. With OpenYield, clients can route fixed income orders to a venue purpose-built for programmatic execution, supporting the systematic flows, rebalancing and portfolio execution that now make up the majority of fixed income volume. Reflecting OpenYield’s independently validated execution quality, the company engaged BondWave to provide Transaction Quality Analysis, benchmarking its Q3 2025 execution data against the broader market. The analysis found an average price improvement of 44 basis points in municipal bonds, 17 basis points in corporate bonds and one basis point in government bonds. The partnership comes as fixed income trading desks continue to address fragmented liquidity, manual workflows and rising expectations around best execution. These challenges are especially pronounced in the municipal bond market, where more than one million CUSIPs and limited pre-trade transparency can make efficient execution difficult, especially for smaller sized trades. The integration also supports best execution obligations under Reg BI, with live, automated, third-party benchmarked quotes providing a transparent and defensible audit trail for every routed order. “Fixed income trading is becoming more automated, data-driven and workflow-intensive, but desks still face fragmented liquidity and inefficient execution processes,” said Alexis Sainte Marie, Head of Fixed Income Product at TS Imagine. “Connecting OpenYield to TradeSmart gives our clients access to a robust source of executable liquidity, while advancing our broader goal of helping fixed income teams improve efficiency and control across the execution lifecycle”. Jonathan Birnbaum, CEO of OpenYield, added: “OpenYield was built to make fixed income trading more programmatic and efficient, and our automated pricing is designed to be embedded in modern execution workflows. By connecting to TradeSmart, we’re bringing that liquidity directly into the systems institutional trading teams rely on each day”.

TS Imagine, a global multi-asset SaaS platform offering portfolio and risk management, electronic trading, and prime brokerage solutions for the buy- and sell side, today released new year-over-year data from its TradeSmart fixed income execution management system (EMS) showing that fixed income electronification continues to accelerate and trading behavior continues to evolve. The data highlights sustained growth in the buy-side’s adoption of fixed income electronic trading tools and workflows, driven by increasing demand for scalability, enhanced price discovery, and reduced information leakage. Fixed income trading on TradeSmart grew 44% year over year in 2025, led by strong government bond activity, where volumes increased 76%, reflecting sustained momentum in electronic execution across highly liquid fixed income markets. Protocol-level metrics reveal significant shifts in fixed income trading behavior: * Portfolio trading volumes surged 607% over the year, marking a sharp acceleration in the use of scalable execution strategies for complex risk transfer. * RFQ responding volumes increased by 109%, highlighting deeper engagement across both sides of the RFQ workflow. * Click-to-Trade protocol usage increased by 81%, indicating growing confidence in fast, executable pricing. * Direct Dealer trading volumes rose 66% year over year, reflecting sustained demand for point-to-point electronic liquidity and improved pricing outcomes. Overall, the number of trades increased by 24% compared to 2024, reflecting broader platform adoption and more consistent electronic engagement across protocols. Andrew Morgan, President and Chief Revenue Officer for TS Imagine, said: “This data highlights how the electronification of fixed income markets is accelerating across geographies and sub-asset classes. The sharp increase in portfolio trading volumes in particular shows how trading is becoming more balance-sheet-aware and increasingly reliant on scalable execution strategies. As liquidity becomes more complex to access, execution management systems must provide traders with a unified view across execution, analytics, and risk.” TradeSmart TradeSmart is a multi-asset execution management platform that enables global financial institutions to trade with their counterparties through a single, integrated workflow. The platform provides access to TS Imagine’s global network of liquidity providers, brokers, and venues, alongside advanced execution tools, real-time market data, and analytics spanning more than 25 million financial instruments. About TS Imagine ​TS Imagine is a global multi-asset SaaS platform offering portfolio and risk management, electronic trading, and prime brokerage solutions for the buy- and sell side. Our global team of technologists continuously develops software and deploys new technologies that empower financial institutions to outperform markets and manage risk in real time. Different to traditional vendors, our solutions are developed in partnership with clients by experienced professionals from the buy and sell-side, who understand first-hand the challenges faced by sophisticated financial services firms. Many of the world’s leading financial institutions therefore use TS Imagine’s platform to manage their risk exposure and make better trading decisions across derivatives, equities and fixed income, cutting complexity and driving efficiencies. 

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