Activity

What is All-to-All Trading?
Traditionally, bond markets, especially corporate bonds, have operated on a “dealer-to-client” (D2C) model. This means that buy-side firms (like asset managers, pension funds, and hedge funds) would typically trade with a limited number of chosen dealers or brokers. Dealers act as intermediaries, holding inventory and facilitating trades.
All-to-all trading, in contrast, allows any market participant to trade with any other market participant, regardless of whether they are a dealer or a buy-side firm. This means:
* Buy-side firms can trade directly with other buy-side firms.
* Buy-side firms can provide liquidity, not just consume it.
* Dealers can access a broader pool of liquidity.
Why the Growth in All-to-All Trading, Especially in Corporate Bonds?
The Coalition Greenwich report indicates that this growth is driven by several factors:
* Increased Buy-Side Demand for Liquidity: In a less liquid market like corporate bonds, buy-side firms are constantly seeking better ways to find counterparties and execute trades efficiently. All-to-all platforms expand the universe of potential trading partners, increasing the chances of finding a match and potentially improving execution quality.
* Volatility in Markets: The report notes that all-to-all trading volumes soared in April 2025, a period of increased market volatility. This aligns with past trends where such platforms saw increased usage during stressful periods (e.g., Silicon Valley Bank collapse in 2023, pandemic-induced volatility in 2020). During volatile times, traditional dealer capacity can be constrained, making all-to-all models more attractive for sourcing and providing liquidity.
* Efficiency and Automation: Buy-side firms are increasingly pushing for more automation and efficiency in their trading workflows. All-to-all platforms, being electronic, offer greater transparency, auditability, and the potential for automated execution strategies. The report also highlights strong buy-side demand for dealers to invest in areas like auto-quoting, data APIs, and transaction cost analysis (TCA).
* Desire for Diverse Liquidity Sources: Rather than relying solely on a handful of dealers, buy-side firms want access to a wider range of liquidity providers, including other asset managers and non-bank liquidity providers. This diversifies their execution options and reduces reliance on traditional dealer inventory.
* Market Evolution: Over the past decade, electronic trading has become increasingly prevalent in the corporate bond market. All-to-all models are a natural evolution of this trend, moving beyond simple dealer-to-client electronic requests for quotes (RFQs) to a more interconnected and open marketplace.
Key Findings from the Report:
* All-to-all trading constituted 11% of market volume in April 2025, up from 6% two years prior.
* The “biggest ask” from buy-side corporate bond traders is for further investment in all-to-all trading solutions.
* Platforms like MarketAxess, with its OpenTrading protocol, have seen significant growth in all-to-all volumes.
* Despite this growth, Coalition Greenwich points out that a substantial portion of the market (34% dealer-to-client voice/bilateral trading and 23% dealer-to-dealer via interdealer brokers) is still executed via voice, indicating a large opportunity for electronic and all-to-all platforms to capture more volume.
In essence, the report confirms a shift in how corporate bonds are traded, with buy-side firms actively seeking and embracing more open and efficient electronic trading protocols like all-to-all. This trend is likely to continue as market participants seek to optimize liquidity access and execution quality in an evolving fixed income landscape.

Video courtesy of Eurex

Video courtesy of Eurex