TS Imagine, the leading global, cross-asset provider of trading, portfolio, and risk management solutions for financial institutions, today released its latest fixed income momentum indicators, highlighting significant 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.”

TS Imagine, the leading global, cross-asset provider of trading, portfolio, and risk management solutions for financial institutions, is delighted to announce Y-Intercept has chosen RiskSmart +, a single integrated solution for comprehensive risk and portfolio management, to support the firm’s rapid growth.Y-Intercept, a Hong Kong-based quantitative investment firm specializing in systematic trading, started using RiskSmart + in January 2022 – the new agreement is set to extend the firm’s partnership for another three years. RiskSmart + is developed for larger businesses to scale their risk operations and increase efficiency, the partnership will therefore enable Y-Intercept to process increasing volumes and service new markets through a single risk platform.RiskSmart + will enable Y-Intercept’s portfolio and risk managers to access real-time analytics and cutting-edge risk models and automate key workflows across asset classes as the business scales. The solution will also enable Y-Intercept to manage positions, cash and P&L while extracting trade and adjustment activity for reconciliations with brokers.Simarjit (Sim) Johal, Head of Asia Pacific at TS Imagine, commented: “We’re proud to expand our relationship with Y-Intercept as they expand their footprint in multi-asset trading. With RiskSmart +, Y-Intercept will scale and streamline operations – automating complex workflows while enabling the firm to manage increasing transaction volumes. The growth of our relationship with Y-Intercept demonstrates our ability to support clients at every stage of their evolution, using best-in-breed trading technology to navigate fast-paced risks in real-time – allowing their businesses to scale safely as exposures grow in volume and complexity. We are excited to continue to support the business as it goes from strength to strength.”“Our partnership with TS Imagine has been instrumental in optimizing our portfolio management workflows,” said Kevin Chang, Chief Operating Officer at Y-Intercept