E-Trading / Global Rates Trading Benchmark

Global Rates Trading Benchmark

BCG Expand delivers the only dealer‑submitted Global Rates Trading Benchmark covering USD and EUR government bond markets (UST + EGB), providing full transparency into both 'voice' and 'electronic' execution across the world’s most systemically important rates markets.

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The Challenge

  • ✔Rates markets remain highly fragmented across voice and electronic channels, limiting internal visibility
  • ✔Execution method (voice vs electronic) is opaque, especially in long-dated rates and Real Money workflows
  • ✔Internal systems don’t provide a clear, objective view of where competitors favour voice, RFQ, or click-to-trade execution

How we can help

Voice & Electronic Execution Benchmarking

We collect monthly dealer-submitted data across voice & process, RFQ-in-Comp, RFQ-to-1, click-to-trade, and electronic streaming to provide a complete view of how rates flow is executed.

Trade-Type & Platform Analysis

We benchmark execution by trade type and platform (e.g. voice, Tradeweb, Bloomberg, BondVision), highlighting where peers rely on voice vs electronic across different tenors and client types.

Execution Mix Optimisation Insights

We deliver heatmaps and comparison tables that show where peers outperform in key execution channels, helping desks rebalance voice and electronic strategy to improve conversion and franchise P&L.

Client success stories

Electronic IRS participation increased in longer-dated tenors
Voice and electronic execution aligned to improve government bond trading
Electronic RFQ response times improved across rates products
Regional rates trading workflows optimised to strengthen electronic activity

Case Studies

A Tier-1 rates dealer

Execution workflow benchmarking was used to assess electronic execution across IRS and government bond products, revealing lower electronic participation in longer-dated swaps relative to comparable franchises. By standardising workflows and enhancing trader support for electronic execution, the dealer improved execution rates and consistency. Over subsequent quarters, electronic volumes increased in targeted rates segments.

A global rates dealer

Execution benchmarking highlighted differences between voice and electronic execution across rates products, with inefficiencies in workflow handoffs. Addressing these gaps improved execution speed and supported stronger client adoption of electronic channels.

The Challenge

  • ✔DV01 and trade count differences make it difficult to understand true risk-weighted market share.
  • ✔Peer comparisons across maturity buckets are typically unavailable.
  • ✔UST and EGB franchises often operate separately internally, with little combined competitive intelligence.

How we can help

Cross-Curve Data Normalisation

We normalise UST and EGB data across maturity buckets (30Y) and issuers to enable like-for-like comparison of risk and volume across USD and EUR curves.

DV01 & Risk-Capture Benchmarking

We benchmark ADV, DV01, trade count, and ticket size to highlight where peers are deploying more or less duration risk along the curve.

Curve & Tenor Opportunity Analysis

We deliver DV01 heatmaps and maturity-bucket analysis that reveal where competitors outperform, so teams can target specific tenors and currencies for growth.

Client success stories

EUR IRS participation strengthened through rebalanced liquidity provision
Long-dated GBP swap engagement improved via targeted tenor focus
Rates tenor strategy rebalanced across short- and long-dated products
Local-currency rates activity increased through enhanced pricing support

Case Studies

A European rates dealer

Benchmarking across currencies and tenors showed strong USD performance but weaker engagement in EUR and GBP long-dated maturities. The insights highlighted gaps in pricing and coverage. By reallocating resources and refining tenor-specific strategies, the dealer increased activity in underperforming segments, resulting in a more balanced and competitive rates franchise.

A global rates dealer

Currency and tenor split benchmarking identified declining participation in selected long-dated IRS products. Addressing these gaps through improved pricing consistency and greater trader focus led to increased electronic trading activity.

The Challenge

  • ✔ Rates franchises lack a unified, objective view of how they perform across Banks, Hedge Funds, Real Money, and Corporates
  • ✔Fragmented execution and client-level reporting makes it hard to see where peers gain or lose share across client segments
  • ✔Internal MIS often cannot isolate performance by client type, region, and tenor in a way that supports clear franchise decisions

How we can help

Client & Region Segmentation

We segment benchmark data by client type (Banks, Hedge Funds, Real Money, Corporates) and region to highlight where franchises are over- or under-penetrated.

Franchise Heatmaps & Rankings

We provide issuer, sector, and client-type heatmaps and ranking tables to show how each desk compares to peers across key client groups.

Strategic Franchise Insights

We synthesise benchmark outputs into clear recommendations on where to focus additional coverage, pricing, and risk to grow wallet share in priority client and regional segments.

Client success stories

Real money participation increased in electronic IRS trading through coverage adjustments
Client engagement in inflation-linked products strengthened via targeted focus
Rates client mix broadened through expanded pension fund outreach
Cross-border rates engagement strengthened through improved desk coordination

Case Studies

A Tier-1 rates dealer

Client and product benchmarking was used to assess engagement across institutional client segments in IRS and government bond trading, revealing strong hedge fund participation but weaker real money engagement. By refining coverage priorities and tailoring product strategies, the dealer broadened client participation. Over time, electronic trading activity increased across multiple client types.

A global rates dealer

Client and product insights were applied to evaluate the effectiveness of a rates distribution strategy, with benchmarking highlighting opportunities to expand electronic execution in specific products. Implementing targeted strategies improved client engagement and strengthened the overall rates franchise.

"The voice vs electronic split in long-end rates is incredibly revealing."

Global Head of Rates Trading

"The multi-curve UST/EGB view reshaped our understanding of competitive dynamics."

Head of Macro Sales

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