E-Trading / Global Rates Trading Benchmark Marketing

Global Rates Trading Benchmark Marketing

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.

Our Global Rates Trading Benchmark Marketing Solutions

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

Banks rebalanced senior voice traders toward long-end EGB after identifying peer outperformance in >10Y maturities.
A UST dealer shifted RFQ strategy on 2–5Y after benchmarking showed weaker RFQ-in-Comp conversion vs peers.
Trading teams used multi-curve DV01 insights to refine execution choices on peak volatility days.

Case Studies

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

A European dealer identified Real Money outperformance in 5–10Y UST DV01 and expanded coverage accordingly.
Trading teams used multi-curve DV01 insights to refine risk deployment on peak volatility days.
Banks rebalanced long-end risk after discovering under-penetration in 10–30Y segments vs peers.

Case Studies

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

Banks rebalanced senior voice traders toward long-end EGB after identifying peer outperformance in key client segments.
A European dealer used platform and client-mix insights to increase Real Money participation in target maturity buckets.
Currency-split and client-segment benchmarking highlighted underperformance in specific UST/EGB segments, supporting targeted coverage changes.

Case Studies

Insights

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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