Making Fixed Income More Transparent: A Look Back at 2025 | SOLVE
Editor’s Note: Making Fixed Income More Transparent: 2026 Outlook and A Look Back at 2025.
By Eugene Grinberg, SOLVE CEO
We closed out 2025 reflecting on the progress made this year. It’s also clear that the forces reshaping fixed income are only accelerating, and in that spirit, The TRADE recently included my 2026 outlook as part of its Predictions Series, alongside industry leaders focused on data, market structure, and trading innovation.
In the piece, I shared why 2026 represents an inflection point for fixed income. As transparency increases and trade volumes surge, real-time data and automation are becoming foundational to how markets operate. Longstanding information asymmetries are fading, and firms that continue to rely on manual processes and fragmented data will struggle to keep pace.
By the end of 2026, the performance gap between firms that fully embed data and automation into their workflows and those that do not will be unmistakable. The firms that treat data as a core input to every decision — not a side benefit — will be best positioned to compete.
December 2025
As 2025 comes to a close, it’s worth pausing, because this has been a BIG year for SOLVE.
Milestones reached. Products delivered. Partnerships expanded.
None of this happens without an incredible team. I’m deeply grateful to the people, both new and long-standing, whose expertise, commitment, and execution power everything we do. Together, we’ve stayed focused on one goal: giving fixed income professionals the clarity, speed, and confidence they need to operate in markets that don’t slow down.
Major News: Bringing MBS Source Into SOLVE
One of the most important moments of 2025 was welcoming MBS Source into the SOLVE family, a HUGE step forward for our structured products strategy.
By combining SOLVE’s AI-driven pre-trade data and predictive analytics with MBS Source’s deep expertise in agency mortgages, ABS new issuance, and structured-products trading, we’re building something fundamentally stronger than either platform on its own.
The result is real, differentiated capability: from worst-to-deliver TBA analysis and derived TRACE to enhanced new-issue coverage, all designed to help traders and portfolio managers act with confidence when it matters most. And importantly, there’s no disruption to our clients today. Both teams continue to operate as usual as we bring these capabilities together into a single, more powerful platform.
Turning Partnerships Into Real Workflow Impact
In 2025, we partnered with Investortools to do something very specific: put AI-driven municipal bond pricing directly into the workflows traders already use.
With SOLVE Px™ for Municipal Bonds embedded in Investortools’ Dealer Network and portfolio management system, clients now have predictive pricing inside their existing environment, streamlining analysis, improving decision-making, and enabling automation across desks. And the results speak for themselves, with median pricing errors as low as 2.7 basis points in the institutional muni market.
We also had the opportunity to partner with Northern Trust for a joint webinar that brought these capabilities to life. Real use cases. Real workflows. Real impact. It was a powerful example of how predictive pricing and automation are modernizing municipal trading in a market that has historically been fragmented and opaque.
In parallel, SOLVE expanded its reach through a new partnership with Charles River Development, bringing SOLVE’s market data and predictive pricing directly into Charles River IMS. By embedding SOLVE’s datasets into the trading and portfolio management workflow, joint clients gain real-time visibility into pricing, identifying opportunities faster, and act with greater confidence.
Product Innovation That Moves Markets
Product innovation didn’t slow down in 2025, it accelerated.
The launch of SOLVE Px™ for Corporate Bonds extends predictive pricing to more than 250,000 high-yield and investment-grade corporate bonds, combining real-time trade-level data with advanced machine-learning models to deliver more accurate, execution-ready pricing.
Layered on top are tools like Relative Value Analysis and the Confidence Score, turning raw predictions into context and clarity. Together, they help traders and portfolio managers navigate volatility, size trades more effectively, and execute with greater confidence across market conditions.
Sharing the Conversation on AI in Fixed Income
Throughout the year, I was honored to share SOLVE’s perspective on AI in fixed income through conversations with Bloomberg Intelligence’s FICC Focus podcast and The TRADE.
The message across these discussions was consistent: predictive pricing and real-time data aggregation are no longer “nice to have.” They’re reshaping workflows on both the buy side and sell side, giving firms the confidence to lead rather than react in fast-moving markets.
Looking Ahead to 2026: Data, Automation, and Leadership
As we head into 2026, one thing is clear: the reliance on real-time data and automation is only accelerating.
At the center of SOLVE’s platform is SOLVE Quotes™, ingesting more than 30 million raw, unstructured quotes every single day across every major fixed income asset class. Turning that noise into structured, actionable insight is how we bring transparency to markets that have historically been anything but.
Transparency is increasing. Margins are compressing. Volumes are surging. In this environment, predictive pricing and workflow automation aren’t optional, they’re essential.
On the buy side, portfolio optimization will increasingly depend on higher-frequency, data-driven decision-making. On the sell side, desks will blend automated, low-touch execution with human oversight for more complex or illiquid trades. Firms that treat data and technology as strategic advantages won’t just keep pace, they’ll lead.
Closing Thoughts
2025 was a year of growth, innovation, and collaboration, and I’m incredibly proud of what the SOLVE team accomplished alongside our partners and clients.
Here’s to building on this momentum in 2026, continuing to push boundaries, and redefining what’s possible in fixed income.
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About SOLVE
SOLVE is the leading market data platform provider for fixed-income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in Connecticut, with offices across the globe, SOLVE is the definitive source for market pricing in fixed-income markets.
