The February 2023 Aite-Novarica Group report analyzes the rapid evolution of fixed income execution management systems (EMS), now essential due to fragmented liquidity, rising e-trading adoption, and cross-asset integration. While sharing core functions with equities EMS, fixed income EMS faces unique challenges like opaque pricing and dealer-centric models, creating opportunities for specialized solutions. Vendors range from expanded equities/FX providers to niche fixed income-focused firms, with growth expected despite regulatory uncertainty, resistance to operational change, and dealer reluctance to connect directly. Adoption surged in 2021–2022, particularly among buy-side firms.

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