The January 2023 Aite-Novarica Group report highlights the rising importance of fixed income sell-side market execution connectivity as electronic trading expands. Sell-side firms increasingly adopt vendor solutions to handle diverse asset classes, trading workflows, and multiple protocols, preferring enhancements over full system replacements. Flexible deployment models, including on-premises and cloud-based SaaS, are critical to meet varied tech requirements. Global technology spending, $295 million in 2022, is projected to grow over 60% to $497 million by 2025. Key vendors include Axe Trading, Bloomberg, Broadway Technologies, Ion, LIST Group, and SoftSolutions, all showing strong R&D investment and profitability.

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