Intercontinental Exchange has reported unprecedented trading volumes on its ICE Bonds platform for the first half of 2025, driven by robust growth in corporate and municipal bond markets. This milestone, coupled with the introduction of innovative trading protocols, underscores ICE’s leadership in fixed-income trading technology.
ICE Bonds hits record $120B in corporate bond trading in H1 2025.
Municipal bond trading reaches $109B, up 35% from H1 2024.
First spread-based click-to-trade corporate bond order executed.
New RFQ protocol launched for Mortgage-Backed Securities (MBS).
Platform supports diverse trading protocols for enhanced liquidity.
ICE Bonds drives efficiency in fixed-income market workflows.
ICE Bonds recorded a notional volume of $120 billion for corporate bonds in the first half of 2025, a 20% increase from the same period in 2024. Municipal bond trading also reached a record $109 billion, up 35% year-over-year. “We’re pleased to see the strong activity in the first half of the year, which marks the fourth consecutive year of volume increases in our corporate and municipal bond markets,” said Peter Borstelmann, President of ICE Bonds. “This growth is in line with the progress we’ve made over the last few years expanding the functionality on our platforms and building out our institutional and wealth management network of customers.”
ICE Bonds achieved a significant milestone by executing its first spread-based click-to-trade corporate bond order. This hybrid protocol combines spread-based pricing, favored by institutional investors, with the user-friendly click-to-trade execution popular among retail investors and wealth managers. The innovation offers risk management benefits tied to Treasury yields while simplifying access to smaller-sized trades, which are increasingly prevalent in the fixed-income market.
The platform’s growth is supported by its deep liquidity pools and multiple trading protocols, including click-to-trade, sweeps, auctions, and request for quote (RFQ). ICE Bonds recently introduced a new RFQ protocol for Mortgage-Backed Securities (MBS), complementing its existing MBS Click-to-Trade marketplace. This allows clients to send MBS RFQs within ICE TMC’s anonymous trading pool, enhancing flexibility and efficiency.
ICE’s evaluated pricing and analytics underpin its trading protocols, delivering transparency across pre-trade, trade, and post-trade workflows. The platform supports both anonymous and disclosed counterparty interactions, accommodating trading from odd-lots to blocks for asset classes like Corporates, Municipals, Agencies, Treasuries, and Certificates of Deposit. This focus on execution efficiency strengthens ICE Bonds’ position as a leader in fixed-income trading solutions.
The record-breaking performance and innovative advancements in H1 2025 highlight ICE Bonds’ role in transforming fixed-income markets, offering scalable, efficient solutions for institutional and retail investors alike.
Trading and execution services are offered through ICE Bonds Securities Corporation or ICE Bonds, member FINRA, MSRB and SIPC. The information found herein, has been prepared solely for informational purposes and should not be considered investment advice, is neither an offer to sell nor a solicitation of an offer to buy any financial product(s), is intended for institutional customers only and is not intended for retail customer use.
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