Liquidity in fixed income markets is becoming more distributed. Dealer balance sheet remains selective, non-bank liquidity providers are expanding, and ETF and systematic flows are increasingly influencing pricing dynamics across credit and rates. At the same time, heightened geopolitical tensions are contributing to sharper macro-driven moves in government bond markets and more episodic liquidity conditions. As participation evolves, execution outcomes depend on understanding who is providing liquidity, under what constraints, and how risk is being transferred across the market.

This session will examine how shifting participation is altering price formation and what practical adjustments trading desks can make to counterparty strategy, execution design and liquidity planning to remain resilient across changing and more volatile market conditions.