Q4 2025 delivered a +22.83% increase in trade count compared to Q4 2024, with sequential growth of +1.5% versus Q3 2025. The U.S. accounted for $3.36 trillion in notional value, representing 78% of platform volume. Regional strength was evident in Canada’s fixed income markets and APAC’s equity momentum, driven by Japan’s 20% share of international activity. 

For the full year, total trades rose +34%, with equities up +36% and fixed income up +29%. This growth significantly outpaced broader market trends and reflects accelerating adoption of electronic trading venues such as NGT. As we enter 2026, the Fed’s cautious pace of easing may introduce renewed volatility as it intersects with political priorities. At the same time, sustained ETF growth (+50.8% Q4 year-over-year), continued expansion in corporate debt expansion (+13% annually) and strong broker-to-broker momentum (+18% in December) point to an evolving market structure that should continue to support platform volumes. NGT’s record-breaking year reinforces the role of securities lending as a core component of modern capital markets.