OTC Market Report 2026
When markets become harder to read under stress, execution behaviour shifts and the limits of visible liquidity become more apparent. Drawing on insights from our third annual OTC market survey of more than 400 participants globally, the report examines execution under stress and its wider market implications.
When execution quality matters more than visible price
In more volatile conditions, price alone may be a less reliable guide to where markets can actually clear. That changes the emphasis of execution. What matters is not only what is shown on screen, but whether that price holds when size, timing and market sensitivity come into play.
In those conditions, market participants may place greater value on methods that allow them to test liquidity more directly, manage information risk and execute with greater discretion. That does not imply a permanent move away from screens. It reflects a change in how execution risk is managed when conditions become less straightforward.
What the full report uncovers
Execution is only one part of a broader shift. The full report examines how changing market conditions are affecting liquidity, execution and data use together, connecting stress-driven execution behaviour with wider changes in market interpretation.
Within that broader picture, this section highlights three important themes:
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Off-screen activity becomes more prominent during stress, as participants place greater value on validation and discretion
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Execution behaviour changes when visible pricing becomes less reliable, particularly where liquidity is harder to judge through screens alone
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Funding and execution can become more closely connected, especially when balance sheet and liquidity conditions tighten
Download the full report
Access exclusive insights into execution behaviour under stress, alongside changes in liquidity conditions and the growing role of data and benchmarks.