OTC Market Report 2026

As volatility persists, access to liquidity is becoming more conditional and visible prices do not always reflect executable reality. Based on insights from our third annual OTC market survey of more than 400 participants globally, the report explores how these shifts are shaping market interpretation.

When visible prices tell only part of the story

One of the clearest shifts in OTC markets is that liquidity has not disappeared, but confidence in visible pricing has changed. In more volatile conditions, what appears available on screen may not always provide a dependable guide to where markets can actually clear.
That changes the way liquidity needs to be read. The question is no longer only whether liquidity is present, but how, when and at what size it can be accessed when conditions become less straightforward.

What the full report uncovers

Conditional liquidity is one part of a broader market shift. The full report looks at how changing market conditions are affecting liquidity, execution and data use together, rather than as separate issues.
Within that broader picture, this section highlights three important themes:
  • Volatility remains elevated, reinforcing the idea that uncertainty is becoming a more persistent feature of market conditions
  • Liquidity is still there, but more conditional, making visible prices a less reliable guide in stressed environments
  • Displayed depth and executable reality can diverge, especially when markets are under pressure

Download the full report

Access exclusive insights into conditional liquidity and visible versus executable pricing, alongside how execution and data are adapting under stress.