SS&C study finds wider pricing gaps in less liquid fixed-income assets
SSNC•SS&C's 2026 fixed-income pricing study found wider differences from transaction prices in less liquid and structured asset classes. It assessed seven pricing providers across 34 instrument categories using about 400,000 institutional transactions in Q4 2025.
1. Study findings
SS&C's study analyzed about 400,000 institutional transactions in Q4 2025, covering more than 26,000 unique securities globally. Vendor prices tracked transaction prices more closely in liquid asset classes, including government bonds and investment-grade corporate bonds.
2. Pricing approach
The study assessed seven pricing providers across 34 instrument categories. Its findings support selecting pricing sources at the instrument level by considering vendor coverage and alignment with transaction prices together, rather than across portfolios in aggregate.
