Citco Middle Office Solutions Report - Q2 2025

Trade operations demand showed no sign of abating in the second quarter of 2025, with the number of trades up sharply year-on-year.

31 July 2025 - Against a backdrop of volatility sparked by concerns about the “Liberation Day” tariff announcement, the latest data from the Citco group of companies’ (Citco) Middle Office Solutions team saw the number of trade matching trades rise 74% year-on-year.

Looking across the suite of Middle Office services, growth was also seen in treasury volumes, which rose again quarter-on-quarter and which were 17% higher year-on-year. Meanwhile, collateral trades were in-line with the previous quarter, as elevated activity in April dissipated in May and June.

These are some of the findings from Citco's Middle Office Solutions Report Q2 2025, which explores trends across outsourced middle office amongst our clients.