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Executive SummaryMarket impact is measurable and manageable. It is driven by liquidity, size, and execution choice.Median post-trade impact is 13% of the bid-ask spread in US HG and 11% in EUR IG.Liquidity matters most: low-liquidity US HG bonds show nearly twice the median impact of high-liquidi...

AI is reshaping how trading decisions are made across the fragmented fixed income markets, being integrated into pricing, liquidity discovery and execution workflows. Julien Alexandre, Global Head of Research at MarketAxess, outlines the key developments and explores where AI in fixed income might go next.