Looking Ahead to 2026 and the Next Phase of TT’s Evolution
In 2026, our strategy is clear: to continue to build out the TT platform as the operating system of capital markets. As well as a slate of product launches and enhancements, the big news for us in 2025 was the investment we received from Thoma Bravo alongside 7RIDGE, our existing owners. With the backing of Thoma Bravo and 7RIDGE, we now have the ability to accelerate investment while staying focused on our core disciplines of service excellence, stability, performance and innovation.
This year, we will continue to expand across asset classes, connect to new liquidity providers and venues, automate workflows, deepen our analytics offering, and strengthen the core infrastructure our customers rely on every day. In short, the strategy remains the same, but the scale and pace of delivery have increased.
Further Expansion Across Asset Classes
A major focus for 2026 is to continue to broaden the asset classes available on the TT platform. We made great strides in 2025 in this respect, including the launch of spot FX, NDFs, forwards and swaps. In Q1, we’ll continue expanding that offering, giving customers more flexibility across OTC FX products.
In fixed income, we’re extending deeper into credit. That includes government bonds, money markets, connecting to additional venues, and growing liquidity streaming from the sell side.
Overall, we have strong interest from across the sell side to use our platform to distribute block and OTC liquidity through TT. We built the platform to be open and API-based so we can treat that liquidity as we would any trading venue, making distribution simpler for the sell side and access easier for customers. In addition to FX and fixed income, we are seeing a lot of demand from the sell side to work with us on distribution for commodities and metals.
Building Out More Markets
Market and liquidity connectivity continues to be a priority for us this year as well. We are doubling down on the European power markets, with the addition of smart order routing, algorithms and deeper functionality for participants in that segment.
We’re also launching domestic access across India, which will cover NSE, BSE and MCX. India is a key strategic focus for us—it fits squarely with our broader goal to give customers access to more markets through a single platform.
At a high level, this is about reducing fragmentation for our customers. As they trade more asset classes and more regions, they want fewer systems, not more—and the ability to consolidate with TT is a key benefit for them.
Analytics, Risk, Surveillance and Margin Insights
In December, we announced the acquisition of OpenGamma. This deal brings margin analytics directly onto the TT platform, and we will integrate those insights within the execution and order management systems (E/OMSs) and clearing solutions so that users can act on them directly.
Over time, we’ll extend this further into other areas of the trade life cycle and beyond. Our customers face numerous headwinds—the cost of capital is rising, regulatory scrutiny is ever-increasing, and the pace of technology innovation is accelerating. Firms across the market need better tools to manage these challenges. Our goal is to give them the analytics that help them do just that.
We’re also continuing to invest in transaction cost analysis (TCA), benchmarking and sentiment analysis as well as our award-winning trade surveillance solution. Again in these areas, we are expanding coverage across asset classes and modernizing how those tools are delivered within the TT platform.
Stability, Resiliency and Cloud Modernization
None of this innovation and expansion matters without a platform that customers can trust. We have invested heavily in stability and resiliency. And that work continues—stability and resilience will always be at the forefront of how we build.
We’re working closely with our infrastructure and cloud providers on the core efficiency and scalability of our technology stack. This involves looking at which components need to remain co-located for latency, or other reasons, and those which can move into the cloud to improve reliability and scalability.
Our investment in the cloud isn’t about chasing trends. After all, we were the first trading solution provider to move to the cloud many years ago. Instead, it is focused on putting each component in the right place to deliver an increasingly resilient and performant service.
AI as the Next Step in Automation
We take a similar approach with artificial intelligence (AI). At TT, we see AI as the next evolution of automation, not as driving a wholesale reinvention of workflows.
On the engineering side, we’re already seeing productivity gains using tools like GitHub Copilot, Claude and Amazon Bedrock. Our aim is to push those gains further and to look at how we can build, deliver and maintain software even more efficiently.
On the product side, we are focused on using AI to automate tasks that are manual today. Surveillance is a good example: AI can handle first-level review and exception surfacing, which frees up experienced teams to focus more on judgment and oversight.
In trading, AI is changing what is possible. Where algorithms today might rely on hundreds of factors, future models will be able to incorporate tens of thousands, in real time. This will inevitably extend to a whole host of other trading functions, from smart order routing to execution analysis.
We are being cautious and deliberate in how we build AI tools. We’ve all seen technology hype cycles before. The question we keep coming back to is: what real customer problem does this solve and how do we ensure proper data governance and security?
Service, Partnerships and Capital Allocation
With Thoma Bravo and 7RIDGE as co-investors, we have the capital to act when the right opportunities arise. But this does not involve a change to our strategy.
The OpenGamma acquisition is a good example of this. We had admired and followed that business for a long time. Our new ownership structure simply allowed us to move quickly and decisively.
This year, we are looking for acquisitions that strengthen what we do and fit with our strategy. But at the same time, we will use that additional capital to continue to invest heavily in organic development and R&D.
Ultimately, when it comes to M&A, we remain active but highly selective. Areas of interest for investment today include equities and equity options, data and analytics as well as workflow enhancements across the trade life cycle. Our emphasis is not on buying for scale but on adding capabilities that make the platform more valuable for our customers.
Overall, our focus for 2026 is clear: to continue to build out a platform customers can rely on, expand across asset classes and regions, drive automation through innovation and use technology to remove friction and duplication. At TT, we are excited about the year ahead and look forward to working with our customers to drive value for them and deliver on our goals.