Electronic trading in investment grade (IG) US credit was up both year-on-year (YoY) and month-on-month (MoM) in June, according to research from Coalition Greenwich, rising three percentage points by both metrics to represent 52% of the market.
High yield (HY) saw the inverse, down three percentage points YoY and one percentage point MoM to take 31% of the market.
Coalition Greenwich notes that HY e-trading peaked in Q4 2022, taking 34% of notional volume following poor performance in the equity market.
“Since then, HY has hovered between 31-33% with no sign of progress,” observed report authors Kevin McPartland, market structure and technology head of research, and associate vice president Neha Jain.
The average trade size in US credit fell 4% MoM to US$396k – still a 12% rise on June 2024’s figure. Similarly, average daily notional volumes dipped by 9% MoM from May’s US$53 billion highs to US$48 billion, but rose 14% YoY.
©Markets Media Europe 2025
