The US Treasury market hit record average daily notional volumes (ADNV) in March, reaching US$1.435 billion. This marked a 32% year-on-year (YoY) increase and a 20% rise month-on-month (MoM).
The growth was the result of increased volatility, Coalition Greenwich suggested, with CME Group’s Treasury Volatility index (TVL) up 7% YoY and 55% MoM. Two of the five highest volume trading days of all time for US Treasuries took place in 2026 (30 January, US$1.92 trillion and 8 April, US$1.92 trillion).
Dealer-to-dealer (D2D) trading saw the greatest volume bump, with D2D and ATS-tagged trades making up 55% of total volumes in March and recording a 58.8% peak on 19 and 24 March. According to Coalition Greenwich,
Despite the massive volume growth, electronic trading levels have fallen by a percentage point overall (54%) and remained static MoM. In dealer-to-client trading, they have remained static YoY and dropped by three percentage points MoM to 58%.
In light of rising volumes, however, notional volume traded electronically last month reached a new high.
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