Average daily notional volumes (ADNV) were up 10% year-on-year (YoY) to US$65 billion in March, beating a record seat in February. Average daily trade sizes rose 5% YoY to US$474 thousand.
On a month-on-month (MoM) basis, ADNV was up 4.8% and average trade sizes increased 1.7%.
According to Coalition Greenwich data from 2017 to present, March regularly sees the most significant volume growth during the year – in part due to coincidence, with market-moving events happening to take place during the month, and in part as a result of strong Q1 issuance. The firm expects volumes to decline for the rest of the year, but highlights that geopolitical and economic uncertainty may disrupt this pattern.
Electronic trading in investment grade credit was down one percentage point YoY and one percentage point MoM to 49%. In high yield, e-trading took 33% of volumes – up one percentage point YoY and up four percentage points MoM.
Portfolio trades made up 11.2% of the market, down one percentage point YoY and down 1.2 percentage points MoM.
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