Average daily notional volumes (ADNV) dropped in US credit during April, while trade sizes crept up.
Total ADNV was down 5% year-on-year (YoY) and 12% month-on-month (MoM) after record results in March, sitting at US$57 billion.
Average daily trade sizes were up 3% YoY and down 8% MoM to US$437 thousand.
Investment grade (IG) e-trading held steady MoM at 49% of volumes, rising by two percentage points YoY. In high yield (HY), e-trading’s market share was down by two percentage points both YoY and MoM to 31%.
Portfolio trading was down by a single percentage point YoY to 11% of the market, and down by 0.2 percentage points MoM.
By platform, Trumid was the success story of the month; while venues saw an overall decline in volumes, Trumid’s jumped up by 34% YoY and represented almost 20% of the market.
READ MORE: Trumid triumphs in tricky April credit e-trading market
According to Coalition Greenwich, “For the rest, the lack of growth is more a matter of timing than structural change. Liberation Day drove volume in April 2025, while April 2026 saw the market take a breath following the start of the Iran conflict, so the calendar is mostly to blame.”
The report particularly highlighted MarketAxess’s declining market sahre.
During its recent earnings call, CEO Chris Concannon stated, “We believe there were several factors that reduced our estimated market share in April. First, duplicate reports in TRACE have been increasing over the past several quarters. April’s historically high new issuance further reduced our estimated US high-grade market share.”
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