Average daily notional volumes (ADNV) were down 20% year-on-year (YoY) in US rates trading, falling to US$1.069 billion. Volatility dropped by 32% YoY to 101.48 on Cboe’s VIX index.
Overall e-trading stayed at a stable 54% of the market YoY and MoM, but dealer-to-client e-trading thrived in this environment, up five percentage points YoY and two percentage points month-on-month (MoM) to take 60% of the market.
On the dealer-to-dealer (D2D) side, activity has fallen from 2.7 percentage points MoM to take 52.2% of the market in both voice and e-trading.
“The market is undeniably in a period of change, as scheduled auctions take share from interdealer brokers, interdealer brokers work to deploy enhanced technology, and the competition between CLOBs is the highest it’s been since […] the early 2000s,” Coalition Greenwich authors Kevin McPartland and Neha Jain observed in a recent report.
“What used to be a market of either voice-brokered or CLOB trading has morphed into a diverse ecosystem of choice.”
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