Average daily notional volumes were up 4% year-on-year (YoY) to US$51 billion in US credit this October, with average daily trade sizes rising by 7% across investment grade (IG) and high yield (HY) credit to US$392k.
E-trading in IG credit remained steady from September, and rose by one percentage point YoY.
HY e-trading rates were up two percentage points MoM and YoY to 34%, the highest level since July 2024.
Portfolio trading continues to gain traction in HY, pulling away from declining use of the strategy in IG. From July, IG PT has steadily declined from 11.7% to 8.9% of volumes. Aside from a September blip, HY PT has climbed from 11.7% to 13.3%.
“The IG-ification of the high yield market still has a long way to go, but October was a strong data point for those suggesting that e-trading in HY is only just getting started,” report authors Kevin McPartland and Neha Jain said.
©Markets Media Europe 2025
