E-trading is stuck in US rates, remaining at 54% of the market month-on-month (MoM) and falling two percentage points year-on-year (YoY).
Dealer-to-client e-trading was also stable MoM, although its 61% market share represents a four percentage-point increase YoY.
Despite the lack of movement, a recent Coalition Greenwich report from market structure and technology head of research Kevin McPartland and Neha Jain states that e-trading is becoming “more sticky” thanks to auto-execution tools, which are particularly active in low-volatility markets.
READ MORE: Volumes up, volatility down in US rates
The CME Group volatility index was down by a quarter YoY but up 149% MoM after record lows in January and the onset of the conflict in Iran. Coalition Greenwich notes that despite the increase, volatility is still below 2022-2024 averages.
Average daily notional volumes were up 12% YoY to US$1.195 trillion, and up down marginally (0.8%) MoM.
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