E-trading in US rates markets fell during April, with traders flocking to voice amid Treasury turmoil.
ADNV in US Treasuries spiked to US$1.342 trillion, up 50% year-on-year (YoY) in April as markets responded to US tariff shocks. However, overall e-trading rates were down 5 percentage points YoY to 54% of the market.
This dip was slightly more pronounced in dealer-to-client e-trading, which fell 7 percentage points to 55% of the market.
Coalition Greenwich notes that central limit order book (CLOB) trading’s market share did not increase over April, despite recent strong performances during volatility. Last month, it retained a steady 18% of market volume.
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