Average daily notional volumes (ADNV) for US rates dropped between April and May as uncertainties around trade policies and tariffs muted demand, but were up by a third year-on-year (YoY).
The US$1,097 billion ADNV figure marked an 18% dip month-on-month.
Overall electronic trading fell by six percentage points YoY, continuing a seven-month string of consecutive declines. In the dealer-to-client space, this was a seven percentage point drop.
Volatility fell by 17% month-on-month (MoM), but retained a 7% YoY gain.
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