E-trading was down five percentage points year-on-year (YoY) and one percentage point month-on-month (MoM) in US rates over September, taking 54% of overall volumes.
Dealer-to-client e-trading dipped three percentage points both YoY and MoM to 60%.
Coalition Greenwich’s market structure and technology head of research Kevin McPartland and analyst Neha Jain believe that near-future e-trading growth will be driven by the adoption of auto-execution solutions and electronification of the dealer-to-dealer market.
Average daily notional volumes jumped up by eight percentage points YoY to US$1.069 trillion in September.
“[This was] supported by the first is what is expected to be several rate cuts, and despite a lack of government data, which tends to drive trading activity,” noted the report’s authors.
There was a significant decline in volatility from last September, down 22% to 78.42. Coalition Greenwich notes that this has seen a reduction in trading activity on central limit order book platforms, which took 16% of volumes over the month – compared to the 20% they took a year ago.
In tandem, RFQ’s share of the pie grew from 24% to 25% over the year.
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