Electronic trading of US Treasuries declined in 2025 despite rising average daily notional volumes (ADNV), according to a Coalition Greenwich report.
ADNV was up 16% year-on-year (YoY) to US$1 trillion, driven by dealer-to-dealer on-the-run Treasury trading. The CME Group Volatility Index (CVOL) dropped 12% to 106.5 over the year.
Overall e-trading fell by four percentage points YoY to 55% of volumes. At the same time, e-trading ADNV rose 8% to US$570 billion. Coalition Greenwich attributes this shift to an increase in voice-executed package trades, which are often more complex trades due to their inclusion of swaps and futures.
Dealer-to-client e-trading was doing two percentage points to 60%, and dealer-to-dealer down five percentage points to 50%.
The protocols used within e-trading were mostly unchanged YoY, with central limit order book going from 32% to 31% of volumes. The single percentage point was gained by stream trading, with Tradeweb’s Dealerweb and MarketAxess the most prominent players in the space.
Across trading venues, FMX and Dealerweb made small gains in their market share, taking 10.7% and 20.8% respectively.
©Markets Media Europe 2025
