Activity in US credit accelerated in January, with average daily notional volumes (ADNV) up 22% year-on-year (YoY) to US$61 billion.
At the same time, average daily trade sizes rose 15% YoY to US$447 thousand.
Volumes were dominated by dealer-to-client trading, according to Coalition Greenwich, making up 76% of the total.
Electronic trading rates remained static, sticking at 48% in investment grade (IG) and dropping a single percentage point in high yield (HY) YoY.
Coalition Greenwich highlights the increasing presence of portfolio trading across US credit. In January, use of the strategy increased by 1.4 percentage points to 11.4% of volumes.
“The portfolio trading wars are in full swing among the major trading venues and have already resulted in increasingly sophisticated and easy-to-use analytics and execution tools for buy-side users,” observed report authors Kevin McPartland and Neha Jain.
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