Treasuries paradox: Record daily volumes vs flat annual volume

Analysis from Greenwich Associates found several days with over US$1 trillion in daily volume, beating previous record s by about US$200 billion – yet volumes were only us 2% year of year. Government intervention had a significant impact in calming markets, but also the interdealer market on central limit order books were collectively down, while dealer-to-client platforms saw greater rises.

Kevin McPartland, head of market structure and technology research at Greenwich outlines the reasons behind activity in rates markets over 2020 and across the year end period.

Published on February 1, 2021

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