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2022 has been an exceptional year for Markets activity, with revenues through the third quarter more than 5% above the previous peak of 2020. FICC has been the key driver of Markets outperformance, notching a 14% increase YoY.
Heightened volatility, inflationary pressures and aggressive hiking by central banks all contributed to a favorable trading environment.
All Macro products grew substantially YoY, benefiting from elevated volumes amidst client repositioning. The best performing area was Emerging Markets, as traders reacted to a strengthening dollar and geopolitical instability in Russia/Ukraine. In contrast Spread products were relatively challenged, with notable YoY declines across Credit, Securitization and Municipals.