Executive Summary

September

Key Takeaways for Q3 2019:

  • Electronic trading levels for investment-grade and high-yield bonds are at record highs but still have room to grow.
  • The secondary market for U.S. corporate bonds is much more active in 2019 than it was the previous year, with average daily volumes up 15% year to date at the end of July.
  • Credit-related ETF activity has remained elevated since Q4 2018, as measured by trading volumes and net assets.
Methodology

Greenwich Associates continuously gathers data and insights from credit market participants, including market makers, primary dealers and trading platforms. The data, once aggregated, normalized and enhanced, is analyzed by our market structure research team who identify the key trends of trading in the credit markets, with a focus on corporate bond electronic trading and trading platform market share.