The last four months of 2020 bring with them a U.S. presidential election, hope for a vaccine and talk of new fiscal stimulus - all of which play a role in the direction of U.S. Treasury Markets.
What was true in August was also true of e-trading; the overall level of e-trading more or less tracked the level of trading itself.

The Fixed-Income Trading System Evolution

Greenwich Report
September 2020 By: Kevin McPartland
There is no lack of information today, but gathering it, analyzing it and acting on it still requires new technology and the wherewithal to use it. 
U.S. Treasury market activity remained notably muted in July, ADV was down 22% from June. We continue to examine the impact of COVID-19 on the U.S. Treasury market.
Activity in U.S. credit markets slowed significantly in July, with the declines in activity gathering pace after the relatively mild decline from May to June.
In June, the United States added significant social upheaval to a year that had already seen major economic change marked by extraordinary federal intervention.
U.S. Treasury markets spent most of June in an eerie calm as volumes, electronic trading, volatility, and derivatives activity all dropped back down to or below long-term averages.
Global markets liquidity came under extreme pressure in late February and early March as fear and uncertainty gripped the world. Market infrastructure, meanwhile, held up remarkably well. The swaps market, however, was not immune to liquidity...
Contact Us