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Executive Summary

March 2020 was the highest volume month in the history of the U.S. Treasury market with the average daily notional volume (ADNV) hitting $944 billion.

Methodology

Coalition Greenwich continuously gathers data and insights from U.S. Treasury market participants, including asset managers, hedge funds, primary dealers, market makers, and trading platforms. The data, once aggregated, normalized and enhanced, is analyzed by our market structure research team who identify key areas of change and the likely direction of volume, holdings, market share, and other trends in the coming months.