Executive Summary

Despite the volatility and uncertainty brought onto the market by coronavirus, U.S. Treasury market structure held up. As is customary in volatile markets, CLOB trading picked up share over RFQ and direct stream executions on a relative basis.

The full report contains the key takeaways from the monthly analysis for February 2020.

The data underlying this analysis, which includes but is not limited to e-trading levels, platform market share and total market volumes, is available to subscribers of Greenwich MarketView. MarketView provides continuous access to these metrics, updated at least monthly, based on the frequency of the source data.


Greenwich Associates 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.