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Executive Summary

Trading in the U.S. Treasury market continued its active start to the year in February. The average daily volume of $745 billion makes February the most active month since March 2020—and the volume is persistent.

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.