Executive Summary

U.S. Treasury Trading No Longer a Divided Market stat bar

With dealers re-evaluating how and how much liquidity they provide to clients, a continued examination of trading venues and protocols is inevitable. This Greenwich research analyzes the U.S. Treasury market, trading channels and trading platforms.


From February to April of 2018, Greenwich Associates interviewed 97 government bond investors in the United States. Respondents were asked a series of quantitative and qualitative questions about their usage of electronic trading and their dealer relationships. Greenwich Associates also conducted phone interviews with electronic trading platforms and other market participants.

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