U.S. Treasury volumes set records as new futures offerings enter the conversation

September 2026 ended with the 200-day moving average U.S. Treasury volume at a record high with an average of $1.2 trillion trading per day over the period. Further, the 20-day moving average at month-end was just below the peak set in March, at the start of the conflict in Iran, as volatility came back into the market.

Crisil 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.