GTR: Eric Li says short-term activity has been “quite positive as corporates have been stockpiling since November last year in anticipation of tariffs”.
The Desk: Electronic trading makes up more than half of trading in US Treasuries, according to analyst firm Coalition Greenwich, with overall e-trading taking 58% of total volume and 61% of dealer-to-client volume in January 2025.
Finance Magnets: Data from Crisil Coalition Greenwich indicates that on average, less than half of non-bank liquidity provider revenues come from market making activities – with prop trading accounting for an increasing proportion of revenue...
The Desk: The proportion of that volume e-traded, though, dropped back in the face of uncertainty, with dealer-to-dealer, on-the-run and voice trading rising in popularity over the month, according to Coalition Greenwich.
The Desk: Average trade sizes increased over March as more traders adopted a block approach, up 14% YoY to US$426,000, according to Coalition Greenwich.
Financial News: “The current economic landscape, marked by uncertainty surrounding tariffs and a surge in client demand for portfolio rebalancing, is poised to significantly drive up sales and trading revenues for banks,” said Gaurav Arora.
Finance Magnets: A study by Crisil Coalition Greenwich suggested an increase in derivatives trading activity as investors reposition their portfolios to better withstand volatility.
eFinancial Careers: ...Coalition Greenwich has now joined the chorus claiming that it's been a fine time for equities and macro traders, with the prediction that markets revenues will be up 15%-20% year-on-year in Q1.
FT: A record $1.962tn changed hands in the cash Treasury market on Tuesday according to Kevin McPartland.
Benefits Canada: Japanese institutional investors are slowing their allocations to private assets, according to a new report by Crisil Coalition Greenwich.
