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Executive Summary

U.S. Treasury average daily notional volume (ADNV) traded in October came in just shy of $1 trillion, marking an 11% increase from October 2024. Treasury Bill trading between dealers and clients accounted for roughly one quarter of the year-over-year volume increase, reflecting continued strong demand for short-dated paper.

Methodology

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.