There are more U.S. Treasury trading venues than you think

Electronic U.S. Treasury volume in May grew 17% from May 2025, with nearly $670 billion in bonds trading via trading venues and direct electronic links between counterparties. Dealer-to-client e-trading has rebounded from its lull in spring 2025 to 59% in May, up four percentage points.

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.