U.S. Treasury trading activity in March 2026 surpassed the tariff-fueled previous record set in April 2025, up 32% year over-year to $1.4 trillion per day and 7% above the previous record.
An average of $65 billion traded per day in the U.S. corporate bond market in March, a record surpassing the previous high-water mark set the month before.
Trading in municipal bonds grew in 2025 for the first time in three years, up nearly 14% year over year with the average daily notional volume (ADNV) traded reaching nearly $15 billion per day—a record.
U.S. Treasury trading in 2025 by the numbers
MarketView
U.S. Treasury trading in 2025 was defined by record volumes and the lowest average volatility since 2021.
U.S. corporate bond trading averaged over $50 billion per day in 2025 for the first time ever, improving 11% from its previous record in 2024.
Are we ready for T+0 settlement?
Greenwich Report
Are we ready for T+0? The go-live date to T+1 advanced settlement of securities came and went and was mostly uneventful in the U.S. While the rest of the globe is preparing for similar settlement times, many capital markets professionals are already...
The U.S. Treasury market capped off its summer with the lowest average monthly volatility reading since December 2021 and a decline of 27% from last August—a sign that the previous cycle is truly coming to an end.
India’s capital markets: From potential to powerhouse
Greenwich Report
India’s capital markets have exhibited exceptional growth over the past two years, defying global headwinds. Record equity trading volumes and bond market participation have been fueled by rising domestic investor engagement and improved market...