E-trading in high yield (HY) US credit reduced year-on-year (YoY) in February, despite rising average daily trade sizes.
After taking almost a third of traded volume in February 2024, just 30% of HY credit was e-traded last month. In investment grade (IG) credit e-trading proportions remained static in spite of falling average daily trade sizes.
Although the e-trading picture remained subdued, it was a strong month for US credit overall. Average daily notional volume was up 8% YoY to US$55 billion, a new record for the market.
Tradeweb, whose trading volumes topped MarketAxess for the second time on record, also had a good month. “Competition here is less about the size of the dealer network, given the large presence of a small few and, instead, more about user interface, data and analytics,” Coalition Greenwich stated in its report on the figures.
In terms of trading protocols, portfolio trading has remained a popular choice with more than 22% of the market share.
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