The U.S. corporate bond market is on track for 2024 to be its most active ever. Through the end of November, the average daily notional volume (ADNV) in 2024 is $47 billion, up 21% from 2023. Electronic trading as a percentage of that total is also on track for another record year. Forty-three percent of total volume traded (in both investment-grade (IG) and high-yield (HY) bonds) has been executed electronically in 2024 through the end of November, up from 41% in 2023.
The rising tide has lifted all boats, as trading venue market share has remained largely static through most of the year. The simultaneous growth of the e-trading percentage and total market volume shows that investors and dealers alike are leaning into more automated methods of trading to keep up with the evermore active market.
MethodologyCoalition Greenwich continuously gathers data and insights from credit market participants, including market makers, primary dealers and trading platforms. The data, once aggregated, normalized and enhanced, is analyzed by our market structure research team who identify the key trends of trading in the credit markets, with a focus on corporate bond electronic trading and trading platform market share.