Logic would tell you that a simple change in the calendar year has no impact on the state of the global economy. But markets aren’t exactly known for being logical. Since January 1, the doom and gloom of 2022 has been replaced with hopes of a soft landing in 2023—or at least the feeling that the bond market has to be better this year than last.
This relative calm has kept trading volumes consistent over the past six months, with ADV up 5% month over month and down 12% from January of 2022. January U.S. Treasury futures volumes tracked the cash market, dropping 11% from the year before.
The data underlying this analysis, which includes but is not limited to e-trading levels, platform market share and total market volumes, is available to subscribers of Greenwich MarketView. MarketView provides continuous access to these metrics, updated at least monthly, based on the frequency of the source data.
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.