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Executive Summary

U.S. Treasury trading volume hit nearly $2.44 trillion on April 9—a record. The day before, rates volatility measured by the MOVE index reached nearly 140, its highest level since October 2023.

Methodology

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.