In Q3 2023, the U.S. bond market reached $53.2 trillion in notional outstanding, marking a 21% increase since 2019. However, issuance declined 12.2% year-over-year, with mortgage-related and Treasury debt down over 20%, while asset-backed securities rose 14%. Fixed income trading volume rose 12.8% from Q3 2022, led by investment-grade credit, though high-yield trading slowed. Notional volume on swaps execution facilities jumped 30% year-over-year, with interest rate derivatives accounting for nearly 90% of activity. Tradeweb led SEF market share at 36.6%, while Bloomberg dominated the CDX space at 71.4%.

Join for free to read