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  • Market Transparency Reports: Monthly Guide to the U.S. Retail Fixed Income Markets

    Tradeweb Direct regularly publishes our own market commentary and analysis, including our monthly Market Transparency Report. The data and analysis contained in this monthly report are intended to provide transparency into the dynamics of the U.S. Fixed Income markets for retail investors. The report presents the important trends in the market, including trade volumes, most active issuers, yield/spread movements and buy/sell ratios. Retail trades are defined as odd-lot transactions under 100 bonds (i.e. less than $100,000 par value). The retail market is much smaller than the institutional market on a par value basis, but it accounts for more than 2/3 of the trades that occur in the marketplace. Please download the following documents to take advantage of our unique insights into the retail fixed income markets.

  • Market Transparency Report: December 2016  Post date:Friday, December 02, 2016
     
        Agency: Median yield for Agencies in December increased +22 bps. Daily trading volume rose +11% with buy-to-sell ratio moving +0.1 CD: CD median yield gained +3 bps, and daily trade volume saw growth of +6.7%. Buy-to-sell ratio moved +0.1 Corporates: December median yield for Corporates grew +8 bps, daily trading volume saw a gain of 2.8%. Buy-to-sell ratio was flat. Municipal: Municipals gained 19 bps in median yield for the month, with daily trade volume jumping 19.4%. Buy-to-sell ratio shifted -0.2 Treasury: Median yield for Treasuries gained +4 bps in December. Daily trade volume was up +8.3%, and buy-to-sell ratio moved +0.2
        

    Market Transparency Report: November 2016  Post date:Friday, December 02, 2016
     
        Agency: Agency median yield saw a +25 bps increase in November. Daily trade volume grew +9.2%, while buy-to-sell ratio shifted -0.2. CD: Median yield for CDs grew +7 bps. Daily trade volume shrank -5.7% in November and buy-to-sell ratio moved -0.8. Corporates: Corporate median yield gained +19 bps and daily trade volume expanded +8.5%. Buy-to-sell ratio saw no change. Municipal: Municipals in November experienced a +61 bps increase in median yield. Daily trade volume grew by +14.9%, and buy-to-sell ratio moved +0.2. Treasury: Median yield in Treasuries increased +28 bps. Daily trade volume saw growth of +13.1%. Buy-to-sell ratio moved -0.2.
        

    Market Transparency Report: October 2016  Post date:Wednesday, November 02, 2016
     
        Agency: Agency bond yields increased +7 bps in October. Daily trade volume shrank -5.9%, and buy-to-sell ratio moved -0.3. CD: Yield gained +10 bps, daily trade volume expanded by +6.7%, and buy-to-sell ratio moved +0.2. Corporates: Corporate bond yields grew slightly by +3 bps in the month. Daily trade volume shed -2.0%, and buy-to-sell ratio moved -0.2. Municipals: Municipal yields jumped +38 bps in October, and daily trade volume increased +7.4%. Buy-to-sell ratio saw a +0.2 movement. Treasuries: Treasury yields improved by +6 bps. Daily trade volume witnessed an uptick of +9.1%. Buy-to-sell ratio movement was flat.
        

    Market Transparency Report: September 2016  Post date:Tuesday, October 04, 2016
     
        Agency: Median yield increased by +6 bps. Daily trade volume contracted -2.3%, and the Agency buy-to-sell ratio moved -0.1. CD: CD median yield was flat in September, while daily trade volume shrank by -3.0%. Buy-to-sell ratio moved -0.7. Corporates: Median yield in corporates decreased by -14 bps, and daily trade volume lost -1.0%. Buy-to-sell ratio was flat. Municipal: Municipal median yield grew by 1 bps. Daily trade volume improved +1.3%, and buy-to-sell ratio saw no change. Treasury: Median yield lost -3 bps in September. Daily trade volume was boosted by +8.0% and buy-to-sell ratio moved +0.2.
        

    Market Transparency Report: August 2016  Post date:Tuesday, September 06, 2016
     
        Agency: Median yield dipped -1 bps. Daily trade volume improved +3.7% and buy-to-sell ratio shifted +0.1. CD: CD median yield grew 5 bps along with daily trade volume at +0.4%. Buy-to-sell ratio gained 0.3. Corporates: Corporates shed -20 bps in August, though daily trade volume saw a +0.8% increase and buy-to-sell ratio moved +0.1. Municipals: Median yield for municipals grew 5 bps and saw a +5.0% increase in daily trade volume. Buy-to-sell ratio shrank -0.1. Treasuries: Treasury median yield grew 5 bps while experiencing a -5.3% drop in daily trading volume. Buy-to-sell ratio moved +0.3.
        

    Market Transparency Report: July 2016  Post date:Wednesday, August 03, 2016
     
        Agency: Median yield declined -11 bps in July, while daily trade volume shrank -6.8%. Buy-to-sell ratio saw no change. CD: CD median yield dropped -5 bps. Daily trade volume gained +2.3%. Buy-to-sell ratio saw a +1.2 change. Corporates: Corporate median yield contracted -9bps in July while daily trade volume declined -1.5%, and buy-to-sell ratio moved -0.2. Municipals: Median yield for municipals shed -8 bps, also dropping -9.2% in daily trading volume. Buy-to-sell ratio moved +0.1. Treasuries: Treasuries decreased median yield by -6 bps and -2.9% in daily trading volume. Buy-to-sell ratio shifted -0.1.
        

    Market Transparency Report: June 2016  Post date:Wednesday, July 06, 2016
     
        Agency: Median yield declined -11 bps in June, while daily trade volume contracted -1.5% and buy-to-sell ratio shifted -0.1. CD: CD median yield gained +5 bps. Daily trade volume gained +5.6%. Buy-to-sell ratio saw a -0.1 change. Corporates: Corporate median yield remained the same in June while daily trade volume declined -4.4%, and buy-to-sell ratio moved -0.2. Municipal: Median yield for municipals shed -12 bps, also dropping -1.5% in daily trading volume. Buy-to-sell ratio moved -0.1. Treasury: Treasuries decreased median yield by -9 bps and an additional growth of +5.6% in daily trading volume. Buy-to-sell ratio shifted -0.7.
        

    Market Transparency Report: May 2016  Post date:Thursday, June 02, 2016
     
        Agency: Median yield grew +4 bps in May, while daily trade volume contracted -4.3% and buy-to-sell ratio shifted -0.1. CD: CD median yield gained +7 bps. Daily trade volume lost -1.7%. Buy-to-sell ratio saw a +0.8 change. Corporates: Corporate median yield continued a shrinking trend since March, losing -11 bps in May. Daily trade volume picked up +4.3%, and buy-to-sell ratio moved +0.1. Municipal: Median yield for municipals shed -6 bps, also dropping -1.5% in daily trading volume. Buy-to-sell ratio was flat in May. Treasury: Treasuries increased median yield by +5 bps and an additional growth of +9.2% in daily trading volume. Buy-to-sell ratio shifted +0.2.
        

    Market Transparency Report: April 2016  Post date:Tuesday, May 03, 2016
     
        Agency: Median yield in Agencies shrank -12 bps in April. Daily trade volume also decreased by -5.7%. Buy-to-sell ratio shifted 0.2. CD: CD median yield was reduced -12 bps. Daily trade volume dropped by -2.5%. Buy to sell ratio saw a -1.9 change. This continues a negative trend in all three CD measures from January. Corporates: Median yield in Corporates lost -5 bps. Daily trade volume shrank -8.0% and buy-to-sell ratio shifted -0.3. Municipal: Municipal median yield lost -34 bps and -4.0% in daily trade volume. Buy-to-sell ratio moved -0.3. Treasury: Treasuries lost -7 bps in median yield for April. Daily trade volume was down -8.8%, and buy-to-sell ratio changed -0.2.
        

    Market Transparency Report: March 2016  Post date:Wednesday, April 06, 2016
     
        Agency: Median yield in Agencies grew 4 bps in March. Daily trade volume increased by 5.6%. Buy-to-sell ratio shifted 0.2. CD: CD median yield was reduced 5 bps. Daily trade volume dropped by 8.4% from February. Buy to sell ratio saw a -0.2 change. This continues a negative trend in all three CD measures from January. Corporates: Median yield in Corporates lost 29 bps, while seeing a 4.1% uptick in daily trade volume and flat buy-to-sell ratio. Municipals: Municipal median yield gained 15 bps and increased 2.0% in daily trade volume. Buy-to-sell ratio shifted 0.1. Treasuries: Treasuries grew 9 bps in median yield for March. Daily trade volume was down 3.7%, while buy-to-sell ratio was flat.
        

    Market Transparency Report: February 2016  Post date:Thursday, March 03, 2016
     
        Agency: Median yield in Agencies dropped 19 bps in February. Daily trade volume marginally increased by 0.8%. Buy-to-sell ratio shifted 0.3. CD: CD median yield was reduced 5 bps. Daily trade volume dropped by 4.9% from January. Buy to sell ratio saw a -0.5 change. Corporates: Median yield in Corporates improved 6 bps, while seeing a 5.6% uptick in daily trade volume and a shift of 0.3 in buy-to-sell ratio. Municipals: Municipal median yield shed 2 bps and lost 2.8% in daily trade volume. Buy-to-sell ratio shifted 0.1. Treasuries: Treasuries lost 11 bps in median yield for February. Daily trade volume was down 5.1%, while buy-to-sell ratio shifted 0.4.
        

    Market Transparency Report: January 2016  Post date:Wednesday, February 03, 2016
     
        Agency: Median yield in Agencies dropped 5 bps in January. Daily trade volume increased 3.4%, and buy-to-sell ratio was reduced by 0.1. CD: Median yield shed 5 bps while daily trade volume increased 18.4% from December. Buy-to-sell ratio improved by 1. Corporates: Median yield was flat in Corporates. Daily trade volume improved 14.2% and Buy-to-sell ratio grew by 0.3. Municipals: Median yield in Municipals dropped significantly by 22 bps. Trade volume increased by 14.8, with a minor shift down in the buy-to-sell ratio of 0.1. Treasuries: Treasury median yield shed 15 bps in January over December, with an 18.7% increase in daily trade volume. Buy-to-sell ratio dropped 0.1.
        

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