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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: November 2017  Post date:Tuesday, November 07, 2017
     
        Agency: Agency median yield grew 14bps, daily trading volume shrank -5.8%. Buy/Sell Ratio dropped -0.1 CD: Median CD yield jumped 10bps while trading volume dropped -4.7% and Buy/Sell Ratio moved -1.4 Corporates: Corporate median yield grew 8bps while daily trading volume shrank -0.7%. Buy/Sell Ratio held steady Municipal: Median yield shifted -1bps, with a 0.1% jump in daily trade volume. Buy/Sell Ratio rose 0.1 Treasury: Median yield is 16bps higher with a 10.2% increase in daily trade volume. Buy sell ratio moved 0.3
        

    Market Transparency Report: September 2017  Post date:Tuesday, October 03, 2017
     
        Agency: Agency median yield grew 2bps, daily trading volume rose 5.3%. Buy/Sell Ratio swung 0.2. CD: Median CD yield fell -3 bps while trading volume dropped -3.6% and Buy/Sell Ratio moved -1.7. Corporates: Corporate median yield rose 4bps while daily trading volume grew 4.8%. Buy/Sell Ratio swung 0.1. Municipal: Median yield shifted -10 bps, with a -3.1% fall in daily trade volume. Buy/Sell Ratio dropped -0.1. Treasury: Median yield is 2bps higher with a -4.0% decrease in daily trade volume. Buy sell ratio moved 0.4.
        

    Market Transparency Report: August 2017  Post date:Tuesday, August 01, 2017
     
        Agency: Agency median yield shrank -18bps even as daily trading volume dropped -4.1%. Buy/Sell Ratio swung -0.1. CD: Median CD yield jumped 5 bps while trading volume grew by +18.3% and Buy/Sell Ratio rose 1.2. Corporates: Corporate median yield dropped -11bps while daily trading volume shrank -1.3%. Buy/Sell Ratio swung -0.1. Municipal: Median yield shifted -18 bps, with a -5.1% fall in daily trade volume. Buy/Sell Ratio dropped -0.2. Treasury: Median yield is -1bp lower with a 3.4% increase in daily trade volume. Buy sell ratio dropped -0.2.
        

    Market Transparency Report: July 2017  Post date:Tuesday, August 01, 2017
     
        Agency: Agency median yield grew 16bps in July even as daily trading volume dropped -5.2%. Buy/Sell Ratio swung 0.1.  CD: Median CD yield jumped 5 bps while trading volume grew by +7.6% and Buy/Sell Ratio rose 2.0. Corporates: Corporate median yield increased 10bps while daily trading volume shrank -7.7%. Buy/Sell Ratio swung 0.1. Municipals: Median yield shifted 12 bps, with a -7.1% fall in daily trade volume. Buy/Sell Ratio rose 0.2. Treasuries: Median yield is 4bps higher with a -0.3% decrease in daily trade volume. Buy sell ratio rose 0.3.
        

    Market Transparency Report: June 2017  Post date:Friday, June 02, 2017
     
        Agency: Agency median yield grew 10bps in June even as daily trading volume dropped -11.2%. Buy/Sell Ratio swung -0.1. CD: Median CD yield jumped 15 bps while trading volume grew by +2.9% and Buy/Sell Ratio decreased -0.2. Corporates: Corporate median yield decreased -9bps while daily trading volume shrank -1.7%. Buy/Sell Ratio swung -0.1. Municipals: Median yield shifted -13 bps, with a 1.3% rise in daily trade volume. Buy/Sell Ratio rose 0.1. Treasuries: Median yield is 9bps higher with a 5.2% increase in daily trade volume. Buy/Sell Ratio was flat.
        

    Market Transparency Report: May 2017  Post date:Friday, June 02, 2017
     
        Agency: Agency median yield shrank -13bps in May even as daily trading volume dropped -2.5%. Buy/Sell Ratio swung +0.1. CD: Median CD yield stayed flat while trading volume grew by +3% and Buy/Sell Ratio increased 1.3. Corporates: Corporate median yield decreased -9bps while daily trading volume grew 0.9% and Buy/Sell ratio was unchanged. Municipal: Median yield shifted +4bps, with a -1.1% drop in daily trade volume. Buy/Sell Ratio dropped -0.1. Treasury: Median yield is 8bps higher with a -4.3% decrease in daily trade volume. Buy sell ratio was flat.
        

    Market Transparency Report: April 2017  Post date:Wednesday, May 03, 2017
     
        Agency: Agency median yield shrank -7bps in April even as daily trading volume retreated -3.4%. Buy/Sell Ratio swung -0.1. CD: Median CD yield grew +12bps, the widest swing in CD yield YTD on the back of higher trading volume +1.8% and a -0.6 shift in Buy/Sell Ratio. Corporates: Corporate median yield tightened -4bps while daily trading volume fell -8.3% and Buy/Sell ratio moved -0.2. Municipal: Median yield shifted -24bps, with a -2.6% drop in daily trade volume. Buy/Sell Ratio was flat. Treasury: Flat on median yield vs. a 22bps move up in March, with a +5.1% rise in daily trade volume. Buy sell ratio shifted -0.2.
        

    Market Transparency Report: March 2017  Post date:Wednesday, April 05, 2017
     
        Agency: Agency median yield grew +3 bps in March. Daily trade volume increase +1.8% and buy-to-sell ratio was flat. CD: Median yield grew +3 bps, while daily trade volume grew marginally by +0.1%. Buy-to-sell ratio shifted -0.3. Corporates: Corporate median yields shrank -1 bps, and daily trade volume shed -1.8%. Buy-to-sell ratio was flat. Municipal: Median yield for municipals in March lost -2 bps. Daily trade volume declined -5.6% and buy-to-sell ratio moved -0.2. Treasury: Treasury median yield increased 22 bps and gained +8.1% in daily trade volume. Buy-to-sell ratio moved +0.5.
        

    Market Transparency Report: February 2017  Post date:Friday, March 03, 2017
     
        Agency: Median yield for Agencies in February gained +4 bps while daily trade volume shrank -4.1%. Buy-to-sell ratio moved +0.1. CD: CD median yield was flat in February. Daily volume traded increase by +0.5%, and buy-to-sell ratio shifted +1.3. Corporates: February median yield for Corporates contracted -1 bps. Daily trade volume experienced a +1.6% boost. Buy-to-sell ratio saw no change from previous. Municipal: Median yield gained +3 bps in February. Daily trade volume shrank -0.6% from January, and buy-to-sell ratio did not change. Treasury: Treasury median yield gained +3 bps. Daily trade volume in February saw an increase of +2.9%. Buy-to-sell ratio moved +0.2.
        

    Market Transparency Report: January 2017  Post date:Thursday, February 02, 2017
     
        Agency: January median yield for Agencies grew +3b bps while daily trade volume decreased -2.3%. Buy-to-sell ratio saw no change.  CD: Median yield in CDs was flat in January. Daily trade volume gained +14.4%, and buy-to-sell ratio moved +1.4. Corporates: Corporate median yield shrank -4 bps. Daily trade volume saw a +10.2% bump, and buy-to-sell ratio moved +0.3. Municipals: Municipal bond median yield declined by -32 bps. Daily trade volume also shrank -11.2% during the month. Buy-to-sell ratio did not change. Treasuries: Median yield in lost -22 bps in January. Daily trade volume decrease -3.7%. Buy-to-sell ratio moved -0.3.
        

    Market Transparency Report: December 2016  Post date:Monday, January 02, 2017
     
        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.
        

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