Monthly Activity Reports

Activity remained robust from September through October as rises in global market volumes and volatility drove trading. Average daily volume (ADV) across products increased 38.8% year over year (YoY) to $584.4 billion (bn) in October. ADV in government bonds rose 40.9% in the U.S. and 40.4% in Europe YoY. Mortgage volume of $153.6 bn per day represented the highest level in over five years. U.S. credit accounted for a new record of 10.8% of high-grade TRACE volume. As market volumes and volatility spiked in equities, U.S. and European ETF volumes rose sharply.