Volume

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Monthly Volume (in millions)
U.S. high-grade
Other Credit
Liquid Products
Total (2)
Fixed-Rate
Floating-Rate
Total
High Yield
Emerging Markets
Eurobonds
Other Products (1)
Total
Sep-19 $83,541 $5,169 $88,710 $19,763 $41,570 $21,792 $772 $83,897 $3,537 $176,144
Aug-19 78,867 6,361 85,228 22,481 43,234 16,006 1,279 83,000 4,554 172,782
Jul-19 82,619 5,388 88,007 18,744 46,812 22,048 596 88,200 3,570 179,777
Jun-19 85,490 5,850 91,340 21,159 42,053 22,606 659 86,477 5,047 182,864
May-19 83,900 5,408 89,308 18,143 40,311 21,414 776 80,644 4,055 174,007
Apr-19 79,635 5,077 84,712 17,624 41,660 21,292 806 81,381 4,072 170,165
Mar-19 91,637 5,212 96,849 17,528 40,536 23,130 634 81,828 4,021 182,698
Feb-19 82,050 6,084 88,134 16,410 36,223 20,329 530 73,493 5,367 166,994
Jan-19 86,146 6,281 92,427 20,672 39,122 18,652 725 79,170 4,888 176,485
Dec-18 69,040 5,370 74,410 15,139 25,108 11,329 834 52,410 4,389 131,209
Nov-18 73,186 4,546 77,732 16,599 30,326 15,704 1,553 64,182 4,711 146,625
Oct-18 81,511 6,999 88,510 20,297 33,209 15,721 1,455 70,682 5,245 164,437
Sep-18 69,511 5,516 75,067 12,861 29,030 15,052 615 57,558 4,006 136,631
Aug-18 61,365 4,745 66,110 12,462 29,088 10,915 788 53,253 5,018 124,381
Jul-18 61,034 3,805 64,839 14,453 29,144 12,137 445 56,178 3,481 124,498
Jun-18 76,841 5,015 81,856 12,818 34,151 13,831 684 61,483 4,445 147,784
May-18 69,896 5,193 75,089 12,505 35,648 12,885 722 61,761 4,356 141,206
Apr-18 68,571 5,003 73,574 13,050 27,533 13,209 645 54,437 3,749 131,760
Mar-18 81,100 5,548 86,648 14,277 30,498 14,869 582 60,226 5,466 152,340
Feb-18 79,348 4,733 84,081 18,367 35,556 15,050 553 69,526 4,195 157,802
Jan-18 76,075 4,181 80,256 14,728 38,987 15,887 589 70,191 4,418 154,865
Dec-17 56,830 3,569 60,399 9,729 22,658 7,847 444 40,678 3,329 104,406
Nov-17 65,422 3,207 68,629 11,404 28,602 12,086 570 52,662 4,004 125,295
Oct-17 69,159 3,039 72,198 10,135 28,541 9,190 651 48,517 5,210 125,925
Sep-17 63,607 2,855 66,462 9,891 24,266 11,665 548 46,370 3,937 116,769
Aug-17 65,389 3,217 68,606 10,701 22,668 7,524 470 41,363 4,327 114,296
Jul-17 63,096 2,662 65,758 10,626 24,569 10,476 353 46,024 3,925 115,707
Jun-17 68,049 3,439 71,488 12,405 27,446 10,186 468 50,505 5,193 127,186
May-17 68,678 2,614 71,292 13,202 27,042 10,630 449 51,323 3,898 126,513
Apr-17 58,990 1,817 60,807 10,801 22,149 9,373 423 42,746 4,254 107,807
Mar-17 84,175 2,992 87,167 17,547 31,100 12,411 650 61,708 6,346 155,221
Feb-17 62,028 2,129 64,157 11,042 25,057 12,938 321 49,358 4,285 117,800
Jan-17 65,771 2,299 68,070 12,690 22,646 13,086 236 48,658 4,675 121,403
Dec-16 56,561 1,992 58,553 10,761 16,972 9,488 143 37,364 5,432 101,349
Nov-16 63,908 2,014 65,922 14,076 24,232 14,359 164 52,831 5,198 123,951
Oct-16 58,848 1,743 60,591 11,162 22,065 12,211 166 45,604 6,763 112,958
Sep-16 61,413 2,308 63,721 11,864 20,287 10,923 174 43,248 6,451 113,420
Aug-16 57,695 2,151 59,846 10,312 17,638 8,766 130 36,846 7,311 104,003
Jul-16 52,897 1,982 54,879 11,668 20,799 10,086 174 42,727 7,118 104,724
Jun-16 61,810 2,265 64,075 15,116 20,060 13,050 218 48,444 5,959 118,478
May-16 58,624 1,794 60,418 13,230 17,352 10,785 40 41,407 6,390 108,215
Apr-16 62,673 2,161 64,834 11,868 17,652 11,784 13 41,317 5,432 111,583
Mar-16 63,680 2,428 66,108 13,711 17,916 14,934 59 46,620 5,473 118,201
Feb-16 54,048 2,506 56,554 12,966 14,926 8,380 18 36,290 5,034 97,878
Jan-16 52,491 2,573 55,064 11,273 13,689 9,056 46 34,064 4,814 93,942
Dec-15 46,020 2,067 48,087 11,361 13,080 5,519 34 29,994 4,925 83,006
Nov-15 44,817 2,410 47,227 8,889 13,330 6,616 20 28,855 5,588 81,670
Oct-15 45,178 2,756 47,934 11,918 13,297 7,171 22 32,408 5,351 85,693
Sep-15 44,982 2,573 47,555 8,716 12,890 7,962 10 29,578 5,283 82,416
Aug-15 41,556 2,176 43,732 9,549 12,314 4,759 28 26,650 5,129 75,511
Jul-15 46,088 2,664 48,752 10,176 11,289 6,618 23 28,106 4,940 81,798
Jun-15 51,902 1,944 53,846 10,510 11,392 5,604 31 27,537 5,282 86,665
May-15 46,914 2,418 49,332 8,317 10,476 5,120 32 23,945 5,534 78,811
Apr-15 43,642 2,142 45,784 8,513 13,229 5,062 17 26,821 6,657 79,262
Mar-15 52,215 2,518 54,733 10,934 14,148 7,273 45 32,400 6,421 93,554
Feb-15 43,578 2,277 45,855 7,565 10,114 7,326 57 25,062 5,469 76,386
Jan-15 42,194 2,600 44,794 7,596 10,077 6,442 42 24,157 4,785 73,736
Dec-14 39,915 2,583 42,498 7,060 8,946 3,201 53 19,260 6,914 68,672
Nov-14 37,816 2,496 40,312 6,275 8,907 4,583 36 19,801 4,246 64,359
Oct-14 45,168 2,217 47,385 9,031 10,550 5,518 45 25,144 5,804 78,333
Sep-14 38,740 2,245 40,985 6,192 9,201 4,298 45 19,736 5,602 66,323
Aug-14 29,652 1,573 31,225 4,872 8,814 2,166 46 15,898 5,058 52,181
Jul-14 35,751 1,751 37,502 6,976 9,844 4,219 88 21,127 5,005 63,634
Jun-14 36,371 2,178 38,549 5,181 10,050 3,289 72 18,592 5,044 62,185
May-14 36,808 1,937 38,745 5,414 9,966 2,910 69 18,359 5,317 62,421
Apr-14 36,791 2,216 39,007 5,018 9,765 3,036 241 18,060 4,364 61,431
Mar-14 38,826 2,141 40,967 5,064 9,876 3,228 59 18,227 5,840 65,034
Feb-14 34,984 2,013 36,997 4,449 7,734 2,619 94 14,896 6,307 58,200
Jan-14 39,318 1,881 41,199 5,055 8,412 3,394 66 16,927 6,057 64,183

 

 
Average Daily Trading Volume by Month (in millions)
U.S. high-grade (1)
Other Credit
Liquid Products
Total (2)
Trading Days
High Yield
Emerging Markets
Eurobonds
Other Products (1)
Total
U.S. (3)
Europe (4)
Sep-19 $4,436 $988 $2,079 $1,038 $39 $4,143 $176 $8,755 20 21
Aug-19 3,874 1,022 1,965 762 58 3,807 207 7,888 22 21
Jul-19 4,000 852 2,128 959 27 3,966 162 8,128 22 23
Jun-19 4,567 1,058 2,103 1,130 33 4,324 252 9,143 20 20
May-19 4,059 825 1,832 1,020 35 3,712 185 7,956 22 21
Apr-19 4,034 839 1,984 1,065 38 3,926 195 8,155 21 20
Mar-19 4,612 835 1,930 1,101 30 3,897 191 8,700 21 21
Feb-19 4,639 864 1,906 1,016 28 3,815 281 8,735 19 20
Jan-19 4,401 984 1,863 848 35 3,730 231 8,362 21 22
Dec-18 3,916 797 1,321 596 44 2,758 231 6,905 19 19
Nov-18 3,887 830 1,516 714 78 3,138 233 7,258 20 22
Oct-18 4,023 923 1,510 684 66 3,182 237 7,442 22 23
Sep-18 3,951 677 1,528 753 32 2,990 210 7,151 19 20
Aug-18 2,874 542 1,265 496 34 2,337 218 5,429 23 22
Jul-18 3,088 688 1,388 552 21 2,649 165 5,902 21 22
Jun- 18 3,898 610 1,626 659 33 2,928 212 7,038 21 21
May-18 3,413 568 1,620 614 33 2,835 199 6,447 22 21
Apr-18 3,504 621 1,311 660 31 2,624 179 6,307 21 20
Mar-18 4,126 680 1,452 708 28 2,868 260 7,254 21 21
Feb-18 4,425 967 1,871 753 29 3,620 219 8,264 19 20
Jan-18 3,822 701 1,857 722 28 3,308 210 7,340 21 22
Dec-17 3,020 486 1,133 413 23 2,055 167 5,242 20 19
Nov-17 3,268 543 1,362 549 28 2,482 190 5,940 21 22
Oct-17 3,438 483 1,359 418 31 2,290 248 5,976 21 22
Sep-17 3,323 495 1,213 555 28 2,291 197 5,811 20 21
Aug-17 2,983 465 986 342 20 1,813 189 4,985 23 22
Jul-17 3,288 531 1,228 499 17 2,276 196 5,760 20 21
Jun-17 3,249 564 1,248 463 22 2,296 236 5,781 22 22
May-17 3,241 600 1,229 506 21 2,356 177 5,774 22 21
Apr-17 3,200 568 1,166 521 22 2,277 225 5,702 19 18
Mar-17 3,790 763 1,352 540 28 2,683 276 6,749 23 23
Feb-17 3,377 581 1,319 647 17 2,564 225 6,166 19 20
Jan-17 3,404 635 1,132 623 12 2,402 233 6,039 20 21
Dec-16 2,788 512 808 474 7 1,802 259 4,849 21 20
Nov-16 3,296 704 1,212 653 8 2,576 259 6,131 20 22
Oct-16 3,030 558 1,103 581 8 2,251 338 5,619 20 21
Sep-16 3,034 565 966 497 9 2,036 306 5,376 21 22
Aug-16 2,602 448 767 398 5 1,619 318 4,539 23 22
Jul-16 2,744 583 1,040 480 8 2,112 355 5,211 20 21
Jun-16 2,913 687 912 593 9 2,201 271 5,385 22 22
May-16 2,877 630 826 539 1 1,997 305 5,179 21 20
Apr-16 3,087 565 841 561 0 1,967 259 5,313 21 21
Mar-16 3,005 623 814 711 2 2,151 249 5,405 22 21
Feb-16 2,828 648 746 399 1 1,795 251 4,874 20 21
Jan-16 2,898 593 720 453 2 1,769 252 4,919 19 20
Dec-15 2,186 516 595 263 1 1,375 224 3,785 22 21
Nov-15 2,486 468 702 315 2 1,486 292 4,264 19 21
Oct-15 2,283 568 633 326 1 1,528 254 4,065 21 22
Sep-15 2,265 415 614 362 0 1,391 251 3,907 21 22
Aug-15 2,082 455 586 238 1 1,280 244 3,606 21 20
Jul-15 2,216 463 513 288 1 1,264 224 3,704 22 23
Jun-15 2,448 478 518 255 2 1,252 240 3,940 22 22
May-15 2,467 416 524 269 2 1,211 277 3,955 20 19
Apr-15 2,180 405 630 253 1 1,289 317 3,786 21 20
Mar-15 2,488 497 643 331 2 1,473 292 4,253 22 22
Feb-15 2,413 398 532 366 3 1,300 288 4,001 19 20
Jan-15 2,240 380 504 307 3 1,193 239 3,672 20 21
Dec-14 1,932 321 407 152 2 882 314 3,128 22 21
Nov-14 2,240 349 495 229 2 1,075 236 3,551 18 20
Oct-14 2,154 411 480 240 2 1,132 264 3,550 22 23
Sep-14 1,952 295 438 195 2 930 267 3,149 21 22
Aug-14 1,487 232 420 108 2 762 241 2,490 21 20
Jul-14 1,705 317 447 183 4 952 227 2,884 22 23
Jun-14 1,836 247 479 157 3 885 240 2,961 21 21
May-14 1,845 258 475 146 3 881 254 2,980 21 20
Apr-14 1,857 239 465 152 11 867 208 2,978 21 20
Mar-14 1,951 241 470 154 3 868 278 3,073 21 21
Feb-14 1,947 234 407 131 5 777 332 2,978 19 20
Jan-14 1,962 241 401 154 3 799 288 3,015 21 22

 

 
Quarterly Volume (in millions)
U.S. high-grade (1)
Other Credit
Liquid Products
Total (2)
Fixed-Rate
Floating-Rate
Total
High Yield
Emerging Markets
Eurobonds
Other Products (1)
Total
Q3 2019 $245,027 $16,918 $261,945 $60,988 $131,616 $59,846 $2,647 $255,097 $11,661 $528,703
Q2 2019 249,025 16,335 265,360 56,926 124,024 65,312 2,241 248,503 13,174 527,037
Q1 2019 259,833 17,577 277,410 54,610 115,881 62,111 1,889 234,491 14,276 526,177
Q4 2018 223,737 16,915 240,652 52,035 88,643 42,754 3,842 187,274 14,345 442,271
Q3 2018 191,950 14,066 206,016 39,776 87,262 38,104 1,848 166,990 12,505 385,511
Q2 2018 215,308 15,211 230,519 38,373 97,332 39,925 2,051 177,681 12,550 420,750
Q1 2018 236,523 14,462 250,985 47,372 105,041 45,806 1,724 199,943 14,079 465,007
Q4 2017 191,411 9,815 201,226 31,268 79,801 29,123 1,665 141,857 12,543 355,626
Q3 2017 192,092 8,734 200,826 31,218 71,503 29,665 1,371 133,757 12,189 346,772
Q2 2017 195,717 7,870 203,587 36,408 76,637 30,189 1,340 144,574 13,345 361,506
Q1 2017 211,974 7,420 219,394 41,279 78,803 38,435 1,207 159,724 15,306 394,424
Q4 2016 179,317 5,749 185,066 35,999 63,269 36,058 473 135,799 17,393 338,258
Q3 2016 172,005 6,441 178,446 33,844 58,724 29,775 478 122,821 20,880 322,147
Q2 2016 183,107 6,220 189,327 40,214 55,064 35,619 271 131,168 17,781 338,276
Q1 2016 170,219 7,507 177,726 37,950 46,531 32,370 123 116,974 15,321 310,021
Q4 2015 136,015 7,233 143,248 32,168 39,707 19,306 76 91,257 15,864 250,369
Q3 2015 132,626 7,413 140,039 28,441 36,493 19,339 61 84,334 15,352 239,725
Q2 2015 142,458 6,504 148,962 27,340 35,097 15,786 80 78,303 17,473 244,738
Q1 2015 137,987 7,395 145,382 26,095 34,339 21,041 144 81,619 16,675 243,676
Q4 2014 122,899 7,296 130,195 22,366 28,403 13,302 134 64,205 16,964 211,364
Q3 2014 104,143 5,569 109,712 18,040 27,859 10,683 179 56,761 15,665 182,138
Q2 2014 109,970 6,331 116,301 15,613 29,781 9,235 382 55,011 14,725 186,037
Q1 2014 113,128 6,035 119,163 14,568 26,022 9,241 219 50,050 18,204 187,417

 

 
Average Daily Volume per Quarter (in millions)
U.S. high-grade (1)
Other Credit
Liquid Products
Total (2)
Trading
High Yield
Emerging Markets
Eurobonds
Other Products (1)
Total
U.S. (3)
Europe (4)
Q3 2019 $4,093 $953 $2,057 $921 $41 $3,972 $182 $8,247 64 65
Q2 2019 4,212 904 1,969 1,071 36 3,978 209 8,399 63 61
Q1 2019 4,548 895 1,900 986 31 3,812 233 8,593 61 63
Q4 2018 3,945 853 1,453 668 63 3,037 234 7,216 61 64
Q3 2018 3,270 631 1,385 595 29 2,641 198 6,109 63 64
Q2 2018 3,602 600 1,521 644 32 2,796 197 6,595 64 62
Q1 2018 4,115 777 1,722 727 28 3,254 230 7,599 61 63
Q4 2017 3,246 504 1,287 462 27 2,281 202 5,729 62 63
Q3 2017 3,188 496 1,135 464 22 2,116 193 5,496 63 64
Q2 2017 3,232 578 1,216 495 21 2,311 212 5,754 63 61
Q1 2017 3,539 666 1,271 601 19 2,557 247 6,342 62 64
Q4 2016 3,034 590 1,037 572 8 2,207 285 5,526 61 63
Q3 2016 2,788 529 918 458 7 1,912 326 5,026 64 65
Q2 2016 2,958 628 860 565 4 2,058 278 5,295 64 63
Q1 2016 2,914 622 763 522 2 1,909 251 5,074 61 62
Q4 2015 2,310 519 640 302 1 1,462 256 4,029 62 64
Q3 2015 2,188 444 570 298 1 1,313 240 3,741 64 65
Q2 2015 2,364 434 557 259 1 1,251 278 3,894 63 61
Q1 2015 2,383 428 563 334 2 1,327 273 3,983 61 63
Q4 2014 2,100 361 458 208 2 1,029 274 3,403 62 64
Q3 2014 1,714 282 435 164 3 884 245 2,844 64 65
Q2 2014 1,846 248 473 151 6 878 234 2,958 63 61
Q1 2014 1,953 239 427 147 4 816 298 3,067 61 63

 

 
Annual Volume ($ millions)
U.S. high-grade (1)
Other Credit
Liquid Products
Total (2)
Fixed-Rate
Floating-Rate
Total
High Yield
Emerging Markets
Eurobonds
Other Products (1)
Total
2018 $867,518 $60,654 $928,172 $177,556 $378,278 $166,589 $9,465 $731,888 $53,479 $1,713,539
2017 791,194 33,839 825,033 140,173 306,744 127,412 5,583 579,912 53,383 1,458,328
2016 704,648 25,917 730,565 148,007 223,588 133,822 1,345 506,762 71,375 1,308,702
2015 549,086 28,545 577,631 114,044 145,636 75,472 361 335,513 65,364 978,508
2014 450,140 25,231 475,371 70,587 112,065 42,461 914 226,027 65,558 766,956

 

 
Average Daily Trading Volume by Year ($ millions)
U.S. high-grade (1)
Other Credit
Liquid Products
Total (2)
Trading
High Yield
Emerging Markets
Eurobonds
Other Products (1)
Total
U.S. (3)
Europe (4)
2018 $3,728 $713 $1,519 $658 $38 $2,929 $214 $6,871 249 253
2017 3,300 561 1,227 506 23 2,316 213 5,829 250 252
2016 2,922 592 894 529 5 2,021 285 5,228 250 253
2015 2,311 456 583 298 1 1,338 261 3,910 250 253
2014 1,901 282 448 168 4 902 262 3,066 250 253
 

(1) "Other Products" includes Municipal Bonds, Leveraged Loans, Convertible Bonds and Structured Products
(2) Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties.
(3) The number of U.S. trading days is based on the Securities Industry and Financial Markets Association (SIFMA) holiday recommendation calendar.
(4) The number of U.K. trading days is based on the U.K. Bank Holiday Schedule.