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Principal Trading Firm Activity in Treasury Cash Markets, Accessible Data

Figure 1. Share of Treasury Cash Market Activity for All Securities by Participant Type

The figure plots shares of trading volume by participant type for the entire Treasury market from April 1, 2019 to December 31, 2019, based on authors’ calculations and data from the Financial Industry Regulatory Authority (FINRA) Trade Reporting and Compliance Engine (TRACE). Primary and other dealers account 54% of volume, principal trading firms account for 21% of volume and buy-side institutions account for 25% of trading volume.

Note: The figure reports shares of trading volume by participant type for the entire cash Treasury market from April 1, 2019 to December 31, 2019.

Source: Authors' calculations based on Trade Reporting and Compliance Engine (TRACE) data from the Financial Industry Regulatory Authority (FINRA).

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Last Update: August 04, 2020