Exchanges: BofA Trading Trove: Cooling vol hurts volume but enables an issuance rebound

Research evidence excerpt

Exchanges: BofA Trading Trove: Cooling vol hurts volume but enables an issuance rebound

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Exchanges

BofA Trading Trove: Cooling vol hurts

volume but enables an issuance rebound

Industry Overview

Comprehensive monthly data on US market structure 14 May 2026

In this new series of reports, we synthesize data from public and private sources to Equity

examine the trajectory of revenues within our market structure coverage. We intend to United States

provide a data-driven view into all the latest developments across our exchange Exchanges

coverage in one convenient place. We track near-term data points on volatility, volume,

market share, issuance, margin levels and fee rates. We also track long-term indicators

such as securities outstanding and commodity production.

Most granular fixed income market share data

In this report, we have assembled particularly comprehensive data on US corporate bond

market share, which we view as differentiated relative to other sellside trackers. While EliResearchAbboudAnalyst

most of our exchange coverage discloses their volumes daily across every product, fixed BofAS

+1 646 855 5791

income e-trading volumes are reported monthly and contain limited granularity. The eli.abboud@bofa.com

announcement date is frequently the most volatile day for TW/MKTX’s stocks all month. Craig Siegenthaler, CFA

By leveraging transaction-level TRACE data as well as proprietary data from Glimpse Research Analyst

BofAS

Markets and Coalition Greenwich, we include estimates on every major protocol utilized +1 646 855 5004

in corporate bond trading, which we think can then be used to triangulate corporate craig.siegenthaler@bofa.com

bond market share and identify emerging trends. Kareem Seif

Research Analyst