[ R E S E A R C H
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T R E A S U R I E S ]
FIG 1: Estimated adoption of electronic trading by asset class: 2001-2018
100
90
80
70
60
50 Equities
40 Futures
30 Options
20 FX (spot FX)
10 Fixed income (U.S Treasuries)
12%
2011
FIG 2: Benchmarks are still being
traditionally traded by the buy-side
Percentage of U.S. on-the-run treasuries
traded electronically
Less than
25%
38%
0%
25%
More that 75%
25% to 50%
25%
FIG 3: MDP’s remain the go-to for
U.S. treasury transactions
U.S. Treasury E-Trading preferred
venues and methods
51% to 75%
4 15 4 5 8
Single-dealer
platforms (SDP’s) MDP’s Interdealer market Messaging (FIX) Voice
Issue 60 // TheTradeNews.com // 31