How BrokerTec, MarketAxess fared during Treasury rout

- By Rebecca Baird-Remba
- 30 Apr 2025

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BrokerTec and MarketAxess posted minor market share gains, as trade volumes for US Treasuries surged during the tariff-induced turmoil in government bond markets at the start of April.

From March 25 to April 2 when US president Donald Trump revealed his ‘Liberation Day’ tariffs, the average daily volume (ADV) across the entire US Treasury market was $1.14 trillion, according to official data. Then from April 3 to April 11, the ADV hit $1.83 trillion, with a record-smashing day of $2.4 trillion on

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