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					                                                                      US Bond Market Trading Volume

Table              Description
1.1.               US Bond Market Trading Volume

2.1.               FAQ

Contact
Research           research@sifma.org
All data are subject to revision.


The Securities Industry and Financial Markets Association (SIFMA) prepared this material for informational purposes o
SIFMA obtained this information from multiple sources believed to be reliable as of the date of publication; SIFMA, ho
makes no representations as to the accuracy or completeness of such third party information. SIFMA has no obligation
modify or amend this information or to otherwise notify a reader thereof in the event that any such information becom
outdated, inaccurate, or incomplete.

The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of
firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capita
formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with
New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). F
information, visit www.sifma.org.


FAQ
                   General:
                   Daily trading figures do not include all trades reported for the asset class due to
Daily Trading      time, trade type, or trade size cutoffs. Monthly and certain annual averages are
Figures            derived from daily trading and therefore will often be an undercount to actual
                   figures.

Annual Trading Annual trading figures are sourced from agency yearbooks when they come out,
Figures        whenever it makes sense to.


                   Sources:
Municipal          MSRB
Treasury           US Primary Dealer Trading Volumes (NYFed)
                   Until May 2011, from US primary dealer trading volumes (NYFed); beginning
Agency MBS
                   May 2011, from FINRA Trace
Non-Agency
                   FINRA Trace
MBS
ABS                FINRA Trace
Corporate          FINRA Trace

Federal Agency Until March 2010, from US primary dealer trading volumes (NYFed); beginning
Securities     March 2010, from FINRA Trace
             Notes:
Municipal    Annual figures are sourced from daily averages not from MSRB's yearbook.
Treasury     US Primary Dealer Trading Volumes (NYFed)
             Full year 2011 and year to date 2011 average figures are only sourced from
Agency MBS
             FINRA daily volumes. Annual figures are also sourced from daily figures.
             Non-Agency MBS trading figures will include CMBS figures; daily figures include
Non-Agency
             144A trades but do not include certain subcategories in which there are <5 trades
MBS
             made.
             ABS figures will not include CMBS figures, but also include CDO and Other
ABS          trading volumes; daily figures include 144A trades but do not include certain
             subcategories in which there are <5 trades made.
             Annual figures are sourced from FINRA's yearbook when available; daily figures
Corporate
             do not include 144A trades and are subject to 5:15pm cutoff.
ading Volume

            Time Period      Currency Value      Last Value Last Updated
            A, M             USD      Billions   Dec 2012   1/14/2013

                                                            1/15/2013




 for informational purposes only.
ate of publication; SIFMA, however,
on. SIFMA has no obligation to update,
 any such information becomes


ared interests of hundreds of securities
 , investor opportunity, capital
 nancial markets. SIFMA, with offices in
rkets Association (GFMA). For more
U.S. Bond Markets
Average Daily Trading Volume
USD Billions
                                            Non-Agency         Corporate   Federal Agency
        Municipal   Treasury   Agency MBS      MBS       ABS     Debt        Securities     Total1
 1996      1.1       203.7       38.1           -         -       -             31.1         274.0
 1997      1.1       212.1       47.1           -         -       -             40.2         300.5
 1998      3.3       226.6       70.9           -         -       -             47.6         348.5
 1999      8.3       186.5       67.1           -         -       -             54.5         316.5
 2000      8.8       206.5       69.5           -         -       -             72.8         357.6
 2001      8.8       297.9       112.0          -         -       -             90.2         508.9
 2002     10.7       366.4       154.5          -         -      17.8           81.8         631.2
 2003     12.6       433.5       206.0          -         -      18.0           81.7         751.8
 2004     14.8       499.0       207.4          -         -      17.3           78.8         817.3
 2005     16.9       554.5       251.8          -         -      16.6           78.8         918.6
 2006     23.1       524.7       254.6          -         -      16.9           74.4         893.7
 2007     25.1       570.2       320.1          -         -      16.4           83.0        1,014.9
 2008     19.4       553.1       344.9          -         -      14.3          104.5        1,036.1
 2009     12.5       407.9       299.9          -         -      19.9           77.7         817.8
 2010     13.3       528.2       320.6          -         -      20.5           11.2         893.7
 2011     11.3       567.8       243.3         4.4       1.5     15.6           9.6          853.5
 2012     11.3       518.9       280.4         4.5       1.5     16.7           9.7          843.1

 2011
  Jan     12.0       538.6       313.7          -         -      19.4          9.8          893.5
  Feb     12.2       650.6       286.6          -         -      19.2          10.6         979.2
 Mar      10.7       617.0       254.1          -         -      17.5          9.7          909.0
 Apr      12.0       514.0       236.8          -         -      15.7          8.2          786.7
 May      10.7       563.9       173.2         6.5       2.1     15.5          8.1          779.8
  Jun     11.3       612.7       240.8         9.6       2.1     16.2          9.6          902.2
  Jul     11.4       557.5       246.5         3.4       1.3     14.5          8.7          843.3
 Aug      12.0       672.7       271.6         3.5       1.6     15.7          11.1         988.0
  Sep     11.5       557.5       248.1         3.5       1.8     14.4          10.8         847.6
  Oct     10.6       542.2       253.9         3.2       1.2     15.6          10.2         837.0
 Nov      11.0       550.1       269.5         3.5       1.2     12.5          9.0          856.7
 Dec       9.8       436.9       205.5         3.1       0.8     11.1          9.3          676.5

 2012
  Jan     11.2       478.7       307.4         5.4       1.3     18.1          12.2         834.3
  Feb     11.3       594.7       306.9         7.3       1.3     20.4          10.8         952.7
 Mar      10.5       547.0       302.0         5.6       2.0     18.1           9.4         894.7
 Apr      11.7       495.7       260.4         3.7       1.3     16.0           9.0         797.8
 May      11.2       545.0       277.0         4.0       1.7     17.0          10.0         865.9
  Jun     12.5       522.6       314.3         3.1       2.4     18.1          10.5         883.5
  Jul     11.4       469.2       280.3         4.2       1.6     14.3           9.2         790.2
 Aug      11.1       479.2       258.0         3.7       1.2     13.9           9.4         776.7
  Sep     10.7       589.6       306.5         4.6       1.7     18.6          10.7         942.4
       Oct                10.6           515.5                269.4                  5.7        1.4   16.7   8.8    828.1
       Nov                11.6           498.2                 268.9                 3.6        1.4   16.1   7.4    807.1
       Dec                11.4           491.8                215.2                  3.4        1.1   13.5   9.2    745.5

    YTD '11               11.3           567.8                250.0                   -          -    15.6    9.6   858.3
    YTD '12               11.3           518.9                280.5                  4.6        1.6   16.7    9.7   843.2
    % Change              0.1%           -8.6%                12.2%                   -          -    7.1%   1.7%   -1.8%

1
    Totals may not add due to rounding


Sources: Federal Reserve Bank of New York, Municipal Securities Rulemaking Board, FINRA TRACE

				
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