Average Daily Trading Volume in the U.S. Bond Markets $ Billions
Municipal Treasury
1
Agency MBS
1
Corporate 2 Debt
Federal Agency 1 Securities
Total
3
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2006 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2007 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD '06 YTD '07 % Change
1 2
1.1 1.1 3.3 8.3 8.8 8.8 10.7 12.6 14.8 16.9 22.5
203.7 212.1 226.6 186.5 206.5 297.9 366.4 433.5 499.0 554.5 524.7
38.1 47.1 70.9 67.1 69.5 112.0 154.5 206.0 207.4 251.8 254.6
16.5 15.7 14.8 14.0 13.6
31.1 40.2 47.6 54.5 72.8 90.2 81.8 81.7 78.8 78.8 74.4
274.0 300.5 348.5 316.5 357.6 508.9 629.9 749.5 814.8 916.0 889.8
22.2 20.2 20.0 23.9 22.8 25.6 21.1 20.8 22.3 21.3 23.9 25.4
545.1 575.4 555.3 495.1 585.0 513.3 486.1 496.1 549.2 509.3 495.2 491.4
249.3 266.4 278.1 241.2 218.3 214.5 211.2 248.5 302.2 286.3 264.6 274.3
16.1 15.0 14.0 14.0 14.1 12.5 11.3 11.9 14.0 13.7 14.9 11.8
81.8 79.0 68.4 73.8 76.0 78.3 74.9 67.3 73.8 72.4 69.4 77.4
914.5 956.0 935.8 847.9 916.2 844.1 804.5 844.6 961.4 902.9 868.0 880.4
25.1 24.4 23.8 26.9 26.5 30.8 24.8 27.4 23.4 21.2 23.8 21.6 22.5 25.0 11.2%
491.8 559.3 600.5 465.6 470.5 649.0 564.2 718.7 597.4 534.1 655.8 498.9 524.7 567.1 8.1%
296.6 293.8 309.7 305.0 313.7 396.9 281.3 339.3 338.6 329.9 338.7 298.2 254.6 320.1 25.8%
16.7 15.4 14.4 13.2 13.8 13.2 11.5 11.3 12.7 11.0 10.6 9.8 13.6 12.8 -5.8%
81.8 77.0 75.5 71.7 69.5 73.7 78.4 90.1 88.4 85.3 100.3 104.2 74.4 83.0 11.6%
911.9 969.8 1,023.9 882.3 894.1 1,163.7 960.1 1,186.8 1,060.5 981.5 1,129.2 932.7 889.7 1,008.0 13.3%
Primary dealer activity Excludes all issues with maturities of one year or less and convertible securities 3 Totals may not add due to rounding Sources: Federal Reserve Bank of New York, Municipal Securities Rulemaking Board, NASD TRACE
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