Fixed Income vs Equities Trading Volumes (2008-2025)
Annual Trading Volume in Trillion USD
400
350
300
250
200
150
100
2008
2010
2012
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Trading Volume (Trillion USD)
Equities
Fixed Income
2015 Inflection Point
Fixed Income Begins
to Outpace Equities
Post-Crisis
Recovery
Regulatory Changes
(Basel III, MiFID II, Volcker Rule)
Increased Electronification
of Fixed Income Markets
Quantitative Tightening
Transition
Sources: SIFMA, ICMA, BIS, WFE, and financial data aggregators. Values are approximate and represent annual trading volumes.
Note: Fixed Income includes government bonds, corporate bonds, mortgage-backed securities, and repo markets. Equities include stock exchanges globally.