US Monthly Chartbook – Summer Trading Heats Up (Credit Suisse)

July 2013

KEYWORDS: Federal Reserve Board, trading volume, Asia Pacific, European Union, ETF, hedge funds, Hedge Fund Launches, Liquidity, Relative Value, Macro, equity hedge funds, event driven, strategy, leverage, assets under management, AUM, Managed Accounts, bid-ask spread

Authors:

Credit Suisse

Organizations:
  • Credit Suisse

Summary:
  • With the Fed back in focus and renewed conflicts abroad, June saw an increase in trading activity, bucking the “summer slowdown”.
  • The pickup was especially notable in ETFs, which accounted for 1 in every 3 dollars traded in June, compared to 20% for the rest of the year (see page 2).
  • Bond funds suffered from record outflows in June (remember when we would only hear of record inflows?) as a response to rising rates.  We put these flows in context on pages 3 and 5.
  • On page 7, we look at bid-ask spreads globally year over year, and find that the US is one of only 4 developed countries to have wider spreads today relative to last year.  Current US spreads now rank 8th in the world.
  • Finally, we’ve covered the volume shift toward the end of the day quite extensively over the years.  In this chartbook, on page 8, we show how the singular MOC print has been affected.

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