Key identifies regions in order from bottom to top. Source: Board staff calculations, based on Trade Reporting and Compliance Engine (TRACE) data from the Financial Industry Regulatory Authority (FINRA). Sample is from August 1, 2017, to July 31, 2018. Volumes are averaged over five-minute intervals.
5  Figure 5 Percent Share (intentionally blank)  Share of Total Average Intraday TIPS Volume in IDB Venue  Note: TIPS is Treasury Inflation-Protected Securities; IDB is Interdealer Broker. Given the narrow scope of this sample of data, the y-axis is left intentionally blank to ensure anonymity in the data.