• Tradeweb published a market liquidity analysis introducing its Liquidity Cost Index for U.S. institutional rates markets, based on aggregated transaction data from its trading platform.
• The framework measures realized execution costs using transaction cost (T-Cost) in basis points, alongside realized intraday volatility and composite pricing width across products including U.S. Treasuries, U.S. swaps, MBS TBA securities, and CDX IG.
• The report cited the week after “Liberation Day” in April 2025, when the S&P 500 fell more than 10.5% and the VIX rose above 65, while T-Cost data indicated liquidity conditions were less strained than in March 2020.
• It also highlighted early January 2026 conditions, including Jan. 9 following an order for Fannie Mae and Freddie Mac to purchase USD 200.0 billion in MBS, when MBS T-Cost rose nearly 5x versus its one-year median while U.S. Treasury T-Cost stayed below its one-year median.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Tradeweb Markets Inc. published the original content used to generate this news brief on March 24, 2026, and is solely responsible for the information contained therein.