Brazil Still Tops EM Trading: EMTA

Brazilian securities were most frequently traded among EM corporate and sovereign debt in the second quarter, according to EMTA’s 2Q survey of secondary trading. The $241bn in Brazilian turnover is up 1% from 1Q, but down 20% from 2Q07. Argentine debt ranked third – behind South Africa’s $109bn – with a volume of $100bn. Brazil’s 2040 global bond remained the most frequently traded industry instrument, accounting for $20bn, up 9.7% from Q1 despite being down 63% year-on-year. Mexico saw one of the sharpest year-on-year drops in the region, falling 90.2%, to $36bn from $372bn.