Brazil Remains Most Liquid

Brazilian debt instruments were the most frequently traded emerging market debt instruments in 2008, according to EMTA. The $847bn in turnover represents a 25% drop from the $1.135trn in 2007. Brazilian volumes accounted for 20% of total EM trading, up from 18% last year. The sovereign’s 2040 bond remained the most frequently traded instrument in 2008 at $80bn, despite its volume being down 63% from 2007. Brazilian eurobonds saw turnover of $244bn, the highest total for that category from a single country. Argentina placed fourth in EM with $305bn in total securities traded, accounting for about 7% of the total. Mexico’s $205bn accounted for 5% of all volumes, notably down from the 22% it accounted for in 2007. In local markets turnover, Brazil’s $591bn also led EM, with Argentina’s $165bn placing it fifth. Mexico also plunged in local instrument trading, by 92% to $92bn from 2007 $1.2trn in 2007.