ELECTION TRADING BONANZA: Wall Street banks post record trading volumes as markets swing
Donald Trump won the US election in a dramatic upset that confounded the polls and sent markets reeling. Fixed income, currency and commodity traders all witnessed big moves in their markets, while stock futures swung wildly.
"For those who were sitting on the trading floor, it felt like Brexit all over again," Alan Ruskin, a macro strategist for Deutsche Bank, said in a note.
And just like Brexit, Britain's decision to leave the European Union, trading volumes shot through the roof.
Gold prices took off when the election first started turning to Trump, and JPMorgan posted record bullion client volume during the Asian trading session, according to a person familiar with the matter. Activity was three times higher than in the aftermath of Brexit.
And in foreign exchange, the bank's Asian trading desk had similar volumes to Brexit, though they fell short of breaking the record, this person said.
There were also record volumes in US Treasurys in the overnight session, with volumes on BrokerTec, an electronic fixed income trading platform, hitting $177 billion, smashing the Brexit night record of $131 billion.
And in the US stock market, total consolidated trading volume stood at around $270 billion a little after midday. That compares with a month-to-date average of around $200 billion for a typical day.