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During April 2025’s tariff-driven turbulence, credit markets saw notable but orderly volatility, unlike the severe disruptions of the COVID-19 crisis. The April 2 tariff announcement triggered uneven global market swings, highlighting credit markets’ growing resilience through increased dealer algos and steady PT performance, which are strengthening market structure.

Highlights and objectives We aim to examine the price impact of client-initiated inquiries on the market, during a period of extreme volatility, to examine what drives information leakage. When trading large EUR IG blocks on MarketAxess in March 2023 , traders managed to minimize market...