Record total revenue of $233 million was driven by 20% growth in products outside U.S. credit, specifically emerging markets and Eurobonds. Management attributes U.S. high-grade market share pressure in April to a historically high new issuance calendar, which typically crowds out secondary trading on the platform. Estimated U.S. high-grade market share was negatively impacted by approximately 160 basis points due to duplicate reporting in TRACE, which inflated total market volumes by up to 8%. Open Trading ...