Chart 3: The share of offsetting client transactions in Government of Canada bond futures was stable during the COVID-19 crisis https://www.bankofcanada.ca/?p=239569 Volume of offsetting client transactions (left scale) Volume of residual client transactions (left scale) Share of offsetting client transactions (right scale) 5.850.6290.72 5.850.6190.77 5.920.6190.92 5.920.6091.01 5.990.5991.18 5.910.6290.64 5.890.6290.59 5.820.6290.53 5.840.6290.59 5.830.6190.75 5.840.6890.13 5.750.6590.25 5.900.6989.82 6.170.7090.04 6.240.7190.01 6.410.7389.92 6.570.7290.22 6.700.7490.07 6.750.7090.53 6.970.6990.75 7.300.6891.18 7.480.6991.29 7.650.6891.54 7.710.7091.30 7.910.6791.80 8.070.6891.77 8.380.7491.67 8.500.7891.41 8.650.8191.25 8.830.8491.03 8.900.8690.83 8.910.7791.74 9.140.7692.17 9.100.7392.51 9.030.7492.34 8.940.7392.38 8.630.7092.50 8.410.7391.95 8.190.7092.14 8.040.7191.86 7.740.7491.31 7.520.7591.02 7.450.7491.03 7.250.7590.86 7.070.7590.64 6.800.7390.69 6.530.7390.43 6.160.6590.70 5.890.6090.93 5.730.5890.98 5.600.5990.69 5.540.5790.75 5.350.5590.94 5.170.5790.34 5.070.5989.96 4.940.5889.74 4.830.5789.73 4.740.5889.20 4.660.5589.58 4.700.6088.88 4.690.6088.88 4.610.5889.01 4.480.6188.30 4.220.6187.67 4.120.6087.74 4.090.5887.91 4.070.6387.19 4.080.6187.42 4.240.6287.58 4.420.6787.04 4.450.6687.20 4.270.6387.31 4.520.6787.32 4.680.7186.88 4.700.7187.02 4.770.7586.61 4.890.7686.69 5.010.8386.06 5.160.8586.19 5.160.8586.05 5.080.8885.50 5.090.8885.52 5.160.8985.50 5.150.8685.93 5.270.8286.98 5.260.8187.02 5.280.8286.96 5.190.7987.23 5.130.7887.28 5.030.7887.13 4.990.7387.78 4.880.7387.50 4.990.7687.33 4.870.7287.53 4.650.6887.59 4.600.6887.38 4.510.6487.81 4.550.6288.07 4.560.6088.30 4.530.5888.62 4.520.5788.72 4.540.5089.89 4.500.4890.22 4.450.4890.14 4.370.4989.48 4.250.5089.20 4.230.5188.98 4.200.5388.47 4.320.5388.82 4.350.5388.74 4.320.5388.71 4.280.5688.04 4.330.5788.05 4.340.5588.53 4.160.5887.73 4.410.5788.32 4.540.6188.28 4.630.6787.72 4.540.6587.92 4.380.6188.05 4.460.6188.07 4.560.6288.09 4.600.6687.52 4.580.6887.08 4.570.6687.39 4.610.6388.12 4.670.6587.91 4.680.6587.86 4.700.6388.40 4.660.6388.32 4.830.6588.27 4.940.7087.86 5.030.6888.33 5.050.6888.40 5.130.7088.24 5.230.6788.88 5.170.6988.58 5.120.6289.39 5.040.5889.66 5.070.6189.14 5.120.6189.42 4.980.6488.63 4.880.6388.83 4.770.6088.92 4.770.5989.07 4.800.5989.26 4.870.5789.68 4.880.5789.80 4.860.5789.73 4.860.5789.76 4.850.5789.69 4.700.5489.89 4.560.5090.18 4.410.4990.03 4.370.4890.12 4.370.5089.84 4.480.4890.13 4.420.4990.00 4.410.4989.88 4.460.4790.27 4.480.4890.25 4.470.4690.60 4.470.4291.42 4.590.4491.23 4.670.4691.04 4.790.5090.72 4.800.5390.19 4.800.5789.63 4.800.5689.87 4.860.5490.20 4.940.5590.21 4.980.5690.09 4.970.5690.18 5.020.5590.37 5.150.5790.39 5.260.5690.73 5.290.5491.04 5.130.5690.63 5.220.5990.32 5.280.6090.29 5.240.6090.15 5.210.5890.35 5.460.6489.86 5.500.6889.36 5.500.7089.05 5.470.6889.38 5.370.6589.54 5.350.6389.78 5.350.6289.99 5.360.6489.48 5.280.6589.24 5.280.6589.26 5.310.6589.33 5.340.6689.18 5.210.6588.95 5.050.6389.03 5.080.6588.78 5.240.6888.62 5.280.6988.52 5.250.6788.79 5.200.6688.82 5.180.6888.58 5.170.6988.26 5.000.6588.53 5.010.6388.90 5.010.6288.96 5.040.6289.04 5.110.6488.94 5.170.6489.00 5.210.6688.81 5.160.6489.23 5.260.6589.16 5.160.6589.12 5.110.6888.48 4.930.6788.12 5.100.7088.03 5.180.7088.21 5.040.7287.70 4.950.7187.70 4.990.6788.16 5.150.6588.50 5.210.7187.83 5.290.7287.93 5.380.7188.26 5.430.7487.98 5.460.7687.66 5.260.7487.48 5.300.7886.94 5.350.7787.21 5.450.8486.63 5.420.8087.08 5.500.8386.75 5.500.8187.01 5.630.8386.88 5.710.8187.40 5.900.8287.71 5.990.8387.79 6.080.8687.50 6.150.8587.91 6.000.8287.99 5.930.8387.82 5.710.8786.97 5.600.8387.17 5.770.8287.50 6.000.8487.50 6.100.9187.06 6.260.9187.31 6.670.9187.90 6.920.8888.55 7.020.9687.99 7.280.9088.75 7.680.9888.48 7.930.9688.88 7.931.0088.36 8.051.0088.52 8.071.0388.21 8.121.0388.31 7.991.0188.31 7.991.0388.09 8.031.0188.36 8.051.0388.13 8.201.0488.19 8.251.0188.73 8.301.0188.94 8.151.0188.78 7.971.0188.60 7.890.9489.02 7.670.9289.00 7.400.9688.24 7.150.9687.96 6.950.9287.77 6.540.9087.77 6.080.8088.26 5.780.8387.50 5.790.8587.25 5.600.8686.84 5.420.8386.78 5.330.8386.58 5.300.8586.21 5.160.8286.15 5.100.8585.71 4.980.8485.39 4.910.8185.63 4.900.8185.60 4.940.8585.23 5.050.8485.38 5.040.8984.98 5.070.8985.04 5.210.9085.07 5.270.8885.41 5.260.8585.89 5.220.8186.34 5.290.8286.30 5.390.8486.07 5.510.8386.55 5.570.7787.31 5.600.7687.55 5.750.7588.04 5.830.7488.32 5.910.7588.52 6.080.7489.05 6.070.7289.26 6.160.7189.72 6.130.7389.51 6.180.7689.29 6.130.7189.86 5.970.6989.90 5.830.6689.78 5.900.6390.15 5.820.6190.33 5.690.6289.85 6.000.6989.42 6.450.6989.85 6.520.7489.34 6.490.7888.80 6.290.7887.94 6.280.8587.28 6.220.8587.06 6.190.8587.06 6.110.8886.50 6.030.8387.18 5.890.8386.77 5.910.8486.76 5.940.8486.73 5.840.8486.60 5.850.8486.71 5.840.8586.39 5.870.8985.92 6.020.8986.35 5.930.9186.04 6.000.9485.68 6.070.9585.83 5.790.9086.05 5.280.8885.63 5.130.8485.85 5.060.8285.94 5.150.8086.84 5.100.7387.61 5.220.7587.67 5.040.7487.28 5.110.7587.34 5.270.7886.97 5.390.8186.91 5.350.7987.16 5.350.8087.09 5.410.7987.22 5.330.7787.37 5.260.7587.62 5.360.7288.07 5.300.7288.00 5.320.7088.22 5.180.7187.87 5.160.6788.40 5.060.6888.05 5.140.6988.07 5.200.6888.30 5.200.6888.38 5.250.6988.34 5.320.7387.93 5.390.6888.51 5.490.6988.80 5.430.6589.27 5.310.6289.56 5.200.6089.51 5.270.6089.61 5.210.5889.72 5.130.6189.13 5.150.6289.09 5.240.6389.08 5.100.6688.45 5.000.6288.65 4.840.6288.54 4.840.5988.95 4.960.6488.50 5.150.6788.59 5.310.6788.86 5.330.6788.81 5.290.6589.15 5.420.7088.83 5.400.7088.77 5.310.7388.31 5.310.7687.72 5.450.8187.25 5.500.8786.55 5.600.8587.11 5.590.8786.76 5.590.8986.40 5.660.8986.59 5.680.9186.39 5.840.9486.21 5.910.9386.57 6.060.9386.70 6.150.9586.67 6.190.9486.79 6.300.9187.22 6.180.9087.16 6.110.9186.97 6.220.9087.15 6.550.9487.13 6.570.9587.09 6.500.9087.56 6.520.9187.48 6.610.9187.86 6.590.8688.32 6.640.8189.03 6.710.8289.03 6.830.8189.20 6.980.8189.65 6.960.7989.74 7.010.7790.13 6.900.7989.72 6.900.7889.87 6.870.7989.71 6.870.7889.80 6.830.8389.06 6.640.8288.87 6.840.8389.07 7.150.8489.24 7.220.8489.29 7.150.8389.38 7.080.7889.73 7.110.8289.19 7.120.8588.95 7.090.8588.83 6.970.8788.41 6.860.9287.45 6.770.9387.29 6.620.9387.04 6.550.9386.96 6.620.9287.22 6.630.9686.73 6.520.9486.72 6.490.9286.96 6.490.9386.84 6.660.9486.83 6.930.9387.50 6.770.9386.62 6.650.9686.18 6.410.9586.09 6.450.9985.78 6.410.9885.83 6.460.9985.76 6.490.9885.90 6.390.9685.94 6.400.9685.96 6.550.9985.91 6.650.9486.75 6.730.9786.55 6.700.9686.72 6.660.9686.59 6.680.9786.47 6.650.9386.95 6.720.9287.35 6.680.9786.46 6.620.9386.99 6.370.8987.24 6.040.8786.92 5.970.8486.62 5.910.7987.13 5.750.7687.17 5.420.7886.19 5.600.8186.05 5.590.8585.69 5.620.8485.77 5.670.8386.11 5.680.7986.62 5.500.7786.48 5.480.7986.13 5.310.7885.86 5.360.8085.71 5.290.7686.21 5.230.7586.33 5.210.7985.83 5.170.7885.88 5.170.7286.71 5.170.7386.54 5.170.7885.61 5.350.8085.76 5.680.9086.44 5.650.9086.43 5.730.9486.11 5.860.9486.56 5.550.9386.32 5.500.8986.64 5.420.9086.41 5.340.8986.29 5.310.9185.94 5.330.9086.19 5.400.9286.06 5.530.9286.40 5.550.9486.25 5.650.9885.70 5.641.0085.34 5.650.9885.70 5.630.9785.74 5.781.0085.56 6.001.0385.44 6.161.0785.45 6.071.0585.62 6.111.0385.88 6.391.0386.06 6.521.0186.51 6.500.9587.10 6.510.9687.01 6.500.9587.12 6.500.9187.68 6.570.9487.51 6.610.9387.62 6.710.9687.47 6.650.9487.58 6.620.9587.41 6.640.9487.55 6.690.9387.78 6.600.9287.71 6.520.9287.61 6.650.9487.51 6.490.9587.08 6.250.9287.19 6.120.8787.39 6.200.8587.75 6.140.7888.39 5.880.7888.15 5.840.8487.53 5.820.9186.68 5.780.8787.24 5.730.8787.24 5.730.9086.76 5.750.8787.22 5.740.8687.37 5.690.8287.73 5.750.8187.88 5.820.8088.21 5.800.7988.27 5.630.7788.35 5.710.7588.75 5.870.7589.01 5.950.7788.96 6.020.7689.29 6.130.7689.35 6.230.7389.88 6.240.7789.45 6.220.8089.06 6.340.8688.67 6.270.8288.93 6.340.7489.93 6.480.7889.51 6.630.8089.52 6.680.8089.56 6.700.8089.67 6.700.7989.73 6.830.8289.64 6.820.8489.34 6.700.8688.86 6.650.8888.56 6.810.8988.61 6.900.9088.60 6.860.8988.67 6.610.8888.11 6.730.8688.37 6.910.9188.09 7.040.9387.98 6.950.9787.42 6.790.9587.17 6.780.9587.19 7.001.0286.98 7.051.0986.35 6.931.0686.44 6.891.0586.59 6.881.0386.72 6.931.0786.36 7.021.1086.09 7.011.0886.33 7.091.0586.69 7.261.0287.29 7.501.0087.93 7.601.0088.01 7.571.0287.72 7.321.0386.82 7.451.0487.21 7.421.0587.02 7.381.1086.67 7.211.0986.58 7.261.0387.37 7.351.0287.87 7.270.9888.10 7.020.9388.02 6.830.8888.14 6.960.8988.17 6.900.9387.67 6.850.9886.93 6.700.9786.82 6.560.9486.92 6.410.9486.74 6.370.9286.94 6.360.9386.81 6.120.9386.67 6.030.9286.72 6.070.9286.77 6.290.9287.54 6.340.9287.63 6.310.9187.66 6.120.8687.77 6.180.8687.79 6.260.9387.16 6.440.9787.01 6.490.9587.27 6.760.9287.93 7.010.9288.35 6.980.9188.39 6.950.9088.42 6.930.8389.26 6.970.8289.62 7.180.9089.16 7.260.9388.88 7.150.9588.58 7.020.9588.36 7.030.9987.81 6.981.0187.39 6.891.0087.39 6.801.0187.08 6.690.9887.24 6.670.9987.09 6.800.9687.61 6.860.9687.62 6.790.9387.81 6.640.9187.84 6.651.0087.09 6.451.0486.46 6.391.0885.98 6.281.0686.14 6.371.0686.28 6.481.0686.46 6.521.0786.28 6.430.9986.91 6.320.9786.99 6.420.9887.04 6.460.9587.52 6.540.9487.82 6.560.9487.83 6.510.9487.73 6.670.9487.96 6.740.9587.97 6.871.0687.33 6.861.0887.10 6.861.0687.31 7.141.0387.84 7.431.2087.09 7.521.1687.50 7.671.1288.09 7.701.0988.37 7.851.1288.18 7.781.1188.14 7.611.1387.56 7.671.1487.55 7.651.1787.14 7.851.1887.32 7.801.1887.33 7.731.1987.04 7.661.2286.58 7.721.2186.75 7.871.2087.20 7.881.1787.46 7.861.1787.46 7.721.0588.13 7.771.0987.92 7.741.1487.38 7.391.1586.94 7.221.0587.24 7.101.0387.22 6.941.0786.68 6.931.0586.90 6.931.0486.98 6.951.0387.11 7.071.0786.99 7.081.0986.74 7.111.0886.93 7.021.1186.48 7.111.1086.73 7.281.1186.81 7.321.0787.33 7.271.0987.01 7.211.1086.93 7.091.1186.61 7.241.1486.58 7.041.1186.50 6.821.0586.86 6.741.0287.02 6.861.0486.99 6.960.9987.56 6.990.9488.05 7.080.9288.40 6.910.9288.22 6.750.9188.05 6.910.9388.10 6.890.8888.56 6.780.8688.57 6.810.8788.52 6.900.8189.21 6.850.8289.05 6.780.8189.15 6.730.8288.89 6.650.8188.80 6.620.8788.00 6.600.9187.54 6.450.8787.79 6.540.8788.06 6.610.9387.46 6.570.9087.82 6.390.9187.14 6.270.8887.36 6.210.9286.85 6.110.8887.19 6.270.8787.50 6.320.8887.53 6.120.8787.31 6.110.8987.05 6.280.8787.54 6.300.8787.54 6.050.8887.03 6.170.8687.35 6.360.8987.22 6.450.8987.42 6.540.9087.57 6.530.8588.01 6.540.8588.09 6.730.8887.96 6.980.9687.47 6.940.9187.94 6.960.9487.57 7.260.8888.77 7.390.9188.61 7.460.8888.98 7.640.8789.10 7.680.9188.78 7.850.9188.95 7.940.9488.87 8.010.9189.36 8.021.0188.53 7.900.9689.00 8.110.9789.18 8.121.0488.60 8.101.0988.24 8.061.0788.40 8.371.0988.66 8.591.0988.92 8.821.1788.80 8.641.2188.17 8.591.1688.48 8.851.1688.69 8.961.2388.28 8.801.2388.21 8.641.2687.79 8.481.2387.95 8.361.2987.35 8.291.3286.93 8.271.3486.68 8.581.3686.93 9.151.4686.64 9.461.4387.20 9.951.5086.90 10.111.5187.01 10.031.4587.42 10.071.4187.75 10.261.4387.69 10.181.4687.45 10.291.4487.64 10.231.3488.27 10.341.3288.69 10.291.3188.82 10.211.3388.58 10.191.2689.10 10.211.3388.42 10.321.3188.75 10.321.3688.09 10.391.3388.47 10.281.2988.57 10.031.2688.31 9.661.2188.40 9.181.1788.20 8.811.1088.40 8.441.0688.45 8.211.0388.51 8.131.0887.88 7.971.0488.10 7.771.0188.24 7.560.9888.16 7.180.9588.20 7.100.9588.11 7.120.9388.30 7.100.9388.34 7.010.9088.48 6.910.9288.10 7.050.9188.36 6.910.9487.88 7.100.9288.36 7.040.9288.25 7.030.8988.74 7.040.8789.21 7.100.9088.93 7.010.8689.23 6.920.8489.36 6.800.8589.08 6.920.9288.64 7.200.8989.17 7.210.9388.79 7.260.9688.55 7.380.9588.76 7.711.0188.51 8.021.0488.55 8.001.0988.12 7.781.0887.56 7.791.1487.08 8.161.1087.84 8.201.0588.22 8.301.0788.29 8.191.0888.10 8.131.0588.30 8.421.1487.85 8.711.1887.78 8.781.1787.93