Information Technology remained the top sector by trade notional globally and in the U.S., followed by Industrials and Financials. March’s combination of oil shock, inflation repricing, and weaker risk sentiment kept higher-beta and valuation-sensitive parts of the market active, while cyclical and balance-sheet-sensitive sectors saw stronger hedging demand. Equities generated 3.05 million trades, up24% month-over-month and $4.06 trillion in notional during the month. Non-GC trade counts rose 25%, while broker-to-broker volume increased 22%, reinforcing broader demand and a greater willingness to pay up for names in focus.

This trend also showed up in the most-traded names. MSTR, RIVN, LYV, CHTR, and KMB topped the list in March, reflecting a market shaped by both macro hedging and company-specific catalysts. Rivian drew renewed attention after Uber agreed to invest up to $1.25 billion and deploy autonomous R2 vehicles as robotaxis. Live Nation combined strong operating momentum with an active antitrust backdrop. Charter remained in focus following approval of its acquisition of Cox, while Kimberly-Clark picked up late-month corporate action attention after UK regulators opened a probe into its joint venture with Suzano.  Overall, March was characterized by a broader market, with activity spread across a wider set of names rather than concentrated in specific themes.

Regionally, the increase in activity was broad-based as well. Equity volume rose month-over-month across all regions, with APAC posting the strongest increase at 33%, while fixed income volume also moved higher across every region.

• Japan: Oil and FX volatility kept pressure on positioning.
• Canada: Higher crude prices supported energy, while weakness elsewhere sustained commodity-linked hedging.
• UK: Higher energy prices and fading expectations for rate cuts weighed across a wider mix of sectors.

Across markets, weaker performance and rising uncertainty translated into stronger demand in the lending market, fueling record platform volumes as clients relied on technology to keep pace.

Whether March marked the start of a more durable macro regime or simply repricing will shape what comes next. If energy, inflation, and credit remain in the driver’s seat, lending demand should stay broad and active. If those pressures begin to ease, expect the market to become more selective again, with activity concentrating in higher-conviction shorts, specials, and names with clear catalysts.