We are in a period of uncertainty. Volatility has been in the headlines since the announcement of new trade policies early in April, bringing heightened uncertainty and challenging trading environments across major markets.

In April, we’ve seen Liquidity in key futures markets drop sharply—E-mini S&P 500s are trading at levels not seen since the 2020 COVID selloff, and quote sizes in 10-year Treasurys are nearing their lows from late 2022 and early 2023.

Chin HuangMay 9, 20252025