Growth SlowdownNovember credit volumes are flat year-over-year and down 5% month-over-month, indicating a slowdown in growth.
Market Share DeclineUS High Grade market share was down -260bps year over year to 19.5% in December, and US High Yield market share declined -350bps year over year to 14.7%.
Revenue ChallengesCredit variable revenues and rates variable revenues were -10% and -12% below MSe, respectively.