The market has been somewhat calmer lately than we have become accustomed to. After the enormous pace of recent growth, with turnover tripling in the space of only three years, the turnover during Q1 this year is practically unchanged from that of the same quarter of 2004. This suggests that we have reached a pause in the strong upswing of the past few years. The outcome is the result of a considerable contraction in bond turnover, which is offset by increased equity trading. Equity prices continued to rise, closing around the historical high at the end of March.The record was then broken on the first day of April.
Click here to download the Q1 2005 report.
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