Following a record setting run across 1H25 that included the two busiest quarters ever on loan trading desks, 3Q25 trading volume fell 18% to $233 billion, according to LSTA’s 3Q Trade Data Study (which noted 2Q25’s record $260 billion in activity).  While an 18% quarter-over quarter decline is noteworthy, 3Q25 volumes swelled 11% year-over-year and represented the fifth busiest quarter on record as more than 1,500 individual loans were traded across each month of the third quarter.