The FR 2956 collects detailed data on depository institutions’ daily transactions trading of marketable U.S. Treasury securities and transactions trading of the debt and mortgage-backed securities (MBS) issued by U.S. federal government agencies including government-sponsored enterprises (agencies). Every national bank, state member bank, state non-member bank, savings association, or U.S. branch and agency of a foreign bank filing a Notice by Financial Institutions of Government Securities Broker or Government Securities Dealer Activities (Form G-FIN; OMB No. 7100-0224) with average daily transaction volumes of over $100 million, for U.S. Treasury debt, or over $50 million, for agency-issued debt and MBS, during the prior fiscal year will be subject to the implemented reporting requirements. Depository institutions subject to the reporting requirements of the FR 2956 electronically report transactions through the Board’s data collection vendor, the Financial Industry Regulatory Authority (FINRA), utilizing its Trade Reporting and Compliance Engine (TRACE). The report has two parts. Part 1 collects data on transactions in U.S. Treasury debt and Part 2 collects transactions in debt and MBS issued by agencies.

Volatility in financial markets has been high in recent years, which has, at times, benefitted the brokerage industry through greater trading activity as investors look to capitalise on price swings. Most notably, the COVID-19 pandemic, the Ukraine conflict and aggressive interest hikes from Central Banks facing rampant inflation have incited severe volatility. Revenue is expected to grow at a compound annual rate of 2.7% over the five years through 2023-24 to £38.1 billion, including estimated growth of 3.9% in 2023-24. Although volatility can benefit the industry, it can also deter investors, incentivising them to delay investments until economic uncertainty subsides. In recent years, uncertainty has mainly stemmed from the aggressive interest rate hikes and their expected trajectory, hitting stock and bond markets in 2022 and hurting trading activity. Although interest rate uncertainty persisted going into 2023-24, stock markets improved thanks to exceptional growth from large-cap tech stocks and a sharp rally at the end of the year as investors bet on the end of rate hikes. Competition has softened as considerable consolidation activity has occurred between SMEs in the brokerage industry. However, the Markets in Financial Instruments Directive II has ramped up operating costs for brokerage firms, hurting profitability. Continued investment in software to help automate compliance procedures have benefitted margins, although the brokerage industry remains labour-intensive. Revenue is forecast to grow at a compound annual rate of 3.5% over the five years through 2028-29 to £45.2 billion, while the average industry profit margin is expected to reach 24.8%. The market narrative for interest rates is higher for longer, weighing on stock markets and hitting demand for brokers as trading activity slows. However, rate cuts are expected to occur in the second half of 2024-25, supporting bond values and stocks driving revenue growth in the short term. Further regulations related to Basel III are set to come into force in January 2025, adding pressure to brokers' operating costs. Due to Brexit, large international brokers are also shifting employees to overseas domiciles, adding downward pressure to revenue growth.

MBA Mortgage Refinance Index in the United States decreased to 739.30 points in July 25 from 747.50 points in the previous week. This dataset includes a chart with historical data for the United States MBA Mortgage Refinance Index.