From an activity standpoint, financial sectors continued to dominate volume, with financial services, insurance, banks and aerospace all among the most active sectors. Earnings in the banks and insurance sectors helped support activity in the space, as well as further tightening in CDS spreads. 

In Asia, CDS markets retained a similarly positive tone throughout the course of the month, again supported by better corporate and macroeconomic data. Japan was the most active region, with auto manufacturers leading the way in terms of volume. Again financial sectors featured prominently, with financial services and banks sub-sectors seeing decent volume throughout the course of the month.

In Europe, iTraxx Europe Series 11 trade prices were volatile during July, ending the month down across the board. In European corporates, there was heightened activity towards the end of the month in the short end of the Deutsche Telecom curve, with a tightening of spreads across the tenors, a move replicated generally across the fixed line telecoms sector. European sovereigns had a calmer month in July with a tightening of prices through the month and trading activity switching away from the long end to find more liquidity in the 5YR.
 
Russia, Turkey and Brazil were the three most active sovereigns joined by Mexico and Argentina.
 
GFI Group is a provider of wholesale brokerage, electronic execution and trading support products for global financial markets.