Retail investors make most of the trades in the U.S. fixed income market
Institutional investors are responsible for the largest share of par value traded due to their large trades sizes. However, retail investors account for the vast majority of actual trades. According to regulatory reporting services, odd lot trades of less than $100,000 account for 79% of Corporate, and 71% of Municipal transactions.
Based on TRACE and MSRB reported trades, Q1 2009.