Sure, the Brexit vote was bad for banks in lots and lots and lots of ways. But for beleaguered trading desks, it kept them busy enough for a week to make up for a whole quarter. Can you say “President Trump”? Please?

This Brexit dividend extended into July. Data out Friday from the Securities Industry and Financial Markets Association show average U.S. bond-trading volume in July rose a sharp 9% from a year earlier. That compares with a 6% rise in June, and a miserable start to the year when volumes were anemic….

Of course, barring another shock event, trading will likely settle down in the months ahead. Seasonally, the second half of the year generally sees less trading activity.

Brexit Hasn’t Been All Bad for Banks [WSJ]