Because of this, the risk premium on high-grade U.S. corporate bonds has reached its highest level since late 2020. However, even when bond prices are falling sharply, the overall corporate bond trading volumes (which should go up when prices fall) have gone down from a year ago. Coming to JPM, as part of its current up gradation efforts, the bank also plans to connect its European and emerging market corporate bond trading desks to the electronic trading platform in the first half of 2022. Garrison said that the JPMorgan Liquidity Network has begun automating the bank's requests for quotes and bids on municipal bonds as well, which were historically done manually. Notably, the JPMorgan platform, which has been rolled out in phases from the last quarter of 2020, now allows clients to electronically trade North American corporate and municipal bonds, with JPM as the sole dealer. With the move, the bank's clients, who might otherwise have to trade through a third party, will save costs in terms of fees.