The figure presents histograms of intraday trading volume distribution, where each bin represents the fraction of total daily customer volume executed per minute (the customer volume during a given minute divided by the total customer volume for the day). The histograms display the average intraday volume fraction per minute for each quarter from 2002Q3 through 2024Q4 for investment grade bonds eligible for the Bloomberg bond indices. The x-axis represents time in minutes from 00:00 to 24:00, while the y-axis indicates the volume fraction (%). Two yellow vertical bars highlight the 15:00 and 16:00 time marks.