Bank of America Merrill Lynch has become the only US bank so far to report a year-on-year rise from fixed income trading.

Revenues from the fixed income, currencies and commodities, business rose 5% to $2.4 billion in the second quarter, excluding debt valuation adjustments, against what had been a weak equivalent period in 2013. The increase contributed to an overall 9% year-on-year rise in global markets revenue to $4.6 billion.