The Canary In The Coal Mine For Wall Street Trading Revenue Is Whimpering

Yesterday boutique investment bank Jefferies reported a 17% year over year decline in its fixed income trading revenue with net revenues of $280 million. That's down from $336.9 million a year earlier.

Jefferies is small compared to the JP Morgan's of the world, but this loss is significant as the bank's earnings tend to foreshadow how the rest of Wall Street will do.

Take Q3 2013 for example, when Jefferies reported a year over year routing in fixed income — revenue was down 88%.

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