Clowns to the left of you and jokers to the right? Given the uncertain outlook, being stuck in the middle is not the worst place for investors seeking defensive plays. Exchanges should benefit from market volatility — whether asset prices head higher or lower.

Monday and Friday produced record levels of US stock trading volume. Index options activity soared, too. Chicago’s CME Group, whose futures products range from energy and interest rates to equity indices and Treasuries, reported its second-highest volume day ever with 66.6mn contracts changing hands. New York rival Intercontinental Exchange, home of Brent oil, coffee, orange juice and the New York Stock Exchange, also handled record volumes in its commodity, energy, oil and interest rates offerings.

Activity since US President Donald Trump’s “liberation day” tariff bonanza has been extraordinary. While volatility will subside from extreme levels, it will probably remain elevated, boosting trading volumes and widening the spreads between buying and selling prices, potentially drawing in more traders to make markets. Exchanges should benefit.