Trading in emerging-market debt totaled just over $1 trillion in the third quarter, 29% less than in the second, according to the Emerging Market Traders Association. The decline reflected "market concerns regarding emerging-market currencies and a seasonal slowdown over July and August," the group said.

Brazil and Russia, which were rocked by turmoil, remained the focus of activity. Trading in Brazilian and Russian debt accounted for 53% of volume, up from 38% in last year's third quarter.

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