U.S.government bond ADV was up 2.2% YoY to $87.4bn, and European government bond ADV was up 5.7% YoY to $22.2bn.
Trading activity rose on Tradeweb YoY despite dramatically lower/extremely muted rates volatility compared to
August 2019, and there was strong activity at the front-end of the curve in Bills markets alongside records in Treasury Bonds. Client usage of direct streaming for on-the-run Treasuries also continued to increase, as did its share of TRACE.
- Trading activity rose on Tradeweb YoY despite dramatically lower/extremely muted rates volatility compared to
Mortgage ADV was up 14.1% YoY to
- Record low mortgage rates drove new home sales, and refinancing activity continued to drive origination, building on activity seen in July. Trading in specified pools continued to grow with the addition of new liquidity providers.
Rates derivatives ADV was down 47.1% YoY to
- Longer tenor swaps (≥1 year) remained active, and in emerging markets swaps, client activity continued to increase. The continuation of lower rates, declining rates volatility across the curve and reduced hedge fund speculation on the front-end has dampened trading in short-tenor swaps.
U.S.credit ADV was up 65.9% YoY to $4.0bn, and European credit ADV was up 2.1% YoY to $1.0bn.
Continued growth in anonymous all-to-all trading, as well as portfolio trading and net spotting, helped drive record TRACE high-grade market share on Tradeweb. August was the best month in terms of TRACE share for
U.S.high-grade at 18.1%, with fully electronic volumes representing 7.7% of TRACE.
- Continued growth in anonymous all-to-all trading, as well as portfolio trading and net spotting, helped drive record TRACE high-grade market share on Tradeweb. August was the best month in terms of TRACE share for
Credit derivatives ADV was down 47.0% YoY to
- Overall activity in the market continued to normalize driven by more subdued volatility.
U.S.ETF ADV was down 8.3% YoY to $2.9bnand European ETF ADV was down 26.9% YoY to $1.4bn.
Declining volatility was met with softer market volumes; total industry
U.S.ETF volumes fell to their lowest levels of the year.
- Declining volatility was met with softer market volumes; total industry
Repurchase agreement ADV was up 18.1% YoY to
- Global repo activity, buoyed by the addition of new dealers and participants in bilateral repo remained strong.
To access the complete report containing additional data points and commentary, go to https://www.tradeweb.com/newsroom/monthly-activity-reports/.
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