Tradeweb set new ADV records in global repo trading of
RATES
-
U.S. government bond ADV was up 14.4% YoY to$83.7bn , and European government bond ADV was down 1.0% YoY to$23.6bn .- Global stimulus programs continued to swell issuance in many national markets, and day-to-day trading in bills markets was strong. Client adoption of the direct streaming protocol for on-the-run Treasuries trading continued to accelerate, as did its share of TRACE.
-
Mortgage ADV was up 23.2% YoY to
$190.8bn .- Record low mortgage rates drove new home sales and refinancing activity which resulted in strong origination, helping to boost trading volumes in July. Trading in specified pools continued apace.
-
Rates derivatives ADV was down 43.3% YoY to
$143.1bn .- As in June, declining rates volatility across the curve and reduced speculation on the front end dampened trading in swaps. A record percentage of activity was executed this month via request-for-market (RFM) as additional dealers added support.
CREDIT
-
U.S. credit ADV was up 54.0% YoY to$4.2bn , and European credit ADV was down 9.7% YoY to$1.2bn .-
Anonymous all-to-all trading by institutional clients helped drive TRACE market share, particularly for
U.S. high-yield credit. Services pioneered by Tradeweb, including portfolio trading and net spotting, further bolsteredU.S. high-grade activity. As a result, July was our second best month in terms of TRACE share for bothU.S. high-grade (17.3%) and high-yield (4.6%).
-
Anonymous all-to-all trading by institutional clients helped drive TRACE market share, particularly for
-
Credit derivatives ADV was up 26.4% YoY to
$6.1bn .- Market uncertainty continued to support heightened trading activity in July.
EQUITIES
-
U.S. ETF ADV was up 87.8% YoY to$3.3bn and European ETF ADV was up 15.9% YoY to$1.7bn .- Despite recent declines in equity market volatility, the VIX remained well above historical averages, and ETF trading activity remained fairly elevated.
MONEY MARKETS
-
Repurchase agreement ADV was up 17.7% YoY to
$248.5bn .- Global repo activity, buoyed by the addition of new dealers and participants in bilateral repo, set a new record.
To access the complete report containing additional data points and commentary, go to https://www.tradeweb.com/newsroom/monthly-activity-reports/.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.
We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in documents of
Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.
About
View source version on businesswire.com: https://www.businesswire.com/news/home/20200805005518/en/
Investor contact
Ashley.Serrao@Tradeweb.com
Media contact
Daniel.Noonan@Tradeweb.com
Source: