Tradeweb set new ADV records in global repo trading of
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
- 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
- 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.
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 bolstered U.S.high-grade activity. As a result, July was our second best month in terms of TRACE share for both U.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
- Market uncertainty continued to support heightened trading activity in July.
U.S.ETF ADV was up 87.8% YoY to $3.3bnand 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.
Repurchase agreement ADV was up 17.7% YoY to
- 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/.
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