Average Daily Volume of
Tradeweb captured record TRACE share in
U.S.government bond ADV was up 7.6% YoY to $83.9bn, and European government bond ADV was up 34.0% YoY to $27.3bn.
Trading activity in
U.STreasuries continued apace, with increased activity executed via firm streams by institutional and wholesale clients. Higher global government bond issuances, the U.S.election and rising volatility all contributed to robust secondary trading.
- Trading activity in
Mortgage ADV was up 20.7% YoY to
- Low mortgage rates continued to support new home sales and refinancing activity continued to drive origination, furthering trends that began this past summer.
Rates derivatives ADV was up 3.8% YoY to
- Macro uncertainty helped drive higher volumes. As the market shifted to alternative risk-free rates (RFRs) from Libor based rates, this drove a new record in trading of those swaps. In particular, we saw a noted rise in SOFR trading this month, with tenors out to 10 years.
U.S.credit ADV was up 47.8% YoY to $5.2bnand European credit ADV was up 16.5% YoY to $1.6bn.
Electronic Portfolio trading and anonymous sessions-based trading were particularly strong in both
U.S.and European credit, with record volumes in portfolio trading in both regions. U.S.Credit set new records in TRACE High Grade market share to 19.2% (9.4% fully electronic) and TRACE High Yield market share to 5.9% (3.6% fully electronic). Additionally, new RFQ functionality with trader-controlled AiEX auto execution saw swift adoption.
- Electronic Portfolio trading and anonymous sessions-based trading were particularly strong in both
Credit derivatives ADV was up 19.0% YoY to
- More pronounced macro risk, along with continued rolling activity, contributed to increased trading volumes.
U.S.ETF ADV was up 104.3% YoY to $4.7bnand European ETF ADV was up 25.2% YoY to $1.8bn.
Sharp fluctuations in equity markets and continued new client adoption contributed to growth across our
- Sharp fluctuations in equity markets and continued new client adoption contributed to growth across our
Repurchase Agreement ADV was up 78.4% YoY to
$328.5bn, while retail money markets activity remained pressured by the low interest rate environment.
Global Repo activity set a new record, exceeding an ADV of
$300bn, driven in part by the addition of new dealers and participants on our global institutional Repo platform.
- Global Repo activity set a new record, exceeding an ADV of
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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