Activity on Tradeweb trading platforms included exceptionally high volumes across asset classes in March, and a new record for daily volume was set on
U.S.government bond ADV was up 14.7% YoY to $96.4bn, and European government bond ADV was up 27.3% YoY to $31.6bn, a new record.
- Customers navigated the material fluctuations in government bid-ask spreads using a range of protocols including list trading, axes and streams to efficiently access liquidity across trade sizes. Wholesale session trading was more muted during periods of extreme price volatility and began to see more uptake as conditions started to stabilize during the last week of the month.
Mortgage ADV was up 20.0% YoY to
- Volume was driven by a very active TBA market. In addition, electronic specified pool trading for Agency MBS proved increasingly necessary for dispersed traders.
Rates derivatives ADV was up 70.5% YoY to
$319.2bn, another record.
- Clients used both outright trading and compression to move significant risk on the platform and we saw record activity in Multi-Asset Packages.
U.S.credit ADV was up 40.6% YoY to $4.3bn, and European credit ADV was up 12.3% YoY to $1.5bn.
Amidst challenging market conditions, the diversity and breadth of Tradeweb’s credit offering proved particularly useful for clients. Usage rose across institutional
U.S.and European cash corporate protocols and solutions like portfolio trading, all-to-all, net spotting and voice processing. This was accompanied by record activity in credit derivatives. Wholesale session trading and certain institutional RFQ activity was more muted during periods of extreme price volatility and began to see more uptake as conditions started to stabilize during the last week of the month.
- Amidst challenging market conditions, the diversity and breadth of Tradeweb’s credit offering proved particularly useful for clients. Usage rose across institutional
Credit derivatives ADV was up 148.4% YoY to
$47.1bn, another record.
- In credit derivatives, clients used CDS indices to manage macro credit risk, and this coupled with semiannual roll activity made for an exceptionally busy month.
Municipal bond ADV was up 44.8% YoY to
- Municipals registered a strong month, with record performance in the institutional sector.
U.S.ETF ADV was up 242.0% YoY to $10.0bnand European ETF ADV was up 190.6% YoY to $4.0bn, both records.
- As investors and traders turned to ETFs to transact risk as efficiently and quickly as possible, activity on Tradeweb platforms increased globally as both institutional and dealer clients sought to execute in larger sized transactions across equity, fixed income and commodity ETFs.
Repurchase agreement ADV was up 32.5% YoY to
- Bilateral repo activity grew, with clients increasingly relying on the benefits of electronic execution given elevated market volatility as well as many accessing markets remotely.
To access the complete report containing additional data points and commentary, go to https://www.tradeweb.com/newsroom/monthly-activity-reports/. For more information on how Tradeweb is responding to COVID-19 globally, please see https://www.tradeweb.com/newsroom/media-center/insights/blog/working-together-through-these-unprecedented-times/.
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