On the final day of April, Tradeweb set one-day records in
RATES
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U.S. government bond ADV was up 16.7% YoY to$89.0bn , and European government bond ADV was up 23.4% YoY to$27.3bn .-
Customer trading patterns stabilized in April, and average trade sizes generally rose across protocols. An increase in issuance globally has resulted in a noted rise in trading of when-issued securities, as well as bills in both the
U.S. andEurope . Wholesale session trading started to see improved activity towards month-end.
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Customer trading patterns stabilized in April, and average trade sizes generally rose across protocols. An increase in issuance globally has resulted in a noted rise in trading of when-issued securities, as well as bills in both the
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Mortgage ADV was up 2.9% YoY to
$173.9bn .- Volumes were driven by a very active TBA market. Additionally, we saw continued robust trading in electronic specified pool for agency MBS, as clients prioritized electronic trading while trading from home.
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Rates derivatives ADV was up 17.2% YoY to
$199.7bn .- Growth was largely driven by activity in longer maturities via compression trading, although declining volatility weighed somewhat on relative value trading. We continue to see good volume growth in emerging market interest rate swaps, with an expanding client base as dealers add support for additional currencies.
CREDIT
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U.S. credit ADV was up 54.7% YoY to$5.0bn , a new record, and European credit ADV was up 13.0% YoY to$1.5bn .-
Activity was high across institutional
U.S. and European cash corporate protocols and solutions like portfolio trading, all-to-all, net spotting and voice processing. Our multi-dealer net spotting functionality continues to drive strong demand inU.S. high-grade activity, which set a new volume record. Wholesale session trading started to increase towards month-end.
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Activity was high across institutional
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Credit derivatives ADV was up 139.0% YoY to
$12.7bn .- Trading remained elevated and clients continue to use CDS indices to manage macro credit risk.
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Municipal bond ADV was up 14.3% YoY to
$290 million .-
News of
Federal Reserve facilities spurred elevated municipals trading, and institutional volume continued to trend upward as well.
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News of
EQUITIES
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U.S. ETF ADV was up 90.2% YoY to$4.7bn and European ETF ADV was up 25.4% YoY to$1.8bn .- As equity markets recovered from the sell-off in March, volumes trading on the platform normalized in April and there was an increase in automated trading via AiEX. Trading in fixed income ETFs reached a record percentage of global institutional ETF trading on the platform, representing 47% of overall trading.
MONEY MARKETS
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Repurchase agreement ADV was up 18.7% YoY to
$223.1bn .- Bilateral repo activity continues to grow, and we added new dealers and participants as clients continue to realize the benefits of electronic execution.
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/20200505005530/en/
Investor
Ashley.Serrao@Tradeweb.com
Media
Daniel.Noonan@Tradeweb.com
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