—Q3 Highlights Include Record TRACE Market Share in
Strong growth in Credit, Equities and Money Markets continued in September with monthly ADV up more than 15% YoY in all three asset classes. Active issuance continued to promote strong secondary bond trading across fixed income markets, while activity around September ‘rolls’ helped buoy rates and credit derivatives monthly volume. For Q3, Tradeweb captured record TRACE market share in
“Tradeweb’s strong performance in September was broad-based, spanning multiple asset classes and fueled in part by increased adoption across trading protocols,” said Tradeweb CEO
U.S.government bond ADV was up 1.9% YoY to $90.0bn, and European government bond ADV was up 6.8% YoY to $27.1bn.
Trading activity in
U.STreasury bills and bonds remained robust. Global government bond issuances remained elevated, supporting secondary market trading.
- Trading activity in
Mortgage ADV was down 0.5% YoY to
- Low mortgage rates continued to drive new home sales and refinancing activity continued to drive origination, furthering trends from this past summer. Trading conditions mirrored those of last September when the Fed cut interest rates.
Rates derivatives ADV was down 17.8% YoY to
- Market share gains helped partially offset continued low volatility, as longer tenor swaps (≥1 year) remained more resilient than short tenor swaps.
U.S.credit ADV was up 33.0% YoY to $4.4bnand European credit ADV was up 22.1% YoY to $1.6bn.
Continued growth in portfolio trading and anonymous trading protocols helped drive TRACE high-yield market share to a record 5.3% (2.6% fully electronic) and
TRACE High-grade market share to 17.6% (8.2% fully electronic). European credit volumes were strong, as automated trading volumes increased via AiEX and new clients continued to embrace portfolio trading.
- Continued growth in portfolio trading and anonymous trading protocols helped drive TRACE high-yield market share to a record 5.3% (2.6% fully electronic) and
Credit derivatives ADV was up 22.4% YoY to
- Increased market volatility and market share gains, as well as semiannual rolling activity, helped boost activity to its highest levels outside of Q1 2020.
U.S.ETF ADV was up 55.5% YoY to $5.3bnand European ETF ADV was down 12.4% YoY to $1.7bn.
Equity market volatility and continued new client adoption contributed to growth across our
- Equity market volatility and continued new client adoption contributed to growth across our
Repurchase agreement ADV was up 19.8% YoY to
Global repo activity set a new record, exceeding an ADV of
$250bn, buoyed by the addition of new dealers and participants in bilateral repo remained strong.
- 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/.
Third Quarter 2020 Financial Results
As previously announced, Tradeweb will release financial results for the third quarter of 2020 on
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
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