Tradeweb set another monthly record in
U.S.government bond ADV was up 14.9% YoY to $91.9bn, and European government bond ADV was up 22.1% YoY to $25.7bn.
Global issuance and trading of longer term debt continued to rise in both the
U.S.and Europein May, though there was sustained robust bills trading at the shorter end of the U.S.curve. Wholesale session trading has continued to increase towards levels seen last year.
- Global issuance and trading of longer term debt continued to rise in both the
Mortgage ADV was up 13.5% YoY to
- Volumes were driven by a very active TBA market. Additionally, we saw further growth in electronic specified pool trading for Agency MBS, with institutional volumes setting a new record, as clients continue to lever the technology while trading from home.
Rates derivatives ADV was down 2.0% YoY to
- Strength in swaps >1yr was offset by a pullback in swaps <1 yr activity. Emerging market interest rate swaps experienced record volumes in May, with growing dealer support.
U.S.credit ADV was up 93.6% YoY to $5.3bn, and European credit ADV was up 1.1% YoY to $1.2bn.
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. Additionally, wholesale session trading is rebounding. Our multi-dealer net spotting functionality, a service unique to Tradeweb, continues to drive strong demand in U.S.high-grade activity.
- Activity was high across institutional
Credit derivatives ADV was up 8.3% YoY to
- In credit derivatives, volumes have returned to levels of trading activity more typical in a non-roll month.
Municipal bond ADV was down 2.2% YoY to
- Institutional volumes remained robust, while retail activity was more muted.
U.S.ETF ADV was up 60.6% YoY to $3.8bnand European ETF ADV was up 5.1% YoY to $1.6bn.
- As financial markets calmed, volumes moderated and AiEX activity normalized in May. The overall percentage of equity versus fixed income ETFs traded increased relative to last month.
Repurchase agreement ADV was up 9.4% YoY to
- Bilateral repo activity continues to grow, given the recent addition of 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/.
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