April Average Daily Volume was
In
There is a marked change in client behavior from prior to the pandemic as participants integrate newer execution protocols and advanced trading technologies that allow for more efficient price discovery and enhanced automation into their trading workflows. For example,
RATES
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U.S. government bond ADV was up 7.4% YoY to$95.5bn , and European government bond ADV was up 3.8% YoY to$28.4bn .-
Tradeweb facilitated strong client activity in streams and session-based trading in
U.S. Treasuries. Steady global government bond issuance remained supportive of trading generally despite waning market volatility.
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Tradeweb facilitated strong client activity in streams and session-based trading in
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Mortgage ADV was down 1.2% YoY to
$171.8bn .- A more measured pace of rates tempered activity, though Fed purchase commitments remained supportive of the market.
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Swaps/swaptions ≥ 1-year ADV was down 4.2% YoY to
$138.5bn , and total rates derivatives ADV was up 10.7% YoY to$221.1bn .- Activity in swaps/swaptions ≥ 1-year decreased as overall market activity eased, though Tradeweb’s share of institutional activity increased. The trends seen in Q1 persisted—continued growth in engagement from international clients, faster growth in the request-for-market (RFM) protocol relative to compression, and strong emerging market trading with first trades in Brazilian Real, Colombian Peso and Chilean Peso.
CREDIT
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U.S. Credit ADV was up 21.0% YoY to$6.0bn and European credit ADV was up 30.7% YoY to$1.9bn .-
Robust client activity, particularly in the
U.S. , more than offset the decline in overall market activity.U.S. High Grade TRACE market share was a record 21.7% (11.7% fully electronic) and TRACE High Yield market share was a record 8.9% (4.8% fully electronic). Volumes remained strong across protocols, with record Tradeweb AllTrade activity inEurope . As increasing numbers of clients use Multi-Client Net Spotting and the solution continues to scale, the benefit to client workflow, including cost efficiencies, drove trading activity on the Tradeweb platform during the month.
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Robust client activity, particularly in the
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Credit derivatives ADV was down 23.0% YoY to
$9.8bn .-
CDS indices traded in their tightest monthly range of the year, which muted market volumes versus a historically busy
April 2020 .
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CDS indices traded in their tightest monthly range of the year, which muted market volumes versus a historically busy
EQUITIES
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U.S. ETF ADV was up 34.7% YoY to$6.4bn and European ETF ADV was up 25.8% YoY to$2.3bn .- Continued client growth and adoption, particularly in the institutional sector, more than offset declining market volatility.
MONEY MARKETS
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Repurchase Agreement ADV was up 46.6% YoY to
$326.4bn .- Global Repo activity grew with the addition of new dealers and increased support of new collateral and functionality. Retail money markets activity remained pressured by the low interest rate environment.
To access the complete report containing additional data points and commentary, go to https://www.tradeweb.com/newsroom/monthly-activity-reports/.
About
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.
1 As recommended by
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Investor contact
Ashley.Serrao@Tradeweb.com
Media contact
Daniel.Noonan@Tradeweb.com
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