March ADV Up 7.3% Year Over Year; First Quarter ADV Up 18% Year Over Year
Tradeweb reported record ADVs for March in swaps and swaptions ≥ 1-year, as well as in European credit. In addition, Tradeweb captured 7.3% of
U.S.government bond ADV was up 17.7% YoY to $113.4bn, and European government bond ADV was down 1.8% YoY to $31.0bn.
Tradeweb continued to see strong activity in streams and session-based trading in
U.S.Treasuries. Steady global government bond issuance and heightened volatility remained supportive of trading overall.
- Tradeweb continued to see strong activity in streams and session-based trading in
Mortgage ADV was down 6.1% YoY to
- A more measured pace of rates has tempered activity this month. However, Fed purchase commitments remained positive overall for the broader market.
Swaps/swaptions ≥ 1-year ADV was up 14.5% YoY to
$222.1bn, and total rates derivatives ADV was down 1.2% YoY to $315.4bn.
Swaps/swaptions ≥ 1-year were particularly active at the start of the month, driving a record in that product group. Activity in swaps/swaptions < 1-year was notably lower in comparison to
March 2020, when global central banks took swift and extraordinary action. Tradeweb also saw record client trading via request-for-market (RFM) lists in March.
- Swaps/swaptions ≥ 1-year were particularly active at the start of the month, driving a record in that product group. Activity in swaps/swaptions < 1-year was notably lower in comparison to
U.S.Credit ADV was up 49.8% YoY to $6.4bnand European credit ADV was up 39.3% YoY to $2.1bn.
Client activity was strong across trading protocols and geographies in
March 2021. Tradeweb set a record ADV in portfolio trading for U.S.High Grade and European credit, and new clients for both U.S.and European credit began using the protocol. Automated trading continued to grow with record ADV via AiEX in U.S.High Yield and European credit. Furthermore, sessions-based trading set a record in European credit. U.S.High Grade TRACE market share was 18.7% (10.3% fully electronic) and TRACE High Yield market share was 7.3% (4.4% fully electronic).
- Client activity was strong across trading protocols and geographies in
Credit derivatives ADV was down 38.4% YoY to
CDS trading had its second busiest month, driven by solid semiannual rolling activity.
March 2020set the record for activity amid higher volatility.
- CDS trading had its second busiest month, driven by solid semiannual rolling activity.
U.S.ETF ADV was down 29.2% YoY to $7.1bnand European ETF ADV was down 24.2% YoY to $3.0bn.
Equity market volatility was significantly lower versus the record levels seen in
- Equity market volatility was significantly lower versus the record levels seen in
Repurchase Agreement ADV was up 42.3% YoY to
- Global Repo activity continued to grow, with additional support for FICC sponsored repo as well as CAD government bonds for institutional clients. 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/.
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