December Average Daily Volume up 28.0% YoY to
Q4 2020 Record Average Daily Volume up 30.9% YoY
Tradeweb fully electronic trading captured a record 10.6% of
For the fourth quarter of 2020, Tradeweb reported record ADV of
For the fourth quarter of 2020, Tradeweb reported preliminary average variable fees per million dollars of volume traded of
Tradeweb also reported record ADV of
U.S.government bond ADV was up 27.5% YoY to $92.0bn, and European government bond ADV was up 21.0% YoY to $20.4bn.
Trading activity in
U.S.Treasuries continued to be supported by growth in execution via firm streams as well as new client acquisition. Higher global government bond issuances continued to support robust secondary trading, while a clearer outlook regarding the COVID-19 vaccines, the U.S.election, and Brexit also contributed to heightened activity.
- Trading activity in
Mortgage ADV was up 23.7% YoY to
- Low mortgage rates continued to support new home sales and refinancing activity continued to drive origination, furthering trends that began this past summer.
Rates derivatives ADV was up 14.6% YoY to
- Global swaps market share1 continued to increase, driven by gains in trading of swaps ≥1 yr as growth initiatives such as trading via request-for-market (RFM) and EM swaps continued to see more traction. Trading of alternative risk-free rates also saw solid growth. Growth in swaps <1 yr volumes was driven by both FRA and OIS trading.
U.S.Credit ADV was up 28.0% YoY to $4.3bnand European credit ADV was up 22.7% YoY to $1.2bn.
Anonymous all-to-all trading and portfolio trading on the Tradeweb platform, as well as anonymous sessions-based trading, remained strong in both
U.S.and European Credit, while U.S.High Yield saw record activity in portfolio trading. Fully-electronic activity on the U.S.Credit platform captured record TRACE market share in both High Grade and High Yield. TRACE High Grade market share was 19.3% (10.6% fully electronic) and TRACE High Yield market share was 6.9% (4.5% fully electronic).
- Anonymous all-to-all trading and portfolio trading on the Tradeweb platform, as well as anonymous sessions-based trading, remained strong in both
Credit derivatives ADV was up 2.5% YoY to
- Macro tailwinds continued to drive solid trading activity.
U.S.ETF ADV was up 9.5% YoY to $4.5bnand European ETF ADV was up 20.6% YoY to $2.0bn.
- Continued new client adoption as well as year-end activity contributed to growth across our Global ETF business.
Repurchase Agreement ADV was up 50.4% YoY to
$304.5bn, while retail money markets activity remained pressured by the low interest rate environment.
- Global Repo activity continued to grow, driven in part by the addition of new dealers and participants on our global institutional Repo platform.
To access the complete report containing additional data points and commentary, go to https://www.tradeweb.com/newsroom/monthly-activity-reports/.
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 Source: Clarus Financial Technology