Average Daily Volume of Over
Tradeweb had record ADVs in
U.S.government bond ADV was up 30.5% YoY to $114.5bn, and European government bond ADV was up 13.2% YoY to $30.3bn.
- Tradeweb saw record trading via firm streams and session-based trading, and continued client acquisition. Heightened market activity was driven by steady global government bond issuance and elevated volatility around global political events.
Mortgage ADV was up 20.1% YoY to
- Rising interest rates drove hedging activity, particularly at the start of the month, while continued Fed purchase commitments remain supportive of overall flows.
Rates derivatives ADV was up 33.9% YoY to
- Trading via request-for-market (RFM) list and trading of alternative risk-free rates continued to see solid growth, along with the adoption of electronic trading of EM swaps. Continued growth of sessions-based trading benefited swaps with tenor < 1 year.
U.S.Credit ADV was up 49.6% YoY to $6.6bnand European credit ADV was up 18.5% YoY to $2.0bn.
U.S.High Grade, U.S.High Yield and European credit were buoyed by record activity in global portfolio trading. Anonymous all-to-all trading and anonymous sessions-based trading remained strong in both U.S.and European Credit. The U.S.Credit platform captured record TRACE market share in High Grade. TRACE High Grade market share was 20.5% (10.1% fully electronic) and TRACE High Yield market share was 6.2% (3.2% fully electronic).
- Records in
Credit derivatives ADV was up 10.8% YoY to
- Overall market activity remained robust, supporting CDS trading.
U.S.ETF ADV was up 57.4% YoY to $5.6bnand European ETF ADV was up 83.7% YoY to $3.1bn.
- Both new client adoption and increased average size of AiEX trades contributed to growth across our global ETF business. Institutional activity was bolstered by increased trading in equity ETFs on our platform.
Repurchase Agreement ADV was up 40.6% YoY to
- Global Repo activity continued to grow, driven in part by the addition of new dealers and participants on our global institutional Repo platform. Retail money markets activity remained pressured by the low interest rate environment.
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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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