Record Total Volume of
In October, Tradeweb facilitated record activity in
U.S.government bond ADV was up 77.5% YoY to $148.9 billion(bn)1, and European government bond ADV was up 32.7% YoY to $36.3bn.
Record activity in
U.S.government bonds was driven by a combination of factors including record trading across institutional and wholesale markets, boosted by streaming protocols, as well as the addition of the Nasdaq Fixed Income business. Record activity in European government bond trading continued to benefit from strong activity in UKGilts. Steady global government bond issuance, along with recent rising rates market volatility, remained supportive of trading.
- Record activity in
Mortgage ADV was down 6.5% YoY to
- Declining issuance and record home price appreciation weighed on overall market activity.
Swaps/swaptions ≥ 1-year ADV was up 68.3% YoY to
$202.9bn, and total rates derivatives ADV was up 135.8% YoY to $491.3bn.
- Swaps/swaptions ≥ 1-year volumes were driven by robust client interest in the request-for-market (RFM) protocol and continued engagement from international clients. Record emerging markets activity reflected continued momentum due to the continued adoption of electronic trading. Market focus on evolving central bank policy drove record trading in swaps/swaptions < 1-year.
U.S.Credit ADV was up 25.8% YoY to $6.6bnand European credit ADV was up 15.2% YoY to $1.8bn.
Continued strong growth in
U.S.and European credit was driven by client adoption of the request-for-quote (RFQ) protocol, session-based trading, and the further growth of portfolio trading. U.S.High Yield ADV set a new record, as did trading across Tradeweb AllTrade. U.S.High Grade TRACE market share was 22.3%, of which 12.8% was transacted fully electronically, and U.S.High Yield TRACE market share was 11.0%, of which 7.5% was transacted fully electronically.
- Continued strong growth in
Credit derivatives ADV was down 3.7% YoY to
- Waning credit market volatility weighed on volumes.
U.S.ETF ADV was up 5.4% YoY to $4.9bnand European ETF ADV was up 25.1% YoY to $2.2bn.
Continued growth of institutional clients contributed to higher volumes in
U.S.and European markets. In the U.S., the strong growth in institutional trading more than offset declining wholesale activity as a result of waning equity market volatility.
- Continued growth of institutional clients contributed to higher volumes in
Repurchase Agreement ADV was up 1.9% YoY to
- The addition of new clients on the platform continued to support growth in Global Repo activity. Retail money markets activity remained pressured by the low interest rate environment.
For the complete report go to https://www.tradeweb.com/newsroom/monthly-activity-reports/.
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