Third Quarter Average Daily Volume Up 23.6% Year Over Year
In September, Tradeweb facilitated a record
For the third quarter of 2021, Tradeweb set new records in TRACE market share in both
U.S.government bond ADV was up 49.3% YoY to $134.3bn3, and European government bond ADV was up 27.2% YoY to $34.4bn.
Record activity in
U.S.government bonds was driven by a combination of factors: record institutional activity; the further adoption of innovative protocols including streaming and sessions-based trading; strong quarter-end activity; and the addition of the Nasdaq Fixed Income business. Record activity in European government bond trading was led by very strong activity in UKGilts. Steady global government bond issuance, along with recent rising market volatility, remained supportive of trading.
- Record activity in
Mortgage ADV was down 8.7% YoY to
- Declining issuance and record home price appreciation weighed on overall market activity.
Swaps/swaptions ≥ 1-year ADV was up 18.7% YoY to
$187.8bn, and total rates derivatives ADV was up 15.8% YoY to $276.7bn.
- Swaps/swaptions ≥ 1-year volumes were driven by robust client interest in the request-for-market (RFM) protocol and continued engagement from international clients, resulting in record SEF share for these tenors. Emerging markets exhibited strong growth due to the continued adoption of electronic trading.
U.S.Credit ADV was up 32.0% YoY to $5.8bnand European credit ADV was up 23.2% YoY to $2.0bn.
Exceptionally strong growth in
U.S.and European credit was driven by client adoption of the request-for-quote (RFQ) protocol and continued growth of portfolio trading. U.S.High Grade TRACE market share was 21.0%, of which 11.9% was traded fully electronically. U.S.High Yield ADV was a record on the platform with TRACE market share of 9.4% (6.1% fully electronic).
- Exceptionally strong growth in
Credit derivatives ADV was up 6.9% YoY to
- Semiannual rolling activity as well as continued bouts of volatility boosted market activity generally.
U.S.ETF ADV was up 6.1% YoY to $5.7bnand European ETF ADV was up 35.3% YoY to $2.2bn.
Continued growth of institutional clients drove volumes in
U.S.and European markets. Elevated market volatility particularly towards month-end was generally supportive of trading activity.
- Continued growth of institutional clients drove volumes in
Repurchase Agreement ADV was up 27.8% YoY to
- The sustained addition of new clients on the platform supported strong 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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1 See pg.7 of the pdf for the detailed breakdown of each underlying asset class.
2 Based on data from Clarus Financial Technology.