Total Volume of
In January, fully electronic share for
U.S.government bond ADV was up 28.4% YoY to $146.6 billion(bn),1 and European government bond ADV was up 22.2% YoY to $37.0bn.
U.S.government bonds was supported by strong client activity in institutional and wholesale markets; the continued momentum of session-based trading and streaming protocols; and the addition of the Nasdaq Fixed Income business. Robust issuance, along with heightened rates market volatility, drove record European government bond trading.
- Trading in
Mortgage ADV was down 15.0% YoY to
- Declining issuance and uncertainty over the future of the Federal Reserve’s balance sheet weighed on overall market activity.
Swaps/swaptions ≥ 1-year ADV was up 12.7% YoY to
$163.9bn, and total rates derivatives ADV was up 17.1% YoY to $307.1bn.
- Swaps/swaptions ≥ 1-year volumes were driven by robust client interest in the request-for-market (RFM) protocol, continued engagement from international clients and increased client adoption of emerging markets swaps. Increased market focus on evolving central bank policy continued to buoy overall market activity.
U.S.Credit ADV was up 19.7% YoY to $3.8bnand European credit ADV was up 2.8% YoY to $2.1bn.
Continued growth in
U.S.and European credit was driven by higher volumes across Tradeweb AllTrade protocols, reflecting continued client adoption of our request-for-quote (RFQ) protocol, and electronic portfolio trading. Fully electronic share for U.S.High Grade and U.S.High Yield TRACE was 12.3% and a Tradeweb record of 8.2%, respectively.
- Continued growth in
Credit derivatives ADV was up 37.3% YoY to
- Market-wide volatility boosted volumes overall.
U.S.ETF ADV was up 70.5% YoY to $9.6bnand European ETF ADV was up 21.3% YoY to $3.7bn.
- Record global institutional client activity benefited from further adoption and elevated market volatility.
Repurchase Agreement ADV was up 5.5% YoY to
- The addition of new clients on the platform continued to support growth in Global Repo activity, even as elevated usage of the Federal Reserve’s reverse repo facility weighed on the overall repo market. 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/.
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.