April Average Daily Volume was
There is a marked change in client behavior from prior to the pandemic as participants integrate newer execution protocols and advanced trading technologies that allow for more efficient price discovery and enhanced automation into their trading workflows. For example,
U.S.government bond ADV was up 7.4% YoY to $95.5bn, and European government bond ADV was up 3.8% YoY to $28.4bn.
Tradeweb facilitated strong client activity in streams and session-based trading in
U.S.Treasuries. Steady global government bond issuance remained supportive of trading generally despite waning market volatility.
- Tradeweb facilitated strong client activity in streams and session-based trading in
Mortgage ADV was down 1.2% YoY to
- A more measured pace of rates tempered activity, though Fed purchase commitments remained supportive of the market.
Swaps/swaptions ≥ 1-year ADV was down 4.2% YoY to
$138.5bn, and total rates derivatives ADV was up 10.7% YoY to $221.1bn.
- Activity in swaps/swaptions ≥ 1-year decreased as overall market activity eased, though Tradeweb’s share of institutional activity increased. The trends seen in Q1 persisted—continued growth in engagement from international clients, faster growth in the request-for-market (RFM) protocol relative to compression, and strong emerging market trading with first trades in Brazilian Real, Colombian Peso and Chilean Peso.
U.S.Credit ADV was up 21.0% YoY to $6.0bnand European credit ADV was up 30.7% YoY to $1.9bn.
Robust client activity, particularly in the
U.S., more than offset the decline in overall market activity. U.S.High Grade TRACE market share was a record 21.7% (11.7% fully electronic) and TRACE High Yield market share was a record 8.9% (4.8% fully electronic). Volumes remained strong across protocols, with record Tradeweb AllTrade activity in Europe. As increasing numbers of clients use Multi-Client Net Spotting and the solution continues to scale, the benefit to client workflow, including cost efficiencies, drove trading activity on the Tradeweb platform during the month.
- Robust client activity, particularly in the
Credit derivatives ADV was down 23.0% YoY to
CDS indices traded in their tightest monthly range of the year, which muted market volumes versus a historically busy
- CDS indices traded in their tightest monthly range of the year, which muted market volumes versus a historically busy
U.S.ETF ADV was up 34.7% YoY to $6.4bnand European ETF ADV was up 25.8% YoY to $2.3bn.
- Continued client growth and adoption, particularly in the institutional sector, more than offset declining market volatility.
Repurchase Agreement ADV was up 46.6% YoY to
- Global Repo activity grew with the addition of new dealers and increased support of new collateral and functionality. Retail money markets activity remained pressured by the low interest rate environment.
To access the complete report containing additional data points and commentary, go to https://www.tradeweb.com/newsroom/monthly-activity-reports/.
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1 As recommended by