May Average Daily Volume was
Swaps volumes were driven by record institutional SEF market share1 and continued engagement from international clients, across protocols and in both developed and emerging markets. In
RATES
-
U.S. government bond ADV was up 14.4% YoY to$105.0bn , and European government bond ADV was up 20.0% YoY to$30.9bn .-
Client activity in streams and session-based trading increased for
U.S. Treasuries as more firms adopted these protocols. Steady global government bond issuance remained supportive of trading generally despite waning market volatility.
-
Client activity in streams and session-based trading increased for
-
Mortgage ADV was up 4.2% YoY to
$186.5bn .-
Client activity in specified pools on the institutional platform continued to grow; May was the second strongest month behind
March 2020 . Fed purchase commitments remained supportive of the market.
-
Client activity in specified pools on the institutional platform continued to grow; May was the second strongest month behind
-
Swaps/swaptions ≥ 1-year ADV was up 16.7% YoY to
$151.0bn , and total rates derivatives ADV was up 6.1% YoY to$237.3bn .- Swaps volumes were driven by record institutional SEF market share, and client activity in swaps/swaptions ≥ 1-year increased. Longer term trends 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.
CREDIT
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U.S. Credit ADV was up 6.0% YoY to$5.6bn and European credit ADV was up 46.7% YoY to$1.7bn .-
Client activity was robust and volumes remained strong across regions and protocols.
U.S. High Grade TRACE market share was 20.6% (11.2% fully electronic) and TRACE High Yield market share was 7.6% (4.4% fully electronic), of which a record share was driven by client activity in AllTrade. InEurope , clients have gravitated towards newer protocols including sweep and portfolio trading.
-
Client activity was robust and volumes remained strong across regions and protocols.
-
Credit derivatives ADV was up 24.2% YoY to
$8.5bn .- Overall market activity remained robust, continuing to support CDS trading.
EQUITIES
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U.S. ETF ADV was up 51.5% YoY to$5.7bn and European ETF ADV was up 41.0% YoY to$2.3bn .- Client growth and adoption, particularly among institutional clients, continued to drive volumes.
MONEY MARKETS
-
Repurchase Agreement ADV was up 59.7% YoY to
$369.3bn .- Global Repo activity set a new record with the continued 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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Forward-Looking Statements
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.
1 Based on data from ClarusFT.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210603005541/en/
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