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
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
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.
U.S.Credit ADV was up 6.0% YoY to $5.6bnand 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. In Europe, 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
- Overall market activity remained robust, continuing to support CDS trading.
U.S.ETF ADV was up 51.5% YoY to $5.7bnand European ETF ADV was up 41.0% YoY to $2.3bn.
- Client growth and adoption, particularly among institutional clients, continued to drive volumes.
Repurchase Agreement ADV was up 59.7% YoY to
- 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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1 Based on data from ClarusFT.