August Average Daily Volume was
In August, Tradeweb continued to facilitate higher credit trading volumes in both
U.S.government bond ADV was up 41.1% YoY to $123.3bn1, and European government bond ADV was up 1.1% YoY to $22.4bn.
Record activity in
U.S.government bonds was driven by: continued client use of innovative protocols, including streaming and sessions-based trading; strong month-end activity; and the addition of the Nasdaq Fixed Income business. Steady global government bond issuance, along with recent rising market volatility, remained supportive of trading generally.
- Record activity in
Mortgage ADV was down 14.8% YoY to
- Declining issuance and record home price appreciation weighed on overall market activity.
Swaps/swaptions ≥ 1-year ADV was up 3.4% YoY to
$126.4bn, and total rates derivatives ADV was up 44.0% YoY to $224.3bn.
- Swaps/swaptions ≥ 1-year volumes were driven by continued growth in the request-for-market (RFM) protocol and engagement from international clients, along with further adoption in emerging markets.
U.S.Credit ADV was up 16.4% YoY to $4.7bnand European credit ADV was up 19.0% YoY to $1.2bn.
Client use of Tradeweb AllTrade continued to reach new highs in TRACE share across
U.S.High Grade and U.S.High Yield. Additionally, RFQ and portfolio trading continued to see strong growth in both U.S.and European credit. U.S.High Grade TRACE market share was 21.6%, of which a record 13.9% was traded fully electronically. U.S.High Yield TRACE market share was 9.3% (6.2% fully electronic).
- Client use of Tradeweb AllTrade continued to reach new highs in TRACE share across
Credit derivatives ADV was up 14.9% YoY to
- Continued bouts of volatility provided a boost to overall market activity.
U.S.ETF ADV was up 24.7% YoY to $3.6bnand European ETF ADV was up 16.6% YoY to $1.6bn.
The addition of liquidity providers, along with client growth and adoption, particularly among institutional clients, continued to drive volumes in
U.S.and European markets.
- The addition of liquidity providers, along with client growth and adoption, particularly among institutional clients, continued to drive volumes in
Repurchase Agreement ADV was up 28.8% YoY to
- The continued 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/.
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.