Tradeweb Reports Volume of $23.1 Trillion in June and $62.0 Trillion in Second Quarter
June ADV up 34.7% year over year; second quarter ADV up 25.5% year over year
For the second quarter of 2021, Tradeweb's share of fully electronic TRACE volume was 12.1% for
U.S.government bond ADV was up 24.6% YoY to $119.4bn1, and European government bond ADV was up 14.1% YoY to $32.1bn.
- Client uptake of innovative protocols continued apace, with growing adoption of streams and sessions-based trading. Steady global government bond issuance remained supportive of trading generally despite waning market volatility.
Mortgage ADV was up 4.1% YoY to
- Client activity in specified pools on the institutional platform continued to grow. Fed open market purchases remained supportive of the overall market.
Swaps/swaptions ≥ 1-year ADV was up 38.9% YoY to
$205.6bn, and total rates derivatives ADV was up 50.6% YoY to $308.1bn.
- Swaps/swaptions ≥ 1-year volumes were driven by a combination of factors including continued engagement from international clients, faster growth in the request-for-market (RFM) protocol, and record emerging markets trading.
U.S.Credit ADV was up 17.8% YoY to $6.0bnand European credit ADV was up 43.7% YoY to $2.1bn.
Clients used a range of protocols and services, with continued strong growth in RFQ trading, as electronic credit trading globally continued to evolve. Month-end activity was particularly elevated.
U.S.High Grade TRACE market share was a Tradeweb record of 21.4% (13.1% fully electronic), with record volumes executed via portfolio trading. TRACE High Yield market share was also a record of 8.6% (5.4% fully electronic), with record volumes executed via Tradeweb AllTrade. In Europe, clients executed record volume via portfolio trading.
- Clients used a range of protocols and services, with continued strong growth in RFQ trading, as electronic credit trading globally continued to evolve. Month-end activity was particularly elevated.
Credit derivatives ADV was down 30.6% YoY to
- Declining market volatility continued to weigh on overall market activity. Overall market SEF volumes were at their lowest levels of the year.2
U.S.ETF ADV was up 13.9% YoY to $5.5bnand European ETF ADV was up 18.4% YoY to $2.4bn.
Client growth and adoption, particularly among institutional clients, continued to drive volumes in
U.S.and European markets.
- Client growth and adoption, particularly among institutional clients, continued to drive volumes in
Repurchase Agreement ADV was up 53.6% YoY to
- Strong growth in Global Repo activity was supported by the continued addition of new clients on the platform. 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/.
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1 For the three days beginning on
2 Based on data from Clarus Financial Technology.