Tradeweb reported record total trading volume for March 2021 of $24.7 trillion (tn) across rates, credit, equities and money markets. Average daily volume (ADV) for the month was a record $1.07tn, an increase of 7.3 percent (%) year over year (YoY). For the first quarter of 2021, total trading volume was a record $65.1tn and ADV was a record $1.06tn, an increase of 18.0% YoY, with preliminary average variable fees per million dollars of volume traded of $2.77.
Tradeweb reported record ADVs for March in swaps and swaptions ≥ 1-year, as well as in European credit. In addition, Tradeweb captured 7.3% of U.S. High Yield TRACE share, a record for the platform. Tradeweb also reported ADV records for the first quarter of 2021 in U.S. and European government bonds, mortgages, rates derivatives, U.S. High Grade bonds, U.S. High Yield bonds, European Credit, Chinese bonds, Repurchase Agreements, and European ETFs. Tradeweb's share of fully electronic TRACE volume in the first quarter of 2021 was 10.1% for U.S. High Grade, up from 5.9% in the first quarter of 2020, and 4.0% for U.S. High Yield, up from 2.0% over the same period last year.
Lee Olesky, Tradeweb CEO, said: “I believe we are in the early days of a new normal for electronic trading, led by stronger client engagement and accelerated trends in both adoption and innovation. March 2021 trading volumes soared, with monthly ADV handily exceeding the historic level reached back in March 2020. We also outperformed some broader market trends in March, including in U.S. Treasuries where Tradeweb volume climbed 18% YoY as overall volumes across Treasury markets declined.”
Average daily volume (ADV) for the month was a record $1.07 trillion (tn), an increase of 7.3 percent (%) year over year (YoY). Average daily trades for the month totaled 66,563. For the first quarter of 2021, ADV was a record $1.06tn, an increase of 18.0% YoY.
Tradeweb reported record ADVs for March in swaps and swaptions ≥ 1-year, as well as in European credit. In addition, Tradeweb captured 7.3% of U.S. High Yield TRACE share, a record for the platform. Tradeweb also reported ADV records for the first quarter of 2021 in U.S. and European government bonds, mortgages, rates derivatives, U.S. High Grade bonds, U.S. High Yield bonds, European Credit, Chinese bonds, Repurchase Agreements, and European ETFs. Tradeweb’s share of fully electronic TRACE volume in the first quarter
of 2021 was 10.1% for U.S. High Grade, up from 5.9% in the first quarter of 2020, and 4.0% for U.S. High Yield, up from 2.0% over the same period last year.
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