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Average daily volume (ADV) across rates, credit, money markets and equities for Tradeweb Markets continued to grow year over year (YoY). ADV for February 2019 of $601.6 billion (bn) rose 6.5 percent (%) YoY while average daily trades totaled 50,128.
New records for monthly trading activity were set in several products, including U.S. Treasuries, U.S. high-grade credit, and European ETFs. ADV in U.S. Treasuries of $83.9 bn included growth from sessions-based trading and actives direct streaming liquidity, ADV in U.S. high-grade credit rose 75.4% YoY and represented 11.5% of TRACE volume, and ADV in European ETFs of $1.7 bn increased 15.4% YoY. ADV in repurchase agreements of $167.8 bn was fueled by growth in bilateral electronic trading on the platform. Trading in Chinese bonds of $957 million (mm) represented an increase of 183.5% YoY. Additionally, mortgages rose 5.6% YoY to ADV of $153.9 bn, European government bonds increased 13.7% YoY to ADV of $22.4 bn, and municipal bonds rose 3.6% YoY to ADV of $291 mm.
Among the markets in which Tradeweb operates:
- Average daily volume (ADV) in U.S. Government Bonds of $83.9 billion (bn) increased 2.0 percent (%) month over month (MoM) and rose 3.7% year over year (YoY).
- ADV in European Government Bonds of $22.4 bn increased 2.1% MoM and 13.7% YoY.
- ADV in Mortgages of $153.9 bn decreased 6.4% MoM and rose 5.6% YoY.
- ADV in Rates Swaps/Swaptions of $132.5 bn declined 5.9% MoM and rose 9.7% YoY.
- In U.S. Credit, ADV in High-Grade of $2.9 bn increased 6.3% MoM and 75.4% YoY while ADV in High-Yield of $0.4 bn decreased 9.3% MoM and rose 26.1% YoY.
- ADV in European Credit of $1.3 bn increased 4.9% MoM and fell 23.1% YoY.
- ADV in U.S. ETFs of $2.4 bn decreased 30.2% MoM and 58.8% YoY.
- ADV in European ETFs of $1.7 bn increased 15.4% MoM and 15.4% YoY.
- ADV in Chinese Bonds of $1.0 bn increased 8.1% MoM and 183.5% YoY.
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