- Average daily volume (ADV) across rates, credit, equities and money markets for Tradeweb Markets was a record $885.6 billion (bn) in February 2020, an increase of 47.0 percent (%) year over year (YoY). Average daily trades for the month totaled 62,494.
- Trading activity was elevated in February as volatility increased in markets worldwide. At Tradeweb, activity was particularly strong in the final week of the month, averaging a record $1.1 trillion per day. In addition, new records were set across several cash products, including U.S. government bonds, mortgages, U.S. and European credit, repurchase agreements and European ETFs. U.S. government bond trading rose 16.7% year-over-year and surpassed ADV of $90bn for the first time, and mortgage volume increased 45.0% YoY to an average of $223.1bn per day. Interest rate derivatives trading rose 72.1% YoY to ADV of $228.6 bn. Credit volumes showed continued strength driven by increased fully electronic trading. ADV in US high-grade credit rose 35.7% YoY to $4.0 bn, representing 16.1% of TRACE volume, with fully electronic trading activity accounting for 7.2% of TRACE, up 89.7% YoY. ADV in US high-yield credit increased 54.0% to a record $547 million (mm), representing 4.5% of TRACE volume, with fully-electronic trading activity accounting for 2.6% of TRACE, up 105.0% YoY. ADV in European credit meanwhile rose 31.6% YoY to $1.8 bn. Global ETF activity increased 94.3% YoY, with US ETFs up 128.1% YoY to ADV of $5.8 bn and European ETFs up 43.4% to ADV of $2.4 bn. Trading in repurchase agreements increased 43.2% to ADV of $243.0 bn.
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