- Average daily volume (ADV) for the month was $900.4 billion (bn), an increase of 20.6 percent (%) year over year (YoY). Average daily trades for the month totaled 55,139.
- In August, Tradeweb continued to facilitate higher credit trading volumes in both U.S. High Grade and U.S. High Yield, driven by record activity in Tradeweb AllTrade, even as broader TRACE volumes in each declined. Tradeweb also captured higher TRACE market share in both U.S. High Grade and U.S. High Yield, including a record 13.9% share of U.S. High Grade for fully electronic trading. U.S. government bond ADV was also a record.
Tradeweb reported today total trading volume of $19.8 trillion (tn) for August 2021 across our electronic marketplaces for rates, credit, equities and money markets. Average daily volume (ADV) for the month was $900.4 billion (bn), an increase of 20.6 percent (%) year over year (YoY).
Lee Olesky, Tradeweb CEO, said: “While markets were relatively quiet in August, Tradeweb continued its trend of year-over-year growth in monthly ADV with a diverse portfolio of products. One area of strategic focus for Tradeweb has been credit, and we were pleased to see steady growth in our market share over the course of the summer."
In August, Tradeweb continued to facilitate higher credit trading volumes in both U.S. High Grade and U.S. High Yield, driven by record activity in Tradeweb AllTrade, even as broader TRACE volumes in each declined. Tradeweb also captured higher TRACE market share in both U.S. High Grade and U.S. High Yield, including a record 13.9% share of U.S. High Grade for fully electronic trading. U.S. government bond ADV was also a record.
RATES
- 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.
- Mortgage ADV was down 14.8% YoY to $170.9bn.
- 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 $4.7bn and 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).
- Credit derivatives ADV was up 14.9% YoY to $5.8bn.
- Continued bouts of volatility provided a boost to overall market activity.
- U.S. ETF ADV was up 24.7% YoY to $3.6bn and 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.
- Repurchase Agreement ADV was up 28.8% YoY to $316.6bn.
- 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.
Click here to download the monthly activity report
1 U.S. government bond volumes include wholesale U.S. Treasury volumes from the Nasdaq Fixed Income business Tradeweb acquired on June 25, 2021.
