Average daily volume (ADV) across rates, credit, money markets and equities for Tradeweb Markets in April 2019 was the second highest monthly total ever at Tradeweb. ADV for April 2019of $665.5 billion (bn) rose 34.2 percent (%) year over year (YoY) while average daily trades totaled 49,423.
During the month, activity in interest rate swaps and swaptions rose significantly YoY to ADV of $169.9 bn. U.S. high-grade credit ADV was $2.9 bn; Tradeweb volumes accounted for a record 12.7% of TRACE due in part to the continued growth of portfolio trading. Mortgage trading of $169.0 bn per day included a marked increase in forward trading of uniform mortgage-backed securities (UMBS) month over month (MoM). Activity in U.S. and European government bonds rose 19.1% and 12.3% YoY, respectively. ADV in European ETFs rose 42.1% YoY. Equity convertibles,swaps and options set a new record as ADV rose 164.8% YoY to $1.8 bn. ADV in repurchase agreements of $186.8 bn exceeded $180 bn for the first time since the crisis.
Among the markets in which Tradeweb operates:
- ADV in U.S. government bonds of $76.9 bn declined 9.5% MoM and rose 19.1% YoY.
- ADV in European government bonds of $22.2 bn fell 10.6% MoM and increased 12.3% YoY.
- ADV in mortgages of $169.0 bn decreased 5.7% MoM and rose 29.5% YoY.
- ADV in rates swaps/swaptions of $169.9 bn decreased 9.0% MoM and increased85.0% YoY
- In U.S. credit, ADV in high-grade of $2.9 bn rose 5.9% MoM and 79.6% YoYwhile ADV in high-yield of $0.3 bn increased 10.5% MoM and 10.9% YoY.
- ADV in European credit of $1.3 bn declined 4.0% MoM and 13.9% YoY.
- ADV in U.S. ETFs of $2.5 bn fell 15.5% MoM and 20.9% YoY.
- ADV in European ETFs of $1.5 bn rose 8.0% MoM and 42.1% YoY.
- ADV in Chinese bonds of $0.7 bn increased 6.1% MoM and 33.2% YoY.
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