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September Volumes Set New Record

| Tradeweb Markets

Trading activity picked up in September, following typical summer seasonal declines. As government bond yields across the global rose, average daily volume (ADV) for Tradeweb Markets of $592 billion (bn) – across rates, credit, money markets and equities – set a new record on the platform in September 2018, and increased 27.5 percent (%) year over year (YoY). Volumes have exceeded $100 trillion so far this year, and have surpassed total volumes for the entirety of 2017.

Derivative activity continued to grow across businesses. Rates derivatives volumes rose 39.8% YoY driven by continued growth in SEF volumes as well as strong activity on the MTF. Tradeweb Markets’ share of SEF volumes rose to 27.0% last month – an increase of five percentage points from August. In credit derivatives, the recent release of a technological upgrade that streamlines CDS trading by enabling clients to execute multiple, same direction orders as a single aggregate ticket helped drive year-over-year volume growth of 17.4%. Furthermore, single name CDS trading reached another record in September with $3.0bn traded in the month.

Fixed income trading remained robust throughout the month with both U.S. Treasuries and European Government Bonds volumes up over 20% YoY. U.S. corporate bond trading continues to see strong growth with U.S. High-grade volumes up 96.4% YoY and U.S. High-yield up 61.4%. U.S. High-grade averaged over $2bn a day for the first time in September and fully electronic volumes represented 3.8% of TRACE High-grade volumes – a new record. European corporate bond ADV of $1.3bn was 16.3% higher than September 2017. Repo trading rose to an ADV of $164.5bn, up 10.9% month over month (MoM) and 43.2% YoY; it reached a new post-global financial crisis record. Municipal bond volumes continue to rise with activity up 7.4% MoM and 11.7% YoY.

In equity markets, ETF volumes continue to remain strong, with U.S. ETF activity rising 29.5% YoY, while European ETF volume was 45.9% higher. Automated trading has seen strong adoption by institutional ETF clients as 40% of total tickets processed in September were executed via the AiEX tool. Equity derivatives trading continues to see significant growth year over year, with volumes up over 200% versus last September.

To download the latest Monthly Activity Report, click here