Monthly Activity Reports
As the leading institutional, wholesale and retail marketplace for fixed income, derivatives and ETF trading, we believe that market participants will better understand the real impact of e-trading with more centralized access to data on our market activity.
AMID RISING MARKET VOLATILITY, A NEW RECORD FOR TRADE VOLUME
A rise in market volatility across regions and products contributed to increased trading activity in December 2018. Average daily volume (ADV) for Tradeweb Markets of $617.4 billion (bn) across rates,credit, money markets and equities during the month increased 40.0 percent (%) year over year representing a new record on the platform. Average daily trades in December 2018 totaled 47,771.
At the start of the month, the yield curve for 2Y and 5Y U.S. Treasuries inverted for the first time since 2007, while the yield for 10Y U.S. Treasuries posted the steepest month-to-month decline in two and a half years. Elsewhere, the markets witnessed spikes in volatility during December. In global equities, daily realized volatility for the S&P 500 rose to its highest level since September 2011, while that of the Euro Stoxx 50 increased to its highest level since June 2016. In credit derivatives, the CDX IG closed at 94.75 bp in late December, representing the highest close since March 2016.
At Tradeweb, average daily volume (ADV) in rates derivatives rose 102.7% year over year (YoY) to a new platform record of $178.1 bn in December. ADV in U.S. Treasuries increased 42.2% YoY to a new platform record of $82.8 bn. U.S. High-Grade electronic volumes represented 4.4% of TRACE in December – a new platform record. European ETF volumes were up over 113.6% compared to December 2017, which represented the second highest monthly total ever.