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.
CONTINUED STRENGTH IN NOVEMBER
Market activity exhibited continued strength in November 2018. Average daily volume (ADV) for Tradeweb Markets of $570.5 billion (bn) across rates, credit, money markets and equities during the month increased 25.2 percent (%) year over year while average daily trades totaled 46,178.
The front end of the yield curve in global government bonds continued to flatten over the course of the month, most notably, the U.S. Treasury curve closed the month at 3.2 basis points (bp) and flirted with inversion. Additionally corporate credit spreads continued to move higher after touching post-crisis lows at the start of the year; the CDX IG Index reached 80 bp during the month for the first time since 2016.
At Tradeweb, U.S. Treasuries rose 35.4% year over year to an average $80.6 bn per day in November, the second highest monthly total. Specified pool trading in mortgages set a new record with activity up over 250% from a year ago. Rates and credit derivatives rose 56.5% and 71.1%, respectively, year over year. European ETFs and derivatives remained strong as equity volatility in the UK remained elevated.