Monthly Activity Report
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.
Average daily volume (ADV) for the month was $896.8 billion (bn)1, an increase of 17.5 percent (%) year over year (YoY). Average daily trades for the month totaled 57,837.
In U.S. Credit, Tradeweb captured 21.7% of U.S. High Grade TRACE share and 8.9% of U.S. High Yield TRACE share, with fully electronic activity of 11.7% and 4.8%, respectively—all records for the platform. In addition, U.S. High Yield ADV was a record.
There is a marked change in client behavior from prior to the pandemic as participants integrate newer execution protocols and advanced trading technologies that allow for more efficient price discovery and enhanced automation into their trading workflows. For example, U.S. Treasury volumes saw year-over-year growth, despite Primary Dealer and TRACE data showing overall market volumes easing. Furthermore, Institutional swaps SEF market share grew over 500bp vs April 2020 according to ClarusFT data.
Volumes & Day Count
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