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.
Average daily volume (ADV) across rates, credit, equities and money markets for Tradeweb Markets set a new record in May 2019 as short-term rates trading drove volumes of interest rate derivatives and repurchase agreements. ADV for May 2019 of $741.8 billion (bn) rose 38.7 percent (%) YoY while average daily trades totaled 49,109.
During the month, activity in rate derivatives increased 94.0% YoY to ADV of $228.1 bn from a rise in trading of short-term tenors as well as continued growth in overall trading volumes. ADV of repurchase agreements increased 43.7% YoY and exceeded ADV of $200 bn for the first time in a decade. Mortgages rose 14.6% YoY to ADV of $157.7 bn, as UMBS TBA trading grew rapidly over the course of the month. U.S. government bonds rose 23.6% YoY to $83.6 bn reflecting the repricing of expectations as yields declined. Activity in credit derivatives decreased 25.0% YoY from a decline in market volumes of credit default swaps from the prior year. ADV of U.S. high-grade credit increased 35.5% YoY to $2.5 bn; Tradeweb accounted for 11.9% of TRACE volume. ADV of China bonds of $879 million demonstrated continued growth.
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