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2021 was a milestone year for U.S. Treasuries. First, there was a surge in supply, when gross issuance of nominal Treasury bonds and notes hit an all-time high of $336 billion in February1. Then, there was the seemingly limitless appetite. Through December, average daily trading volume in U.S. Treasuries was $624.1 billion, which is up 3.5% year-to-date. And, of course, there was the continued electronification of the market, where at Tradeweb, we saw average daily volume top $120 billion in U.S. Treasuries across client sectors through 2021, an increase of 32.2% over 2020.

There are (surely) more obviously thrilling ways to celebrate a new year, but in many ways, the market transition from LIBOR to SOFR on December 31 made for a satisfying countdown into 2022. With LIBOR now discontinued for Sterling, Swiss Franc and Japanese Yen markets, many of the largest swaps markets in the world are now using new risk-free rates.

LONDON – February 7, 2022 – Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced that Jump Trading has joined its European Government Bond marketplace to provide bank participants with streaming liquidity via the new Tradeweb EUGV STAQ API. Jump, a leading, global proprietary trading firm, already uses the functionality to stream its actionable prices for U.S. Treasuries on Tradeweb.

Global government bond markets experienced a sell-off in January, with yields on 10-year benchmark notes logging double-digit increases across the board.

No matter what the markets have thrown at us over the last several years, the answer has increasingly come in the form of an ETF.

New York, February 3, 2022 – Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported financial results for the fourth quarter and full year ended December 31, 2021.

NEW YORK – February 3, 2022 – Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported trading volume for January 2022. Total trading volume for January 2022 was $22.3 trillion (tn). Average daily volume (ADV) for the month was $1.12tn, an increase of 7.6 percent (%) year-over-year (YoY).

You know the world is changing when the repo market suddenly gets its own daily feature on Reddit. That’s exactly what happened last year when a confluence of once-in-a-lifetime events, including the pandemic, massive federal stimulus and record low interest rates, helped drive the daily balance of the Fed’s reverse repo facility up over the $1.8 trillion mark.

Many of us have witnessed first-hand how new technologies have impacted financial markets considerably in recent years. Bond trading has been no exception. Machine learning and improvements in system connectivity are just an example of the technologies that could potentially impact the lifecycle of the bond market, from issuance through to trading and settlement.

The following data is derived from trading activity on the Tradeweb Markets institutional European- and U.S.-listed ETF platforms.