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Tradeweb reports average daily volumes up 38 per cent in August year over year


Tradeweb has published its latest Monthly Activity Report, which captures trading activity across its fixed income, derivatives and ETF platforms, and reported average daily volumes in August were up 38.0 per cent year over year.

Last month average daily volume (ADV) in European ETFs of USD 0.9 billion decreased 7.4 per cent month-over-month (MoM) and increased 52.3 per cent year-over-year (YoY), while ADV in US ETFs of USD 1.9 billion rose 0.8 per cent MoM and 20.0 per cent YoY.
Other noteworthy trends from August, according to Tradeweb, include derivatives continue to grow: ADV in rates derivatives rose 199.0 per cent year over year (YoY) due to increased market share of SEF interest rates swap volumes and growth in MTF volumes; ADV in credit derivatives rose 34.6 per cent YoY despite a decline in overall SEF market volumes of 10.0 over the same period; ADV in equity derivatives rose 169.4 per cent YoY attributable to RFQ trading in European equity options.
Govies volumes remain strong: US Treasuries ADV increased 27.2 per cent YoY while European government bonds increased 39.6 per cent over the same period.
US corporate bonds up despite secular headwind: US high-grade ADV rose 42.9 per cent YoY and exceeded 10.0 per cent of TRACE for the first time with fully-electronic trading accounting for 3.6 per cent of the total; US high-yield ADV rose 64.7 per cent YoY; In comparison TRACE volumes of high-grade declined 5.5 per cent YoY and high-yield declined 6.6 per cent; In Europe, ADV in corporate bonds rose 21.7 per cent YoY.
Retail fixed income record: ADV on Tradeweb Direct set a new five-year high in August due to rises in retail trading activity in municipal bonds and corporate bonds on the platform. The growth of trading in repurchase agreements continued in August as ADV increased 39.4 per cent YoY.

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