Electronic trading platform Tradeweb has reported total trading volume for September 2021 of USD21.7 trillion and average daily volume (ADV) for the month of USD1.02 trillion, an increase of 17.4 per cent year over year (YoY).
For the third quarter of 2021, total trading volume was USD62.1tn and ADV was USD964.5 billion (bn), an increase of 23.6 per cent YoY, with preliminary average variable fees per million dollars of volume traded of USD2.70.
Lee Olesky, Tradeweb CEO, says: “Tradeweb is now the leading marketplace for US Treasuries, with record monthly activity in our institutional and wholesale client sectors. In the third quarter, we continued to capture more market share in US credit led by portfolio trading and electronic RFQ, as innovation and momentum helped drive volume gains across our markets.”
In September, Tradeweb facilitated a record USD887 million per day in US High Yield credit. Tradeweb also set ADV records in both U.S. government bonds and European government bonds. In addition, client adoption of the request-for-market (RFM) protocol drove record SEF share for swaps.
For the third quarter of 2021, Tradeweb set new records in TRACE market share in both US High Grade and US High Yield, capturing a quarterly record 12.6 per cent and 6.2 per cent, respectively, for fully electronic trading. US government bond ADV was also a record.
The US ETF ADV was up 6.1 per cent YoY to USD5.7 billion and European ETF ADV was up 35.3 per cent YoY to USD2.2 billion.
Tradeweb writes that continued growth of institutional clients drove volumes in US and European markets. Elevated market volatility particularly towards month-end was generally supportive of trading activity.