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Tradeweb reveals second busiest month ever in November

The latest market activity report from Tradeweb reveals that total trading volume for November 2021 that was USD24.2 trillion. Average daily volume (ADV) for the month was USD1.18 trillion, an increase of 22.6 per cent year-over-year (YoY).

Lee Olesky, Tradeweb CEO, says: “November was Tradeweb’s second-busiest month ever, extending our run of more than 12 consecutive months reporting year-over-year ADV growth. What is so encouraging about this momentum is the fact that much of our growth is coming from tools and protocols that did not exist five years ago. With innovations like portfolio trading for credit, direct streams for US Treasuries, and RFM trading for swaps, we are building the future of electronic markets in collaboration with our clients.”

In November, Tradeweb facilitated record activity in swaps/swaptions ≥ 1-year. Additionally, Tradeweb set new records in TRACE market share for U.S. High Grade, capturing 23.9 per cent with a record 14.3 per cent transacted fully electronically.

US government bond ADV was up 44.3 per cent YoY to USD144.5 billion, and European government bond ADV was up 28.5 per cent YoY to USD34.6 billion. 

Growth in US government bonds was driven by strong activity across institutional and wholesale markets, continued momentum in streaming protocols and the addition of the Nasdaq Fixed Income business. Activity in European government bond trading was boosted by record volumes in Euro-zone bonds. Steady global government bond issuance, along with rising rates market volatility, remained supportive of trading overall.

Mortgage ADV was down 21.1 per cent YoY to USD178.6 billion. Declining issuance and tight mortgage spreads weighed on overall market activity.    Swaps/swaptions ≥ 1-year ADV was up 44.9 per cent YoY to USD233.3 billion, and total rates derivatives ADV was up 76.7 per cent YoY to USD396.7 billion. 

Record swaps/swaptions ≥ 1-year volumes were driven by robust client interest in the request-for-market (RFM) protocol, continued engagement from international clients and increased adoption of risk-free rate (RFR) swaps, as well as further growth in emerging markets. Increased market focus on evolving central bank policy continued to buoy trading in swaps/swaptions < 1-year.

US Credit ADV was up 18.1 per cent YoY to USD6.6 billion and European credit ADV was up 1.6 per cent YoY to USD1.8 billion. 

Continued growth in US and European credit was driven by record activity in portfolio trading as well as continued client adoption of the request-for-quote (RFQ) protocol and session-based trading. US High Grade TRACE market share was a record 23.9 per cent, of which a record 14.3 per cent was transacted fully electronically, and US High Yield TRACE market share was 10.6 per cent, of which 7.0 per cent was transacted fully electronically.

Credit derivatives ADV was down 18.0 per cent YoY to  USD9.8 billion. Subdued credit market volatility earlier in the month weighed on volumes, Tradeweb writes.

In terms of equities, US ETF ADV was up 15.9 per cent YoY to USD5.5 billion and European ETF ADV was down 8.3 per cent YoY to USD2.5 billion. 

Continued growth in activity by institutional clients contributed to higher volumes in the US, Tradeweb says, while lower overall market activity weighed on European ETF volumes.

Repurchase Agreement ADV was up 11.1 per cent YoY to USD367.0 billion. 

The addition of new clients on the platform continued to support growth in Global Repo activity. Retail money markets activity remained pressured by the low interest rate environment, Tradeweb says

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