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Tradeweb reports record trading volume in March with 14.0 per cent YoY Increase in Average Daily Volume


Digital marketplace Tradeweb reported record total trading volume for March 2022 of USD28.2 trillion. Average daily volume (ADV) for the month was USD1.23 trillion, an increase of 14 per cent year-over-year (YoY). 

For the first quarter of 2022, total trading volume was a record USD73.1tn and ADV was a record USD1.17 trillion, an increase of 10.9 per cent YoY, with preliminary average variable fees per million dollars of volume traded of USD2.93.

In March, Tradeweb reported record ADV in swaps/swaptions ≥ 1-year. For the first quarter of 2022, Tradeweb reported record activity across most product groups, including: U.S. and European government bonds; swaps/swaptions ≥ 1-year; fully electronic U.S. High Grade and fully electronic US High Yield credit; European credit; U.S. and European ETFs; and Repurchase agreements.

U.S. government bond ADV was up 30.1 per cent YoY to USD148.6 billion, and European government bond ADV was up 22.4 per cent YoY to USD37.9 billion.
Trading in US government bonds was supported by strong client activity in institutional and wholesale markets; the continued momentum of session-based trading and streaming protocols; and the addition of the Nasdaq Fixed Income business. Global government bond trading remained strong amidst heightened rates market volatility as yields continued to rise across developed markets.

Mortgage ADV was down 7.9 per cent YoY to USD185.9 billion.
Declining issuance and rising yields continued to weigh on overall market activity.
Swaps/swaptions ≥ 1-year ADV was up 12.4 per cent YoY to USD249.6bn, and total rates derivatives ADV was up 27.3 per cent YoY to USD401.5bn.
Record swaps/swaptions ≥ 1-year volumes were driven by robust client interest in the request-for-market (RFM) protocol, increased engagement from international clients and strong trading activity in emerging markets swaps. Increased market focus on evolving central bank policy continued to buoy overall market activity.

Fully electronic U.S. Credit ADV was up 5.7 per cent YoY to USD3.8 billion and European credit ADV was down 0.7 per cent YoY to USD2.1billion.
US and European credit volumes reflected continued client adoption across all Tradeweb protocols, including Tradeweb AllTrade’s request-for-quote (RFQ) and portfolio trading, as declining overall market activity YoY weighed on volumes. In March, Tradeweb outperformed market trends with fully electronic share of U.S. High Grade and US High Yield TRACE capturing 11.1 per cent and 6.6 per cent, respectively, up YoY. Additionally, further client adoption of Tradeweb’s Multi-Client Net Spotting tool boosted electronically processed activity.
Credit derivatives ADV was up 21.5 per cent YoY to USD35.3 billion.
Market-wide volatility boosted volumes overall, while semi-annual rolling activity drove month-over-month growth.
U.S. ETF ADV was up 17.0 per cent YoY to USD8.3 billion and European ETF ADV was up 24.2 per cent YoY to USD3.8 billion.
Record US institutional client activity was driven by further adoption of RFQ. Elevated market volatility boosted volumes in both the U.S. and Europe.

Repurchase Agreement ADV was up 8.1 per cent YoY to USD361.5 billion.

The addition of new clients on the platform continued to support growth in Global Repo activity, even as elevated usage of the Federal Reserve’s reverse repo facility weighed on the overall repo market. Retail money markets activity remained measured in the low interest rate environment, despite its recent pickup.

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