Tradeweb has reported total trading volume of USD21.6 trillion for April 2022 across its electronic marketplaces for rates, credit, equities and money markets. Average daily volume (ADV) for the month was USD1.09 trillion, reflecting an increase of 22.1 per cent year-over-year (YoY).
• U.S. government bond ADV was up 41.5 per cent YoY to USD135.9 billion (bn), and European government bond ADV was up 18.2 per cent YoY to USD33.5bn.
o Trading in U.S. 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 up 5.6 per cent YoY to USD181.4bn.
o An uptick in volatility was partially offset by declining issuance and rising yields.
• Swaps/swaptions ≥ 1-year ADV was up 41.1 per cent YoY to USD195.4bn, and total rates derivatives ADV was up 37.4 per cent YoY to USD303.9bn.
o 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.
 U.S. government bond volumes include wholesale U.S. Treasury volumes from the Nasdaq Fixed Income business Tradeweb acquired on June 25, 2021.
• Fully electronic U.S. Credit ADV was up 23.0 per cent YoY to USD4.0bn and European credit ADV was down 0.2 per cent YoY (up 8.1 per cent YoY in EUR terms) to USD1.9bn.
o U.S. and European credit volumes reflected continued client adoption across all Tradeweb protocols, including Tradeweb AllTrade’s request-for-quote (RFQ) and portfolio trading. Reported European volumes were impacted by a strong U.S. dollar. In April, Tradeweb captured fully electronic share of U.S. High Grade and U.S. High Yield TRACE of 12.3 per cent and 7.3 per cent, respectively. Additionally, further client adoption of Tradeweb’s Multi-Client Net Spotting tool boosted electronically processed activity.
• Credit derivatives ADV was up 64.6 per cent YoY to USD16.1bn.
o Market-wide volatility continued to boost volumes overall.
• U.S. ETF ADV was down 0.3 per cent YoY to USD6.4bn and European ETF ADV was up 14.8 per cent YoY to USD2.7bn.
o Growth in global institutional client activity, up 35.6 per cent YoY, was driven by further adoption of RFQ and elevated market volatility.
• Repurchase Agreement ADV was up 15.1 per cent YoY to USD375.3bn.
o Increased client adoption of Tradeweb’s electronic trading solutions drove record Global Repo activity, even as elevated usage of the Federal Reserve’s reverse repo facility continued to weigh on the overall repo market. Retail money markets activity remained measured in the low interest rate environment, despite its recent pickup.