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Tradeweb reports record ETF platform transactions in February

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Tradeweb has reported record trading activity in February on the Tradeweb Markets institutional European- and US-listed ETF platforms.

In Europe, trading activity on the Tradeweb European ETF marketplace reached EUR 56.4 billion in February, while the proportion of transactions processed via Tradeweb’s Automated Intelligent Execution (AiEX) tool amounted to a platform record of 87.4 per cent.

Adam Gould, head of equities at Tradeweb, says: “February has been another strong month, with a 10.2 per cent increase year-over-year in traded volume on our European ETF marketplace. There was once again a record-breaking proportion of transactions completed through AiEX at 87.4 per cent, illustrative of an increasing number of our clients turning to automation for their day-to-day trades.”

In February, trading activity in equity-based ETFs was around two-thirds of the total traded volume at 67 per cent, while fixed income and commodities were at 30 per cent and 3 per cent, respectively. Once again, commodities was the only ETF asset class where ‘sells’ exceeded ‘buys’, while ‘sells’ equalled ‘buys’ in equities. North American equities was the most heavily-traded ETF category, with almost EUR14 billion in total notional volume.

Seven of the top 10 spots for notional volume were occupied by equity-based products in February, and three of these offer investor exposure to global stocks. But, it was a US equity-focused fund that topped the table, the iShares Core S&P 500 UCITS ETF, which took the first spot for the second consecutive month.

Turning to the US and US-listed ETFs, Tradeweb writes that total consolidated US ETF notional value traded in February reached USD66.0 billion.

Adam Gould, head of equities at Tradeweb, says: “In the US, Tradeweb institutional ETF volumes were up 21.7 per cent year-over-year, reflecting strong growth on our platform. This growth is largely driven by continued client adoption of ETF trading via Tradeweb’s electronic RFQ, as well as an uptick in the use of our ETF portfolio trading functionality.”

As a percentage of total notional value, equities accounted for 43 per cent and fixed income for 47 per cent, with the remainder comprising commodity and specialty ETFs.

Nine of the top 10 ETFs by traded notional volume were fixed income-based. The Vanguard Intermediate-Term Treasury ETF, which last appeared in the top 10 in February last year, took first place.

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