Tradeweb reported that Repurchase Agreement ADV (average daily volume) was up 68.5% YoY (year over year) to $330.4 billion, while retail money markets activity remained pressured by the low interest rate environment. Global repo activity continued to grow, driven in part by the addition of new dealers and participants on the firm’s global institutional repo platform.
Total trading volume for November came in at $18.7 trillion across electronic marketplaces for rates, credit, equities and money markets. ADV for the month was $958.7 billion, up 37.2% YoY and the second-highest month ever.
Tradeweb CEO Lee Olesky said in a statement: “In November, Tradeweb experienced strong double-digit growth in ADV across rates, credit, money markets and ETFs. This furthered the broad-based growth we reported last month and continued to reflect both higher underlying volumes and increased adoption of our platforms and solutions. Our share in US credit trading has climbed steadily throughout 2020, and in November our monthly US High Grade TRACE share topped 20% for the first time—nearly double where we were just two years ago.”
In November, Tradeweb set monthly ADV records across cash rates and credit markets, specifically Treasuries, Mortgages, US High Grade Credit, US High Yield Credit, European Credit, Chinese Bonds and Repurchase Agreements, as well as automated trading (AiEX) across products. Tradeweb captured a record 20.1% of US High Grade TRACE (including 10.3% fully electronic) and a record 6.8% of US High Yield TRACE (including 3.9% fully electronic). Additionally, Rates Derivatives captured record SEF market share.
Tradeweb’s top three monthly ADV records have all been set in 2020:
1) $1.0tn in March 2020
2) $958.7bn in November 2020
3) $910.8bn in October 2020