In the money markets segment, Tradeweb reported that repurchase agreement ADV was up 40.6% at $328.4 billion, also up month-on-month 7.8% (in December repo ADV was at $304.5bn). Global repo activity continued to grow, driven in part by the addition of new dealers and participants on its global institutional repo platform. Retail money markets activity remained pressured by the low interest rate environment.
Tradeweb has reported total trading volume for January of $20.0 trillion (tn) across all its electronic marketplaces for rates, credit, equities and money markets. Average daily volume (ADV) for the month was a record $1.0 trillion (tn), specifically 1,037,785 (USD mm), an increase of 29.5 percent (%) year over year (YoY). This is the second month on record that Tradeweb ADV has exceeded $1tn; the first was in March 2020, when ADV was 1,001,529 (USD mm).
Lee Olesky, CEO of Tradeweb, said in a statement: “January 2021 was Tradeweb’s busiest month ever, and the second time in the last twelve months that our monthly ADV topped $1 trillion. We saw increased momentum building on the back of our record Q4 activity, with heavy volumes across asset classes. While there were many factors contributing to this activity, there is no question that client-driven innovation continues to inspire stronger adoption of our tools and technology.”