While growth was broad-based across all asset classes traded on the Tradeweb platform, some of the sharpest gains were noted in investment grade and high-yield US credit, mortgage-backed securities, and Chinese bonds.
Key trends for the month include:
- Record January as volumes surge 20.7% year-on-year: average daily volume (ADV) for Tradeweb Markets was $624.5 billion across all products during the month of January, an increase of 20.7% year-over-year representing a new record for the platform.
- Investment grade and high-yield US credit volumes set new record: ADV of $2.7 billion in US investment grade corporate credit was up 59.9% year-over-year and ADV of $0.4 billion in US high-yield corporate credit was up 44.6% year-over-year. Both were new records on Tradeweb, with the platform’s high-yield volume accounting for 11.1% of total TRACE volume industry-wide.
- Mortgage volumes post best month in five years: mortgage trading on Tradeweb averaged $164.4 billion per day, up over 16.3% compared to January 2018, its best month in over five years.
- China bond market activity continues to grow: investor interest in Chinese markets continues apace on Tradeweb. ADV in Chinese bonds was $0.9 billion, an increase of 56.1% year-over-year.
- Repo volume sets post-crisis record: ADV in repurchase agreements grew 23.6% year-over-year, topping $170 billion during the month of January, a post-financial crisis record.
- Rates derivatives and European ETFs continue to grow: rates derivatives trading volume grew 35.5% year-over-year in January while European ETF trading volume increased 36.4%.