In the past year, Tradeweb has made significant progress in growing electronic trading of bilateral repos by helping to preserve relationships between dealers and clients while reducing the inefficiencies and errors associated with traditional voice trading. Since a sustained drive to onboard dealers began a year ago, a total of 11 dealers are now on the U.S. platform and 19 are on the European platform. As more and more trading activity moves from voice to screen, ADV in repo at Tradeweb have risen 43.4% YoY to $213.1 bn per day. In the U.S., bilateral trading accounts for the majority of the approximately $3 trillion (tn) a day Treasury repo market with over $500 bn of trades clearing through the FICC’s DVP service while an estimated $2 tn of trades remain uncleared.
