Tradeweb Monthly Activity Report, January 2020
Average daily volume (ADV) across rates, credit, equities and money markets for Tradeweb Markets was $801.9 billion (bn) in January 2020, an increase of 28.9 percent (%) year over year (YoY). Average daily trades for the month totaled 57,558.
Trading activity picked up to start the new year driven by new records in overall cash rates and credit volumes. Growth in rates was led by mortgage volume which increased 26.1% YoY and surpassed ADV of $200 bn for the first time. Interest rate derivatives trading rose 38.5% YoY to ADV of $195.9 bn. European government bond volume increased 22.0% YoY to record ADV of $ 26.8 bn. The rise in credit is the result of continued growth in portfolio trading, sessions-based trading, and all-to-all trading. ADV in US high-grade credit rose 44.2% YoY to a record $3.9 bn, representing 16.4% of TRACE volume with fully-electronic trading activity accounting for 7.1% of TRACE. ADV in US high-yield credit increased 12.0% to a record $437 million (mm), representing 4.2% of TRACE volume with fully-electronic trading activity accounting for 2.3% of TRACE. ADV in European credit meanwhile rose 33.6% YoY to $1.7 bn. Trading in repurchase agreements increased 36.5% to record ADV of $234.0 bn, exceeding records set during the Global Financial Crisis.