In Tradeweb’s money markets segment, repo daily volumes (ADV) set records, up 38.9% year over year (yoy) to $529.6 billion, also up from August’s $491.9 billion.
“Further client adoption of Tradeweb’s electronic trading solutions drove record global repo activity. Current US market conditions shifted demand from the Federal Reserve’s reverse repo facility to money markets. Retail money markets activity continued to be strong as interest rates remained elevated,” the company said in a statement.
Total trading volume across rates, credit, equities and money markets for the month was a record $1.57 trillion, an increase of 30.8% yoy. For Q3, total trading volume was $90.4 trillion and ADV was a record $1.42 trillion, an increase of 29.6% yoy, with preliminary average variable fees per million dollars of volume traded of $2.51.