Tradeweb’s repo ADV spikes 78.4% to $328.5bn in October YoY

Tradeweb reported that global repo activity set a new record, exceeding an ADV of $300 billion, driven in part by the addition of new dealers and participants on its global institutional repo platform. Daily volumes rose 78.4% year over year  and 28.4% month over month to $328.5 billion, while retail money markets activity remained pressured by the low interest rate environment.

Tradeweb CEO Lee Olesky said in a statement: “Tradeweb’s strategic focus on growing our credit trading platform continued to show stellar results in the US and Europe, including both higher trading volumes and stronger adoption across a wide array of trading tools and protocols. Our solid performance also extended beyond credit, as US Treasuries, European Govies and Mortgages benefitted from higher issuance and Repos saw a boost thanks to new dealers and participants trading on our platform.”

Total October trading volume was $19.4 trillion. Average daily volume (ADV) for the month of October was $910.8 billion, up 28.8% year over year and Tradeweb’s second-highest month ever. Tradeweb captured record TRACE share in US High Grade of 19.2% (including 9.4% fully electronic) and record TRACE share in US High Yield of 5.9% (including 3.6% fully electronic). Monthly ADV records were set in US High Yield and Repurchase Agreements, as well as portfolio trading.

Read the full report

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