Tradeweb just reported that its average daily volume (ADV) in June was $780.9 billion, a decrease of 8.9% year over year (YoY). For the second quarter of 2020, ADV was at $778.4bn, up 3.5% YoY. Tradeweb ADV in H1 2020 was $837.5bn, beating the prior 6-month record of $752.3bn set in H2 2019.
In the money markets segment, repurchase agreement ADV was up 11.9% YoY to $238.6bn. Bilateral repo activity set a new record, and the addition of new dealers and participants continued apace.
Lee Olesky, Tradeweb CEO, said in a statement: “While historic interventions of central banks globally certainly calmed volatility across rates trading, activity remained high on Tradeweb platforms and June capped our best half of a year ever for volumes. Our clients want to do more electronically, and the diversity of our business across products and geographies was built to serve this demand.”