Tradeweb’s repo ADV up 18.1% YoY to $246bn in August

Tradeweb reported that global repo activity, buoyed by the addition of new dealers and participants in bilateral repo remained strong. Repurchase agreement ADV was up 18.1% YoY to $246 billion. It’s slightly down from July’s $248.5 billion.

Total trading volume was $15.7 trillion across rates, credit, equities and money markets in August 2020. Average daily volume (ADV) was $747.1 billion during the month, a decrease of 9.9% YoY.

Lee Olesky, Tradeweb CEO, said in a statement: “Two important themes defined our activity in August – accelerated electronification among our clients and a stronger competitive position despite historically low volatility. US credit trading volume on our platform soared 65.9% over last year and we had our highest-ever share of TRACE volume for US high-grade, as adoption of all-to-all anonymous trading, portfolio trading and net spotting protocols took root in the work-from-home environment. While extremely muted volatility continued to impact interest rate swaps trading, we saw strong volumes in U.S. Treasuries, European government bonds and mortgages which underscores the breadth of our platform.”

In August, US high-grade credit trading on Tradeweb was a record 18.1% share of TRACE, of which 7.7% was traded fully-electronically. In addition, electronic trading of Treasury Bonds (maturity > 10 years) set an ADV record.

Read the full report

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