Tradeweb’s repo ADV up 42.3% YoY to $334.5 bn in March 2021

Tradeweb reported that repurchase Agreement ADV was up 42.3% YoY to $334.5 billion in its money markets segment. On a month-by-month basis, ADV is down 2.7% from $343.8 billion in February.

In its report, Tradeweb said that global repo activity continued to grow, with additional support for FICC sponsored repo as well as CAD government bonds for institutional clients. Retail money markets activity remained pressured by the low interest rate environment.

Total trading volume for March was at $24.7 trillion across rates, credit, equities and money markets. Average daily volume (ADV) for the month was a record $1.07 trillion, an increase of 7.3% year over year (YoY). For the first quarter of 2021, total trading volume was a record $65.1 trillion and ADV was a record $1.06 trillion, an increase of 18.0% YoY, with preliminary average variable fees per million dollars of volume traded of $2.77.

Lee Olesky, Tradeweb CEO, said in a statement: “I believe we are in the early days of a new normal for electronic trading, led by stronger client engagement and accelerated trends in both adoption and innovation. March 2021 trading volumes soared, with monthly ADV handily exceeding the historic level reached back in March 2020. We also outperformed some broader market trends in March, including in US Treasuries where Tradeweb volume climbed 18% YoY as overall volumes across Treasury markets declined.”

Read the full report

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