Tradeweb reported that repurchase agreement average daily volume (ADV) was up 46.6% YoY to $326.4 billion in its money markets segment. On a month-by-month basis, ADV is down about 2.4% from $334.5 billion in March, which was also slightly down on a MoM basis from February.
In a statement, Tradeweb said that global repo activity grew with the addition of new dealers and increased support of new collateral and functionality, and that retail money markets activity remained pressured by the low interest rate environment.
Total trading volume for April 2021 was $19.3 trillion across Tradeweb’s electronic marketplaces for rates, credit, equities and money markets. ADV for the month was $896.8 billion, an increase of 17.5% yoy.
Lee Olesky, Tradeweb CEO, said in a statement: “Tradeweb continued to grow its US credit market share in April, with our fully electronic share for US High Grade TRACE reaching 11.7% up from 3.0% just three years ago. Credit markets are seeing more trading volume executed electronically, and Tradeweb has increased its share of that growing volume thanks to innovative tools and protocols such as electronic portfolio trading, net spotting and automated trading via AiEX to name a few.”