Tradeweb reported repurchase agreement ADV (average daily volume) was up 53.6% year over year (YoY) to $366.4 billion in its money markets segment in June. On a month-by-month basis, ADV is flat from $369.3 billion in May. Global repo activity growth was supported by the continued addition of new clients on the platform. Retail money markets activity remained pressured by the low interest rate environment.
Total trading volume for June 2021 of $23.1 trillion for June 2021, while ADV for the month was $1.05 trillion, an increase of 34.7% YoY. For the second quarter of 2021, total trading volume was $62.0 trillion and ADV was $976.9 billion, an increase of 25.5% YoY, with preliminary average variable fees per million dollars of volume traded of $2.70.
Lee Olesky, Tradeweb CEO, said in a statement: “We see client usage of new and legacy Tradeweb protocols and services continuing to evolve. Our diverse approach was on full display in June, as new records were set in key products across credit, rates and equities. We also saw continued momentum in US credit, capturing record market share and effectively occupying a larger slice of what’s been a growing pie.”