Tradeweb reported repurchase agreement ADV was up 59.7% year over year (YoY) to $369.3bn in its money markets segment in May. Global repo activity set a new record with the continued addition of new dealers and increased support of new collateral and functionality. On a month-by-month basis, ADV is up about 13.1% from $326.4 billion in April. Retail money markets activity remained pressured by the low interest rate environment.
Total trading volume was at $19.6 trillion for May 2021. Average daily volume (ADV) for the month was $980.4 billion, an increase of 23.9% YoY.
Lee Olesky, Tradeweb CEO, said in a statement: “The secular trend towards more electronic trading and digital workflows continued at an accelerated pace in May. While volatility in many markets was lower compared to May 2020, each of our asset classes showed signs of greater adoption as Tradeweb’s average daily volume for the month was up 24% year over year. This broad momentum demonstrates just how vital electronic trading has become to client workflows.”