Tradeweb, a global operator of electronic marketplaces for rates, credit, equities and money markets, reported record total trading volume for March 2021 of $24.7trn with average daily volume (ADV) for the month hitting an all-time high of $1.07tn, a 7.3% hike year over year.
Records were also set in the first quarter – $65.1 trn in total trading volume and $1.06trn ADV, an increase of 18.0% YoY, with preliminary average variable fees per million dollars of volume traded of $2.77.
Tradeweb also recorded top scores for ADVs for March in swaps and swaptions as well as in European credit. In addition, it captured a 7.3% slice of US high yield TRACE share.
The first three months also saw ADV records in US and European government bonds, mortgages, rates derivatives, US high grade bonds, US high yield bonds, European credit, Chinese bonds, repurchase agreements, and European exchange traded funds.
The firm’s share of fully electronic TRACE volume in the first quarter of 2021 was 10.1% for US. high grade, up from 5.9% in the same period last year, and 4.0% for US high yield, a 2.0% rise compared to 2020.
“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, “said Lee Olesky, Tradeweb CEO.
He added, “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.”
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