02.06.2019

Tradeweb Sees U.S. Credit Gains in January

Tradeweb has published its January 2019 Monthly Activity Report, which captures trading activity in rates, credit, money markets and equities.

While growth was broad-based across all asset classes traded on the Tradeweb platform, some of the sharpest gains were noted in investment grade and high-yield U.S. credit, mortgage-backed securities, and Chinese bonds.

Key trends for the month include:

  • Record January – Volumes Surge 20.7% Year-Over-Year: Average daily volume (ADV) for Tradeweb Markets was $624.5 billion across all products during the month of January, an increase of 20.7% year-over-year representing a new record for the platform.
  • Investment Grade and High-Yield U.S. Credit Volumes Set New Record: ADV of $2.7 billion in U.S. investment grade corporate credit was up 59.9% year-over-year and ADV of $0.4 billion in U.S. high-yield corporate credit was up 44.6% year-over-year. Both were new records on Tradeweb, with the platform’s high-yield volume accounting for 11.1% of total TRACE volume industry-wide.
  • Mortgage Volumes Post Best Month in Five Years: Mortgage trading on Tradeweb averaged $164.4 billion per day, up over 16.3% compared to January 2018, its best month in over five years.
  • China Bond Market Activity Continues to Grow:  Investor interest in Chinese markets continues apace on Tradeweb. ADV in Chinese bonds was $0.9 billion, an increase of 56.1% year-over-year.
  • Repo Volume Sets Post-Crisis Record: ADV in Repurchase Agreements grew 23.6% year-over-year, topping $170 billion during the month of January, a post- financial crisis record.
  • Rates Derivatives and European ETFs Continue to Grow: Rates derivatives trading volume grew 35.5% year-over-year in January while European ETF trading volume increased 36.4%.

The full Tradeweb Monthly Activity Report for January 2019 is available here: https://www.tradeweb.com/market_activity_reports/

Related articles

  1. Electronification of the municipal bond market also presents a large opportunity.

  2. Aberdeen AM Looks to Grow In China

    The success of Northbound trading showed electronic execution is way forward for the bond market.

  3. Margins Raised Ahead of Brexit Vote

    IRS trading volumes have fragmented without an equivalence agreement.

  4. Increased electronification has created useable and accessible real-time and historic trade data.

  5. Members are evaluating payment-versus-payment for currencies not yet eligible for CLSSettlement.