Tradeweb and MarketAxess have recovered from their April wobble in US credit, with Tradeweb taking its strongest lead to date.
Average daily volumes (ADV) at the firm were up 20% year-on-year (YoY) and 9.2% month-on-month (MoM), reaching US$10 billion. Tradeweb last beat MarketAxess in February.
READ MORE: Electronic credit volumes stay firm in February
According to FINRA, TRACE ADV was US$61.7 billion in May. MarketAxess estimated that duplicate trade reports inflated volumes by 8%.
We also provide market-assessed, pure electronic trading numbers for Trumid, which represent 60% of its reported ADV.
Tradeweb
Tradeweb reported US$9 billion in fully electronic investment grade (IG) credit, up 14% MoM and 23% YoY. High yield (HY) ADV was weaker, just surpassing US$1 billion. This marked an 18.5% MoM decline, and a 3.8% YoY increase.
The firm stated that overall growth was the result of increased client adoption, particularly of the request for quote, portfolio trading and AllTrade protocols.
April results suggest that Tradeweb represented 25.9% of IG TRACE and 10.8% HY TRACE over the month.
European credit was up 25% YoY and 3% MoM, while Tradeweb’s Chinese bond volumes continued to fall – down 37% YoY and 7.5% MoM.
Munis ADV dipped 4.3% YoY to US$473 million, but was up 9.5% MoM.
MarketAxess
At MarketAxess, US credit ADV rose 0.3% YoY and 11% MoM.
Within this, IG ADV was up 17% MoM and 6% YoY to US$7.7 billion. Similarly to Tradeweb, HY activity was muted – remaining static MoM and down 3% YoY at US$1.5 billion.
“US IG estimated market share increased approximately 100 basis points to 17.8%, driven by improved estimated market share in the client-initiated channel on our platform,” the company stated.
Eurobonds ADV was up 8% MoM to US$2.8 billion but down 4% YoY, while munis saw robust growth, with ADV up 10% MoM and 11% YoY to US$680 million.
Trumid
Trumid reported US$10.4 billion in ADV, a record for the firm. This marked a 53% increase YoY, and up 2% MoM.
On a fully-electronic, market-assessed basis, total ADV is estimated to have been US$6.2 billion.
According to the company, overall market share was up 27% YoY and IG market share rose 39% YoY. The firm highlighted the recent launches of its AI-driven protocols including Trumid FST, Smart Voice and Smart Swap, the latest of which was released last month.
READ MORE: Trumid launches cross-protocol execution automation
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