Tradeweb pulled ahead in electronic US credit trading last month, with average daily volumes (ADV) reaching US$10.5 billion.
As a reminder, we also provide market-assessed pure electronic trading numbers for Trumid by adjusting its numbers down 40%.
This marked a 29.3% increase year-on-year (YoY) and a 4.9% change month-on-month (MoM) for Tradeweb.
The company stated that this was the result of increased client adoption of request-for-quote, portfolio trading and AllTrade protocols.
Municipal bonds ADV was down 9.5% YoY to US$448 million, which Tradeweb noted was in line with the 9.3% decline in the broader muni market.
Billy Hult, CEO, commented, “Tradeweb delivered strong year-over-year volume growth in June, marking our third-best revenue month on record. Three key themes stood out during the month: the performance of our all-weather model even as volatility moderated; strong volume growth in our international client base; and the accelerating adoption of Tradeweb AiEX, as clients continue to embed automation deeper into every stage of their trading workflows.”
MarketAxess
ADV was also up at MarketAxess, albeit to a lesser degree. The firm reported US$9.39 million ADV for June, up 10% YoY and 1% MoM.
Within this, US credit block trading ADV was up 40% YoY and US credit portfolio trading rose by 105% YoY to US$1.3 billion in IG and by 98% YoY to US$461 million in HY.
Elsewhere, MarketAxess reported growth in its emerging markets ADV – up 12% MoM and 16% YoY to US$2.8 billion – and an 18% YoY increase in Eurobonds ADV, reaching US$2.78 billion.
Municipal bonds ADV was up 16% YoY but down 1% MoM to US$670 million.
Trumid
Trumid’s ADV was up 68% YoY and down 7.6% MoM to US$9.6 billion, it reported. On an adjusted basis, this figure is US$5.76 billion.
The company stated that its Smart Voice and Smart Swap workflows, launched earlier this year, have now processed more than US$100 million year-to-date.
Order sizes for Full Self Trading, which provides automated cross-protocol execution, are close to US$5 million, it added.
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