Tradeweb reports ADV in June up 35% year-on-year

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Tradeweb has reported that its total trading volume for June 2021 reached US$23.1 trillion. Average daily volume (ADV) for the month was US$1.05 trillion, an increase of 34.7 % year-on-year (YoY). For the second quarter of 2021, total trading volume was $62 trillion and ADV was $976.9 billion, an increase of 25.5% YoY, with preliminary average variable fees per million dollars of volume traded of $2.7.

The firm has reported that in US credit, its share of both fully electronic investment grade (IG) and high yield (HY) TRACE reached a record for the firm of 13.1% and 5.4%, respectively, during the month of June. Activity in US IG and European credit was driven by record activity in portfolio trading, while US HY volumes were boosted by record activity in Tradeweb AllTrade.

In US Treasuries, Tradeweb noted its ADV was a record as client activity of sessions-based trading reached a monthly record and usage of streams liquidity during June reportedly reached its second-highest level; this record was exclusive of the recently closed purchase of the Nasdaq Fixed Income business. Emerging markets interest rate swaps activity also reached a platform record according to Tradeweb.

For the second quarter of 2021, Tradeweb noted its share of fully electronic TRACE volume was 12.1% for US IG, up from 5.8% in the second quarter of 2020, and 4.8% for US HY, up from 1.5% over the same period last year. ADVs in both US HY and repurchase agreements (repo) at Tradeweb were also records for the quarter.

Lee Olesky, Tradeweb CEO, said: “We see client usage of new and legacy Tradeweb protocols and services continuing to evolve. Our diverse approach was on full display in June, as new records were set in key products across credit, rates and equities. We also saw continued momentum in US credit, capturing record market share and effectively occupying a larger slice of what’s been a growing pie.”

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