Tradeweb has reported its average daily volume (ADV) in November was US$693 billion, an increase of 22% year-over-year, with continued broad-based growth in core products.
In US credit it saw daily volumes rise 65.5% year-on-year (YoY) to a reported record of US$3.5 billion for investment grade bonds, representing 15.6% of TRACE volume. US high-yield credit ADV grew 29.6% YoY to US$374 million, representing 4.3% of TRACE volume, according to Tradeweb.
New trading protocols seemed to support that growth, with 20.8% of US Credit tickets being automated in the third quarter of the year, with more than US$35bn of US credit trading occurring via portfolio trades and more than US$147bn being processed via net spotting so far this year.
European credit trading bounced back, with ADV of US$1.5 billion representing the highest monthly total in more than a year and a half. Trading of interest rate derivatives saw ADV rise 38.2% YoY to US$178.7 billion, primarily attributable to longer tenor swaps and swaptions. Its access to China BondConnect also proved fruitful with daily activity increasing 113.3% YoY, with November being the sixth consecutive month in which ADV reached greater than US$1.0 billion.
©The DESK 2020