Tradeweb has reported total trading volume for June 2021 of USD23.1 trillion. Average daily volume (ADV) for the month was USD1.05 trillion, an increase of 34.7 per cent year over year (YoY). For the second quarter of 2021, total trading volume was USD62.0 trillion and ADV was USD976.9 billion, an increase of 25.5 per cent YoY, with preliminary average variable fees per million dollars of volume traded of USD2.70.
In US Credit, Tradeweb’s share of both fully electronic High Grade and High Yield TRACE reached a record for the firm of 13.1 per cent and 5.4 per cent, respectively, during the month of June. Activity in US High Grade and European credit was driven by record activity in portfolio trading, while US High Yield volumes were boosted by record activity in Tradeweb AllTrade. In US Treasuries, ADV was a record as client activity of sessions-based trading reached a monthly record and usage of streams liquidity during June 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.
For the second quarter of 2021, Tradeweb’s share of fully electronic TRACE volume was 12.1 per cent for US High Grade, up from 5.8 per cent in the second quarter of 2020, and 4.8 per cent for US High Yield, up from 1.5 per cent over the same period last year. ADVs in both US High Yield and Repurchase Agreements at Tradeweb were also records for the quarter.
Lee Olesky, Tradeweb CEO, says: “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.”
