Average daily volume (ADV) across rates, credit, equities and money markets for Tradeweb Markets was $747.1 billion (bn) in August 2020, a decrease of 9.9 percent (%) year over year (YoY) from a particularly volatile August 2019. For the second consecutive year, August volumes were higher than July, bucking seasonal trends. This was driven by strong volumes in U.S. treasuries, European government, mortgages and longer tenor swaps (≥1 year), despite historically low volatility. In addition, U.S. Credit trading volume rose 65.9% YoY with U.S. High- grade credit capturing a record 18.1% of TRACE, of which 7.7% was electronic. Average daily trades for the month totaled 47,215.

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