RATES

• U.S. government bond ADV was up 11.4% YoY to $95.9n, and European government bond ADV was up 10.0% YoY to $28.1bn.

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  • Issuance remained high to support announced global stimulus programs and there continued to be robust trading in bills markets.

• Mortgage ADV was down 10.5% YoY to $168.4bn.

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  • With rates remaining relatively range bound, mortgage trading moderated from recent highs. Year over year performance was impacted when compared with June 2019 activity when rates volatility spiked. Trading in specified pools continued to grow with the addition of new participants.

• Rates derivatives ADV was down 31.5% YoY to $204.7bn.
  • Swaps activity declined as rates volatility across the curve calmed, especially in comparison to June 2019 when rates volatility spiked. Activity for short-tenor swaps (<1 year) was softer as a result of reduced portfolio compression activity. In addition to record trading in emerging market swaps, Forward Rates Agreement (FRA) risk mitigation trading continued to see further adoption.

CREDIT

• U.S. credit ADV was up 56.1% YoY to $5.1bn, and European credit ADV was up 2.4% YoY to $1.4bn.

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  • Record volumes were traded anonymously by institutional clients on an all-to-all basis. In addition to portfolio trading records, strong demand for multilateral net spotting – a service unique to Tradeweb – helped drive higher volumes in U.S. high-grade trading.

• Credit derivatives ADV was up 27.2% YoY to $10.8bn.
  • In credit derivatives, volumes were buoyed by market uncertainty.

EQUITIES

• U.S. ETF ADV was up 65.3% YoY to $4.9bn and European ETF ADV was up 29.0% YoY to $2.1bn.

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  • Quarter-end rebalancing and option expiry activity was further buoyed by continued equity market volatility, and activity remained fairly elevated.

MONEY MARKETS

• Repurchase agreement ADV was up 11.9% YoY to $238.6bn.

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  • Bilateral repo activity set a new record, and the addition of new dealers and participants continued apace.