Tradeweb reports record trading volumes for March

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Tradeweb has reported record total trading volume for March 2021 of USD24.7 trillion across rates, credit, equities and money markets. Average daily volume (ADV) for the month was a record USD1.07 trillion, an increase of 7.3 per cent year over year (YoY). 

For the first quarter of 2021, total trading volume was a record USD65.1 trillion and ADV was a record USD1.06 trillion, an increase of 18.0 per cent YoY, with preliminary average variable fees per million dollars of volume traded of USD2.77.  

Tradeweb reported record ADVs for March in swaps and swaptions, as well as in European credit. In addition, Tradeweb reported that it captured 7.3 per cent of US High Yield TRACE share, a record for the platform. Tradeweb also reported ADV records for the first quarter of 2021 in US and European government bonds, mortgages, rates derivatives, US High Grade bonds, US High Yield bonds, European Credit, Chinese bonds, Repurchase Agreements, and European ETFs. Tradeweb's share of fully electronic TRACE volume in the first quarter of 2021 was 10.1 per cent for US High Grade, up from 5.9 per cent in the first quarter of 2020, and 4.0 per cent for US High Yield, up from 2.0 per cent over the same period last year. 
Lee Olesky, Tradeweb CEO, said: “I believe we are in the early days of a new normal for electronic trading, led by stronger client engagement and accelerated trends in both adoption and innovation. March 2021 trading volumes soared, with monthly ADV handily exceeding the historic level reached back in March 2020. We also outperformed some broader market trends in March, including in US Treasuries where Tradeweb volume climbed 18 per cent YoY as overall volumes across Treasury markets declined.” 

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Beverly Chandler
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Managing Editor