Tradeweb Markets, the online fixed income trading platform, today released its operational metrics for the month of June 2022, which has seen strong trading volumes so far. A frenzy that, at this rate, puts him on the right track to set a new record.
In terms of total trading volume, Tradeweb in June surpassed its previous reading for monthly volumes, reaching $26.1 trillion, up from $25.0 trillion in May 2022.
Tradeweb’s trading volumes reached $1.24 trillion per day in June 2022, up 20.4% from $1.09 trillion in total for June 2021. The ADV figure was also higher in June 2022. month-over-month compared to $1.19 trillion in May, with a preliminary average variable fee per million dollars of volume traded of $2.78.
In June, Tradeweb set new ADV records in US and European government bond trading, as well as high-quality US credit electronic swaps and emerging markets. Activity in the latter segment was driven by record turnover in portfolio trading, with more than $300 billion traded in 2021.
The New York-based company said the ADV metric was robust as session-based trading client activity hit a monthly record and flow liquidity usage was supported this year by buying recently closed of Nasdaq bond activity.
Mortgage activity declined
Trading in US government bonds was supported by strong client activity in the institutional and wholesale markets. In addition, activity was supported by the continued momentum of streaming protocols. Robust issuance, coupled with heightened volatility in the rates market, also led to record trading in European government bonds.
Specifically, Tradeweb reported that the ADV of U.S. government bonds rose 4% yoy to $124 billion, while its European counterpart rose 15% yoy to $37 billion. .
Record activity from global institutional clients benefited from increased adoption and high market volatility. The US ADV ETF was up 36% year-on-year to $7.5 billion and the European ADV ETF was up 14.5% year-on-year to $2.8 billion.
The company also revealed a drop in mortgage activity amid uncertainty over the future of the Federal Reserve’s hawkish policy, which continued to weigh on overall market activity. Mortgage ADV fell 0.1% year-on-year to $174 billion.
The continued growth of institutional clients contributed to the increase in equity volumes. In the United States, strong growth in institutional transactions more than offset lower wholesale activity due to lower equity market volatility.