Tradeweb reports 30.1% YoY jump in repo ADV for February
07 March 2025 US, Europe
Image: SwathiFX/stock.adobe.com
Tradeweb has reported a 30.1 per cent year-over-year (YoY) rise in repo average daily volume (ADV) traded on its platform for February, generating US$716.1 billion.
According to the global electronic marketplace operator, global repo trading activity was supported by increased client participation across the platform, driving record European repo activity.
In the US, volumes were driven by the continued unwinding of the Federal Reserve’s balance sheet and reduced balances in the reverse repo facility, says Tradeweb.
For rates trades, US government bond ADV was up 21.3 per cent YoY to US$252.2 billion.
European government bond ADV increased by 12.7 per cent YoY to US$57.4 billion.
“Record US Treasuries ADV was led by record activity across the institutional and wholesale client channels, while European government bond ADV was driven by strong volumes across our institutional client channel,” explains Tradeweb. “A diverse set of clients continued to trade on the platform, with growing adoption across a wide range of trading protocols.”
The ADV for swaps and swaptions grew by 0.2 per cent YoY to US$503.4 billion, with total rates derivatives ADV increasing by 9.9 per cent YoY to US$867.6 billion.
Tradeweb observed strong risk trading activity YoY driven by market volatility as a result of policy changes by the US federal administration, as well as the recent election in Germany.
In credit markets, fully electronic US credit ADV was up 11.8 per cent YoY to US$8.6 billion. European credit ADV grew by 24.6 per cent YoY to US$2.9 billion.
US credit volumes were driven by increased client adoption of Tradeweb protocols, most notably request-for-quote (RFQ) and Portfolio Trading, says the firm.
Tradeweb captured 17.8 per cent and 7.3 per cent of fully electronic US high grade and US high yield TRACE, respectively.
The firm attributes record European credit volumes to further client adoption of Portfolio Trading, RFQ and Tradeweb AllTrade protocols.
According to the global electronic marketplace operator, global repo trading activity was supported by increased client participation across the platform, driving record European repo activity.
In the US, volumes were driven by the continued unwinding of the Federal Reserve’s balance sheet and reduced balances in the reverse repo facility, says Tradeweb.
For rates trades, US government bond ADV was up 21.3 per cent YoY to US$252.2 billion.
European government bond ADV increased by 12.7 per cent YoY to US$57.4 billion.
“Record US Treasuries ADV was led by record activity across the institutional and wholesale client channels, while European government bond ADV was driven by strong volumes across our institutional client channel,” explains Tradeweb. “A diverse set of clients continued to trade on the platform, with growing adoption across a wide range of trading protocols.”
The ADV for swaps and swaptions grew by 0.2 per cent YoY to US$503.4 billion, with total rates derivatives ADV increasing by 9.9 per cent YoY to US$867.6 billion.
Tradeweb observed strong risk trading activity YoY driven by market volatility as a result of policy changes by the US federal administration, as well as the recent election in Germany.
In credit markets, fully electronic US credit ADV was up 11.8 per cent YoY to US$8.6 billion. European credit ADV grew by 24.6 per cent YoY to US$2.9 billion.
US credit volumes were driven by increased client adoption of Tradeweb protocols, most notably request-for-quote (RFQ) and Portfolio Trading, says the firm.
Tradeweb captured 17.8 per cent and 7.3 per cent of fully electronic US high grade and US high yield TRACE, respectively.
The firm attributes record European credit volumes to further client adoption of Portfolio Trading, RFQ and Tradeweb AllTrade protocols.
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