Tradeweb reports 28.6% YoY rise in repo ADV for March
07 April 2025 US, Europe
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Tradeweb has reported a 28.6 per cent year-on-year (YoY) rise in repo average daily volume (ADV) traded on its platform for March, generating US$741.3 billion.
According to the global electronic marketplace operator, global repo trading activity was supported by increased client participation across the platform.
In the US, volumes were driven by the unwinding of the Federal Reserve’s balance sheet and reduced balances in the reverse repo facility, says Tradeweb.
Significant US and German policy shifts were also behind volatility in European markets, driving strong activity.
For rates trades, US government bond ADV was up 30 per cent YoY to US$249.3 billion. European government bond ADV increased by 27.6 per cent YoY to US$63.4 billion.
“Strong US Treasuries ADV was led by record activity across the institutional client channel and robust activity across the wholesale client channel,” explains Tradeweb. “Record European government bond ADV was driven by strong volumes across our institutional client channel, supported by a busy primary market, as well as heightened volatility in Europe.”
The ADV for swaps and swaptions jumped 44.8 per cent YoY to US$592 billion, with total rates derivatives ADV climbing 49.2 per cent YoY to US$1.01 trillion.
According to Tradeweb, this activity was driven by evolving US and global tariff policies, as well as global uncertainty surrounding financial markets.
“Volumes were supported by a 34 per cent YoY increase in compression activity, which carries a relatively lower fee per million. Q1 2025 compression activity as a percentage of swaps and swaptions was higher than Q4 2024,” the firm adds.
In credit markets, fully electronic US credit ADV was up 26.6 per cent YoY to US$9.5 billion. European credit ADV grew by 14 per cent YoY to US$3.1 billion.
US credit volumes were driven by increased client adoption of Tradeweb protocols, most notably request-for-quote (RFQ) and Portfolio Trading.
Tradeweb captured 18.4 per cent and 7.6 per cent of fully electronic US high grade and US high yield TRACE, respectively.
The firm attributes record European credit volumes to increased volume across all its protocols, including record volume in Portfolio Trading, Tradeweb’s Automated Intelligent Execution (AiEX) tool, and Tradeweb AllTrade.
According to the global electronic marketplace operator, global repo trading activity was supported by increased client participation across the platform.
In the US, volumes were driven by the unwinding of the Federal Reserve’s balance sheet and reduced balances in the reverse repo facility, says Tradeweb.
Significant US and German policy shifts were also behind volatility in European markets, driving strong activity.
For rates trades, US government bond ADV was up 30 per cent YoY to US$249.3 billion. European government bond ADV increased by 27.6 per cent YoY to US$63.4 billion.
“Strong US Treasuries ADV was led by record activity across the institutional client channel and robust activity across the wholesale client channel,” explains Tradeweb. “Record European government bond ADV was driven by strong volumes across our institutional client channel, supported by a busy primary market, as well as heightened volatility in Europe.”
The ADV for swaps and swaptions jumped 44.8 per cent YoY to US$592 billion, with total rates derivatives ADV climbing 49.2 per cent YoY to US$1.01 trillion.
According to Tradeweb, this activity was driven by evolving US and global tariff policies, as well as global uncertainty surrounding financial markets.
“Volumes were supported by a 34 per cent YoY increase in compression activity, which carries a relatively lower fee per million. Q1 2025 compression activity as a percentage of swaps and swaptions was higher than Q4 2024,” the firm adds.
In credit markets, fully electronic US credit ADV was up 26.6 per cent YoY to US$9.5 billion. European credit ADV grew by 14 per cent YoY to US$3.1 billion.
US credit volumes were driven by increased client adoption of Tradeweb protocols, most notably request-for-quote (RFQ) and Portfolio Trading.
Tradeweb captured 18.4 per cent and 7.6 per cent of fully electronic US high grade and US high yield TRACE, respectively.
The firm attributes record European credit volumes to increased volume across all its protocols, including record volume in Portfolio Trading, Tradeweb’s Automated Intelligent Execution (AiEX) tool, and Tradeweb AllTrade.
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