For May, Tradeweb has reported a total trading volume of US$4.1 trillion and an average daily volume (ADV) of US$1.9 trillion, an increase of 40% year-over-year (YoY). Increased client activity drove record global repo activity on Tradeweb’s electronic repo trading platform. Due to a combination of quantitative tightening, increased collateral supply, and current rates market activity, more assets were moved from Federal Reserve’s reverse repo facility to money markets, the company says. The ADV across all asset classes for the month of May was up by 18.4 per cent YoY to US$197.1 billion. US government bond ADV was up 33.4 per cent YoY to US$192.5 billion, while European government bond ADV was down 0.4 per cent YoY, to US$41.4 billion. For swaps and swaptions, ADV climbed 53.3 per cent YoY for May to US$484.2 billion. Total rates derivatives ADV increased 67.9 per cent YoY to US$784.6 billion. In credit markets, fully electronic US credit ADV was up 46.7 per cent YoY to US$6.6 billion, while European credit ADV was up 16.1 per cent YoY to US$2.2 billion.
