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Repo average daily volumes traded on Tradeweb increased 2.6 per cent YoY for February, rising to US$352.6 billion.
This represents a small increase on repo trading ADV from its January numbers, when the electronic trade platform operator reported repo trading ADV of US$346.5 billion.
In common with its January trading report, Tradeweb indicates that the addition of new clients onto its trading platform continues to drive growth in repo activity, notwithstanding rising use of the Federal Reserve’s reverse repo facility to access liquidity, which weighed on the repo market overall.
Trading of government fixed income securities on Tradeweb rose to new highs during February, with US government bond ADV up 30.4 per cent YoY to US$153.8 billion and European government bond ADV rising 24.9 per cent YoY for February to US$42.0 billion.
The global electronic trade operator says that record trading in US government US bonds was supported by strong client activity in institutional and wholesale markets, along with the addition of the Nasdaq fixed income business, previously known as eSpeed, which was acquired in June 2021.
Average daily trading volume for swaps and swaptions rose 24 per cent YoY to US$212.4 billion for February, with ADV for interest rate derivatives climbing 32.1 per cent YoY to US$368.5 billion.
In credit markets, US credit ADV increased 27 per cent YoY to US$4.0 billion for February, with European credit ADV rising 1.0 per cent YoY to US$2.1 billion.
February also delivered a surge in credit derivatives ADV, which was up 80.5 per cent YoY to US$16.8 billion.
This strong growth was reproduced in ETF trading, with ADV for US ETFs traded on Tradeweb up 80 per cent YoY for February to US$9.4 billion and European ETF ADV rising 29.6 per cent YoY to 3.7 billion.
