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MarketAxess has reported growth in its repo business in the first half of 2022, with average daily volume (ADV) for repo matched trades increasing by 17 per cent.
Matched repo trades on the MarketAxess platform reached 169,456 in H1 2022, with matched trade ADV climbing to US$262.1 billion.
The firm had a Matched Lifecycle Event trade count of 11,952 in H1 2022, representing a 160 per cent increase over the same period in 2021.
This comes as an increasing number of top-tier buy- and sell-side clients and counterparties begin to use this functionality.
Reflecting on the second quarter of 2022, MarketAxess matched trade ADV increased 13 per YoY to US$145 billion. Additionally, the company recorded a 20 per cent YoY rise in matched trades to 145,000.
Following its US expansion, MarketAxess indicates that matched US Treasury volume has increased by 550 per cent over the last two years.
Responding to this growth, MarketAxess appointed Steve Ito in a business development role to help clients navigate the demand of matching repo transactions as close to execution as possible.
Colleen Stapleton, product manager for match and repo products at MarketAxess, says: “The growth in the repo business clearly demonstrates the need and desire for repo post-trade automation, and MarketAxess Post-Trade Repo is at the forefront of moving this market.”
