MarketAxess recorded substantial increases in post-trade repo average daily volume in the second quarter of this year.
The post-trade services provider for the global fixed-income markets says repo-matched trade ADV increased 83 per cent YoY to US$114 billion in Q2 2021, with over 120,000 matched trades on the platform, up over 100 per cent YoY. 88 per cent of these were term trades, with 12 per cent open trades.
The firm also says 57 matching counterparts are now using its post-trade repo solution, with additional firms also in the pipeline, pending go-live in Q3 and Q4 of 2021.
Breaking down Q2, government debt constituted the majority of collateral traded on the platform, at 84 per cent.
Top dealers in terms of match rate for the period were Barclays, JP Morgan, Deutsche Bank, RBC and Bank of America. Top dealers in terms of volume were JP Morgan, Barclays, BNP Nomura and Deutsche Bank.
