Tradeweb Markets, an online fixed-income trading platform, has reported that it handled an average daily volume (ADV) of $763.4 billion in April – a 14.6 percent increase in the year-over-year (YoY) numbers.
Announced on Tuesday, the platform detailed that the ADV of US government bonds increased by 16.7 percent YoY, touching $89 billion while trading of European government bonds jumped 23.4 percent year on year to $27.3 billion.
Mortgage ADV was up 2.9 percent YoY to $173.9 billion and a 17.2 percent YoY increase in rates derivatives ADV to $199.7 billion.
The platform highlighted that the mortgage trades were pumped by the active TBA markets, and activity in longer maturities via compression trading, although declining volatility weighed somewhat on relative value trading influenced the rates derivatives growth.
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The report also detailed that ADV for US credit was up by 54.7 percent YoY to $5 billion and European credit by 13 percent to $1.5 billion. The platform also recorded 139 percent YoY uptick in the credit derivatives ADV to $12.7 billion and a 14.3 percent increase in municipal bond ADV with $290 million.
In the equities market, the US ETF ADV reached $4.7 billion – an increase of 90.2 percent – while trading of a similar instrument of the European market increased 25.4 percent.
Tradeweb explained that the increase in April has resulted from the sell-off in March as the market is trying to normalize.
“April was a strong month for Tradeweb across all asset classes. Following historic volatility and volumes in March, activity was more normalized but was still higher than any prior April on record. Our clients are adjusting their workflows for the longer term, and we are seeing accelerated adoption of electronic protocols and processing,” Lee Olesky, CEO of Tradeweb Markets said.