Tradeweb Markets, the online fixed-income trading platform, has posted a new record for average daily trading volumes in January, largely thanks to activity in the US, Europeanת and Chinese government bond markets, along with a surge in ETF trading.
Tradeweb’s trading volumes hit $624.5 billion per day last month, up from $617 billion in December 2018 and also higher by 21 percent year-over-year compared to the figures of January 2018.
The electronic trading platform provider said last month that it topped its previous record for trade volumes set in September 2018, as activity increased year-on-year and month-on-month in nearly all products on the platform.
US investment-grade corporate credit spiked amid January’s equity market volatility, totaling $2.7 billion per day or a 60 percent year-over-year increase. Ahead of the Lunar new year, Chinese bonds average daily volume came in at $0.9 billion per day, an increase of over 56 percent year-over-year. At the same time, average daily trades totaled 51,221 in January.
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A busy year in 2018
“While growth was broad-based across all asset classes traded on the Tradeweb platform, some of the sharpest gains were noted in investment-grade and high-yield U.S. credit, mortgage-backed securities, and Chinese bonds,” the firm said in a monthly activity report.
Tradeweb had a busy year in 2018 after confirming plans to making a major push in US share derivatives markets with the launch of its options platform for institutional customer-to-dealer trading.
Nine liquidity providers have already committed to supporting the new marketplace, including a mix of banks and proprietary trading firms (PTFs). The platform will also leverage Tradeweb’s institutional network of global dealers and buy-side customers.
Tradeweb Markets also announced that its customers can now trade block orders of Chinese yuan (RMB) bonds. More recently, Eurex Clearing, a leading central counterparty clearing (CCP), has established a direct connection with Tradeweb Markets.