Tradeweb Markets, the online fixed-income trading platform, has posted a new record for average daily trading volumes in June, largely thanks to activity in the US, and European and Chinese government bond markets, along with a surge in ETF trading.
Tradeweb’s trading volumes hit $859.2 billion per day last month, up from $741.8 billion in aggregate for the month of May 2019 and also higher year-over-year compared to the figures of June 2018.
The electronic trading platform provider also said that in Q 2019 it topped its previous record for quarterly ADV volumes, coming in at $753.8 billion, as activity increased across nearly all products on the platform.
Trading volumes of US and European government bonds spiked to $87.6 billion and $25.6 billion respectively amid June’s policy changes. Chinese bonds average daily volume also came in at $1.1 billion per day, also representing a new monthly record.
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During Q1 2019 the New York-based online fixed-income trading platform disclosed a 6.5 percent fall in its net come, which came in at $42.4 million from $45.3 million in the first quarter of 2018.
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Looking at its total revenues for the quarter, however, Tradeweb Markets posted a record figure of $186.8 million, which was ten percent above $169.5 million reported back for the same period last year.
Founded 23 years ago, Tradeweb builds and runs electronics markets for trading government bonds, derivatives, ETFs and other financial instruments over the counter.
Earlier this year, the company raised $1.1 billion in its initial public offering, which was the second-largest IPO in the US markets for 2019. The public sale values Tradeweb at about $6 billion based on its filings.
Tradeweb had a busy year so far 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.