At Tradeweb, in July 2023, fully electronic US credit ADV was up 34.8% YoY to US$4.8 billion and European credit ADV was up 38.6% YoY to US$1.9 billion.
The firm said strong US credit volumes reflected continued client adoption across Tradeweb protocols while higher European credit volumes were supported by strong activity in sessions-based trading and RFQ.
Fully electronic investment grade ADV for July 2023 stood at US$ 4.25 billion, down 3.4% month on month (MoM) from US$4.4 billion but up 37% YoY (July 2022: US$3.1 billion).
Fully electronic high yield ADV for July 2023 stood at US$558 million, down 10% MoM from US$619 million but up 20% YoY (July 2022: US$466 million).
Total credit ADV for July 2023 was US$12 billion, up 9% from $11 billion MoM and up 30% YoY from US$9.2 billion.
Total rates ADV in July 2023 stood at US$ 712 billion, including derivatives, a 13% drop MoM from US$812 billion driven by a 14% drop in European bonds and a 22% drop in derivatives.
However, total rates ADV was up 12% YoY in July 2023, from US$636 billion, largely driven by Swaps/Swaptions ≥ 1Y.
Total municipal bonds ADV in July 2023 stood at US$298 million, down 5% MoM from $US314 million. Muni ADV YoY for July 2023 was also down, by 10.5%, from US$333 million in July 2022.
©Markets Media Europe 2023
