Trading platforms MarketAxess, Tradeweb and Trumid saw substantial increases in their average daily volumes for August compared to the same period last year. MarketAxess saw its total August ADV jump 39.6%, driven by US investment grade bonds. Tradeweb reported August ADV up 53.9% YoY while Trumid reported an August ADV of US$5 billion, up 65% YoY.
MarketAxess
MarketAxess saw its total average daily volume (ADV) reach US$41.6 billion in August, up 39.6% (up 18.4% compared to July 2024), while in credit, its US investment grade ADV stood at US$6.7 billion, up 33.7% year-over-year (YoY), and high yield stood at US$1.3 billion, up 7.2% YoY.
The firm said its strong performance in overall ADV was driven by a 27.4% YoY (up 3.6% compared to July 2024) increase in total credit ADV, and a 46.1% YoY (up 26.9% compared to July 2024) increase in total rates ADV.
MarketAxess CEO Chris Concannon said, “A favourable market environment helped deliver strong year-over-year, and solid month-over-month results in August. We delivered 27% growth in total credit ADV year-over-year, driven by a 34% increase in U.S. high-grade, a 25% increase in emerging markets, a 19% increase in Eurobonds, and a 49% increase in municipal bonds. We also generated record portfolio trading ADV of US$988 million. Our leadership position in the global credit institutional e-trading space remains strong, and we are beginning the roll-out of X-Pro to our global client base later this month.”
Emerging markets ADV reached US$3.2 billion in August, up 25.5% against August last year, with “strong” regional contributions across the Latin America , EMEA and APAC regions. The year-over-year increase was driven by a 14.6% YoY increase in hard currency ADV, and a 35.6% YoY increase in local currency markets ADV.
Eurobonds ADV hit US$1.5 billion, up 19.0% YoY (down 18.8% compared to July 2024).
Municipal bond ADV of US$580 million was up 49.5% YoY, (up 0.9% compared to July 2024).
Total rates ADV reached $28.4 billion in August, up 46.1% versus the prior year, and up 26.9% compared to July 2024.
Tradeweb
Tradeweb reported total trading volume for August of US$50.9 trillion. August ADV for the month was US$2.21 trillion, an increase of 53.9% YoY.
Excluding the impact of acquiring ICD, an institutional investment technology provider for corporate treasury organisations trading short-term investments, which closed on 1 August 2024, total ADV for the month of August was up 35.7% YoY.
Fully electronic US credit ADV was up 33.2% YoY to US$6.4 billion and European credit ADV was down 8.4% YoY to US$1.4 billion.
Tradeweb said US credit volumes were driven by increased client adoption, most notably in request-for-quote (RFQ), portfolio trading and Tradeweb AllTrade.
European credit volumes were driven by client activity across a number of protocols in August, including Tradeweb AllTrade and our unique dealer selection tool (SNAP IOI).
Tradeweb said its volume growth outpaced the broader market, which was up approximately 5.6% YoY, as Tradeweb’s volumes reported double-digit YoY growth amid record August issuance.
The firm reported credit derivatives ADV up 135.6% YoY to US$18.6 billion.
Tradeweb CEO Billy Hult said, “Our record volumes in August highlight the strength of Tradeweb’s platform, which now includes ICD. The significant growth across our key markets, particularly in US government bonds and global repurchase agreements, underscores the continued trust our clients place in us to deliver solutions that enhance transparency, efficiency, and innovation in our markets.”
In rates, US government bond ADV was up 59.9% YoY to US$228.2 billion. European government bond ADV was up 11.8% YoY to US$36.8 billion.
Tradeweb said the record US government bond volumes were supported by record ADV across its institutional and wholesale client sectors and strong ADV growth in retail. Increased adoption across a range of protocols and favourable market conditions also contributed to the increase in volume. “The addition of r8fin continues to contribute positively to wholesale volumes. Despite subdued summer issuance, European government bond volumes increased YoY, led by strong growth in UK Gilts ahead of the new issuance announced for early September,” the firm noted.
Mortgage ADV was up 32.3% YoY to US$230.7 billion. Municipal bonds ADV was up 13.4% YoY to US$392 million.
Trumid
Trumid reported an August ADV of US$5 billion, up 65% YoY.
Overall market share was up 24% YoY across US investment grade and high yield corporate bonds.
The firm said “strong” client uptake of Trumid RFQ translated into record traded volume and record month-on-month growth in traded volume in August, up 40% against July 2024.
Across both investment grade and high yield, Trumid said it accounted for more than a third of all new issue secondary trading of deals in the market during the first two days of trading. The daily average number of users executing a trade more than doubled year-over-year in Trumid’s Swarms protocol.
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