Electronic credit closed 2024 on a strong showing with December monthly volume growing 14.7% to US$18.3 billion year–on–year (YoY) while full-year trading volume totalled US$253.6 billion up 32.6% over 2023. Tradeweb is nearly neck-and-neck with MarketAxess, the historic market leader, while Trumid is also gaining market share.
Tradeweb is within US$150 million ADV to lead electronic trading
Tradeweb reported fully electronic US credit Average Daily Volume (ADV) of $6.9 billion, reflecting robust year-on-year growth of 24.5%. The platform captured a record 19.9% share of fully electronic US investment-grade (IG) TRACE, driven by reported adoption of request-for-quote (RFQ), portfolio trading, and the Tradeweb AllTrade platform.US high yield electronic trading gained 47.7% year-on-year to US$ 760 million. Meanwhile, European credit ADV rose by 8.8% to US$1.8 billion due to heightened portfolio trading activity and increased use of automated execution tools.
MarketAxess loses market share but shows strong portfolio trading ADV
MarketAxess posted a total credit ADV of US$12.3 billion in December, flat year-on-year but down 14% compared to November due to seasonal factors, according to the firm. US IG ADV declined 3% year-on-year to US$5.9 billion, with an estimated market share of 19.5%, up from November but down from the previous year. US high-yield (HY) ADV fell 14% year-on-year to US$1.2 billion. Emerging markets (EM) trading showed pos
itive momentum, with ADV increasing by 8% to $2.9 billion, supported by a 14% rise in hard currency trading.
Portfolio trading showed notable strength, with ADV reaching US$1 billion, marking a 48% increase year-on-year. Open Trading ADV stood at US$3.6 billion, representing a 36% share of total credit trading volume.
Trumid keeps on closing the gap with market leaders
Trumid experienced strong year-end growth, with December ADV up 49% year-on-year to USUUS$4.3 billion. The platform continued its upward trajectory, increasing its overall market share by 35% compared to the prior year. Trumid’s success was driven by the growing adoption of its trading protocols, including RFQ and portfolio trading. In Q4, Trumid (launched in May 2024 read more: https://www.fi-desk.com/trumid-claims-33-market-share-in-may) for RFQ saw a 75% “no touch” execution rate for eligible trades, supporting the platform’s automation strategy.
For the full year 2024, Trumid achieved record trading volumes of US$1.4 trillion, representing a 62% increase year-on-year. Market share expanded by 34% due to accelerated client adoption across investment-grade, high-yield, and emerging market bonds.
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