Tradeweb has posted a 38% year-on-year increase in volumes during October largely due to activity in the US, European and Japanese government bond markets, along with a surge in ETF trading.
The electronic trading platform provider has already topped its annual total from last year following a record month in September 2018 where average daily volume (ADV) for Tradeweb was $592 billion.
In October, was down slightly month-on-month but was up 38% year-on-year to $584.4 billion.
US ETF volumes spiked amid October’s equity market volatility totalling $4.5 billion per day, a 54.4% monthly increase and a 119.1% year-over-year increase. European ETF average daily volume totalled $1.3 billion, up 20.9% month-over-month and 76.0% year-over-year.
Average daily volume in U.S. Government Bonds was $79.3 billion, a 10.6% monthly increase over September totals and a 40.9% increase on a year-over-year basis.
The fixed income and derivatives electronic trading specialist has had a busy year after confirming plans to branch out into cash equities in May as part of a new partnership with Plato.
Both firms are developing a block trading platform that allows traders to aggregate and source broker principal risk to provide the buy-side with more control over orders and the opportunity to match and negotiate trades on a regulated venue. Tradeweb also launched a new platform with its request-for-quote (RFQ) functionality for US equity options. The client-to-dealer trading platform was designed to improve access to liquidity in the growing US options market.
More recently, the platform introduced new block trading functionality via the Bond Connect initiative to allow investors to complete transactions from multiple funds in a single block.