Tradeweb sets annual repo trading record, up 12.5% on 2021

Tradeweb sets annual repo trading record, up 12.5% on 2021

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The number of daily repo trades on Tradeweb’s repo platform reached $381 billion (£321 billion) in 2022, setting a new annual record for the fixed income market.

The repo total for last year represented a 12.5% increase on 2021, according to the firm's latest report.

The firm said: “Continued client adoption of Tradeweb’s electronic trading solutions drove global repo activity, despite significant volatility in money markets and sustained elevated usage of the Federal Reserve’s reverse repo facility. Retail money markets activity reflected our second-best month since November 2022 as interest rates remained elevated.”

The new York-based fixed income market reported on Thursday a mixed December of trading.

US government bond ADV in December was up 0.3% year-on-year to $114.1 billion whilst European government bond ADV was up 25.5% year-on-year to $27.5 billion.

“Higher US retail government bond activity was offset by declines in wholesale trading, as overall industry volumes declined. Higher interest rates continued to drive volumes in the retail market. Strong European government bond trading was driven by heightened rates market volatility,” Tradeweb added.

Credit derivatives ADV was down 6.7% year-on-year to $7.9 billion due to subdued market-wide volatility which weighed on volumes overall, it said.

Tradeweb reported total trading volume of $21.2 trillion in December across its electronic marketplaces for rates, credit, equities and money markets.

ADV for the month was $1.02 trillion, a 11.6% increase year-on-year, the New York firm said.

The head of Tradeweb last month said he has seen “interesting activity” this year in markets that have been slow to adopt electronic trading such as emerging markets and repo.

Tradeweb's 2022 total of $381 billion was a 12.49% increase year on year in 2022, according to the firm's latest report

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