Tradeweb Markets, a leading global provider of fixed income, derivatives and ETF marketplaces, announced a 371% year-over-year increase in U.S. institutional cash credit volume to more than $11.8 billion in November, following record trading in each of the last two months.
All Tradeweb Markets credit platforms accounted for 2.8% of overall U.S. corporate bond volume and 12% of trades executed in November, according to TRACE data. Tradeweb has also grown block trading of investment grade credit (>$5 million) to represent 23% of U.S. institutional investment grade volume on the platform.
Tradeweb has expanded its credit offering to include a broader set of pre-trade data and tools to identify liquidity, the most diverse range of trading protocols, and industry leading post-trade processing and spotting. And as a result of this growth, Tradeweb now ranks as the second largest electronic cash credit trading platform in the U.S. according to Greenwich Associates’ 2016 North American Fixed Income Study.
“We’re helping clients leverage relationships better through meaningful advances in technology, enhancing trade workflows with greater efficiency, and we’re making a major impact on liquidity and operational risk reduction,” said Billy Hult, President of Tradeweb Markets. “Tradeweb is a compelling electronic alternative that makes it faster and easier to find the other side of your trade for both odd-lot trades and larger orders.”
Including credit default swaps (CDS), overall U.S. credit volume grew 124% to more than $79 billion, and international credit volumes rose by 52% to more than $63 billion.
Tradeweb also plans to launch advanced all-to-all trading functionality for U.S. corporate bonds in the first half of 2017. The additional execution protocol will increase traders’ flexibility in how they can source liquidity from both buy- and sell-side participants on Tradeweb.
“The growth across our platform demonstrates that the industry benefits from multiple ways to access credit liquidity, and the addition of all-to-all trading will provide a comprehensive set of trading protocols to the cash corporate marketplace.” Said Lee Olesky, Tradeweb Markets CEO. “Growing our credit business is a key priority for Tradeweb, and we are best positioned to continue driving the broader electronification of corporate bond trading as the largest fixed income specialist in scope and scale of our markets and client base.”
Tradeweb continues to build the most complete global credit marketplace, with expanding offerings in Europe, the U.S. and emerging markets. More than 500 buy-side institutions leverage Tradeweb to trade corporate bonds and credit derivatives, streamlining their operational workflow and improving their execution quality with better pre-trade discovery and efficient protocols.