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Global government bond markets saw an increase in volatility in October, amid investor concerns over continuing geopolitical tensions and softer economic data.

While regulatory factors continue to push interest rate swap volumes on-SEF, the return of volatility is driving natural demand for swaps.

Cross-border regulations aimed at moving bilateral, over-the-counter (OTC) swaps onto exchange-like venues and through central clearing have created additional concerns over the risk that also will move into the heart of a wider market ecosystem.

2019 has certainly been an exciting year for Tradeweb, packed with impressive numbers. In April, we went public with the year’s top performing IPO over $1 billion, followed by an additional offering in October to raise in total $2.1 billion. Our traded volumes have kept on rising, facilitating more than $730 billion each day in rates, credit, equities and money market transactions globally. We traded more than $1 trillion on 19 days so far, and experienced new records in almost every business in which we operate, including repo and equity derivatives, which are up 27% and 63% on 2018, respectively.

Charlie Campbell-Johnston, Managing Director, Automated Intelligent Execution (AiEX) and Workflow Solutions at Tradeweb, looks at the drivers and implications of increased automation in low touch trading.

Although regulators have kept the target end-date intact for the LIBOR transition, they have acknowledged that due to the headwinds linked to COVID-19, a few segments of the UK market would not be able to meet some of the interim transition milestones and that all timelines would be kept under review. “The central assumption that firms cannot rely on LIBOR being published after the end of 2021 has not changed,” stated the joint statement on the “Impact of the coronavirus on firms’ LIBOR transition plans” by the FCA, Bank of England and members of the Working Group on Sterling Risk-Free Reference Rates on March 25th 2020. For all intents and purposes, it is business as usual for teams managing the LIBOR transition, with the UK being the furthest along in this process.

Portfolio Trading Blog: Recent market volatility since the end of February has markedly coincided with increased usage of Tradeweb’s electronic portfolio trading protocol. Due to market conditions, more buyside customers have been motivated to explore new protocols as they were finding other protocols insufficient in meeting their needs at that time. Traders using standard list trading during the worst sell-off period in March, for example, were finding it difficult to achieve sufficient pricing and full execution. This article examines the array of use cases for portfolio trading, focusing on the two interconnected themes of liquidity and efficiency.

Tomorrow the U.S. Treasury will conduct the final reopening of the recently reintroduced 20-year bond. With some semblance of a track record now under its belt, albeit early days, we thought now was a good time to examine how the 20-year’s been received and why it matters.

After a fairly calm December for global government bonds, 2021 got off to an active start with a widespread market sell-off.

The following data is derived from trading activity on the Tradeweb Markets institutional European- and U.S.-listed ETF platforms.