Electronic fixed income platform Tradeweb says overall trading volumes on its network increased 40% in the first half of the year to hit $42.7 trillion.
The increase in activity in H1 - compared to the first half of 2007 - is mainly attributable to increased money market trading.
TradeWeb says 19 new dealer desks have joined its network in the first half of 2008, for a total of more than 225 dealer desks worldwide.
The total number of users trading US dollar swaps, euro swaps and overnight index swaps increased by 38% in H1 2008 compared to a year earlier.
STP allocation volume on the network is up 63% at $28 trillion, as clients increasingly recognise the efficiencies of online trade processing, says TradeWeb.
"During this difficult time for the financial markets, Tradeweb has once again demonstrated that online trading has a vital role to play in providing liquidity to clients," says Tradeweb CEO Jim Toffey. "Not only do electronic markets provide our clients with a deep pool of liquidity but they enable them to better manage their market risk through seamless trade processing."
Lee Olesky, president of Tradeweb says the business is well positioned to continue to migrate traditional phone-based markets, such as interest rate swaps, to the more efficient execution of online markets.
Last October nine Wall Street banks paid Thomson Financial $180 million to purchase a minority stake in TradeWeb. They had originally sold the platform in 2004 amid regulatory concerns over potential conflicts of interest and competition issues in dealer-owned networks. Citi joined the nine in April, acquiring an undisclosed minority equity stake.