Multi-dealer fixed income and credit trading networks TradeWeb and MarketAxess are reporting solid year-on-year and third quarter volume growth.
Online fixed income market TradeWeb says that its daily trading volume has soared past the EUR70 billion mark. This latest milestone also marks the second anniversary of the launch of the euro sovereign product which simultaneously reached a daily record of EUR5.3 billion euros.
Jim Toffey, CEO of TradeWeb, says: "In periods of extreme volatility, institutional investors need fast, reliable access to the liquidity provided by their leading fixed-income dealers. TradeWeb now delivers liquidity for nine fixed-income markets across three continents - all on one screen."
Lee Olesky, president of TradeWeb and CEO of TradeWeb Europe, says the latest volume records are just the tip of the iceberg: "Euro Sovereign daily volumes alone are increasing by EUR1 billion every 4 months and we expect this positive trend to continue."
Credit trading platform MarketAxess is also boasting solid growth in the third quarter with record-setting trading volume and a record number of registered users.
Richard McVey, MarketAxess' chief executive officer, says: "Our volume has grown more than 300 percent from last year's levels and our user base has surged to over 5000."
Trading volume for the third quarter reached $11.9 billion, setting a new record for quarterly performance. In September, volumes hit a new monthly record of $4.4 billion with average daily volumes increasing 20 percent over August levels.
McVey says the addition of new dealers to the platform is critical to the continued success. In September, Barclays became the 12th active dealer on MarketAxess, a move which is expected to accelerate momentum on the MarketAxess European system. This follows closely on the heels of Morgan Stanley and Merrill Lynch, both of which went live on MarketAxess Europe just prior to the start of the third quarter.