MarketAxess reports 77% YoY jump in matched repo trade ADV in Q2
23 July 2023 UK
Image: Natalia_Mokretsova/stock.adobe.com
MarketAxess has recorded the highest matched trade average daily volume (ADV) for repo matching on the platform since its inception.
The figures reveal ADV was up 77 per cent year-over-year (YoY) for matched repo trades in Q2 2024, representing more than US$277 billion.
Matched trade volume on the post-trade repo platform grew 79 per cent YoY for the same period, to US$17.5 trillion, with an average of 3,954 matched repos per day.
More than half of the trades on the platform (53 per cent) were matched and reconciled within less than a minute, and about a third (35 per cent) within an hour.
In terms of match rate, MarketAxess indicates that the top five dealers on its platform are Goldman Sachs, Barclays, BNP Paribas, J.P. Morgan, and Deutsche Bank.
The top five dealers for volume were Barclays, J.P. Morgan, Bank of America, BNP Paribas, and Morgan Stanley.
The platform currently supports 69 matching counterparties on its post-trade repo service, with additional buy and sell side firms due to go live next quarter.
Chris Smith, head of MarketAxess Post-Trade, says: "We鈥檝e set a new record-setting performance every quarter. This rapid growth demonstrates the critical role of dual-sided matching.
"As fixed income and repo markets undergo significant changes, a platform like Repo Match revolutionises the industry by sitting front and centre and by providing a single source of truth."
The figures reveal ADV was up 77 per cent year-over-year (YoY) for matched repo trades in Q2 2024, representing more than US$277 billion.
Matched trade volume on the post-trade repo platform grew 79 per cent YoY for the same period, to US$17.5 trillion, with an average of 3,954 matched repos per day.
More than half of the trades on the platform (53 per cent) were matched and reconciled within less than a minute, and about a third (35 per cent) within an hour.
In terms of match rate, MarketAxess indicates that the top five dealers on its platform are Goldman Sachs, Barclays, BNP Paribas, J.P. Morgan, and Deutsche Bank.
The top five dealers for volume were Barclays, J.P. Morgan, Bank of America, BNP Paribas, and Morgan Stanley.
The platform currently supports 69 matching counterparties on its post-trade repo service, with additional buy and sell side firms due to go live next quarter.
Chris Smith, head of MarketAxess Post-Trade, says: "We鈥檝e set a new record-setting performance every quarter. This rapid growth demonstrates the critical role of dual-sided matching.
"As fixed income and repo markets undergo significant changes, a platform like Repo Match revolutionises the industry by sitting front and centre and by providing a single source of truth."
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