How much secular growth is left in this one in rates? Seen this presented in somewhat disingenuous way.
Tradeweb volumes:
- have nearly tripled since 2017
- eclipsed $1T notional per day in March 2020
- have struggled in Q2 & Q3 2020 amid low rates volatility
$TWpic.twitter.com/rvziM9oEXa
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The research I've seen points to not much relative to other asset classes (chart below helps explain). TW is in other growth markets (China, repo, ETFs) which helps diversify, so there's still some secular growth embedded in its multiple & outlook. Just not in rates.pic.twitter.com/nEeQSLtYVo
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