Tradeweb Reports November 2023 Total Trading Volume of $38.2 Trillion and Record Average Daily Volume of $1.80 Trillion
05 Dezembro 2023 - 9:30AM
Business Wire
November 2023 ADV up 59.2% YoY
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator
of electronic marketplaces for rates, credit, equities and money
markets, today reported total trading volume for November 2023 of
$38.2 trillion (tn). Average daily volume (ADV) for the month was a
record $1.80tn, an increase of 59.2 percent (%) year-over-year
(YoY).
In November 2023, Tradeweb records included:
- ADV in U.S. government bonds
- ADV in European government bonds
- ADV in swaps/swaptions ≥ 1-year
- ADV in fully electronic U.S. High Grade credit
- ADV European credit
- ADV in equity convertibles/swaps/options
- ADV global repurchase agreements
November 2023 Highlights
RATES
- U.S. government bond ADV was up 19.5% YoY to $163.7 billion
(bn). European government bond ADV was up 30.5% YoY to $44.8bn.
- Record U.S. government bond volumes were supported by growth
across all client sectors, increased adoption across a diverse set
of trading protocols on the institutional platform and sustained
rates market volatility. Higher interest rates continued to drive
trading in the retail market. Record European government bond
volumes were supported by sustained rates market volatility and
strong volumes by hedge fund accounts.
- Mortgage ADV was up 16.7% YoY to $188.3bn.
- Strong To-Be-Announced (TBA) volumes were driven by increased
participation from hedge fund accounts as well as elevated roll
activity. Specified pool activity increased >200% YoY with an
uptick in origination trading on the platform.
- Swaps/swaptions ≥ 1-year ADV was up 178.4% YoY to $580.8bn and
total rates derivatives ADV was up 132.6% YoY to $795.1bn.
- Record volume in swaps/swaptions ≥ 1-year was driven in part by
increased client activity and a 242% YoY increase in compression
activity, which carries a lower fee per million. Quarter-to-date
compression activity is running higher than 3Q23. Robust volumes
were also driven by strong activity in global inflation swaps, the
request-for-market (RFM) protocol and emerging market swaps.
CREDIT
- Fully electronic U.S. credit ADV was up 32.0% YoY to $6.1bn and
European credit ADV was up 29.7% YoY to $2.3bn.
- Strong U.S. credit volumes, most notably record ADV in fully
electronic U.S. High Grade activity, reflected continued client
adoption in Tradeweb protocols, including request-for-quote (RFQ),
as well as record adoption in Tradeweb AllTrade® and portfolio
trading. Tradeweb’s share of fully electronic U.S. High Grade and
U.S. High Yield TRACE was 16.7%, and 7.0%, respectively. Record
European credit volumes were supported by strong activity in
portfolio trading and Tradeweb Automated Intelligent Execution
(AiEX).
- Municipal bonds ADV was down 0.2% YoY to $475 million (mm).
- While retail municipal bond activity remained somewhat muted
against a broader backdrop of lower yields, a robust tax lost
harvesting month by institutional asset managers kept flows in this
part of the market significantly more positive.
- Credit derivatives ADV was down 7.8% YoY to $9.8bn.
- Tighter credit spreads led to lower overall swap execution
facility (SEF) market activity.
EQUITIES
- U.S. ETF ADV was up 4.5% YoY to $7.0bn and European ETF ADV was
up 10.0% YoY to $2.6bn.
- Institutional client engagement in U.S. ETFs remained robust,
with a 4.5% increase in platform volumes YoY. European ETFs were up
as broader market volumes remained relatively flat.
MONEY MARKETS
- Repurchase agreement ADV was up 35.2% YoY to $534.7bn.
- Increased client adoption of Tradeweb’s electronic trading
solutions drove record global repo activity. Current U.S. market
conditions shifted demand from the Federal Reserve’s reverse repo
facility to money markets. Retail money markets activity continued
to be strong as interest rates remained elevated.
Please refer to the report posted to
https://www.tradeweb.com/newsroom/monthly-activity-reports/ for
complete information and data related to our historical monthly,
quarterly and yearly ADV and total trading volume across asset
classes.
About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator
of electronic marketplaces for rates, credit, equities and money
markets. Founded in 1996, Tradeweb provides access to markets, data
and analytics, electronic trading, straight-through-processing and
reporting for more than 40 products to clients in the
institutional, wholesale and retail markets. Advanced technologies
developed by Tradeweb enhance price discovery, order execution and
trade workflows while allowing for greater scale and helping to
reduce risks in client trading operations. Tradeweb serves more
than 2,500 clients in more than 65 countries. On average, Tradeweb
facilitated more than $1.2 trillion in notional value traded per
day over the past four quarters. For more information, please go to
www.tradeweb.com.
Basis of Presentation
All reported amounts are presented in U.S. dollars, unless
otherwise indicated. In determining the reported U.S. dollar
amounts for non-U.S. dollar denominated securities, the non-U.S.
dollar amount for a particular month is translated into U.S.
dollars based on the monthly average foreign exchange rate for the
prior month. Please see the footnotes on page 3 of the full report
for information regarding how we calculate market share amounts
presented in this release.
Market and Industry Data
This press release and the complete report include estimates
regarding market and industry data that we prepared based on our
management’s knowledge and experience in the markets in which we
operate, together with information obtained from various sources,
including publicly available information, industry reports and
publications, surveys, our clients, trade and business
organizations and other contacts in the markets in which we
operate. In presenting this information, we have made certain
assumptions that we believe to be reasonable based on such data and
other similar sources and on our knowledge of, and our experience
to date in, the markets in which we operate. While such information
is believed to be reliable for the purposes used herein, no
representations are made as to the accuracy or completeness thereof
and we take no responsibility for such information.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the federal securities laws. Statements related to,
among other things, our outlook and future performance, the
industry and markets in which we operate, our expectations,
beliefs, plans, strategies, objectives, prospects and assumptions
and future events are forward-looking statements.
We have based these forward-looking statements on our current
expectations, assumptions, estimates and projections. While we
believe these expectations, assumptions, estimates and projections
are reasonable, such forward-looking statements are only
predictions and involve known and unknown risks and uncertainties,
many of which are beyond our control. These and other important
factors, including those discussed under the heading “Risk Factors”
in documents of Tradeweb Markets Inc. on file with or furnished to
the SEC, may cause our actual results, performance or achievements
to differ materially from those expressed or implied by these
forward-looking statements. In particular, preliminary average
variable fees per million dollars of volume traded are subject to
the completion of management’s final review and our other financial
closing procedures and therefore are subject to change. Given these
risks and uncertainties, you are cautioned not to place undue
reliance on such forward-looking statements. The forward-looking
statements contained in this release are not guarantees of future
performance and our actual results of operations, financial
condition or liquidity, and the development of the industry and
markets in which we operate, may differ materially from the
forward-looking statements contained in this release. In addition,
even if our results of operations, financial condition or
liquidity, and events in the industry and markets in which we
operate, are consistent with the forward-looking statements
contained in this release, they may not be predictive of results or
developments in future periods.
Any forward-looking statement that we make in this release
speaks only as of the date of such statement. Except as required by
law, we do not undertake any obligation to update or revise, or to
publicly announce any update or revision to, any of the
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231204099955/en/
Media: Daniel Noonan, Tradeweb +1 646 767 4677
Daniel.Noonan@Tradeweb.com
Investors: Ashley Serrao, Tradeweb +1 646 430 6027
Ashley.Serrao@Tradeweb.com
Sameer Murukutla, Tradeweb +1 646 767 4864
Sameer.Murukutla@Tradeweb.com
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