Tradeweb Reports March 2023 Total Trading Volume of $34.7 Trillion and Record Average Daily Volume of $1.51 Trillion
05 Abril 2023 - 8:30AM
Business Wire
March 2023 ADV up 23.0% YoY First
Quarter 2023 ADV up 16.2% 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 March 2023 of
$34.7 trillion (tn). Average daily volume (ADV) for the month was a
record $1.51tn, an increase of 23.0 percent (%) year-over-year
(YoY), despite continued foreign exchange headwinds. For the first
quarter of 2023, total trading volume was $85.3tn and ADV was a
record $1.36tn, an increase of 16.2% YoY, with preliminary average
variable fees per million dollars of volume traded of $2.71.1
In March 2023, Tradeweb records included:
- ADV in total rates derivatives
- ADV in swaps/swaptions ≥ 1-year
- ADV in emerging markets interest rate swaps and global
inflation swaps
- ADV in global repurchase agreements
- ADV in retail U.S. government bonds
- ADV in retail money markets
For the first quarter of 2023, Tradeweb records included:
- ADV in European government bonds
- ADV in swaps/swaptions ≥ and < 1-year
- ADV in fully electronic U.S. High Grade credit
- ADV in U.S. credit Tradeweb AllTrade®, including all-to-all
request-for-quote (RFQ)
- ADV in global portfolio trading
- ADV in equity convertibles/swaps/options
- ADV in repurchase agreements
- ADV in retail U.S. government bonds
- ADV in retail money markets
March 2023 Highlights
RATES
- U.S. government bond ADV was up 1.5% YoY to $150.9 billion
(bn). European government bond ADV was up 11.8% to $42.4bn.
- Record retail U.S. government bond activity and strong
institutional volumes were offset by declines in wholesale trading.
Higher interest rates continued to drive trading in the retail
market. U.S. and European government bond volumes were supported by
a significant rise in rates market volatility.
- Mortgage ADV was down 10.6% YoY to $166.2bn.
- While market uncertainty and volatility weighed on overall
activity, institutional specified pool trading set a new record due
to growing client engagement.
- Swaps/swaptions ≥ 1-year ADV was up 42.2% YoY to $355.0bn and
total rates derivatives ADV was up 51.7% to $609.1bn.
- Record volume in swaps/swaptions ≥ 1-year was driven in part by
a surge in interest rate volatility, particularly in shorter dated
instruments and higher compression activity. Strong volumes
continued to be supported by record activity in both global
inflation and emerging markets swaps, as well as robust client
adoption of the request-for-market (RFM) protocol.
CREDIT
- Fully electronic U.S. credit ADV was up 18.2% YoY to $4.4bn and
European credit ADV was down 14.9% to $1.8bn.
- Strong U.S. credit volumes reflected continued client adoption
across Tradeweb protocols, including RFQ, Tradeweb AllTrade and
portfolio trading. Tradeweb’s share of fully electronic U.S. High
Grade and U.S. High Yield TRACE was 12.9% and 6.0%, respectively.
Heightened market volatility weighed on European credit
volumes.
- Municipal bonds ADV was up 6.3% YoY to $285 million (mm).
- Municipal volumes reflected healthy institutional and retail
client activity. Market volatility and elevated interest rates
continued to boost volumes overall.
- Credit derivatives ADV was up 11.9% YoY to $39.4bn.
- Semiannual rolling activity as well as market-wide volatility
continued to boost volumes overall.
EQUITIES
- U.S. ETF ADV was up 2.6% YoY to $8.5bn and European ETF ADV was
down 25.8% to $2.8bn.
- Strong U.S. institutional ETF activity, driven by further
adoption of Tradeweb’s RFQ protocol, was more than offset by
declining wholesale volumes. European ETF volumes reflected
declining overall market volumes.
MONEY MARKETS
- Repurchase agreement ADV was up 23.0% YoY to $444.5bn.
- Continued client adoption of Tradeweb’s electronic trading
solutions drove record global repo activity, despite significant
volatility in money markets and sustained elevated usage of the
Federal Reserve’s reverse repo facility. Retail money markets
activity reached a record high 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
approximately 2,500 clients in more than 65 countries. On average,
Tradeweb facilitated more than $1.1 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.
______________________________ 1 See pg. 7 of the report
available at
https://www.tradeweb.com/newsroom/monthly-activity-reports/ for the
detailed breakdown of average variable fees per million dollars of
volume traded for each underlying asset class.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230404006082/en/
Media contact: Daniel Noonan, Tradeweb +1 646 767 4677
Daniel.Noonan@Tradeweb.com Investor contacts: 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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