Tradeweb Reports April 2023 Total Trading Volume of $22.3 Trillion and Average Daily Volume of $1.15 Trillion
03 Maio 2023 - 8:30AM
Business Wire
April 2023 ADV up 4.7% 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 April 2023 of
$22.3 trillion (tn). Average daily volume (ADV) for the month was
$1.15tn1, an increase of 4.7 percent (%) year-over-year (YoY).
April 2023 Highlights
RATES
- U.S. government bond ADV was down 11.5% YoY to $120.2 billion
(bn). European government bond ADV was up 9.7% to $36.8bn.
- Strong retail and institutional U.S. government bond activity
was more than offset by declines in wholesale trading as broader
treasury market volumes also declined. Higher interest rates
continued to drive trading in the retail market. European
government bond volumes were supported by strong hedge fund
activity amid volatile markets and a pick-up in U.K. Gilts
activity.
- Mortgage ADV was down 15.7% YoY to $153.0bn.
- Lower supply and increased investor caution in the wake of the
regional bank headlines weighed on overall activity in the
sector.
- Swaps/swaptions ≥ 1-year ADV was up 11.2% YoY to $217.3bn and
total rates derivatives ADV was up 15.0% to $349.4bn.
- Strong volume in swaps/swaptions ≥ 1-year was driven in part by
elevated interest rate volatility, particularly in shorter dated
instruments and higher compression activity. Strong volumes
continued to be supported by 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 2.8% YoY to $4.1bn and
European credit ADV was up 0.6% to $1.9bn.
- U.S. credit volumes reflected continued client adoption across
Tradeweb protocols, including request-for-quote (RFQ), portfolio
trading and Tradeweb AllTrade®, including record share in
all-to-all trading, as broader TRACE credit volumes declined 9.2%
YoY. Tradeweb’s share of fully electronic U.S. High Grade and U.S.
High Yield TRACE was 14.6% and 6.1%, respectively. Relatively
subdued European credit market activity weighed on overall
volumes.
- Municipal bonds ADV was down 25.3% YoY to $287 million (mm).
- Municipal volumes reflected broader municipal bond market
slowdown amid low issuance, as broader muni market volume declined
27.42% YoY.
- Credit derivatives ADV was down 42.3% YoY to $9.3bn.
- Subdued volumes reflected broader market declines, as broader
industry SEF volumes declined 41.63% YoY.
EQUITIES
- U.S. ETF ADV was down 2.4% YoY to $6.2bn and European ETF ADV
was down 12.6% to $2.3bn.
- Strong U.S. institutional ETF activity, driven by further
adoption of Tradeweb’s RFQ protocol, was more than offset by
declining wholesale volumes, as overall U.S. ETF market volumes
declined 33.74% YoY. European ETF volumes reflected overall market
volumes, which declined 32.55% YoY.
MONEY MARKETS
- Repurchase agreement ADV was up 14.3% YoY to $429.0bn.
- Continued client adoption of Tradeweb’s electronic trading
solutions drove 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 remained 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
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. 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 As recommended by SIFMA, April 7th was an official trading day
for U.S. Fixed Income markets—including U.S. Government bonds, U.S.
Credit and USD-denominated swaps. Therefore, there were 20 trading
days in April for those products, rather than 19. Using 19 trading
days would increase ADVs in those products by 5.3%
2 Based on data from MSRB
3 Based on data from Clarus Financial Technology
4 Based on data from Cboe Global Markets
5 Based on data from Refinitiv
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version on businesswire.com: https://www.businesswire.com/news/home/20230503005376/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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