May 2023 ADV up 14.1% 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 May 2023 of $29.4
trillion (tn). Average daily volume (ADV) for the month was
$1.35tn, an increase of 14.1 percent (%) year-over-year (YoY).
Tradeweb’s broad offering across products, geographies and
client sectors resulted in a number of records for May 2023
including:
- ADV in specified pools
- ADV in fully electronic U.S. High Grade credit all-to-all
trading
- ADV in global repurchase agreements
May 2023 Highlights
RATES
- U.S. government bond ADV was up 6.1% YoY to $144.3 billion
(bn). European government bond ADV was up 16.5% to $41.6bn.
- Trading in U.S. government bonds was supported by strong client
activity in institutional and retail markets. Wholesale volumes
reflected continued client adoption of Tradeweb protocols, as
overall industry volumes declined. European government bond volumes
were supported by ongoing hedge fund activity amid volatile markets
as well as ongoing strong interest in UK Gilts.
- Mortgage ADV was up 10.8% YoY to $166.6bn.
- Declining volatility and favorable valuations broadly supported
to-be-announced (TBA) trading activity. Tradeweb reported record
ADV in specified pool trading spurred by FDIC portfolio
liquidations.
- Swaps/swaptions ≥ 1-year ADV was up 47.0% YoY to $315.8bn and
total rates derivatives ADV was up 23.9% to $467.3bn.
- Higher volume in swaps/swaptions ≥ 1-year was driven in part by
continued focus on global central bank policy and inflation
expectations. Strong volumes reflected higher compression
activity.
CREDIT
- Fully electronic U.S. credit ADV was up 9.5% YoY to $4.5bn and
European credit ADV was up 10.5% to $1.9bn.
- U.S. credit volumes reflected continued client adoption across
Tradeweb protocols, including sessions-based trading and Tradeweb
AllTrade®, including record ADV in fully electronic U.S. High Grade
credit all-to-all trading, as broader TRACE credit ADVs increased
3.3% YoY. Tradeweb’s share of fully electronic U.S. High Grade and
U.S. High Yield TRACE was 14.1% and 5.8%, respectively. European
credit volumes were strong, despite the additional UK bank holiday
at the beginning of the month.1
- Municipal bonds ADV was down 22.5% YoY to $321 million (mm).
- Tradeweb volumes were down 22.5% versus the broader municipal
bond market decline of 26.7%2 YoY. Tradeweb volumes continued to be
supported by increased client adoption of electronic
protocols.
- Credit derivatives ADV was down 51.1% YoY to $8.3bn.
- Subdued volumes reflected broader market declines, as broader
industry SEF volumes declined 43.4%3 YoY.
EQUITIES
- U.S. ETF ADV was down 5.8% YoY to $7.2bn and European ETF ADV
was down 14.2% to $2.4bn.
- U.S. institutional and wholesale ETF volumes were down, as
overall U.S. ETF market volumes declined 21.6%4 YoY. European ETF
trading activity reflected overall declining market volumes.
MONEY MARKETS
- Repurchase agreement ADV was up 11.9% YoY to $470.2bn.
- 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 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 The Coronation of His Majesty King Charles, May Day and Spring
Bank Holiday resulted in three holidays in the UK in May 2023.
Since markets in continental Europe were open on two of these days,
only two days were counted as holidays in Tradeweb’s trading
calendar. Therefore, there were 21 days in May for all European
products rather than 20. Using 20 trading days would increase ADVs
in those products by 5.0%.
2 Based on data from MSRB
3 Based on data from Clarus Financial Technology
4 Based on data from Cboe Global Markets
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230602005415/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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