Tradeweb Reports August 2023 Total Trading Volume of $33.0 Trillion and Average Daily Volume of $1.44 Trillion
06 Setembro 2023 - 8:30AM
Business Wire
August 2023 ADV up 41.2% 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 August 2023 of
$33.0 trillion (tn). Average daily volume (ADV) for the month was
$1.44tn, an increase of 41.2 percent (%) year-over-year (YoY),
including foreign exchange tailwinds.
In August 2023, Tradeweb records included:
- Share of TRACE in fully electronic U.S. High Grade credit
- Share of TRACE in fully electronic U.S. High Yield credit
- ADV in swaps/swaptions ≥ 1-year
- ADV in Chinese bonds
Next month we will release our 3Q23 fee per million calculation
in conjunction with the September Monthly Activity Report. We will
be moving China Bonds fee per million from Cash Credit to
Credit Derivatives, China Bonds and U.S. Cash “EP” given
that our China Bonds product has a fee per million that is more
in-line with the Credit Derivatives and U.S. Cash “EP”. Please find
an updated Historical Financials file that calculates historical
fee per million based on this new categorization.
August 2023 Highlights
RATES
- U.S. government bond ADV was up 14.9% YoY to $142.7 billion
(bn). European government bond ADV was up 19.6% YoY to $32.9bn.
- Growth was driven by strong activity across all client sectors.
Higher interest rates continued to drive trading in the retail
market. U.S. and European government bond volumes were supported by
sustained rates market volatility.
- Mortgage ADV was up 11.0% YoY to $174.4bn.
- Overall trading activity was supported by relative value
trading, despite continued sluggish origination. Client engagement
in specified pool trading remained strong.
- Swaps/swaptions ≥ 1-year ADV was up 125.4% YoY to $381.8bn and
total rates derivatives ADV was up 89.0% YoY to $535.9bn.
- Record volume in swaps/swaptions ≥ 1-year was driven in part by
heightened interest rate volatility, particularly in shorter dated
instruments, and a 195% YoY increase in compression activity.
Quarter-to-date compression percentage is running higher than 2Q23.
Shorter dated, lower duration instruments in swaps/swaptions ≥
1-year have a lower fee per million. Strong volumes continued to be
buoyed by activity in emerging markets swaps, global inflation
swaps and the request-for-market (RFM) protocol.
CREDIT
- Fully electronic U.S. credit ADV was up 38.9% YoY to $4.8bn and
European credit ADV was up 48.5% YoY to $1.6bn.
- Strong U.S. credit volumes reflected continued client adoption
across Tradeweb protocols, including request-for-quote (RFQ),
Tradeweb AllTrade® and portfolio trading. Tradeweb captured a
record 17.3% share of fully electronic U.S. High Grade TRACE, and a
record 8.5% share of fully electronic U.S. High Yield TRACE. Higher
European credit volumes were supported by strong activity in
sessions-based trading and RFQ.
- Municipal bonds ADV remained relatively flat YoY to $345
million (mm).
- Municipal volumes reflected healthy institutional and retail
client activity.
- Credit derivatives ADV was down 30.5% YoY to $7.9bn.
- Continued tightening of credit spreads led to a decline in
overall broader swap execution facility (SEF) market activity.
EQUITIES
- U.S. ETF ADV was up 28.0% YoY to $6.8bn and European ETF ADV
was down 11.9% YoY to $1.9bn.
- Elevated volatility earlier in the month supported strong U.S.
ETF wholesale activity, while institutional activity was down.
European ETF volumes reflected declining overall market
volumes.
MONEY MARKETS
- Repurchase agreement ADV was up 33.1% YoY to $491.9bn.
- Further client adoption of Tradeweb’s electronic trading
solutions drove 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
approximately 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/20230905055018/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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