September 2023 ADV up 30.8% YoY Third
Quarter 2023 ADV up 29.6% 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 September 2023 of
$31.8 trillion (tn). Average daily volume (ADV) for the month was a
record $1.57tn, an increase of 30.8 percent (%) year-over-year
(YoY). For the third quarter of 2023, total trading volume was
$90.4tn and ADV was a record $1.42tn, an increase of 29.6% YoY,
with preliminary average variable fees per million dollars of
volume traded of $2.51.1
In September 20232, Tradeweb records included: • ADV in
global repurchase agreements
For the third quarter of 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 fully electronic U.S. High Grade credit •
ADV in global repurchase agreements • ADV in Chinese bonds
• ADV in swaps/swaptions ≥ 1-year
September 2023
Highlights
RATES
- U.S. government bond ADV was up 12.4% YoY to $145.3 billion
(bn). European government bond ADV was up 1.9% YoY to $42.4bn.
- U.S. government bond volumes were supported by growth 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 12.0% YoY to $181.6bn.
- Overall trading activity remained high, despite a backdrop of
rising rates and broader market volatility. Client engagement in
specified pool trading remained robust, continuing to drive strong
YoY growth.
- Swaps/swaptions ≥ 1-year ADV was up 30.0% YoY to $335.3bn and
total rates derivatives ADV was up 45.3% YoY to $570.9bn.
- Higher volume in swaps/swaptions ≥ 1-year was driven in part by
heightened interest rate volatility, particularly in shorter dated
instruments, and a 44% YoY increase in compression activity.
Shorter dated, lower duration instruments in swaps/swaptions ≥
1-year have a lower fee per million. Robust volumes were driven by
continued strong activity in global inflation swaps and the
request-for-market (RFM) protocol as well as record activity in
emerging markets swaps.
CREDIT
- Fully electronic U.S. credit ADV was up 14.3% YoY to $4.9bn and
European credit ADV was up 22.6% YoY to $2.1bn.
- Strong U.S. credit volumes reflected continued client adoption
across Tradeweb protocols, including request-for-quote (RFQ),
Tradeweb AllTrade® and portfolio trading. Tradeweb’s share of fully
electronic U.S. High Grade and U.S. High Yield TRACE was 15.8%, and
7.7%, respectively. Higher European credit volumes were supported
by strong activity in sessions-based trading and RFQ.
- Municipal bonds ADV was down 7.1% YoY to $357 million (mm).
- Municipal volumes reflected healthy institutional and retail
client activity, as broader municipal bond market volumes declined
15.4%3.
- Credit derivatives ADV was down 1.1% YoY to $36.6bn.
- Strong semiannual rolling activity supported volumes despite a
13%4 decline in broader swap execution facility (SEF) market
activity.
EQUITIES
- U.S. ETF ADV was down 2.9% YoY to $7.4bn and European ETF ADV
was down 8.8% YoY to $2.2bn.
- While suppressed volatility at the beginning of the month
weighed on overall volumes, activity accelerated towards the end of
the month. Client engagement in U.S. ETFs remained robust, despite
a decline of 18%5 in overall U.S. ETF market volumes. European ETF
volumes reflected declining overall market volumes.
MONEY MARKETS
- Repurchase agreement ADV was up 38.9% YoY to $529.6bn.
- Further 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 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.
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. 2 Total volume
across Rates (Cash and Derivatives), Credit, and Money Markets
includes Australia and New Zealand estimated volumes from the
Yieldbroker business that Tradeweb acquired on August 31, 2023. 3
Based on data from MSRB 4 Based on data from Clarus Financial
Technology 5 Based on data from Cboe Global Markets
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231003222978/en/
Media: Daniel Noonan, Tradeweb +1 646 767 4677
Daniel.Noonan@Tradeweb.com
Investor: 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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