Tradeweb Reports February 2023 Total Trading Volume of $27.4 Trillion and Record Average Daily Volume of $1.43 Trillion
Tradeweb Markets Inc. (Nasdaq: TW) reported a total trading volume of
- Trading volume reached $27.4 trillion for February 2023.
- Average daily volume (ADV) was a record $1.43 trillion, up 21.5% YoY.
- Record ADV in European government bonds and total rates derivatives.
- Swaps/swaptions ADV increased by 43.2% YoY.
- U.S. government bond ADV decreased by 6.2% YoY to $144.3 billion.
- Mortgage ADV declined by 9.1% YoY to $167.7 billion.
- Credit derivatives ADV fell by 37.5% YoY to $10.5 billion.
- U.S. ETF ADV was down 22.9% YoY.
Tradeweb's broad offering across products, geographies and client sectors resulted in a number of records for
- ADV in European government bonds
- ADV in European credit
- ADV in total rates derivatives
- ADV in swaps/swaptions ≥ 1-year
- ADV in swaps/swaptions < 1-year
-
ADV in
U.S. retail government bonds -
ADV in
U.S. credit Tradeweb AllTrade®, including sessions-based trading
We continued to help our clients navigate a complex macroeconomic backdrop, including evolving central bank policy, sustained elevated volatility, economic concerns and a strong
RATES
-
U.S. government bond ADV was down6.2% YoY to (bn). European government bond ADV was up$144.3 billion 2.9% to .$43.2b n-
Record
U.S. retail government bond activity was more than offset by declines in wholesale trading. Higher interest rates continued to drive trading in the retail market. European government bond volume continued to be supported by heightened issuance and rates market volatility.
-
Record
-
Mortgage ADV was down
9.1% YoY to .$167.7b n- Historically high mortgage rates continued to weigh on overall market activity and issuance.
-
Swaps/swaptions ≥ 1-year ADV was up
43.2% YoY to and total rates derivatives ADV was up$304.2b n62.2% to .$597.7b n- Record volume in swaps/swaptions was driven in part by a surge in Overnight Index Swaps (OIS) trading, while strong volumes continued to be supported by global inflation and emerging markets swaps and robust client adoption of the request-for-market (RFM) protocol.
CREDIT
-
Fully electronic
U.S. Credit ADV was up28.2% YoY to and European credit ADV was up$5.1b n4.5% to .$2.2b n-
Record European credit and strong
U.S. credit volumes reflected continued client adoption across Tradeweb protocols, including request-for-quote (RFQ), Tradeweb AllTrade and portfolio trading. Record activity in Tradeweb AllTrade, including sessions-based trading, supported robust activity in fully electronicU.S. High Yield andU.S. High Grade. Tradeweb’s share of fully electronicU.S. High Grade andU.S. High Yield TRACE was13.1% and6.8% , respectively.
-
Record European credit and strong
-
Municipal bonds ADV was up
34.3% YoY to (mm).$337 million - Strong municipal volumes reflected healthy institutional and retail client activity. Market volatility and elevated interest rates continued to boost volumes overall.
-
Credit derivatives ADV was down
37.5% YoY to .$10.5b n- Overall market volumes were lower due to subdued credit market volatility.
EQUITIES
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U.S. ETF ADV was down22.9% YoY to and European ETF ADV was down$7.2b n24.3% to .$2.8b n-
Strong
U.S. institutional ETF activity, driven by further adoption of Tradeweb’s request-for-quote (RFQ) protocol, was more than offset by declining wholesale volumes. European ETF volumes reflected declining overall market volumes.
-
Strong
MONEY MARKETS
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Repurchase Agreement ADV was up
16.7% YoY to .$411.3b n- 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 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
Basis of Presentation
All reported amounts are presented in
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
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/20230303005074/en/
Media:
+1 646 767 4677
daniel.noonan@tradeweb.com
Investor:
+1 646 430 6027
ashley.serrao@tradeweb.com
+1 646 767 4864
sameer.murukutla@tradeweb.com
Source:
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