Tradeweb Reports February 2024 Total Trading Volume of $37.9 Trillion and Average Daily Volume of $1.87 Trillion
05 Marzo 2024 - 2:22PM
Business Wire
February 2024 ADV up 31.1% 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 the month of
February 2024 of $37.9 trillion (tn)1. Average daily volume (ADV)
for the month was $1.87tn, an increase of 31.1 percent (%)
year-over-year (YoY).
In February 2024, Tradeweb records included:
- ADV in U.S. government bonds
- ADV in European government bonds
- ADV in rates futures
- ADV in fully electronic U.S. High Grade credit
- ADV in equity convertibles/swaps/options
- ADV in global repurchase agreements
February 2024 Highlights
RATES
- U.S. government bond ADV was up 44.0% YoY to $207.8 billion
(bn). European government bond ADV was up 17.9% YoY to $51.0bn.
- U.S. government bond volumes were supported by growth across
all client sectors, leading to record volume on the institutional
platform for the second consecutive month. Increased adoption
across a wide range of trading protocols, along with sustained
rates market volatility, contributed to the increase in volume. The
addition of r8fin also contributed positively to wholesale volumes.
Higher interest rates continued to drive trading in the retail
market on the short end of the curve. European government bond
volumes continued to be strong, particularly in UK Gilts, where
there was continued flow and growth in our dealer-to-client
platform. We also saw an abundance of new issuance across Europe
and the UK in the primary market, along with increased client
activity.
- Mortgage ADV was up 12.2% YoY to $188.1bn.
- Platform trading activity remained healthy while shifting
rate-cut bets led agency mortgages to underperform compared to
other fixed-income asset classes. Specified pool trading volumes
set a record high, up 170% YoY.
- Swaps/swaptions ≥ 1-year ADV was up 65.1% YoY to $502.3bn and
total rates derivatives ADV was up 32.1% YoY to $789.7bn.
- Strong volume in swaps/swaptions ≥ 1-year was driven by ongoing
institutional client activity in response to current global central
bank policy decisions, as well as an 88% YoY increase in
compression activity, which carries a lower fee per million.
Quarter-to-date compression activity is running higher than 4Q23.
Clients continued to utilize the request-for-market (RFM) protocol
for larger risk transfers, while inflation and emerging markets
swap growth remained strong.
CREDIT
- Fully electronic U.S. credit ADV was up 49.9% YoY to $7.7bn and
European credit ADV was up 4.7% YoY to $2.3bn.
- Strong U.S. credit volumes were driven by increased client
adoption of Tradeweb protocols, most notably in request-for-quote
(RFQ), portfolio trading and Tradeweb AllTrade®. Tradeweb captured
17.5% share of fully electronic U.S. High Grade TRACE, and 6.6%
share of fully electronic U.S. High Yield TRACE. Strong European
credit volumes were supported by continued growth in client use of
Tradeweb Automated Intelligent Execution (AiEX) and portfolio
trading.
- Municipal bonds ADV was down 4.4% YoY to $322 million (mm).
- Volumes slightly outperformed the broader market, which was
down more than 5% YoY. Retail activity was more resilient than
institutional flows, as Muni/U.S. Treasury ratios remained
unattractive.
- Credit derivatives ADV was down 23.1% YoY to $8.1bn.
- Tight credit spreads and low market volatility led to subdued
swap execution facility (SEF) and multilateral trading facility
(MTF) credit default swaps activity.
EQUITIES
- U.S. ETF ADV was up 20.6% YoY to $8.7bn and European ETF ADV
was up 7.0% YoY to $3.0bn.
- U.S. and European ETF growth was driven by continued
institutional client adoption of ETF trading via Tradeweb’s
electronic RFQ as well as an uptick in the use of our ETF portfolio
trading functionality.
MONEY MARKETS
- Repurchase agreement ADV was up 33.8% YoY to $550.3bn.
- Increased client engagement with Tradeweb’s electronic repo
trading protocols drove record global repo activity. The
combination of quantitative tightening, heightened collateral
supply, and current rates market activity shifted more balances
from the Federal Reserve’s reverse repo facility to money markets.
Retail money markets activity was strong as interest rates remained
elevated and market expectations for rate cuts moved further into
2024.
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 50 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 more
than 2,500 clients in more than 70 countries. On average, Tradeweb
facilitated more than $1.4 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. Volumes presented in this release exclude volumes
generated by (i) unbilled trial agreements, (ii) products billed on
an agreement basis where we do not calculate notional value, and
(iii) products that are not rates, credit, equities or money
markets products. 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 Tradeweb acquired Yieldbroker on August 31, 2023 and acquired
r8fin on January 19, 2024 and total volume reported includes
volumes from each acquired business subsequent to the date of each
acquisition.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240305239433/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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