June 2024 ADV up 40.9% YoY
Second Quarter 2024 ADV up 48.3% 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 June
2024 of $37.5 trillion (tn)1. Average daily volume (ADV) for the
month was $1.94tn, an increase of 40.9 percent (%) year-over-year
(YoY). For the second quarter of 2024, total trading volume was
$121.0tn and ADV was $1.92tn, an increase of 48.3% YoY, with
preliminary average variable fees per million dollars of volume
traded of $2.43.2
Tradeweb CEO Billy Hult said: “Tradeweb in Q2 reported double
digit, YoY volume growth in rates, credit, money markets and
equities. We set new records for quarterly ADV in U.S. government
bonds, fully electronic U.S. high yield and repo, as well as
capturing record share of fully electronic U.S. high grade credit.
The second quarter of 2024 culminated with a strong June, led by a
54% YoY increase in rates ADV and continued momentum in credit ADV
– up 67% YoY. In addition to volatility across many of our markets,
Tradeweb volumes in June and throughout Q2 reflected increased
adoption in a range of trading protocols and strong client
engagement.”
In June 2024, Tradeweb records included:
- ADV in U.S. government bonds
For the second quarter of 2024, Tradeweb records included:
- ADV in U.S. government bonds
- ADV in fully electronic U.S. high yield
- ADV in repurchase agreements (Repo)
- Share of fully electronic U.S. high grade TRACE
June 2024 Highlights
RATES
- U.S. government bond ADV was up 50.8% YoY to $210.7 billion
(bn). European government bond ADV was up 17.4% YoY to $50.5bn.
- U.S. government bond volumes were supported by growth across
all client sectors. Increased adoption across a range of protocols
and favorable market conditions contributed to the increase in
volume. The addition of r8fin continues to contribute positively to
wholesale volumes. Market volatility and sustained primary issuance
across Europe and the UK helped drive trading volume in European
government bonds, especially gilts.
- Mortgage ADV was up 22.9% YoY to $208.9bn.
- Stronger To-Be-Announced (TBA) volumes were a result of
increased activity from the hedge fund community, in addition to
heightened basis trading. Client participation on our securitized
products platform set a new record and volume executed by mortgage
originators also hit a new high.
- Swaps/swaptions ≥ 1-year ADV was up 56.0% YoY to $437.3bn and
total rates derivatives ADV was up 69.1% YoY to $782.2bn.
- Strong volume in swaps/swaptions ≥ 1-year was driven by global
political uncertainty and pending central bank policy decisions, as
well as a 41% increase in compression activity, which carries a
lower fee per million. Client trading activity continued to
increase in the request-for-market (RFM) protocol while inflation
and emerging markets swap growth remained strong. 2Q24 compression
activity was lower than 1Q24.
CREDIT
- Fully electronic U.S. credit ADV was up 41.4% YoY to $7.0bn and
European credit ADV was up 24.2% YoY to $2.5bn.
- U.S. credit volumes were driven by increased client adoption,
most notably in request-for-quote (RFQ), portfolio trading and
Tradeweb AllTrade®. Tradeweb captured 18.9% share of fully
electronic U.S. high grade TRACE, and 8.1% share of fully
electronic U.S. high yield TRACE. In Europe, portfolio trading and
our unique dealer selection tool (SNAP IOI) saw increased client
adoption.
- Municipal bonds ADV was up 30.4% YoY to $410 million (mm).
- Volume growth outpaced the broader market, as institutional and
retail volumes both surpassed 20% growth YoY amidst robust
issuance.
- Credit derivatives ADV was up 92.0% YoY to $14.7bn.
- Increased hedge fund and systematic account activity, along
with heightened credit volatility, led to increased swap execution
facility (SEF) and multilateral trading facility (MTF) credit
default swaps activity.
EQUITIES
- U.S. ETF ADV was down 11.1% YoY to $8.1bn and European ETF ADV
was up 18.1% YoY to $2.8bn.
- ETF market volumes remained muted as market volatility remained
low. On Tradeweb, U.S. ETF institutional volumes remained strong,
while wholesale market volumes were lower. European ETF volumes
grew as clients continued to embrace our automated rules-based
trading protocol.
MONEY MARKETS
- Repo ADV was up 20.8% YoY to $599.2bn.
- Increased client activity on Tradeweb’s electronic repo trading
platform drove strong global repo activity. The combination of
quantitative tightening, increased collateral supply, and current
rates market activity shifted more assets from the Federal
Reserve’s reverse repo facility to money markets. Retail money
markets activity was strong as markets priced in less aggressive
Fed rate cuts.
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 $1.7 trillion in notional value traded per
day over the past four fiscal 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 the 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 events or performance and future events, 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 future events, 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 events, 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 r8fin on January 19, 2024. Total volume
reported includes volumes from each acquired business subsequent to
the date of the applicable acquisition. 2 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240708472629/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
Grafico Azioni Tradeweb Markets (NASDAQ:TW)
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Da Nov 2024 a Dic 2024
Grafico Azioni Tradeweb Markets (NASDAQ:TW)
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