Tradeweb Reports Record August 2024 Total Trading Volume of $50.9 Trillion and Record Average Daily Volume of $2.21 Trillion
Tradeweb CEO
In
-
ADV in
U.S. government bonds - ADV in global repurchase agreements
RATES
-
U.S. government bond ADV was up 59.9% YoY to$228.2 billion (bn). European government bond ADV was up 11.8% YoY to$36.8bn .-
Record
U.S. government bond volumes were supported by record ADV across our institutional and wholesale client sectors and strong ADV growth in retail. 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. Despite subdued summer issuance, European government bond volumes increased YoY, led by strong growth inUK Gilts ahead of the new issuance announced for early September.
-
Record
-
Mortgage ADV was up 32.3% YoY to
$230.7bn .- August To-Be-Announced (TBA) activity was driven by robust roll trading activity and significant participation from fast-money accounts. Increased client adoption of specified pool trading led to record volumes for the month.
-
Swaps/swaptions ≥ 1-year ADV was up 5.4% YoY to
$402.3bn and total rates derivatives ADV was up 35.7% YoY to$727.4bn .- Strong volume in swaps/swaptions ≥ 1-year was driven by ongoing institutional client activity and strong tailwinds from global political uncertainties. Compression activity, which carries a lower fee per million, declined 22% YoY. Central banks continued to contribute to increased volatility due to active discussions on rate movements. Clients continued to utilize the request-for-market (RFM) protocol for risk transfers. Emerging markets swaps growth remained strong. QTD compression activity was lower than 2Q24.
CREDIT
-
Fully electronic
U.S. credit ADV was up 33.2% YoY to$6.4bn and European credit ADV was down 8.4% YoY to$1.4bn .U.S. credit volumes were driven by increased client adoption, most notably in request-for-quote (RFQ), portfolio trading and Tradeweb AllTrade®. Tradeweb captured 16.9% and 7.0% of fully electronicU.S high grade andU.S. high yield TRACE, respectively, as measured by Tradeweb. European credit volumes were driven by client activity across a wide range of protocols in August, including Tradeweb AllTrade® and our unique dealer selection tool (SNAP IOI), which continued to see increased client engagement.
-
Municipal bonds ADV was up 13.4% YoY to
$392 million (mm).- Volume growth outpaced the broader market, which was up approximately 5.6% YoY, as Tradeweb’s volumes reported double-digit YoY growth amidst record August issuance.
-
Credit derivatives ADV was up 135.6% YoY to
$18.6bn .- 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 up 6.8% YoY to$7.2bn and European ETF ADV was up 43.4% YoY to$2.7bn .-
Both
U.S. and European institutional ETF volumes were up over 40% YoY, driven by a large number of clients looking to reposition.
-
Both
MONEY MARKETS
-
Repo ADV was up 30.8% YoY to
$643.5bn .- Increased client activity on Tradeweb’s electronic repo trading platform drove record global repo activity. The combination of quantitative tightening, increased collateral supply, and current rates market activity shifted more assets from the Fed’s reverse repo facility to money markets. Retail money markets activity remained strong, as investors prepared for anticipated rate cuts.
-
Other Money Markets ADV was up YoY to
$282.3bn .-
Other money markets volume growth was driven by the inclusion of ICD volumes in
August 2024 .
-
Other money markets volume growth was driven by the inclusion of ICD volumes in
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 the 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.
_____________________________________
1 Tradeweb acquired Yieldbroker, r8fin and ICD on
2 Beginning on
View source version on businesswire.com: https://www.businesswire.com/news/home/20240905796999/en/
Media contact:
+1 646 767 4677
Daniel.Noonan@Tradeweb.com
Investor contacts:
+1 646 430 6027
Ashley.Serrao@Tradeweb.com
+1 646 767 4864
Sameer.Murukutla@Tradeweb.com
Source: