Tradeweb Reports Trading Volume of $22.0 Trillion in July with 12.0% YoY Increase in Average Daily Volume
August 03 2022 - 6:30AM
Business Wire
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 July 2022 of $22.0
trillion (tn). Average daily volume (ADV) for the month was
$1.09tn, an increase of 12.0 percent (%) year-over-year (YoY).
Tradeweb's diversified offering across products, geographies and
client sectors supported double-digit growth, amidst a complex
macroeconomic background driven by evolving central bank policy,
sustained elevated volatility, a strong dollar and rising economic
concerns.
RATES
- U.S. government bond ADV was up 1.0% YoY to $117.4 billion
(bn), and European government bond ADV was up 6.5% YoY (up 21.4%
YoY in EUR terms) to $31.4bn.
- Client engagement in U.S. government bonds across institutional
and wholesale markets remained high, while higher interest rates
drove strong growth in the retail market. European government bond
trading continued to remain resilient amidst heightened rates
market volatility.
- Mortgage ADV was down 10.7% YoY to $169.2bn.
- Declining issuance and higher yields continued to weigh on
overall market activity.
- Swaps/swaptions ≥ 1-year ADV was up 22.2% YoY to $184.9bn, and
total rates derivatives ADV was up 30.5% YoY to $313.8bn.
- Swaps/swaptions ≥ 1-year volumes were driven by robust client
interest in the request-for-market (RFM) protocol, increased
engagement from international clients and strong trading activity
in emerging markets swaps. Ongoing market focus on evolving central
bank policy continued to buoy overall market activity.
CREDIT
- Fully electronic U.S. Credit ADV was up 16.2% YoY to $3.6bn and
European credit ADV was down 29.3% YoY (down 19.4% YoY in EUR
terms) to $1.4bn.
- U.S. and European credit volumes reflected continued client
adoption across all Tradeweb protocols, including request-for-quote
(RFQ), Tradeweb AllTrade and portfolio trading. U.S. High Grade
activity was buoyed by a pick-up in portfolio trading, while
heightened volatility weighed on overall market activity in U.S.
High Yield and European credit. Tradeweb captured fully electronic
share of U.S. High Grade and U.S. High Yield TRACE of 13.7% and
5.5%, respectively.
- Municipal bonds ADV was up 93.3% YoY to $333 million (mm).
- Record institutional volume and a resurgence in retail activity
continued to drive growth.
- Credit derivatives ADV was up 64.4% YoY to $12.3bn.
- Market-wide volatility continued to boost volumes overall.
EQUITIES
- U.S. ETF ADV was down 2.2% YoY to $6.1bn and European ETF ADV
was up 17.8% YoY (up 34.3% YoY in EUR terms) to $3.0bn.
- An increase of 21.0% YoY in global institutional client
activity, driven by further adoption of RFQ and sustained market
volatility, was more than offset by lower activity in the wholesale
market and a strong dollar.
MONEY MARKETS
- Repurchase Agreement ADV was up 15.1% YoY to $397.3bn.
- Increased client adoption of Tradeweb’s electronic trading
solutions drove Global Repo activity, even as elevated usage of the
Federal Reserve’s reverse repo facility continued to weigh on the
overall repo market. Retail money markets activity continued to
strengthen as the rate environment improved.
For the final numbers and complete report go to
https://www.tradeweb.com/newsroom/monthly-activity-reports/.
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
trillion in notional value traded per day over the past four
quarters. For more information, please go to www.tradeweb.com.
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. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220803005121/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
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