First Quarter 2023 ADV up 16.2% YoY
- ADV in total rates derivatives
- ADV in swaps/swaptions ≥ 1-year
- ADV in emerging markets interest rate swaps and global inflation swaps
- ADV in global repurchase agreements
ADV in retail
- ADV in retail money markets
For the first quarter of 2023, Tradeweb records included:
- ADV in European government bonds
- ADV in swaps/swaptions ≥ and < 1-year
ADV in fully electronic
U.S.High Grade credit
U.S.credit Tradeweb AllTrade®, including all-to-all request-for-quote (RFQ)
- ADV in global portfolio trading
- ADV in equity convertibles/swaps/options
- ADV in repurchase agreements
ADV in retail
- ADV in retail money markets
U.S.government bond ADV was up 1.5% YoY to $150.9 billion(bn). European government bond ADV was up 11.8% to $42.4bn.
U.S.government bond activity and strong institutional volumes were offset by declines in wholesale trading. Higher interest rates continued to drive trading in the retail market. U.S.and European government bond volumes were supported by a significant rise in rates market volatility.
- Record retail
Mortgage ADV was down 10.6% YoY to
- While market uncertainty and volatility weighed on overall activity, institutional specified pool trading set a new record due to growing client engagement.
Swaps/swaptions ≥ 1-year ADV was up 42.2% YoY to
$355.0bnand total rates derivatives ADV was up 51.7% to $609.1bn.
- Record volume in swaps/swaptions ≥ 1-year was driven in part by a surge in interest rate volatility, particularly in shorter dated instruments and higher compression activity. Strong volumes continued to be supported by record activity in both global inflation and emerging markets swaps, as well as robust client adoption of the request-for-market (RFM) protocol.
U.S.credit ADV was up 18.2% YoY to $4.4bnand European credit ADV was down 14.9% to $1.8bn.
U.S.credit volumes reflected continued client adoption across Tradeweb protocols, including RFQ, Tradeweb AllTrade and portfolio trading. Tradeweb’s share of fully electronic U.S.High Grade and U.S.High Yield TRACE was 12.9% and 6.0%, respectively. Heightened market volatility weighed on European credit volumes.
Municipal bonds ADV was up 6.3% YoY to
- Municipal volumes reflected healthy institutional and retail client activity. Market volatility and elevated interest rates continued to boost volumes overall.
Credit derivatives ADV was up 11.9% YoY to
- Semiannual rolling activity as well as market-wide volatility continued to boost volumes overall.
U.S.ETF ADV was up 2.6% YoY to $8.5bnand European ETF ADV was down 25.8% to $2.8bn.
U.S.institutional ETF activity, driven by further adoption of Tradeweb’s RFQ protocol, was more than offset by declining wholesale volumes. European ETF volumes reflected declining overall market volumes.
Repurchase agreement ADV was up 23.0% YoY to
- Continued client adoption of Tradeweb’s electronic trading solutions drove record 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 reached a record high 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.
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.
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.
1 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.
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