In
- ADV in global repurchase agreements
RATES
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U.S. government bond ADV was up 33.4% YoY to$192.5 billion (bn). European government bond ADV was down 0.4% YoY to$41.4bn .-
U.S. government bond volumes were supported by growth across all client sectors. Increased adoption across a wide 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 acrossEurope and theUK helped drive trading volume in European government bonds.
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Mortgage ADV was up 18.4% YoY to
$197.1bn .- The increase in To-Be-Announced (TBA) volumes was driven by heightened dollar roll and coupon swap activity and record basis trading despite the decline in macro rate volatility YoY. Client activity in specified pools reached the second-highest total monthly volume ever.
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Swaps/swaptions ≥ 1-year ADV was up 53.3% YoY to
$484.2bn and total rates derivatives ADV was up 67.9% YoY to$784.6bn .- Strong volume in swaps/swaptions ≥ 1-year was driven by ongoing institutional client activity as well as a 69% increase in compression activity which carries a lower fee per million. Quarter to date compression activity is trending lower than 1Q24. Clients continued to utilize the request-for-market (RFM) protocol for larger risk transfers while inflation and emerging markets swap growth remained strong.
CREDIT
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Fully electronic
U.S. credit ADV was up 46.7% YoY to$6.6bn and European credit ADV was up 16.1% YoY to$2.2bn .-
U.S. credit volumes were driven by increased client adoption, most notably in request-for-quote (RFQ), portfolio trading and Tradeweb AllTrade®. Tradeweb captured a 17.6% share of fully electronicU.S. High Grade TRACE, and 7.5% share of fully electronicU.S. High Yield TRACE. Strong European credit volumes were driven by portfolio trading and our unique dealer selection tool (SNAP IOI) which is deployed through both Automated Intelligent Execution (AiEX) and RFQ.
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Municipal bonds ADV was up 11.1% YoY to
$357 million (mm).- Volume growth aligned with the broader market, as institutional activity outpaced retail activity amidst robust issuance.
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Credit derivatives ADV was up 5.7% YoY to
$8.7bn .- 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
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U.S. ETF ADV was down 15.3% YoY to$6.1bn and European ETF ADV was down 1.4% YoY to$2.3bn .-
ETF volumes were generally lower YoY, driven primarily by reduced secondary market volumes and lower volatility in equities, which disproportionally impacts our
U.S. equity wholesale business. Institutional ETF RFQ adoption remained strong across regions, which was led by the continued increase in client adoption.
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ETF volumes were generally lower YoY, driven primarily by reduced secondary market volumes and lower volatility in equities, which disproportionally impacts our
MONEY MARKETS
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Repurchase agreement ADV was up 28.7% YoY to
$605.1bn .- 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 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
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.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240605839272/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
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