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, economic concerns and a stronger dollar.
U.S.government bond ADV was up 0.7% YoY to $124.2 billion(bn), and European government bond ADV was up 22.7% YoY (up 42.2% YoY in EUR terms) to $27.5bn.
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 remained elevated amidst heightened rates market volatility.
- Client engagement in
Mortgage ADV was down 7.9% YoY to
- Risk-off sentiment and declining issuance weighed on trading activity and sector performance.
Swaps/swaptions ≥ 1-year ADV was up 34.0% YoY to
$169.4bn, and total rates derivatives ADV was up 26.4% YoY to $283.5bn.
- Swaps/swaptions ≥ 1-year volumes were supported by robust trading in global inflation swaps, strong activity in emerging markets swaps, increased engagement from international clients and robust client interest in the request-for-market (RFM) protocol. Ongoing market focus on evolving central bank policy continued to buoy overall market activity.
U.S.Credit ADV was up 14.8% YoY to $3.5bnand European credit ADV was down 9.6% YoY (up 4.8% YoY in EUR terms) to $1.0bn.
U.S.and European credit volumes reflected continued client adoption across all Tradeweb protocols, including request-for-quote (RFQ), Tradeweb AllTrade, sessions-based trading and portfolio trading. U.S.High Grade activity was buoyed by a pick-up in sessions-based trading and voice trade processing, 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 13.2% and 5.2%, respectively.
Municipal bonds ADV was up 100.3% YoY to
- Municipal volumes remained at high historical levels, reflecting our second-highest month in institutional trading activity and a resurgence in retail trading activity. Market volatility and rising interest rates continued to boost volumes overall.
Credit derivatives ADV was up 95.0% YoY to
- Market-wide volatility continued to boost volumes overall.
U.S.ETF ADV was up 20.2% YoY to $5.3bnand European ETF ADV was up 36.4% YoY (up 58.1% YoY in EUR terms) to $2.2bn.
- An increase of 69.0% YoY in global institutional client activity was driven by further adoption of RFQ and sustained market volatility.
Repurchase Agreement ADV was up 16.7% YoY to
- 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 rates environment improved.
For the final numbers and complete report go to https://www.tradeweb.com/newsroom/monthly-activity-reports/.
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