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.
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.
- Client engagement in
Mortgage ADV was down 10.7% YoY to
- 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.
U.S.Credit ADV was up 16.2% YoY to $3.6bnand 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
- Record institutional volume and a resurgence in retail activity continued to drive growth.
Credit derivatives ADV was up 64.4% YoY to
- Market-wide volatility continued to boost volumes overall.
U.S.ETF ADV was down 2.2% YoY to $6.1bnand 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.
Repurchase Agreement ADV was up 15.1% 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 rate environment improved.
For the final numbers and complete report go to https://www.tradeweb.com/newsroom/monthly-activity-reports/.
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