Second Quarter 2022 Record Average Daily Volume up 20.4% YoY
In June, Tradeweb reported record ADV in swaps/swaptions ≥ 1-year. For the second quarter of 2022, Tradeweb reported record ADV in swaps/swaptions ≥ 1-year, fully electronic
U.S.government bond ADV was up 3.9% YoY to $124.1 billion(bn),2 and European government bond ADV was up 14.8% YoY to $36.9bn.
Client engagement in
U.S.government bonds across institutional and wholesale markets remained high, despite declining overall market volumes. European government bond trading continued to remain resilient amidst heightened rates market volatility.
- Client engagement in
Mortgage ADV was down 0.1% YoY to
- Declining issuance and rising yields continued to weigh on overall market activity.
Swaps/swaptions ≥ 1-year ADV was up 22.1% YoY to
$251.0bn, and total rates derivatives ADV was up 35.3% YoY to $417.0bn.
- Record 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. Tradeweb captured record share of SEF activity in swaps ≥ 1-year.3 Ongoing market focus on evolving central bank policy continued to buoy overall market activity.
U.S.Credit ADV was down 0.3% YoY to $3.7bnand European credit ADV was down 22.3% YoY (down 10.7% YoY in EUR terms) to $1.6bn.
U.S.and European credit volumes reflected continued client adoption across all Tradeweb protocols, including request-for-quote (RFQ), Tradeweb AllTrade and portfolio trading. Fully electronic share of U.S.High Grade fell YoY as improving retail and strong RFQ volumes (Tradeweb AllTrade and disclosed) were primarily offset by lower industry portfolio trading volumes. Reported European volumes, buoyed by our second-best month in portfolio trading, were impacted by a strong U.S.dollar and the additional UKbank holiday at the start of the month.4 In June, Tradeweb captured fully electronic share of U.S.High Grade and U.S.High Yield TRACE of 12.4% and 5.8%, respectively.
Credit derivatives ADV was up 120.3% YoY to
- Market-wide volatility continued to boost volumes overall.
U.S.ETF ADV was up 36.1% YoY to $7.5bnand European ETF ADV was up 14.5% YoY to $2.8bn.
- Growth in global institutional client activity, up 57.0% YoY, was driven by further adoption of RFQ and sustained market volatility.
Repurchase Agreement ADV was up 14.6% YoY to
- Increased client adoption of Tradeweb’s electronic trading solutions drove record 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 continues to strengthen as the rate environment improves.
For the final numbers and complete report go to https://www.tradeweb.com/newsroom/monthly-activity-reports/.
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 pdf for the detailed breakdown of each underlying asset class.
3 Based on data from Clarus Financial Technology.
4 The Queen’s Platinum Jubilee resulted in two additional holidays in the