First Quarter 2024 ADV up 39.1% YoY
Tradeweb CEO
In
- ADV in European credit
- ADV in global repurchase agreements
For the first quarter of 2024, Tradeweb records included:
-
ADV in
U.S. government bonds - ADV in European government bonds
- ADV in swaps/swaptions ≥ 1-year
-
Share of and ADV in fully electronic
U.S. High Grade TRACE - ADV in European credit
-
ADV in
U.S. ETFs - ADV in equity convertibles/swaps/options
- ADV in global repurchase agreements
RATES
-
U.S. government bond ADV was up 27.2% YoY to$191.8 billion (bn). European government bond ADV was up 17.1% YoY to$49.7bn .- The institutional business saw strong volumes driven by increased adoption across a wide of range of protocols. The addition of r8fin contributed positively to wholesale volumes while retail volumes remained strong.
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European government bond volumes continued to be strong in March, with strong growth in average daily trading volume in the institutional EUR and
UK Gilts businesses. Primary market issuance remained robust acrossEurope and theUK , which generated heavy trading activity from all client types using a wide range of trading protocols.
-
Mortgage ADV was up 22.5% YoY to
$203.9bn .- To-Be-Announced (TBA) platform volumes were up YoY, driven by increased TBA roll volume and sustained elevated activity from the hedge fund community. Specified pool activity was up YoY supported by increases in client adoption and strong pool buying activity on the platform.
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Swaps/swaptions ≥ 1-year ADV was up 15.2% YoY to
$409.0bn and total rates derivatives ADV was up 10.8% YoY to$675.0bn .- Strong volume in swaps/swaptions ≥ 1-year was driven by market share gains, ongoing institutional client activity in response to global central bank policy decisions, as well as an 8% YoY increase in compression activity, which carries a lower fee per million. First quarter compression activity was lower than 4Q23. 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 69.1% YoY to$7.5bn and European credit ADV was up 52.7% YoY to$2.8bn .-
Strong
U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in request-for-quote (RFQ), portfolio trading and Tradeweb AllTrade®. Tradeweb captured 18% share of fully electronicU.S. High Grade TRACE, and 6.3% share of fully electronicU.S. High Yield TRACE. Record European credit volumes were supported by continued growth in client use of Tradeweb Automated Intelligent Execution (AiEX) and portfolio trading.
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Strong
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Municipal bonds ADV was up 13.9% YoY to
$325 million (mm).- Volumes outpaced the broader market, which was down more than 5%3 YoY. Both retail and institutional activity were healthy amid increased issuance and improved fund flows.
-
Credit derivatives ADV was down 10.0% YoY to
$35.5bn .- Tight credit spreads and low market volatility led to subdued swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity.
EQUITIES
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U.S. ETF ADV was up 23.4% YoY to$10.5bn and European ETF ADV was up 8.2% YoY to$3.0bn .-
U.S. and European institutional ETF volumes continued to grow as more clients embraced Tradeweb’s electronic RFQ protocol.U.S. wholesale ETF volumes also continued to move higher as the customer base expanded.
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MONEY MARKETS
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Repurchase agreement ADV was up 29.0% YoY to
$576.3bn .- Increased client engagement with Tradeweb’s electronic repo trading protocols drove record global repo activity. The combination of quantitative tightening, heightened collateral supply, and current rates market activity shifted more balances from the Federal Reserve’s reverse repo facility to money markets. Retail money markets activity was strong 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.
About
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 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 Tradeweb acquired Yieldbroker on
2 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.
3 Based on data from MSRB
View source version on businesswire.com: https://www.businesswire.com/news/home/20240404265984/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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