Tradeweb Markets reports 23pct drop in April’s total volumes

abdelaziz Fathi

Tradeweb Markets, the operator of electronic marketplaces for rates, credit, equities and money markets, has just reported its aggregated trading volumes for April 2022.

Tradeweb

The group’s most recent retail volumes took a step back during the month, ending a consecutive string of increases this year.

In particular, Tradeweb clients transacted a total of $21.6 trillion in April 2022, retreating 23 percent month-over-month from $28.2 trillion in March 2022.

The group’s average daily volumes (ADVs) came in at $1.09 trillion, down 11 percent month-over-month from $1.23 trillion per day in March. Over a yearly timetable, Tradeweb’s latest volume was higher by a factor of 22 percent year-over-year from $185 billion in April 2021.

US government bond ADV was $135.9 billion, down from $148.6 billion in the prior month, though up 41.5 percent YoY. In a similar pattern, European government bond ADV registered a drop in April with transactions declining 12 percent month-over-month to $33.5 billion, compared to $39 billion in March.

As explained, trading in US government bonds was supported by client activity in institutional and wholesale markets. The New York-based company added the ADV metric was robust due to strong sessions-based trading and usage of streams liquidity was buoyed by the recent purchase of the Nasdaq’s fixed income business. Global government bond trading also remained strong amidst heightened rates market volatility as yields continued to rise across developed markets.

The company also disclosed a flat mortgage activity amid uncertainty over the future of the Federal Reserve’s balance sheet, which continued to weigh on overall market activity. Mortgage ADV was up 6 percent YoY to $181.4 billion.

Continued growth of institutional clients contributed to higher stock volumes. In the US, the strong growth in institutional trading more than offset declining wholesale activity as a result of waning equity market volatility.

US and European credit volumes reflected continued client adoption across all Tradeweb protocols, including Tradeweb AllTrade’s request-for-quote (RFQ) and portfolio trading. However, reported European volumes were impacted by a strong US dollar.

In April, Tradeweb captured fully electronic share of US High Grade and US High Yield TRACE of 12.3 percent and 7.3 percent, respectively. Additionally, further client adoption of Tradeweb’s Multi-Client Net Spotting tool boosted electronically processed activity.

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