Tradeweb Markets reports continued strong volumes for February

abdelaziz Fathi

Tradeweb Markets, the online fixed-income trading platform, today reported its operational metrics for the second month of 2022, which has seen continued strong trading volumes so far. A frenzy that, at this pace, puts it on track to set a new record.

Tradeweb

In terms of total trading volume, Tradeweb in February bested its previous reading for monthly volumes, coming in at $22.6 trillion, up from $22.3 trillion in January 2022.

Tradeweb’s trading volumes hit $1.17 trillion per day in February 2022, up 11 percent from $1.06 trillion in aggregate for February 2021. The ADV figure was slightly lower on month-over-month basis compared to $1.18 trillion of January.

In February, Tradeweb set new ADV records in both US and European government bond trading, as well as electronic US high grade credit and emerging market swaps. Activity in the latter segment was driven by record turnover in portfolio trading, with over $300 billon exchanged hands in 2021.

The New York-based company said the ADV metric was robust as client activity of sessions-based trading reached a monthly record and usage of streams liquidity was buoyed this year by the recently closed purchase of the Nasdaq’s fixed income business.

Mortgage activity declined

Trading in US government bonds was supported by strong client activity in institutional and wholesale markets. In addition, the activity was aided by continued momentum of streaming protocols. Robust issuance, along with heightened rates market volatility, also drove record European government bond trading.

More specifically, Tradeweb reported that US government bond ADV was up 30.4 percent YoY to $153.8 billion, while its European counterpart was up 24.9 percent YoY to $42.0 billion.

Record global institutional client activity benefited from further adoption and elevated market volatility. US ETF ADV was up 80.0 percent YoY to $9.4 billion and European ETF ADV was up 29.6 percent YoY to $3.7 billion.

The company also disclosed a declining 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 down 20.9 percent YoY to $184.5 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.

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