Tradeweb reports $31.8 trillion in total volumes for September

abdelaziz Fathi

Tradeweb Markets Inc. (Nasdaq: TW), a leading operator of electronic marketplaces for rates, credit, equities, and money markets, has reported its total trading volume for September 2023.

The company disclosed a total trading volume of $31.8 trillion for September. This figure includes a record average daily volume (ADV) of $1.57 trillion, marking a 30.8% increase year-over-year (YoY). Taking a quarterly perspective, the New York-based company reported a total trading volume of $90.4 trillion and an ADV of $1.42 trillion for the third quarter, indicating a strong 29.6% YoY increase.

Meanwhile, U.S. government bond ADV increased by 12.4% YoY to reach $145.3 billion, with European government bonds also showing growth at 1.9% YoY to $42.4 billion. The U.S. government bond volumes were buoyed by retail market trading due to higher interest rates and sustained market volatility.

Mortgage ADV also soared by 12.0% YoY, reaching $181.6 billion, underlining strong client engagement and continued growth in specified pool trading. Swaps/swaptions with maturities of over one year achieved an impressive 30.0% YoY growth in ADV at $335.3 billion. Total rates derivatives ADV surged by 45.3% YoY to $570.9 billion, driven by heightened interest rate volatility and increased compression activity.

In the Credit segment, Tradeweb said its fully electronic U.S. credit ADV rose by 14.3% YoY to $4.9 billion, while European credit ADV increased by 22.6% YoY to $2.1 billion. This growth was supported by continued client adoption across various Tradeweb protocols, including request-for-quote (RFQ), Tradeweb AllTrade®, and portfolio trading.

In a different vein, Municipal bonds ADV experienced a slight decrease of 7.1% YoY to $357 million, reflecting healthy institutional and retail activity amid a broader market decline. Credit derivatives ADV was also down by 1.1% YoY to $36.6 billion, yet it remained robust due to strong semiannual rolling activity.

Other business highlights show that U.S. ETF ADV dipped by 2.9% YoY to $7.4 billion, while European ETF ADV decreased by 8.8% YoY to $2.2 billion. Despite the early-month volatility, client engagement in U.S. ETFs remained robust.

Turning to the Money Markets franchise, Tradeweb’s repurchase agreement ADV surged by an impressive 38.9% YoY to $529.6 billion. The company’s electronic trading solutions continued to drive record global repo activity, particularly as market conditions shifted demand from the Federal Reserve’s reverse repo facility to money markets.

Earlier in August, Tradeweb completed its acquisition of Yieldbroker, a government bond and interest rate derivatives trading platform based in Australia. This acquisition, which was valued at A$125 million, was an all-cash transaction and received regulatory approval. The move is expected to enhance liquidity, transparency, and efficiency in the fixed income market through the combined experience and innovative solutions of both companies.

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