Tradeweb’s trading volume hits $23.2 trillion in November

abdelaziz Fathi

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

The group’s average daily volumes (ADVs) came in at $1.13 trillion, up 7 percent month-over-month from $1.05 trillion per day in October. Over a yearly timetable, Tradeweb’s latest volume was lower by a factor of 3.7 percent year-over-year despite strong growth when excluding foreign currency (FX) impact.

The group’s most recent volumes took a step forward during the month, extending a consecutive string of increases this year. In particular, Tradeweb clients transacted a total of $23.2 trillion in November 2022, up 9 percent month-over-month from $21.3 trillion in October 2022.

Tradeweb said it continues to help clients navigate a complex macroeconomic backdrop, including evolving central bank policy, sustained elevated volatility, economic concerns and a strong US dollar.

US government bond ADV was $137 billion, down 5.2 percent from the prior year. In a similar pattern, European government bond ADV registered a drop in November with transactions moving lower by 1 percent year-over-year to $34 billion (up 16.9 percent YoY on a EUR-denominated basis).

As explained, US government bond activity was lower YoY, as industry volumes declined. While U.S. government bond activity in institutional markets was modestly lower, Tradeweb Markets saw a record in the retail market. Wholesale saw steady volume in streams that was more than offset by an industry pullback in CLOB volumes. Higher interest rates drove record volumes in the retail market while strong European government bond trading was driven by heightened rates market volatility and record activity in UK Gilts.

The New York-based company disclosed a weak mortgage activity amid uncertainty over the future of the Federal Reserve’s balance sheet. Mortgage ADV was down 9.6 percent YoY to $161 billion as historically high mortgage rates and inflationary concerns also continued to weigh on issuance and trading activity in the sector.

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.

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