Press release
Tradeweb Reports April 2023 Total Trading Volume of $22.3 Trillion and Average Daily Volume of $1.15 Trillion
April 2023 ADV up 4.7% YoY NEW YORK--(BUSINESS WIRE)-- Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates,
About this update from Tradeweb Markets Inc.
[{"type":"text","content":"\nApril 2023 ADV up 4.7% YoY\n\n\n NEW YORK--(BUSINESS WIRE)--\nTradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for April 2023 of $22.3 trillion (tn). Average daily volume (ADV) for the month was $1.15tn1, an increase of 4.7 percent (%) year-over-year (YoY).\n\n\nApril 2023 Highlights\n\n\nRATES\n\n\n\nU.S. government bond ADV was down 11.5% YoY to $120.2 billion (bn). European government bond ADV was up 9.7% to $36.8bn.\n\n\nStrong retail and institutional U.S. government bond activity was more than offset by declines in wholesale trading as broader treasury market volumes also declined. Higher interest rates continued to drive trading in the retail market. European government bond volumes were supported by strong hedge fund activity amid volatile markets and a pick-up in U.K. Gilts activity.\n\n\n\n\n\n\nMortgage ADV was down 15.7% YoY to $153.0bn.\n\n\nLower supply and increased investor caution in the wake of the regional bank headlines weighed on overall activity in the sector.\n\n\n\n\n\n\nSwaps/swaptions ≥ 1-year ADV was up 11.2% YoY to $217.3bn and total rates derivatives ADV was up 15.0% to $349.4bn.\n\n\nStrong volume in swaps/swaptions ≥ 1-year was driven in part by elevated interest rate volatility, particularly in shorter dated instruments and higher compression activity. Strong volumes continued to be supported by activity in both global inflation and emerging markets swaps, as well as robust client adoption of the request-for-market (RFM) protocol.\n\n\n\n\n\n\nCREDIT\n\n\n\nFully electronic U.S. credit ADV was up 2.8% YoY to $4.1bn and European credit ADV was up 0.6% to $1.9bn.\n\n\nU.S. credit volumes reflected continued client adoption across Tradeweb protocols, including request-for-quote (RFQ), portfolio trading and Tradeweb AllTrade®, including record share in all-to-all trading, as broader TRACE credit volumes declined 9.2% YoY. Tradeweb’s share of fully electronic U.S. High Grade and U.S. High Yield TRACE was 14.6% and 6.1%, respectively. Relatively subdued European credit market activity weighed on overall volumes.\n\n\n\n\n\n\nMunicipal bonds ADV was down 25.3% YoY to $287 million (mm).\n\n\nMunicipal volumes reflected broader municipal bond market slowdown amid low issuance, as br...