Press release
Tradeweb Reports April 2024 Total Trading Volume of $41.9 Trillion and Average Daily Volume of $1.94 Trillion
April 2024 ADV up 69.1% 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 2024 ADV up 69.1% 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 the month of April 2024 of $41.9 trillion (tn)1. Average daily volume (ADV) for the month was $1.94tn, an increase of 69.1 percent (%) year-over-year (YoY).\n\n\nIn April 2024, Tradeweb records included:\n\n\n\nADV in fully electronic U.S. High Grade credit\n\n\n\nShare of fully electronic U.S. High Grade TRACE\n\n\n\nADV in global repurchase agreements\n\n\n\nApril 2024 Highlights\n\n\nRATES\n\n\n\nU.S. government bond ADV was up 70.7% YoY to $205.3 billion (bn). European government bond ADV was up 23.9% YoY to $45.6bn.\n\n\nU.S. government bond volumes were supported by growth across all client sectors. Increased adoption across a wide range of protocols and favorable market conditions contributed to the increase in volume. The addition of r8fin continues to contribute positively to wholesale volumes. Robust primary issuance across Europe and the UK helped drive trading volume in European government bonds.\n\n\n\n\n\n\nMortgage ADV was up 34.8% YoY to $206.1bn.\n\n\nThe continuation of elevated roll activity, together with a spike in volatility, contributed to higher ADV on our To-Be-Announced (TBA) platform, while increased client adoption contributed to strong volumes in specified pool trading.\n\n\n\n\n\n\nSwaps/swaptions ≥ 1-year ADV was up 118.9% YoY to $475.7bn and total rates derivatives ADV was up 127.8% YoY to $796.0bn.\n\n\nStrong volume in swaps/swaptions ≥ 1-year was driven by ongoing institutional client activity in response to current global central bank policy decisions, as well as a 137% increase in compression activity which carries a lower FPM. Quarter to date compression activity is trending lower than 1Q24. Clients continued to utilize the request-for-market (RFM) protocol for larger risk transfers, while inflation and emerging markets swap growth remained strong.\n\n\n\n\n\n\nCREDIT\n\n\n\nFully electronic U.S. credit ADV was up 96.1% YoY to $8.0bn and European credit ADV was up 19.4% YoY to $2.3bn.\n\n\nHigher U.S. credit volumes were driven by increased client adoption, most notably in request-for-quote (RFQ), portfolio trading and Tradeweb AllTrade®. Tradeweb captur...