Press release
Tradeweb Reports February 2023 Total Trading Volume of $27.4 Trillion and Record Average Daily Volume of $1.43 Trillion
NEW YORK--(BUSINESS WIRE)-- Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money
About this update from Tradeweb Markets Inc.
[{"type":"text","content":" 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 February 2023 of $27.4 trillion (tn). Average daily volume (ADV) for the month was a record $1.43tn, an increase of 21.5 percent (%) year-over-year (YoY).\n\nTradeweb's broad offering across products, geographies and client sectors resulted in a number of records for February 2023 including:\n\n\nADV in European government bonds\n\n\nADV in European credit\n\n\nADV in total rates derivatives\n\n\nADV in swaps/swaptions ≥ 1-year\n\n\nADV in swaps/swaptions \n\nADV in U.S. retail government bonds\n\n\nADV in U.S. credit Tradeweb AllTrade®, including sessions-based trading\n\n\nWe continued to help our clients navigate a complex macroeconomic backdrop, including evolving central bank policy, sustained elevated volatility, economic concerns and a strong U.S. dollar.\n\nFebruary 2023 Highlights\n\nRATES\n\n\nU.S. government bond ADV was down 6.2% YoY to $144.3 billion (bn). European government bond ADV was up 2.9% to $43.2bn.\n\n\nRecord U.S. retail government bond activity was more than offset by declines in wholesale trading. Higher interest rates continued to drive trading in the retail market. European government bond volume continued to be supported by heightened issuance and rates market volatility.\n\n\n\n\nMortgage ADV was down 9.1% YoY to $167.7bn.\n\n\nHistorically high mortgage rates continued to weigh on overall market activity and issuance.\n\n\n\n\nSwaps/swaptions ≥ 1-year ADV was up 43.2% YoY to $304.2bn and total rates derivatives ADV was up 62.2% to $597.7bn.\n\n\nRecord volume in swaps/swaptions was driven in part by a surge in Overnight Index Swaps (OIS) trading, while strong volumes continued to be supported by global inflation and emerging markets swaps and robust client adoption of the request-for-market (RFM) protocol.\n\n\n\n\nCREDIT\n\n\nFully electronic U.S. Credit ADV was up 28.2% YoY to $5.1bn and European credit ADV was up 4.5% to $2.2bn.\n\n\nRecord European credit and strong U.S. credit volumes reflected continued client adoption across Tradeweb protocols, including request-for-quote (RFQ), Tradeweb AllTrade and portfolio trading. Record activity in Tradeweb AllTrade, including sessions-based trading...