Press release
Tradeweb Reports February 2024 Total Trading Volume of $37.9 Trillion and Average Daily Volume of $1.87 Trillion
February 2024 ADV up 31.1% YoY NEW YORK--(BUSINESS WIRE)-- Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for
About this update from Tradeweb Markets Inc.
[{"type":"text","content":"\nFebruary 2024 ADV up 31.1% 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 February 2024 of $37.9 trillion (tn)1. Average daily volume (ADV) for the month was $1.87tn, an increase of 31.1 percent (%) year-over-year (YoY).\n\n\nIn February 2024, Tradeweb records included:\n\n\n\nADV in U.S. government bonds\n\n\n\nADV in European government bonds\n\n\n\nADV in rates futures\n\n\n\nADV in fully electronic U.S. High Grade credit\n\n\n\nADV in equity convertibles/swaps/options\n\n\n\nADV in global repurchase agreements\n\n\n\nFebruary 2024 Highlights\n\n\nRATES\n\n\n\nU.S. government bond ADV was up 44.0% YoY to $207.8 billion (bn). European government bond ADV was up 17.9% YoY to $51.0bn.\n\n\nU.S. government bond volumes were supported by growth across all client sectors, leading to record volume on the institutional platform for the second consecutive month. Increased adoption across a wide range of trading protocols, along with sustained rates market volatility, contributed to the increase in volume. The addition of r8fin also contributed positively to wholesale volumes. Higher interest rates continued to drive trading in the retail market on the short end of the curve. European government bond volumes continued to be strong, particularly in UK Gilts, where there was continued flow and growth in our dealer-to-client platform. We also saw an abundance of new issuance across Europe and the UK in the primary market, along with increased client activity.\n\n\n\n\n\n\n\nMortgage ADV was up 12.2% YoY to $188.1bn.\n\n\nPlatform trading activity remained healthy while shifting rate-cut bets led agency mortgages to underperform compared to other fixed-income asset classes. Specified pool trading volumes set a record high, up 170% YoY.\n\n\n\n\n\n\n\nSwaps/swaptions ≥ 1-year ADV was up 65.1% YoY to $502.3bn and total rates derivatives ADV was up 32.1% YoY to $789.7bn.\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 an 88% YoY increase in compression activity, which carries a lower fee per million. Quarter-to-date compression activity is r...