Press release
Tradeweb Reports July 2023 Total Trading Volume of $25.6 Trillion and Average Daily Volume of $1.27 Trillion
July 2023 ADV up 16.3% 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":"\nJuly 2023 ADV up 16.3% 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 July 2023 of $25.6 trillion (tn). Average daily volume (ADV) for the month was $1.27tn, an increase of 16.3 percent (%) year-over-year (YoY).\n\n\nIn July 2023, Tradeweb records included:\n\n\n\nShare of TRACE in fully electronic U.S. High Grade credit\n\n\n\nADV in global portfolio trading\n\n\n\nADV in Chinese bonds\n\n\n\nADV in global Repurchase agreements\n\n\n\nJuly 2023 Highlights\n\n\nRATES\n\n\n\nU.S. government bond ADV was up 19.1% YoY to $139.9 billion (bn). European government bond ADV was up 17.2% YoY to $36.9bn.\n\n\nGrowth was driven by strong activity across all client sectors. Higher interest rates continued to drive trading in the retail market. U.S. and European government bond volumes were supported by sustained rates market volatility.\n\n\n\n\n\n\nMortgage ADV was down 1.1% YoY to $167.4bn.\n\n\nDespite a spike in rates market volatility at the beginning of the month, overall trading activity remained subdued while client engagement in specified pool trading remained strong.\n\n\n\n\n\n\nSwaps/swaptions ≥ 1-year ADV was up 36.9% YoY to $253.1bn and total rates derivatives ADV was up 15.2% YoY to $361.5bn.\n\n\nHigher volume in swaps/swaptions ≥ 1-year was driven in part by heightened interest rate volatility, particularly in shorter dated instruments, and an 84% YoY increase in compression activity (relative compression mix in July fell as compared to second quarter 2023). Shorter dated, lower duration instruments in swaps/swaptions ≥ 1-year have a lower fee per million. Strong volumes continued to be buoyed by activity in emerging markets swaps, global inflation swaps and the request-for-market (RFM) protocol.\n\n\n\n\n\n\nCREDIT\n\n\n\nFully electronic U.S. credit ADV was up 34.8% YoY to $4.8bn and European credit ADV was up 38.6% YoY to $1.9bn.\n\n\nStrong U.S. credit volumes reflected continued client adoption across Tradeweb protocols, including request-for-quote (RFQ), Tradeweb AllTrade® and record portfolio trading. Tradeweb captured a record 16.4% share of fully electronic U.S. High Grade TRACE, and 7.1% share of fully electronic U.S. High Yield TRACE. Higher Eu...