Press release
Tradeweb Reports July 2024 Total Trading Volume of $40.5 Trillion and Average Daily Volume of $1.82 Trillion
July 2024 ADV up 43.5% 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 2024 ADV up 43.5% 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 July 2024 of $40.5 trillion (tn)1. Average daily volume (ADV) for the month was $1.82tn, an increase of 43.5 percent (%) year-over-year (YoY).\n\n\nIn July 2024, Tradeweb records included:\n\n\n\nShare of fully electronic U.S. high yield TRACE\n\n\n\nADV in global repurchase agreements\n\n\n\nJuly 2024 Highlights\n\n\nRATES\n\n\n\nU.S. government bond ADV was up 47.4% YoY to $206.1 billion (bn). European government bond ADV was up 16.5% YoY to $42.9bn.\n\n\nU.S. government bond volumes were supported by growth across all client sectors. Increased adoption across a range of protocols and favorable market conditions contributed to the increase in volume. The addition of r8fin continues to contribute positively to wholesale volumes. Strong double-digit YoY growth in European government bonds and UK Gilts was supported by sustained volatility on the back of key political elections in Europe and the UK earlier in July, as well as a continued active primary market during the first half of the month.\n\n\n\n\n\n\nMortgage ADV was up 17.6% YoY to $196.8bn.\n\n\nRecord July To-Be-Announced (TBA) activity was driven by robust roll trading activity and significant participation from fast-money accounts. Specified pool trading volumes were up YoY.\n\n\n\n\n\n\nSwaps/swaptions ≥ 1-year ADV was up 38.9% YoY to $351.5bn and total rates derivatives ADV was up 85.7% YoY to $671.4bn.\n\n\nStrong volume in swaps/swaptions ≥ 1-year was driven by ongoing institutional client activity, strong tailwinds from global political uncertainties and a 23% YoY increase in compression activity, which carries a lower fee per million. Central banks continued to contribute to increased volatility due to active discussions on rate movements. Clients continued to utilize the request-for-market (RFM) protocol for risk transfers especially in inflation swaps and non-G3 currencies. Emerging markets swap growth remained strong. July compression activity was lower than 2Q24.\n\n\n\n\n\n\nCREDIT\n\n\n\nFully electronic U.S. credit ADV was up 38.3% YoY to $6.7bn and European credit ADV was up 10.5% YoY to $2.1bn.\n\n\nU.S....