Press release
Tradeweb Reports March 2023 Total Trading Volume of $34.7 Trillion and Record Average Daily Volume of $1.51 Trillion
March 2023 ADV up 23.0% YoY First Quarter 2023 ADV up 16.2% YoY NEW YORK--(BUSINESS WIRE)-- Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of
About this update from Tradeweb Markets Inc.
[{"type":"text","content":"\nMarch 2023 ADV up 23.0% YoY\nFirst Quarter 2023 ADV up 16.2% 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 March 2023 of $34.7 trillion (tn). Average daily volume (ADV) for the month was a record $1.51tn, an increase of 23.0 percent (%) year-over-year (YoY), despite continued foreign exchange headwinds. For the first quarter of 2023, total trading volume was $85.3tn and ADV was a record $1.36tn, an increase of 16.2% YoY, with preliminary average variable fees per million dollars of volume traded of $2.71.1\n\n\nIn March 2023, Tradeweb records included:\n\n\n\nADV in total rates derivatives\n\n\n\nADV in swaps/swaptions ≥ 1-year\n\n\n\nADV in emerging markets interest rate swaps and global inflation swaps\n\n\n\nADV in global repurchase agreements\n\n\n\nADV in retail U.S. government bonds\n\n\n\nADV in retail money markets\n\n\n\nFor the first quarter of 2023, Tradeweb records included:\n\n\n\nADV in European government bonds\n\n\n\nADV in swaps/swaptions ≥ and \n\nADV in fully electronic U.S. High Grade credit\n\n\n\nADV in U.S. credit Tradeweb AllTrade®, including all-to-all request-for-quote (RFQ)\n\n\n\nADV in global portfolio trading\n\n\n\nADV in equity convertibles/swaps/options\n\n\n\nADV in repurchase agreements\n\n\n\nADV in retail U.S. government bonds\n\n\n\nADV in retail money markets\n\n\n\nMarch 2023 Highlights\n\n\nRATES\n\n\n\nU.S. government bond ADV was up 1.5% YoY to $150.9 billion (bn). European government bond ADV was up 11.8% to $42.4bn.\n\n\nRecord retail U.S. government bond activity and strong institutional volumes were offset by declines in wholesale trading. Higher interest rates continued to drive trading in the retail market. U.S. and European government bond volumes were supported by a significant rise in rates market volatility.\n\n\n\n\n\n\nMortgage ADV was down 10.6% YoY to $166.2bn.\n\n\nWhile market uncertainty and volatility weighed on overall activity, institutional specified pool trading set a new record due to growing client engagement.\n\n\n\n\n\n\nSwaps/swaptions ≥ 1-year ADV was up 42.2% YoY to $355.0bn and total rates derivatives ADV was up 51.7% to $609.1bn.\n\n\nRecord volume in swaps/swaptions ≥ 1-year was driven ...