Press release
Tradeweb Reports May 2023 Total Trading Volume of $29.4 Trillion and Average Daily Volume of $1.35 Trillion
May 2023 ADV up 14.1% 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":"\nMay 2023 ADV up 14.1% 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 May 2023 of $29.4 trillion (tn). Average daily volume (ADV) for the month was $1.35tn, an increase of 14.1 percent (%) year-over-year (YoY).\n\n\nTradeweb’s broad offering across products, geographies and client sectors resulted in a number of records for May 2023 including:\n\n\n\nADV in specified pools\n\n\n\nADV in fully electronic U.S. High Grade credit all-to-all trading\n\n\n\nADV in global repurchase agreements\n\n\n\nMay 2023 Highlights\n\n\nRATES\n\n\n\nU.S. government bond ADV was up 6.1% YoY to $144.3 billion (bn). European government bond ADV was up 16.5% to $41.6bn.\n\n\nTrading in U.S. government bonds was supported by strong client activity in institutional and retail markets. Wholesale volumes reflected continued client adoption of Tradeweb protocols, as overall industry volumes declined. European government bond volumes were supported by ongoing hedge fund activity amid volatile markets as well as ongoing strong interest in UK Gilts.\n\n\n\n\n\n\nMortgage ADV was up 10.8% YoY to $166.6bn.\n\n\nDeclining volatility and favorable valuations broadly supported to-be-announced (TBA) trading activity. Tradeweb reported record ADV in specified pool trading spurred by FDIC portfolio liquidations.\n\n\n\n\n\n\nSwaps/swaptions ≥ 1-year ADV was up 47.0% YoY to $315.8bn and total rates derivatives ADV was up 23.9% to $467.3bn.\n\n\nHigher volume in swaps/swaptions ≥ 1-year was driven in part by continued focus on global central bank policy and inflation expectations. Strong volumes reflected higher compression activity.\n\n\n\n\n\n\nCREDIT\n\n\n\nFully electronic U.S. credit ADV was up 9.5% YoY to $4.5bn and European credit ADV was up 10.5% to $1.9bn.\n\n\nU.S. credit volumes reflected continued client adoption across Tradeweb protocols, including sessions-based trading and Tradeweb AllTrade®, including record ADV in fully electronic U.S. High Grade credit all-to-all trading, as broader TRACE credit ADVs increased 3.3% YoY. Tradeweb’s share of fully electronic U.S. High Grade and U.S. High Yield TRACE was 14.1% and 5.8%, respectively. European credit volumes were strong, despite the addit...