Press release
Tradeweb Reports November 2023 Total Trading Volume of $38.2 Trillion and Record Average Daily Volume of $1.80 Trillion
November 2023 ADV up 59.2% 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":"\nNovember 2023 ADV up 59.2% 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 November 2023 of $38.2 trillion (tn). Average daily volume (ADV) for the month was a record $1.80tn, an increase of 59.2 percent (%) year-over-year (YoY).\n\n\nIn November 2023, 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 swaps/swaptions ≥ 1-year\n\n\n\nADV in fully electronic U.S. High Grade credit\n\n\n\nADV European credit\n\n\n\nADV in equity convertibles/swaps/options\n\n\n\nADV global repurchase agreements\n\n\n\nNovember 2023 Highlights\n\n\nRATES\n\n\n\nU.S. government bond ADV was up 19.5% YoY to $163.7 billion (bn). European government bond ADV was up 30.5% YoY to $44.8bn.\n\n\nRecord U.S. government bond volumes were supported by growth across all client sectors, increased adoption across a diverse set of trading protocols on the institutional platform and sustained rates market volatility. Higher interest rates continued to drive trading in the retail market. Record European government bond volumes were supported by sustained rates market volatility and strong volumes by hedge fund accounts.\n\n\n\n\n\n\nMortgage ADV was up 16.7% YoY to $188.3bn.\n\n\nStrong To-Be-Announced (TBA) volumes were driven by increased participation from hedge fund accounts as well as elevated roll activity. Specified pool activity increased >200% YoY with an uptick in origination trading on the platform.\n\n\n\n\n\n\nSwaps/swaptions ≥ 1-year ADV was up 178.4% YoY to $580.8bn and total rates derivatives ADV was up 132.6% YoY to $795.1bn.\n\n\nRecord volume in swaps/swaptions ≥ 1-year was driven in part by increased client activity and a 242% YoY increase in compression activity, which carries a lower fee per million. Quarter-to-date compression activity is running higher than 3Q23. Robust volumes were also driven by strong activity in global inflation swaps, the request-for-market (RFM) protocol and emerging market swaps.\n\n\n\n\n\n\nCREDIT\n\n\n\nFully electronic U.S. credit ADV was up 32.0% YoY to $6.1bn and European credit ADV was up 29.7% YoY to $2.3bn.\n\n\nStrong U.S. credit volumes, most notably record ADV in fully elect...