Press release
Tradeweb Reports October 2023 Total Trading Volume of $37.2 Trillion and Record Average Daily Volume of $1.75 Trillion
October 2023 ADV up 66.3% 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":"\nOctober 2023 ADV up 66.3% 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 October 2023 of $37.2 trillion (tn). Average daily volume (ADV) for the month was a record $1.75tn, an increase of 66.3 percent (%) year-over-year (YoY).\n\n\nIn October 20231, Tradeweb records included:\n\n\n\nADV in U.S. 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 in equity convertibles/swaps/options\n\n\n\nOctober 2023 Highlights\n\n\nRATES\n\n\n\nU.S. government bond ADV was up 27.7% YoY to $163.7 billion (bn). European government bond ADV was up 12.0% YoY to $42.3bn.\n\n\nRecord U.S. government bond volumes were supported by growth 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 up 13.4% YoY to $193.8bn.\n\n\nStrong volumes were driven by increased participation from fast money accounts as well as elevated roll activity. Record specified pool volumes were driven by robust client engagement, continuing to drive strong YoY growth.\n\n\n\n\n\n\nSwaps/swaptions ≥ 1-year ADV was up 121.1% YoY to $463.4bn and total rates derivatives ADV was up 174.0% YoY to $749.6bn.\n\n\nRecord volume in swaps/swaptions ≥ 1-year was driven in part by increased client activity and a 182% YoY increase in lower fee per million compression activity. Quarter-to-date compression activity is running higher than 3Q23. Robust volumes were also driven by record activity in global inflation swaps as well as strong activity in 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 24.9% YoY to $5.6bn and European credit ADV was up 27.4% YoY to $2.1bn.\n\n\nStrong U.S. credit volumes, most notably record ADV in fully electronic U.S. High Grade activity, reflected continued client adoption in Tradeweb protocols, including request-for-quote (RFQ), as well as record adoption in Tradeweb AllTrade and portfolio trading. Tradeweb’s share of fully electronic U.S. High Grade and U.S. High Yield TRACE was...