Business
Tradeweb Reports October Total Trading Volume of $19.4 Trillion
Average Daily Volume of $910.8 Billion is Tradeweb’s Second-Highest Month Ever NEW YORK--(BUSINESS WIRE)-- Tradeweb Markets Inc. (Nasdaq: TW), a leading,
About this update from Tradeweb Markets Inc.
[{"type":"text","content":"\nAverage Daily Volume of $910.8 Billion is Tradeweb’s Second-Highest Month Ever\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 of $19.4 trillion (tn). Average daily volume (ADV) for the month of October was $910.8 billion (bn), up 28.8 percent (%) year over year (YoY) and Tradeweb’s second-highest month ever.\n\nTradeweb CEO Lee Olesky commented on October trading volumes: “Tradeweb’s strategic focus on growing our credit trading platform continued to show stellar results in the U.S. and Europe, including both higher trading volumes and stronger adoption across a wide array of trading tools and protocols. Our solid performance also extended beyond credit, as U.S. Treasuries, European Govies and Mortgages benefitted from higher issuance and Repos saw a boost thanks to new dealers and participants trading on our platform.”\n\nTradeweb captured record TRACE share in U.S. High Grade of 19.2% (including 9.4% fully electronic) and record TRACE share in U.S. High Yield of 5.9% (including 3.6% fully electronic). Monthly ADV records were set in U.S. High Yield and Repurchase Agreements, as well as portfolio trading.\n\nRATES\n\n\nU.S. government bond ADV was up 7.6% YoY to $83.9bn, and European government bond ADV was up 34.0% YoY to $27.3bn.\n\n\nTrading activity in U.S Treasuries continued apace, with increased activity executed via firm streams by institutional and wholesale clients. Higher global government bond issuances, the U.S. election and rising volatility all contributed to robust secondary trading.\n\n\n\n\nMortgage ADV was up 20.7% YoY to $215.0bn.\n\n\nLow mortgage rates continued to support new home sales and refinancing activity continued to drive origination, furthering trends that began this past summer.\n\n\n\n\nRates derivatives ADV was up 3.8% YoY to $208.4bn.\n\n\nMacro uncertainty helped drive higher volumes. As the market shifted to alternative risk-free rates (RFRs) from Libor based rates, this drove a new record in trading of those swaps. In particular, we saw a noted rise in SOFR trading this month, with tenors out to 10 years.\n\n\n\n\nCREDIT\n\n\nU.S. credit ADV was up 47.8% YoY to $5.2bn and European credit ADV was up 16.5% YoY to $1.6bn.\...