Press release
Tradeweb Reports September 2021 Total Volume of $21.7 Trillion and Average Daily Volume of $1.02 Trillion
Third Quarter Average Daily Volume Up 23.6% Year Over Year NEW YORK--(BUSINESS WIRE)-- Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of
About this update from Tradeweb Markets Inc.
[{"type":"text","content":"\n Third Quarter Average Daily Volume Up 23.6% Year Over Year\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 September 2021 of $21.7 trillion (tn). Average daily volume (ADV) for the month was $1.02tn, an increase of 17.4 percent (%) year over year (YoY). For the third quarter of 2021, total trading volume was $62.1tn and ADV was $964.5 billion (bn), an increase of 23.6% YoY, with preliminary average variable fees per million dollars of volume traded of $2.70.1\n\nLee Olesky, Tradeweb CEO, said: “Tradeweb is now the leading marketplace for U.S. Treasuries, with record monthly activity in our institutional and wholesale client sectors. In the third quarter, we continued to capture more market share in U.S. credit led by portfolio trading and electronic RFQ, as innovation and momentum helped drive volume gains across our markets.\"\n\nIn September, Tradeweb facilitated a record $887 million per day in U.S. High Yield credit. Tradeweb also set ADV records in both U.S. government bonds and European government bonds. In addition, client adoption of the request-for-market (RFM) protocol drove record SEF share for swaps ≥ 1-year.2\n\nFor the third quarter of 2021, Tradeweb set new records in TRACE market share in both U.S. High Grade and U.S. High Yield, capturing a quarterly record 12.6% and 6.2%, respectively, for fully electronic trading. U.S. government bond ADV was also a record.\n\nSeptember Highlights\n\nRATES\n\n\nU.S. government bond ADV was up 49.3% YoY to $134.3bn3, and European government bond ADV was up 27.2% YoY to $34.4bn.\n\n\nRecord activity in U.S. government bonds was driven by a combination of factors: record institutional activity; the further adoption of innovative protocols including streaming and sessions-based trading; strong quarter-end activity; and the addition of the Nasdaq Fixed Income business. Record activity in European government bond trading was led by very strong activity in UK Gilts. Steady global government bond issuance, along with recent rising market volatility, remained supportive of trading.\n\n\n\n\nMortgage ADV was down 8.7% YoY to $179.6bn.\n\n\nDeclining issuance and record home price appreciation weighed on overall market activi...