Tradeweb Reports January 2024 Total Trading Volume of $42.6 Trillion and Record Average Daily Volume of $2.00 Trillion
05 2월 2024 - 9:30PM
Business Wire
January 2024 ADV up 74.6% YoY
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator
of electronic marketplaces for rates, credit, equities and money
markets, today reported total trading volume for the month of
January 2024 of $42.6 trillion (tn)1. Average daily volume (ADV)
for the month was a record $2.00tn, an increase of 74.6 percent (%)
year-over-year (YoY).
In January 2024, Tradeweb records included:
- ADV in U.S. government bonds
- ADV in European government bonds
- ADV in swaps/swaptions ≥ 1-year
- ADV in fully electronic U.S. High Grade credit
- ADV in European credit
- ADV in global repurchase agreements
January 2024 Highlights
RATES
- U.S. government bond ADV was up 33.7% YoY to $182.1 billion
(bn). European government bond ADV was up 18.5% YoY to $50.1bn.
- U.S.government bond volumes were supported by growth across all
client sectors, including record volume on the institutional
platform, as well as increased adoption across a diverse set of
trading protocols and sustained rates market volatility. Higher
interest rates continued to drive trading in the retail market on
the short-end of the curve. Strong European government bond volumes
were driven by sustained rates market volatility and new issuances
in the primary market as well as increased client activity.
- Mortgage ADV was up 23.9% YoY to $219.5bn.
- To-Be-Announced (TBA) platform volumes were supported by
elevated roll trading activity as well as strong participation from
the hedge fund community. Specified pool trading volumes were up
94.5% YoY, driven by increased client adoption and origination
executed on the platform.
- Swaps/swaptions ≥ 1-year ADV was up 207.2% YoY to $590.8bn and
total rates derivatives ADV was up 194.2% YoY to $922.7bn.
- Strong volume in swaps/swaptions ≥ 1-year was driven by ongoing
institutional client activity in response to current global central
bank policy decisions, as well as a 379% YoY increase in
compression activity, which carries a lower fee per million.
Quarter-to-date compression activity is running higher than 4Q23.
Clients continued to utilize the request-for-market (RFM) protocol
for larger risk transfers, while inflation and emerging markets
swap growth remained strong.
CREDIT
- Fully electronic U.S. credit ADV was up 45.0% YoY to $7.1bn and
European credit ADV was up 16.0% YoY to $2.5bn.
- Strong U.S. credit volumes were driven by increased client
adoption of Tradeweb protocols, most notably in request-for-quote
(RFQ), portfolio trading and Tradeweb AllTrade®. Tradeweb saw
record portfolio trading globally, and captured 17.0% share of
fully electronic U.S. High Grade TRACE, and 7.2% share of fully
electronic U.S. High Yield TRACE. Record European credit volumes
were supported by strong activity in RFQ, portfolio trading and
Tradeweb Automated Intelligent Execution (AiEX), as well as
increased client adoption of our smart dealer selection tools and
Tradeweb AllTrade protocols.
- Municipal bonds ADV was up 1.5% YoY to $322 million (mm).
- Volumes slightly outperformed the broader market, which was
flat2, as demand from retail and institutional investors remained
resilient.
- Credit derivatives ADV was up 0.9% YoY to $9.7bn.
- Tight credit spreads and low market volatility led to subdued
swap execution facility (SEF) and multilateral trading facility
(MTF) credit default swaps activity.
EQUITIES
- U.S. ETF ADV was up 41.8% YoY to $10.1bn and European ETF ADV
was down 12.3% YoY to $2.6bn.
- U.S. growth was driven by continued institutional ETF adoption
as well as increased trading in our wholesale equity businesses.
European ETF volumes were lower alongside muted European equity
market volumes.
MONEY MARKETS
- Repurchase agreement ADV was up 31.1% YoY to $546.2bn.
- Increased client adoption of Tradeweb’s electronic trading
solutions drove record global repo activity. Quantitative
tightening, heightened collateral supply and current rates market
activity shifted demand from the Federal Reserve’s reverse repo
facility to money markets. Retail money markets activity continued
to be strong as interest rates remained elevated.
Please refer to the report posted to
https://www.tradeweb.com/newsroom/monthly-activity-reports/ for
complete information and data related to our historical monthly,
quarterly and yearly ADV and total trading volume across asset
classes.
About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator
of electronic marketplaces for rates, credit, equities and money
markets. Founded in 1996, Tradeweb provides access to markets, data
and analytics, electronic trading, straight-through-processing and
reporting for more than 50 products to clients in the
institutional, wholesale and retail markets. Advanced technologies
developed by Tradeweb enhance price discovery, order execution and
trade workflows while allowing for greater scale and helping to
reduce risks in client trading operations. Tradeweb serves more
than 2,500 clients in more than 70 countries. On average, Tradeweb
facilitated more than $1.4 trillion in notional value traded per
day over the past four quarters. For more information, please go to
www.tradeweb.com.
Basis of Presentation
All reported amounts are presented in U.S. dollars, unless
otherwise indicated. In determining the reported U.S. dollar
amounts for non-U.S. dollar denominated securities, the non-U.S.
dollar amount for a particular month is translated into U.S.
dollars based on the monthly average foreign exchange rate for the
prior month. Please see the footnotes on page 3 of the full report
for information regarding how we calculate market share amounts
presented in this release.
Market and Industry Data
This press release and the complete report include estimates
regarding market and industry data that we prepared based on our
management’s knowledge and experience in the markets in which we
operate, together with information obtained from various sources,
including publicly available information, industry reports and
publications, surveys, our clients, trade and business
organizations and other contacts in the markets in which we
operate. In presenting this information, we have made certain
assumptions that we believe to be reasonable based on such data and
other similar sources and on our knowledge of, and our experience
to date in, the markets in which we operate. While such information
is believed to be reliable for the purposes used herein, no
representations are made as to the accuracy or completeness thereof
and we take no responsibility for such information.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the federal securities laws. Statements related to,
among other things, our outlook and future performance, the
industry and markets in which we operate, our expectations,
beliefs, plans, strategies, objectives, prospects and assumptions
and future events are forward-looking statements.
We have based these forward-looking statements on our current
expectations, assumptions, estimates and projections. While we
believe these expectations, assumptions, estimates and projections
are reasonable, such forward-looking statements are only
predictions and involve known and unknown risks and uncertainties,
many of which are beyond our control. These and other important
factors, including those discussed under the heading “Risk Factors”
in documents of Tradeweb Markets Inc. on file with or furnished to
the SEC, may cause our actual results, performance or achievements
to differ materially from those expressed or implied by these
forward-looking statements. In particular, preliminary average
variable fees per million dollars of volume traded are subject to
the completion of management’s final review and our other financial
closing procedures and therefore are subject to change. Given these
risks and uncertainties, you are cautioned not to place undue
reliance on such forward-looking statements. The forward-looking
statements contained in this release are not guarantees of future
performance and our actual results of operations, financial
condition or liquidity, and the development of the industry and
markets in which we operate, may differ materially from the
forward-looking statements contained in this release. In addition,
even if our results of operations, financial condition or
liquidity, and events in the industry and markets in which we
operate, are consistent with the forward-looking statements
contained in this release, they may not be predictive of results or
developments in future periods.
Any forward-looking statement that we make in this release
speaks only as of the date of such statement. Except as required by
law, we do not undertake any obligation to update or revise, or to
publicly announce any update or revision to, any of the
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date of this release.
________________________
1 Tradeweb acquired r8fin on January 19,
2024 and January 2024 total volume reported does not include
volumes from the r8fin business from the 8 days of trading activity
subsequent to the acquisition.
2 Based on data from MSRB
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240205464895/en/
Media contact: Daniel Noonan, Tradeweb +1 646 767 4677
Daniel.Noonan@Tradeweb.com
Investor contacts: Ashley Serrao, Tradeweb +1 646 430
6027 Ashley.Serrao@Tradeweb.com
Sameer Murukutla, Tradeweb +1 646 767 4864
Sameer.Murukutla@Tradeweb.com
Tradeweb Markets (NASDAQ:TW)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Tradeweb Markets (NASDAQ:TW)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024