Tradeweb Markets reported a total trading volume of $41.9 trillion and an average daily volume (ADV) of $1.94 trillion in April, marking a 69.1% year-over-year increase. The company noted that the growing adoption of products and services across various segments and a favorable market condition contributed to this growth.

Tradeweb highlighted significant growth in various segments, such as US government bond ADV, which soared by 70.7% YoY to $205.3 billion. According to the press release, European government bond ADV also experienced a notable uptick, rising 23.9% to $45.6 billion. The momentum in US government bond volumes reflects a broader growth across all client sectors.

Europe and the UK

Besides that, the addition of r8fin has notably contributed to wholesale volumes, while robust primary issuance in Europe and the UK continues to drive trading volume in European government bonds. In the credit segment, Tradeweb experienced a boost in fully electronic US credit ADV, up by 96.1% YoY to $8 billion. European credit ADV also experienced a notable increase, rising 19.4% to $2.3 billion.

The rise in US credit volumes is attributed to heightened client adoption, particularly in request-for-quote, portfolio trading, and Tradeweb AllTrade. On the other hand, European credit volumes posted continued growth due to client adoption of trading tools and session-based trading.

In the money markets segment, repurchase agreement ADV rose by 39.4% YoY to $598.2 billion. The increase in client activity on Tradeweb's electronic repo trading platform drove record global repo activity. Factors such as quantitative tightening and increased collateral supply reportedly contributed to the shift of assets from the Federal Reserve's reverse repo facility to money markets.

Positive Q1 Performance

Tradeweb recorded exceptional growth in the first quarter, with revenue reaching $408.7 million, a remarkable 24.1% increase from the previous year. This surge was driven by a boost in ADVs, which skyrocketed to $1.9 trillion, marking a 39.1% YoY increase.

Rates trading ADV experienced a 45% surge to $1.2 trillion. Additionally, the company's profitability remained robust, with an adjusted EBITDA margin of 53.7% and an adjusted EBITDA of $219.5 million. Following the positive results, Tradeweb declared a quarterly cash dividend of $0.10 per share.

Meanwhile, the company announced plans to acquire Institutional Cash Distributors, a technology provider serving institutional investment and corporate treasury organizations. This acquisition , valued at $785 million, is expected to open new client channels and drive significant cross-sell opportunities.