Tradeweb Markets (Nasdaq: TW), the operator of electronic marketplaces for rates, credit, equities and money markets, published its trading metrics for March, reporting a record total trading volume of $28.2 trillion.
According to the press release, for the month, the average daily volume (ADV) reached $1.23 trillion, which is up 14.0% from a year ago. Global trading volume hit an all-time high of $73.1 trillion, and ADV reached a record $1.17 trillion, which is an increase of 10.9% YoY, with variable fees per million dollars of trading volume estimated at $2.93.
Moreover, US government bond ADV was up 30.1% YoY to $148.6 billion, and European government bond ADV was up 22.4% YoY to $37.9 billion. “Trading in US government bonds was supported by strong client activity in institutional and wholesale markets; the continued momentum of session-based trading and streaming protocols; and the addition of the Nasdaq Fixed Income business. Global government bond trading remained strong amidst heightened rates of market volatility as yields continued to rise across developed markets,” Tradeweb Markets noted.
Fully electronic US Credit ADV was up 5.7% YoY to $3.8 billion, and European credit ADV was down 0.7% YoY to $2.1 billion. “US and European credit volumes reflected continued client adoption across all Tradeweb protocols, including Tradeweb AllTrade’s request-for-quote (RFQ) and portfolio trading, as declining overall market activity YoY weighed on volumes. In March, Tradeweb outperformed market trends with [a] fully electronic share of US High Grade and US High Yield TRACE capturing 11.1% and 6.6%, respectively, up YoY. Additionally, further client adoption of Tradeweb’s Multi-Client Net Spotting tool boosted electronically processed activity,” Tradeweb added.
February Metrics
Tradeweb Markets reported an average daily volume (ADV) of $1.17 trillion in February. This figure is 10.7% higher when compared year-over-year and a 4.5% jump on a monthly basis. The total trading volume on the platform came in at $22.6 trillion, which is marginally higher than the previous month’s $22.3 trillion.
