Tradeweb Markets has announced that its total trading volume for June 2024 reached $37.5 trillion, with average daily volume (ADV) climbing to $1.94 trillion, marking a 40.9% increase year-over-year (YoY). In the monthly perspective, volumes also recorded a modest increase of 2% from the level of $1.90 trillion.

Tradeweb Reports Monthly and Yearly Jump in Trading Volumes

The company's second-quarter performance was equally impressive, with total trading volume hitting $121.0 trillion and ADV reaching $1.92 trillion, up 48.3% compared to the same period last year. Preliminary average variable fees per million dollars of volume traded stood at $2.43.

"Tradeweb in Q2 reported double-digit, YoY volume growth in rates, credit, money markets, and equities," Tradeweb CEO Billy Hult commented. “The second quarter of 2024 culminated with a strong June, led by a 54% YoY increase in rates ADV and continued momentum in credit ADV – up 67% YoY.”

He added that the company set new records for quarterly ADV in several key areas, including U.S. government bonds, fully electronic US high yield , and repo trading. June's performance was particularly noteworthy, with rates ADV surging 54% YoY and credit ADV jumping 67% YoY.

In the rates segment, US government bond ADV rose 50.8% YoY to $210.7 billion, while European government bond ADV increased 17.4% YoY to $50.5 billion. The company's mortgage ADV also saw significant growth, up 22.9% YoY to $208.9 billion.

Credit trading volumes showed robust growth as well. Fully electronic US credit ADV increased 41.4% YoY to $7.0 billion, while European credit ADV rose 24.2% YoY to $2.5 billion. Tradeweb captured an 18.9% share of fully electronic U.S. high-grade TRACE and an 8.1% share of fully electronic U.S. high-yield TRACE.

The company's repo ADV grew 20.8% YoY to $599.2 billion, driven by increased client activity on Tradeweb's electronic repo trading platform. However, US ETF ADV experienced a slight decline, down 11.1% YoY to $8.1 billion, while European ETF ADV increased 18.1% YoY to $2.8 billion.

Tradeweb’s Updates

Tradeweb Markets announced significant updates to its executive team in late June. Amy Clack has been named the new Chief Administrative Officer (CAO), set to begin her role in August 2024. Concurrently, Thomas Pluta, the current President, is scheduled to step down later this year.

Clack brings over 25 years of financial services experience, transitioning from her previous position in Wells Fargo's Corporate and Investment Banking division. Her prior roles include serving as the Chief Operating Officer for Investment Banking and Capital Markets at Credit Suisse.

Additionally, Tradeweb has broadened its collaboration with FTSE Russell now to incorporate U.S. Treasury closing prices into their partnership.

Tradeweb Markets has also introduced a new functionality that integrates its repurchase agreement (repo) and interest rate swaps (IRS) platforms. This integration is aimed at improving the execution workflow for these instruments, promising enhanced efficiency for institutional clients in navigating various financial markets including rates, credit, equities, and money markets.