Tradeweb Reports Volume of $19.6 Trillion in May
June 03 2021 - 7:30AM
Business Wire
May Average Daily Volume was $980.4 billion,
an increase of 23.9% 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 May 2021 of $19.6
trillion (tn). Average daily volume (ADV) for the month was $980.4
billion (bn), an increase of 23.9 percent (%) year over year
(YoY).
Lee Olesky, Tradeweb CEO, said: "The secular trend towards more
electronic trading and digital workflows continued at an
accelerated pace in May. While volatility in many markets was lower
compared to May 2020, each of our asset classes showed signs of
greater adoption as Tradeweb’s average daily volume for the month
was up 24% year over year. This broad momentum demonstrates just
how vital electronic trading has become to client workflows."
Swaps volumes were driven by record institutional SEF market
share1 and continued engagement from international clients, across
protocols and in both developed and emerging markets. In U.S.
Credit, Tradeweb’s share of fully electronic High Grade TRACE was
11.2% in May, the second highest month for Tradeweb, of which a
record share was driven by client activity in AllTrade. In
addition, Tradeweb facilitated a record $369.3bn in Repurchase
Agreements.
RATES
- U.S. government bond ADV was up 14.4% YoY to $105.0bn, and
European government bond ADV was up 20.0% YoY to $30.9bn.
- Client activity in streams and session-based trading increased
for U.S. Treasuries as more firms adopted these protocols. Steady
global government bond issuance remained supportive of trading
generally despite waning market volatility.
- Mortgage ADV was up 4.2% YoY to $186.5bn.
- Client activity in specified pools on the institutional
platform continued to grow; May was the second strongest month
behind March 2020. Fed purchase commitments remained supportive of
the market.
- Swaps/swaptions ≥ 1-year ADV was up 16.7% YoY to $151.0bn, and
total rates derivatives ADV was up 6.1% YoY to $237.3bn.
- Swaps volumes were driven by record institutional SEF market
share, and client activity in swaps/swaptions ≥ 1-year increased.
Longer term trends persisted—continued growth in engagement from
international clients, faster growth in the request-for-market
(RFM) protocol relative to compression, and strong emerging market
trading.
CREDIT
- U.S. Credit ADV was up 6.0% YoY to $5.6bn and European credit
ADV was up 46.7% YoY to $1.7bn.
- Client activity was robust and volumes remained strong across
regions and protocols. U.S. High Grade TRACE market share was 20.6%
(11.2% fully electronic) and TRACE High Yield market share was 7.6%
(4.4% fully electronic), of which a record share was driven by
client activity in AllTrade. In Europe, clients have gravitated
towards newer protocols including sweep and portfolio trading.
- Credit derivatives ADV was up 24.2% YoY to $8.5bn.
- Overall market activity remained robust, continuing to support
CDS trading.
EQUITIES
- U.S. ETF ADV was up 51.5% YoY to $5.7bn and European ETF ADV
was up 41.0% YoY to $2.3bn.
- Client growth and adoption, particularly among institutional
clients, continued to drive volumes.
MONEY MARKETS
- Repurchase Agreement ADV was up 59.7% YoY to $369.3bn.
- Global Repo activity set a new record with the continued
addition of new dealers and increased support of new collateral and
functionality. Retail money markets activity remained pressured by
the low interest rate environment.
To access the complete report containing additional data points
and commentary, go to
https://www.tradeweb.com/newsroom/monthly-activity-reports/.
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 40 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
approximately 2,500 clients in more than 65 countries. On average,
Tradeweb facilitated more than $870 billion in notional value
traded per day over the past four quarters. For more information,
please go to www.tradeweb.com.
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. 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 Based on data from ClarusFT.
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version on businesswire.com: https://www.businesswire.com/news/home/20210603005541/en/
Investor contact Ashley Serrao, Tradeweb + 1 646 430 6027
Ashley.Serrao@Tradeweb.com
Media contact Daniel Noonan, Tradeweb +1 646 767 4677
Daniel.Noonan@Tradeweb.com
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