Tradeweb Reports September 2021 Total Volume of $21.7 Trillion and Average Daily Volume of $1.02 Trillion
October 05 2021 - 7:30AM
Business Wire
Third Quarter Average Daily Volume Up
23.6% Year Over Year
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 September 2021 of
$21.7 trillion (tn). Average daily volume (ADV) for the month was
$1.02tn, an increase of 17.4 percent (%) year over year (YoY). For
the third quarter of 2021, total trading volume was $62.1tn and ADV
was $964.5 billion (bn), an increase of 23.6% YoY, with preliminary
average variable fees per million dollars of volume traded of
$2.70.1
Lee Olesky, Tradeweb CEO, said: “Tradeweb is now the leading
marketplace for U.S. Treasuries, with record monthly activity in
our institutional and wholesale client sectors. In the third
quarter, we continued to capture more market share in U.S. credit
led by portfolio trading and electronic RFQ, as innovation and
momentum helped drive volume gains across our markets."
In September, Tradeweb facilitated a record $887 million per day
in U.S. High Yield credit. Tradeweb also set ADV records in both
U.S. government bonds and European government bonds. In addition,
client adoption of the request-for-market (RFM) protocol drove
record SEF share for swaps ≥ 1-year.2
For the third quarter of 2021, Tradeweb set new records in TRACE
market share in both U.S. High Grade and U.S. High Yield, capturing
a quarterly record 12.6% and 6.2%, respectively, for fully
electronic trading. U.S. government bond ADV was also a record.
September Highlights
RATES
- U.S. government bond ADV was up 49.3% YoY to $134.3bn3, and
European government bond ADV was up 27.2% YoY to $34.4bn.
- Record activity in U.S. government bonds was driven by a
combination of factors: record institutional activity; the further
adoption of innovative protocols including streaming and
sessions-based trading; strong quarter-end activity; and the
addition of the Nasdaq Fixed Income business. Record activity in
European government bond trading was led by very strong activity in
UK Gilts. Steady global government bond issuance, along with recent
rising market volatility, remained supportive of trading.
- Mortgage ADV was down 8.7% YoY to $179.6bn.
- Declining issuance and record home price appreciation weighed
on overall market activity.
- Swaps/swaptions ≥ 1-year ADV was up 18.7% YoY to $187.8bn, and
total rates derivatives ADV was up 15.8% YoY to $276.7bn.
- Swaps/swaptions ≥ 1-year volumes were driven by robust client
interest in the request-for-market (RFM) protocol and continued
engagement from international clients, resulting in record SEF
share for these tenors. Emerging markets exhibited strong growth
due to the continued adoption of electronic trading.
CREDIT
- U.S. Credit ADV was up 32.0% YoY to $5.8bn and European credit
ADV was up 23.2% YoY to $2.0bn.
- Exceptionally strong growth in U.S. and European credit was
driven by client adoption of the request-for-quote (RFQ) protocol
and continued growth of portfolio trading. U.S. High Grade TRACE
market share was 21.0%, of which 11.9% was traded fully
electronically. U.S. High Yield ADV was a record on the platform
with TRACE market share of 9.4% (6.1% fully electronic).
- Credit derivatives ADV was up 6.9% YoY to $28.3bn.
- Semiannual rolling activity as well as continued bouts of
volatility boosted market activity generally.
EQUITIES
- U.S. ETF ADV was up 6.1% YoY to $5.7bn and European ETF ADV was
up 35.3% YoY to $2.2bn.
- Continued growth of institutional clients drove volumes in U.S.
and European markets. Elevated market volatility particularly
towards month-end was generally supportive of trading
activity.
MONEY MARKETS
- Repurchase Agreement ADV was up 27.8% YoY to $326.8bn.
- The sustained addition of new clients on the platform supported
strong growth in Global Repo activity. Retail money markets
activity remained pressured by the low interest rate
environment.
For the complete report 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 $970 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. 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 See pg.7 of the pdf for the detailed breakdown of each
underlying asset class. 2 Based on data from Clarus Financial
Technology. 3 U.S. government bond volumes include wholesale U.S.
Treasury volumes from the Nasdaq Fixed Income business Tradeweb
acquired on June 25, 2021.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211005005635/en/
Media contact Daniel Noonan, Tradeweb +1 646 767 4677
Daniel.Noonan@Tradeweb.com
Investor contact Ashley Serrao, Tradeweb +1 646 430 6027
Ashley.Serrao@Tradeweb.com
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