Tradeweb Reports Volume of $19.8 Trillion in August
September 03 2021 - 6:30AM
Business Wire
August Average Daily Volume was $900.4
billion, an increase of 20.6% 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 August 2021 of
$19.8 trillion (tn). Average daily volume (ADV) for the month was
$900.4 billion (bn), an increase of 20.6 percent (%) year over year
(YoY).
Lee Olesky, Tradeweb CEO, said: “While markets were relatively
quiet in August, Tradeweb continued its trend of year-over-year
growth in monthly ADV with a diverse portfolio of products. One
area of strategic focus for Tradeweb has been credit, and we were
pleased to see steady growth in our market share over the course of
the summer."
In August, Tradeweb continued to facilitate higher credit
trading volumes in both U.S. High Grade and U.S. High Yield, driven
by record activity in Tradeweb AllTrade, even as broader TRACE
volumes in each declined. Tradeweb also captured higher TRACE
market share in both U.S. High Grade and U.S. High Yield, including
a record 13.9% share of U.S. High Grade for fully electronic
trading. U.S. government bond ADV was also a record.
RATES
- U.S. government bond ADV was up 41.1% YoY to $123.3bn1, and
European government bond ADV was up 1.1% YoY to $22.4bn.
- Record activity in U.S. government bonds was driven by:
continued client use of innovative protocols, including streaming
and sessions-based trading; strong month-end activity; and the
addition of the Nasdaq Fixed Income business. Steady global
government bond issuance, along with recent rising market
volatility, remained supportive of trading generally.
- Mortgage ADV was down 14.8% YoY to $170.9bn.
- Declining issuance and record home price appreciation weighed
on overall market activity.
- Swaps/swaptions ≥ 1-year ADV was up 3.4% YoY to $126.4bn, and
total rates derivatives ADV was up 44.0% YoY to $224.3bn.
- Swaps/swaptions ≥ 1-year volumes were driven by continued
growth in the request-for-market (RFM) protocol and engagement from
international clients, along with further adoption in emerging
markets.
CREDIT
- U.S. Credit ADV was up 16.4% YoY to $4.7bn and European credit
ADV was up 19.0% YoY to $1.2bn.
- Client use of Tradeweb AllTrade continued to reach new highs in
TRACE share across U.S. High Grade and U.S. High Yield.
Additionally, RFQ and portfolio trading continued to see strong
growth in both U.S. and European credit. U.S. High Grade TRACE
market share was 21.6%, of which a record 13.9% was traded fully
electronically. U.S. High Yield TRACE market share was 9.3% (6.2%
fully electronic).
- Credit derivatives ADV was up 14.9% YoY to $5.8bn.
- Continued bouts of volatility provided a boost to overall
market activity.
EQUITIES
- U.S. ETF ADV was up 24.7% YoY to $3.6bn and European ETF ADV
was up 16.6% YoY to $1.6bn.
- The addition of liquidity providers, along with client growth
and adoption, particularly among institutional clients, continued
to drive volumes in U.S. and European markets.
MONEY MARKETS
- Repurchase Agreement ADV was up 28.8% YoY to $316.6bn.
- The continued 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 $920 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
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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 U.S. government bond volumes include wholesale U.S. Treasury
volumes from the Nasdaq Fixed Income business Tradeweb acquired on
June 25, 2021.
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version on businesswire.com: https://www.businesswire.com/news/home/20210903005059/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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