Tradeweb Reports Trading Volume for February 2022
Total Volume of $22.6 Trillion and Average Daily Volume of $1.17 Trillion
NEW YORK – March 3, 2022 – Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported trading volume for February 2022. Total trading volume for February 2022 was $22.6 trillion (tn). Average daily volume (ADV) for the month was $1.17tn, an increase of 10.7 percent (%) year-over-year (YoY).
In February, Tradeweb set new ADV records in both U.S. and European government bond trading, as well as fully electronic U.S. High Grade credit and emerging market swaps.
- U.S. government bond ADV was up 30.4% YoY to $153.8 billion (bn), and European government bond ADV was up 24.9% YoY to $42.0bn.
- Record trading in U.S. 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. Record European government bond trading was driven by robust issuance and heightened rates market volatility as yields across much of the curve moved into positive territory.
- Mortgage ADV was down 20.9% YoY to $184.5bn.
- Declining issuance and uncertainty over the future of the Federal Reserve’s balance sheet continued to weigh on overall market activity.
- Swaps/swaptions ≥ 1-year ADV was up 24.0% YoY to $212.4bn, and total rates derivatives ADV was up 32.1% YoY to $368.5bn.
- Swaps/swaptions ≥ 1-year volumes were driven by robust client interest in the request-for-market (RFM) protocol, increased engagement from international clients and record trading activity in emerging markets swaps. Increased market focus on evolving central bank policy continued to buoy overall market activity.
- Fully electronic U.S. Credit ADV was up 27.0% YoY to $4.0bn and European credit ADV was up 1.0% YoY to $2.1bn.
- Growth in U.S. and European credit was driven by increased client activity across Tradeweb AllTrade protocols, in particular request-for-quote (RFQ), as well as by further adoption of portfolio trading. Fully electronic share of U.S. High Grade and U.S. High Yield TRACE was 12.7% and 6.7%, respectively.
- Credit derivatives ADV was up 80.5% YoY to $16.8bn.
- Market-wide volatility boosted volumes overall.
- U.S. ETF ADV was up 80.0% YoY to $9.4bn and European ETF ADV was up 29.6% YoY to $3.7bn.
- Record global institutional client activity benefited from further adoption and elevated market volatility.
- Repurchase Agreement ADV was up 2.6% YoY to $352.6bn.
- The addition of new clients on the platform continued to support growth in Global Repo activity, even as elevated usage of the Federal Reserve’s reverse repo facility weighed on the overall repo market. 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 $1 trillion in notional value traded per day over the past four quarters. For more information, please go to www.tradeweb.com.
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.
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 U.S. government bond volumes include wholesale U.S. Treasury volumes from the Nasdaq Fixed Income business Tradeweb acquired on June 25, 2021.