Tradeweb Reports Trading Volume for January 2022
Total Volume of $22.3 Trillion and Average Daily Volume of $1.12 Trillion
NEW YORK – February 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 January 2022. Total trading volume for January 2022 was $22.3 trillion (tn). Average daily volume (ADV) for the month was $1.12tn, an increase of 7.6 percent (%) year-over-year (YoY).
In January, fully electronic share for U.S High Yield TRACE set a Tradeweb record of 8.2%. Additionally, Tradeweb set a new ADV record in European government bond trading.
- U.S. government bond ADV was up 28.4% YoY to $146.6 billion (bn), and European government bond ADV was up 22.2% YoY to $37.0bn.
- 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. Robust issuance, along with heightened rates market volatility, drove record European government bond trading.
- Mortgage ADV was down 15.0% YoY to $211.8bn.
- Declining issuance and uncertainty over the future of the Federal Reserve’s balance sheet weighed on overall market activity.
- Swaps/swaptions ≥ 1-year ADV was up 12.7% YoY to $163.9bn, and total rates derivatives ADV was up 17.1% YoY to $307.1bn.
- Swaps/swaptions ≥ 1-year volumes were driven by robust client interest in the request-for-market (RFM) protocol, continued engagement from international clients and increased client adoption of 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 19.7% YoY to $3.8bn and European credit ADV was up 2.8% YoY to $2.1bn.
- Continued growth in U.S. and European credit was driven by higher volumes across Tradeweb AllTrade protocols, reflecting continued client adoption of our request-for-quote (RFQ) protocol, and electronic portfolio trading. Fully electronic share for U.S. High Grade and U.S. High Yield TRACE was 12.3% and a Tradeweb record of 8.2%, respectively.
- Credit derivatives ADV was up 37.3% YoY to $13.1bn.
- Market-wide volatility boosted volumes overall.
- U.S. ETF ADV was up 70.5% YoY to $9.6bn and European ETF ADV was up 21.3% YoY to $3.7bn.
- Record global institutional client activity benefited from further adoption and elevated market volatility.
- Repurchase Agreement ADV was up 5.5% YoY to $346.5bn.
- 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.