Monthly Activity Report

Average daily volume (ADV) across rates, credit, equities and money markets for Tradeweb Markets was $693.0 billion (bn) in November 2019, an increase of 22.0 percent (%) year over year (YoY). Average daily trades for the month totaled 52,896.

For the month, Tradeweb continued to post broad-based growth in core products. Activity in U.S. credit set new records due in part to growth from portfolio trading, session-based trading and all-to-all trading. ADV in U.S. high grade credit rose 65.8% YoY to a record $3.5 bn, representing a record 15.7% of TRACE volume. ADV in U.S. high yield credit increased 29.6% to $374 million (mm), representing 4.3% of TRACE volume. Along the same lines, ADV in European credit of $1.5 bn represented the highest monthly total in more than a year and a half. Mortgage volume rose 37.1% YoY to ADV of $178.0 bn during the month. U.S. Treasuries volume rose 3.9% YoY to ADV of $81.3 bn. Interest rate derivatives trading increased 38.2% YoY to $178.7 bn, primarily attributable to longer tenor swaps and swaptions. Trading in Chinese bonds rose 113.3% YoY, registering the sixth consecutive month of ADV greater than $1.0 bn. Activity in European ETFs rose 38.7% YoY to $1.6 bn.