Monthly Activity Report

Average daily volume (ADV) across rates, credit, equities and money markets for Tradeweb Markets was $872.0 billion (bn) in September 2019, a new monthly record for total ADV and an increase of 47.3 percent (%) year over year (YoY). Average daily trades for the month totaled 55,045.

Tradeweb set new monthly records for total rates and credit ADV driven in part by strong derivatives trading volume. Activity in rates derivatives rose 102.2% YoY to ADV of $290.8 bn, while credit derivatives increased 40.4% YoY to record ADV of $21.7 bn. Credit derivatives volumes reflect a continuation of heightened trading from August plus rolling activity. Cash markets were also active during the month. Rates volumes rose amid continued volatility from a selloff at the start of the month followed by a rally in the second half of September. Activity in U.S. government bonds rose 24.3% to a record $88.3bn, and European government bonds rose 25.0% YoY to $25.3bn. Mortgages trading rose 39.0% YoY to record ADV of $197.7 bn. At the short end of the curve, repo trading rose 28.1% YoY to ADV of $210.7 bn. U.S. credit trading in high grade and high yield rose 42.7% and 39.2% YoY, respectively. Tradeweb accounted for record 13.4% of high-grade TRACE volume during the month as electronic volumes hit a record 5.6% of TRACE. China bond trading increased 108.5% to ADV of $1.0 bn. Activity in European ETFs rose 73.9% YoY to record ADV of $1.9 bn while U.S. ETFs increased 16.1% YoY to ADV of $3.4 bn.