June 2024 ADV Up 40.9% YoY- Second Quarter 2024 ADV Up 48.3% YoY
Tradeweb CEO
In
- ADV in
U.S. government bonds
For the second quarter of 2024, Tradeweb records included:
- ADV in
U.S. government bonds - ADV in fully electronic
U.S. high yield - ADV in repurchase agreements (Repo)
- Share of fully electronic
U.S. high grade TRACE
RATES
U.S. government bond ADV was up 50.8% YoY to$210.7 billion (bn). European government bond ADV was up 17.4% YoY to$50.5bn .U.S. government bond volumes were supported by growth across all client sectors. Increased adoption across a range of protocols and favorable market conditions contributed to the increase in volume. The addition of r8fin continues to contribute positively to wholesale volumes. Market volatility and sustained primary issuance acrossEurope and theUK helped drive trading volume in European government bonds, especially gilts.
- Mortgage ADV was up 22.9% YoY to
$208.9bn .- Stronger To-Be-Announced (TBA) volumes were a result of increased activity from the hedge fund community, in addition to heightened basis trading. Client participation on our securitized products platform set a new record and volume executed by mortgage originators also hit a new high.
- Swaps/swaptions ≥ 1-year ADV was up 56.0% YoY to
$437.3bn and total rates derivatives ADV was up 69.1% YoY to$782.2bn .- Strong volume in swaps/swaptions ≥ 1-year was driven by global political uncertainty and pending central bank policy decisions, as well as a 41% increase in compression activity, which carries a lower fee per million. Client trading activity continued to increase in the request-for-market (RFM) protocol while inflation and emerging markets swap growth remained strong. 2Q24 compression activity was lower than 1Q24.
CREDIT
- Fully electronic
U.S. credit ADV was up 41.4% YoY to$7.0bn and European credit ADV was up 24.2% YoY to$2.5bn .U.S. credit volumes were driven by increased client adoption, most notably in request-for-quote (RFQ), portfolio trading and Tradeweb AllTrade®. Tradeweb captured 18.9% share of fully electronicU.S. high grade TRACE, and 8.1% share of fully electronicU.S. high yield TRACE. InEurope , portfolio trading and our unique dealer selection tool (SNAP IOI) saw increased client adoption.
- Municipal bonds ADV was up 30.4% YoY to
$410 million (mm).- Volume growth outpaced the broader market, as institutional and retail volumes both surpassed 20% growth YoY amidst robust issuance.
- Credit derivatives ADV was up 92.0% YoY to
$14.7bn .- Increased hedge fund and systematic account activity, along with heightened credit volatility, led to increased swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity.
EQUITIES
U.S. ETF ADV was down 11.1% YoY to$8.1bn and European ETF ADV was up 18.1% YoY to$2.8bn .- ETF market volumes remained muted as market volatility remained low. On Tradeweb,
U.S. ETF institutional volumes remained strong, while wholesale market volumes were lower. European ETF volumes grew as clients continued to embrace our automated rules-based trading protocol.
- ETF market volumes remained muted as market volatility remained low. On Tradeweb,
MONEY MARKETS
- Repo ADV was up 20.8% YoY to
$599.2bn .- Increased client activity on Tradeweb’s electronic repo trading platform drove strong global repo activity. The combination of quantitative tightening, increased collateral supply, and current rates market activity shifted more assets from the Federal Reserve’s reverse repo facility to money markets. Retail money markets activity was strong as markets priced in less aggressive Fed rate cuts.
Please refer to the report posted to https://www.tradeweb.com/newsroom/monthly-activity-reports/ for complete information and data related to our historical monthly, quarterly and yearly ADV and total trading volume across asset classes.