Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of November 2024 of $48.8 trillion (tn)[1]. Average daily volume (ADV) for the month was $2.35tn, an increase of 30.5 percent (%) year-over-year (YoY). Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of November was up 14.9% YoY.
In November 2024, Tradeweb records included:
- ADV in U.S. government bonds
- ADV in global repurchase agreements
November 2024 Highlights
rates
- U.S. government bond ADV was up 50.3% YoY to $246.0 billion (bn). European government bond ADV was up 18.7% YoY to $53.1bn.
- Record U.S. government bond activity was driven by record institutional and wholesale volumes. European government bond volumes were driven by an increased number of clients trading on the platform and increased client adoption of our diverse trading protocols, as well as heightened market volatility amid the U.S. election and French political uncertainties.
- Mortgage ADV was up 22.5% YoY to $230.6bn.
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- To-Be-Announced (TBA) activity remained healthy YoY despite declining macro volatility. Volumes transacted on Tradeweb’s specified pool platform continued to grow, driven by a record number of clients executing on the platform.
- Swaps/swaptions ≥ 1-year ADV was down 26.2% YoY to $425.7bn and total rates derivatives ADV was down 5.7% YoY to $748.9bn.
- Swaps/swaptions ≥ 1-year activity was down due to a 50% YoY decline in compression activity, which carries a lower fee per million. Quarter-to-date compression activity as a percentage of swaps/swaptions ≥ 1-year is trending lower than 3Q24. Strong risk trading volume in swaps/swaptions ≥ 1-year was driven by continued volatility in global markets following the U.S. election results and uncertainty surrounding central bank policy paths.
credit
- Fully electronic U.S. credit ADV was up 20.8% YoY to $7.4bn and European credit ADV was up 8.7% YoY to $2.5bn.
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- U.S. credit volumes were driven by increased client adoption, most notably in request-for-quote (RFQ), portfolio trading and Tradeweb AllTrade®. Tradeweb captured 17.8% and 8.1% of fully electronic U.S high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. European credit volumes were driven by an increase in portfolio trading activity, particularly toward the end of the month, as well as continued adoption of Tradeweb’s Automated Intelligent Execution tool (AiEX), which utilizes our unique dealer selection tool, SNAP IOI.
- Municipal bonds ADV was down 13.8% YoY to $409 million (mm).
- Municipal bonds ADV decreased YoY due to lower levels of tax loss harvesting, but outperformed the market, which declined 18.8%[2].
- Municipal bonds ADV decreased YoY due to lower levels of tax loss harvesting, but outperformed the market, which declined 18.8%[2].
- Credit derivatives ADV was up 37.2% YoY to $13.5bn.
- 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 up 21.9% YoY to $8.6bn and European ETF ADV was up 29.2% YoY to $3.3bn.
- ETF volumes across Tradeweb were strong across regions as investors reallocated portfolios following the U.S. election results. The number of equity clients utilizing electronic RFQ continued to expand.
money markets
- Repo ADV was up 31.4% YoY to $702.5bn.
- Record global repo volumes were driven by increased client activity across the platform. In Europe, repo volumes were driven by clients positioning for year-end as well as healthy quality liquid asset collateral in the market despite a tightening of repo rates. In the U.S., volumes were driven by an unwind of the Fed’s balance sheet, and current rates market activity continued to shift more assets from the Fed’s reverse repo facility to money markets. Retail money markets activity remained robust, as cash continued to flow into the front end as the Fed cut rates in November 2024.
- Record global repo volumes were driven by increased client activity across the platform. In Europe, repo volumes were driven by clients positioning for year-end as well as healthy quality liquid asset collateral in the market despite a tightening of repo rates. In the U.S., volumes were driven by an unwind of the Fed’s balance sheet, and current rates market activity continued to shift more assets from the Fed’s reverse repo facility to money markets. Retail money markets activity remained robust, as cash continued to flow into the front end as the Fed cut rates in November 2024.
- Other Money Markets ADV was up YoY to $301.9bn.
- Other money markets volume growth was driven by the inclusion of ICD volumes in November 2024.
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.
