$22.3 trillion Trading Volume in January, Tradeweb Reports

Online fixed-income trading platform Tradeweb Markets released operational numbers for January 2022, the extremely high trade volumes thus far set a new record.

Volumes increased by 28% to $1.18 trillion per day of the month, up from $915.9 billion in December. ADV was also higher year over year, compared to $1.0 trillion in January 2021.

For total trading volume, Tradeweb surpassed its previous monthly record in January 2022, reaching $22.3 trillion, up from $20.0 trillion in December.

Client involvement in the institutional and wholesale markets aided trading in US government bonds. The activity was further assisted by the advent of the Nasdaq Fixed Income division and the sustained momentum of session-based trading and streaming protocols. Record European government bond trading was also driven by robust issuance and increased rates market volatility.

Quarterly, Tradeweb recorded a total trade volume of $69.7 trillion. The company also reported a record quarterly ADV of $1.11 trillion, up 24.1 percent year over year, with quarterly ADV records in US government bonds. For the fourth quarter of 2021, the preliminary average variable fees per million dollars of volume traded were $2.55.

Portfolio trading had historic turnover in 2021, with over $300 billion changing hands, which drove the US High Grade and European credit markets. The ADV statistic was robust as customer sessions-based trading activity hit a monthly high, and usage of streams liquidity was boosted this year by the recently completed purchase of the Nasdaq Fixed Income business.

Higher volumes were aided by the continued rise of institutional clients. The substantial expansion in institutional trading in the United States more than offset the decline in wholesale activity caused by fading equities market volatility.