Tradeweb Delivers Record ADV of $1.8Tn for November 2023

The online fixed income trading platform Tradeweb Markets released its trading metrics for November 2023, seeing the total trading volume for the period rose by 2.8% from $37.19 trillion in October 2023 to $38.23 trillion, a significant increase of 65.0% compared to $23.17 trillion in November of last year. Average daily volume (ADV) was a record$1.80 trillion, 2.9% higher than $1.75 trillion in the prior month and 59.3% higher than $1.13 trillion in the same period of 2022.

Financial Overview Across Asset Classes for November 2023

Rates market

• The U.S government bond ADV came in at $163.70 billion, increasing 19.5% from $136.95 billion in November 2022 and basically unchanged compared to $163.66 billion in the previous month.

• The European government bond ADV was up 5.8% from $42.31 billion to $44.76 billion on a month-on-month basis (MoM), rising 30.5% compared to $34.31 billion in last November.

• Mortgages ADV amounted to $188.26 billion, 2.9% lower than $193.84 billion in October 2023 and 16.7% higher than $161.26 billion in November 2022.

• Swaps/Swaptions ≥ 1-year ADV reached $580.80 billion, up 25.3% compared to $463.39 billion in the prior month and jumping 178.4% compared to $208.60 billion in the same period of last year.

• Total derivatives ADV rose by 6.1% MoM from $749.55 billion to $795.14 billion, surging 132.6% compared to $341.80 billion in November of last year.

Credit market

• Fully electronic U.S. credit ADV was up 9.1% MoM from $5.61 billion to $6.12 billion, rising 31.9% compared to $4.64 billion on a year-on-year basis (YoY).

• European credit ADV reported $2.30 billion, an increase of 7.5% compared to $2.14 billion in October of this year and an increase of 29.2% compared to $1.78 billion in November of last year.

• Municipal bonds ADV was $475 million, compared to $472 million in the prior month and $476 million in the same month of 2022.

• Credit derivatives ADV was $9.83 billion, 18.5% lower than $12.06 billion in this October and 7.9% lower than $10.67 billion in last November.

Equities market

• The U.S. ETF ADV down 2.1% MoM from $7.17 billion to $7.02 billion, an increase of 4.6% on a YoY basis (November 2022: $6.71 billion).

• European ETF ADV was $2.58 billion, basically unchanged from $2.56 billion in the previous month and up 10.3% compared to $2.34 billion in the same month of last year.

Money market

• ADV of repurchase agreement amounted to $534.72 billion, increasing 1.4% compared to $527.22 billion on a MoM basis and jumping 35.2% compared to $395.57 billion on a YoY basis.