Tradeweb Markets Sees 66.7% YoY Jump in Record Total ADV for October 2023

The online fixed income trading platform Tradeweb Markets released its trading metrics for October 2023, reporting the total trading volume for the month of $37.2 trillion, 17.0% higher than $31.8 trillion in September 2023 and 74.6% higher than $21.3 trillion in October 2022. Average daily volume (ADV) was 1.75 trillion, 11.5% higher than $1.57 trillion in the prior month and 66.7% higher than $1.05 trillion in the same period of last year.

In the rates sector, the U.S. government bond ADV rose by 27.7% on a year-on-year basis (YoY) from $128.1 billion to a record volume of $163.7 billion, and the European government bond ADV was up 12.0% from $37.8 billion to $42.3 billion on a YoY basis. Mortgage ADV increased by 13.4% from $170.9 billion in last October to $193.8 billion.

Total derivatives ADV in rates market was up 174.0% YoY from $273.6 billion to $ $749.6 billion. While the swaps/swaptions ≥ 1-year ADV reached a record high of $463.4 billion, up 121.1% compared to $209.6 billion in the year-ago month.

As for the credit market, the ADV of Fully electronic U.S. credit amounted to $5.6 billion, increasing 24.9% on a YoY basis. The European credit ADV was $2.1 billion, up 27.4% YoY. Tradeweb's share of fully electronic U.S. High Grade and U.S. High Yield TRACE was 16.8%, and 6.7%, respectively.

Municipal bonds ADV up 2.1% from $463 million to $472 million and in total, the credit derivatives ADV was $12.1 billion, down 24.0% from 15.9 billion in October 2022.

In equities market, the U.S. ETF ADV was down 6.5% YoY from $7.7 billion to $7.2 billion and European ETF ADV was up 24.1% YoY from $2.1 billion to $2.6 billion. Institutional client engagement in U.S. ETFs remained robust, with a 10% increase in platform volumes YoY.

Refer to money markets, ADV of repurchase agreement came in at $527.2 billion, increasing 41.2% compared to $373.3 billion in the same period of 2022 and decreasing 0.5% compared to $529.6 billion in the prior month.