Tradeweb Markets Sees 8.9% MoM Increase in Total Trading Volume for November 2022

The online fixed income trading platform Tradeweb Markets released its trading metrics for November 2022. It highlighted that the total trading volume for the month reached $23.2 trillion, an increase of 8.9% compared to $21.3 trillion in October. Average daily volume (ADV) was $1.13 trillion, an increase of 7.6% compared to $1.05 trillion in the previous month and a decrease of 3.7% on a yearly basis.

Rates

• The U.S. government bond ADV was $137.0 billion, down 5.2% YoY and up 6.9% MoM.

• European government bond ADV was 34.3 billion, down 1.0% YoY (up 16.9% YoY excluding FX impact) and down 9.3% MoM.

• Mortgage ADV was down 9.6% YoY to $161.3 billion.

• Swaps/swaptions ≥ 1-year ADV was down 10.6% YoY to $208.6bn (down 2.7% excluding FX impact) and total rates derivatives ADV was down 13.8% to $341.8bn (down 6.4% excluding FX impact).

Credit

• U. S. Credit ADV for the month came in at $4.6 billion, up 16.6% YoY and up 4.5% MoM.

• European credit ADV was down 3.6% YoY to $1.8 billion (up 13.8% YoY excluding FX impact), and up 5.9% compared to $1.7 billion in October.

• Municipal bonds ADV was up 161.3% YoY to $476 million.

• Credit derivatives ADV was up 8.4% YoY to $10.7 billion.

Equities

• U.S. ETF ADV was up 21.3% YoY to $6.7bn and European ETF ADV was down 6.3% to $2.3 billion (up 10.6% excluding FX impact).

• The global institutional client activity increased 24.7% on a yearly basis.

Money Markets

• Repurchase Agreement ADV was $395.6 billion, up 7.8% YoY and up 6.0% MoM.

• Continued client adoption of Tradeweb's electronic trading solutions drove Global Repo activity, despite significant volatility in money markets and sustained elevated usage of the Federal Reserve's reverse repo facility. Retail money markets activity reached a record high as rates continued to rise.