Tradeweb Reports ADV of $1.46 Trillion for December 2023, Up 43.3% YoY

The online fixed-income trading platform Tradeweb Markets released its trading metrics for the full year, the fourth quarter (Q4), and December 2023, recording great YoY growth in Average Daily Volume (ADV) across markets.

Key Figures for December 2023

Total trading volume for the month was $28.9 trillion (tn), 24.3% lower than $38.2 tn in the prior month and 36.3% higher than $21.2 tn in the year-ago month.

Average daily volume (ADV) for the last month of 2023 came in at $1.46 tn, an increase of 43.3% compared to $1.02 tn in December 2022 and 18.9% lower than $1.80 tn in November 2023.

Rates

• U.S. government bond ADV was up 39.8% YoY to $159.5 billion (bn).

• European government bond ADV was up 21.5% YoY to $33.4 bn.

• Mortgage ADV was up 34.1% YoY to $175.1 bn.

• Swaps/swaptions ≥ 1-year ADV was up 80.1% YoY to $336.5 bn.

• Total rates derivatives ADV was up 62.0% YoY to $513.2 bn.

Credit

• Fully electronic U.S. credit ADV was up 56.4% YoY to $5.6 bn.

• European credit ADV was up 26.2% YoY to $1.6 bn.

• Municipal bonds ADV was down 5.3% YoY to $414 million (mm).

• Credit derivatives ADV was down 4.9% YoY to $7.5 bn.

Equities

• U.S. ETF ADV was up 44.3% YoY to $10.9 bn, a record high.

• European ETF ADV was up 29.1% YoY to $3.2 bn.

Money Markets

• Repurchase agreement ADV was up 34.2% YoY to $508.7 bn.

Key Figures for Q4 2023

Total trading volume for the quarter was $104.4 tn, jumping 58.9% compared to $65.8 tn in the same period of 2022.

ADV for Q4 2023 came in at $1.68 tn, a significant increase of 56.9% compared to $1.07 tn in the prior Q4.

Rates

• U.S. government bond ADV was up 28.65% YoY to $162.3 bn, a record high.

• European government bond ADV was up 21.58% YoY to $40.5 bn.

• Mortgage ADV was up 20.82% YoY to $185.9 bn.

• Swaps/swaptions ≥ 1-year ADV was up 129.46% YoY to $463.0 bn, a record high.

• The total rates derivatives ADV was up 72.88% YoY to $1,087.7 bn.

Credit

• Fully electronic U.S. Credit ADV was up 38.10% YoY to $5.8 bn.

• European credit ADV was up 28.48% YoY to $2.0 bn.

• Municipal bonds ADV was slightly down 0.84% YoY to $455 million.

• Credit derivatives ADV was down 13.80% YoY to $9.9 bn.

Equities

• U.S. ETF ADV was up 13.58% YoY to $8.3 bn.

• European ETF ADV was up 20.38% YoY to $2.7 bn.

Money Markets

• Repurchase Agreement ADV was up 38.86% YoY to $524.3 bn, a record high.

• The total money markets ADV was up 35.05% YoY to $541.4 bn.

Key Figures for the Full-Year 2023

• For the full year of 2023, the ADV was $1.4 tn, up 27.56%.

• The rates market ADV was up 30.91% to $896.3 bn.

• The credit market ADV was down 4.71% to $26.4 bn.

• The equities market ADV was up 14.38% to $20.3 bn.

• The money market ADV was up 24.63% to $497.5 bn.